股權變更在(zai)公(gong)(gong)司(si)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)領域，是指股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)歸(gui)屬發(fa)(fa)生轉(zhuan)移的(de)(de)(de)事實狀態。任何財產的(de)(de)(de)轉(zhuan)讓(rang)(rang)(rang)(rang)需履行(xing)(xing)(xing)相應(ying)的(de)(de)(de)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)律(lv)(lv)程序，股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)這一財產權(quan)的(de)(de)(de)轉(zhuan)讓(rang)(rang)(rang)(rang)莫不(bu)能外(wai)。股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)律(lv)(lv)關系的(de)(de)(de)變動(dong)首先需要(yao)當事人之間的(de)(de)(de)一種(zhong)合(he)(he)意，即需要(yao)簽訂股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)轉(zhuan)讓(rang)(rang)(rang)(rang)的(de)(de)(de)協(xie)議(yi)。《合(he)(he)同(tong)(tong)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)》第(di)(di)44規(gui)(gui)定(ding)(ding)，依法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)成立的(de)(de)(de)合(he)(he)同(tong)(tong)，自合(he)(he)同(tong)(tong)成立時生效(xiao)；法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)律(lv)(lv)、行(xing)(xing)(xing)政法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)規(gui)(gui)規(gui)(gui)定(ding)(ding)應(ying)當辦理批準(zhun)、登記(ji)(ji)等手續的(de)(de)(de)，依照(zhao)其(qi)規(gui)(gui)定(ding)(ding)。相關的(de)(de)(de)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)律(lv)(lv)中，證券(quan)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)規(gui)(gui)定(ding)(ding)了上(shang)市(shi)公(gong)(gong)司(si)的(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)轉(zhuan)讓(rang)(rang)(rang)(rang)應(ying)當在(zai)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)律(lv)(lv)規(gui)(gui)定(ding)(ding)的(de)(de)(de)交易場所(suo)進(jin)行(xing)(xing)(xing)，對非上(shang)市(shi)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份有限公(gong)(gong)司(si)的(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)轉(zhuan)讓(rang)(rang)(rang)(rang)場所(suo)未作強制規(gui)(gui)定(ding)(ding)。相比而言，《公(gong)(gong)司(si)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)》做了較多相關規(gui)(gui)定(ding)(ding)。《公(gong)(gong)司(si)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)》第(di)(di)130條(tiao)規(gui)(gui)定(ding)(ding)，公(gong)(gong)司(si)發(fa)(fa)行(xing)(xing)(xing)的(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)，可以(yi)(yi)為(wei)(wei)記(ji)(ji)名的(de)(de)(de)，也可以(yi)(yi)為(wei)(wei)無記(ji)(ji)名的(de)(de)(de)。公(gong)(gong)司(si)向發(fa)(fa)起人、法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)人發(fa)(fa)行(xing)(xing)(xing)的(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)，應(ying)當為(wei)(wei)記(ji)(ji)名股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)。并應(ying)當記(ji)(ji)載該發(fa)(fa)起人、法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)人的(de)(de)(de)名稱或姓名，不(bu)得另立戶名或以(yi)(yi)代表人姓名記(ji)(ji)名。《公(gong)(gong)司(si)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)》140條(tiao)規(gui)(gui)定(ding)(ding)， 記(ji)(ji)名股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)，由股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)以(yi)(yi)背書方(fang)式(shi)或法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)律(lv)(lv)、行(xing)(xing)(xing)政法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)規(gui)(gui)規(gui)(gui)定(ding)(ding)的(de)(de)(de)其(qi)他方(fang)式(shi)轉(zhuan)讓(rang)(rang)(rang)(rang)；轉(zhuan)讓(rang)(rang)(rang)(rang)后由公(gong)(gong)司(si)將受(shou)讓(rang)(rang)(rang)(rang)人的(de)(de)(de)姓名或名稱及住所(suo)記(ji)(ji)載于股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)名冊。《公(gong)(gong)司(si)法(fa)(fa)(fa)(fa)(fa)(fa)(fa)(fa)》141條(tiao)，無記(ji)(ji)名股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)的(de)(de)(de)轉(zhuan)讓(rang)(rang)(rang)(rang)，由股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)將股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票(piao)交付給受(shou)讓(rang)(rang)(rang)(rang)人后即發(fa)(fa)生轉(zhuan)讓(rang)(rang)(rang)(rang)的(de)(de)(de)效(xiao)力。看(kan)來，在(zai)市(shi)場經濟(ji)條(tiao)件下，多數合(he)(he)同(tong)(tong)應(ying)當采取成立生效(xiao)主義的(de)(de)(de)原(yuan)則(ze)，股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)轉(zhuan)讓(rang)(rang)(rang)(rang)合(he)(he)同(tong)(tong)亦是。

可(ke)見(jian)，對非上市股(gu)(gu)份有限公(gong)司(si)的(de)(de)股(gu)(gu)票來說，其無(wu)(wu)法(fa)(fa)(fa)在依法(fa)(fa)(fa)設立(li)的(de)(de)證(zheng)券交(jiao)易場所進(jin)行(xing)交(jiao)易，只能通過私下個別(bie)的(de)(de)協(xie)議(yi)(yi)方式交(jiao)付即可(ke)轉(zhuan)(zhuan)讓。再參照(zhao)動(dong)產物權(quan)變動(dong)條件，無(wu)(wu)記(ji)名(ming)(ming)股(gu)(gu)權(quan)的(de)(de)轉(zhuan)(zhuan)讓只要當事人(ren)達成(cheng)合意(yi)，交(jiao)付即可(ke)。而記(ji)名(ming)(ming)股(gu)(gu)票的(de)(de)股(gu)(gu)權(quan)轉(zhuan)(zhuan)讓協(xie)議(yi)(yi)本身的(de)(de)生(sheng)效也不需要辦理特殊形式的(de)(de)法(fa)(fa)(fa)律(lv)登(deng)記(ji)手(shou)續，只要合意(yi)即可(ke)，也就是遵(zun)守一般合同生(sheng)效的(de)(de)法(fa)(fa)(fa)定(ding)(ding)要件。但需注意(yi)，《公(gong)司(si)法(fa)(fa)(fa)》140條有特別(bie)規(gui)定(ding)(ding)：“轉(zhuan)(zhuan)讓后由(you)公(gong)司(si)將受讓人(ren)的(de)(de)姓名(ming)(ming)或名(ming)(ming)稱及住所記(ji)載(zai)于股(gu)(gu)東名(ming)(ming)冊。”這句表明，記(ji)名(ming)(ming)股(gu)(gu)票的(de)(de)完滿轉(zhuan)(zhuan)讓狀態應(ying)該是不僅(jin)僅(jin)簡單反映(ying)在背書，還需反映(ying)于股(gu)(gu)東名(ming)(ming)冊。故此，結合物權(quan)法(fa)(fa)(fa)、合同法(fa)(fa)(fa)、公(gong)司(si)法(fa)(fa)(fa)的(de)(de)規(gui)定(ding)(ding)，按邏輯(ji)思(si)維順序，得出以(yi)下分析(xi)結論：

    1、股(gu)(gu)(gu)(gu)權(quan)(quan)轉(zhuan)(zhuan)讓(rang)合(he)(he)同(tong)生(sheng)(sheng)(sheng)效(xiao)(xiao)，尚(shang)未發生(sheng)(sheng)(sheng)股(gu)(gu)(gu)(gu)權(quan)(quan)變動(dong)(dong)(dong)。即股(gu)(gu)(gu)(gu)權(quan)(quan)轉(zhuan)(zhuan)讓(rang)合(he)(he)同(tong)生(sheng)(sheng)(sheng)效(xiao)(xiao)的(de)(de)時間(jian)(jian)與(yu)股(gu)(gu)(gu)(gu)權(quan)(quan)轉(zhuan)(zhuan)讓(rang)的(de)(de)生(sheng)(sheng)(sheng)效(xiao)(xiao)時間(jian)(jian)是(shi)兩個不同(tong)的(de)(de)概念(nian)。股(gu)(gu)(gu)(gu)權(quan)(quan)轉(zhuan)(zhuan)讓(rang)合(he)(he)同(tong)的(de)(de)生(sheng)(sheng)(sheng)效(xiao)(xiao)，僅在轉(zhuan)(zhuan)讓(rang)方與(yu)受讓(rang)方之間(jian)(jian)產生(sheng)(sheng)(sheng)權(quan)(quan)利義(yi)務關(guan)(guan)系。合(he)(he)同(tong)生(sheng)(sheng)(sheng)效(xiao)(xiao)，僅是(shi)股(gu)(gu)(gu)(gu)權(quan)(quan)變動(dong)(dong)(dong)的(de)(de)基礎法(fa)律(lv)關(guan)(guan)系。在以(yi)合(he)(he)同(tong)方式轉(zhuan)(zhuan)讓(rang)股(gu)(gu)(gu)(gu)權(quan)(quan)的(de)(de)場合(he)(he)，合(he)(he)同(tong)的(de)(de)成立(li)、生(sheng)(sheng)(sheng)效(xiao)(xiao)與(yu)股(gu)(gu)(gu)(gu)權(quan)(quan)變動(dong)(dong)(dong)的(de)(de)生(sheng)(sheng)(sheng)效(xiao)(xiao)是(shi)兩種(zhong)事實(shi)狀態，表現為不同(tong)的(de)(de)法(fa)律(lv)關(guan)(guan)系。

    2、股(gu)(gu)權轉讓協(xie)議的(de)簽訂和“由股(gu)(gu)東(dong)以(yi)背(bei)書(shu)方式或法(fa)(fa)律、行(xing)政法(fa)(fa)規(gui)規(gui)定的(de)其他方式轉讓”不(bu)是(shi)一(yi)(yi)(yi)回(hui)事(shi)，如(ru)果(guo)當(dang)(dang)事(shi)人(ren)之間僅(jin)僅(jin)簽訂合(he)同，而(er)未(wei)依公司法(fa)(fa)規(gui)定背(bei)書(shu)，雙(shuang)方僅(jin)僅(jin)成立了股(gu)(gu)權變(bian)(bian)動(dong)的(de)基礎法(fa)(fa)律關(guan)系，這(zhe)一(yi)(yi)(yi)關(guan)系使(shi)得雙(shuang)方負擔起變(bian)(bian)動(dong)某一(yi)(yi)(yi)法(fa)(fa)律關(guan)系的(de)義務，但尚(shang)未(wei)使(shi)其變(bian)(bian)為(wei)現實(shi)。從法(fa)(fa)學理(li)論上講，這(zhe)時的(de)權利變(bian)(bian)動(dong)關(guan)系已經設定，但尚(shang)未(wei)開始處(chu)分(fen)。(民法(fa)(fa)學負擔行(xing)為(wei)與(yu)處(chu)分(fen)行(xing)為(wei)理(li)論)，所以(yi)沒有處(chu)分(fen)行(xing)為(wei)，怎么可能發(fa)生股(gu)(gu)權的(de)變(bian)(bian)動(dong)。這(zhe)種情況(kuang)下，當(dang)(dang)事(shi)人(ren)僅(jin)僅(jin)是(shi)一(yi)(yi)(yi)種股(gu)(gu)權變(bian)(bian)動(dong)的(de)期待(dai)利益。

    3、背書(shu)是(shi)最關鍵(jian)的(de)，決(jue)定性的(de)股(gu)(gu)東(dong)身份變(bian)更、股(gu)(gu)權(quan)(quan)變(bian)動(dong)的(de)標志。做出(chu)這一(yi)結(jie)論基于兩(liang)點：第(di)一(yi)，從(cong)(cong)股(gu)(gu)票的(de)性質，我們知(zhi)道他是(shi)證(zheng)(zheng)(zheng)權(quan)(quan)證(zheng)(zheng)(zheng)券，背書(shu)后(hou)被背書(shu)人(ren)就(jiu)是(shi)股(gu)(gu)票的(de)所有人(ren)，《公(gong)(gong)司法(fa)(fa)(fa)》第(di)126條規定，公(gong)(gong)司的(de)股(gu)(gu)份采取股(gu)(gu)票的(de)形式。股(gu)(gu)票是(shi)公(gong)(gong)司簽(qian)發的(de)證(zheng)(zheng)(zheng)明股(gu)(gu)東(dong)所持股(gu)(gu)份的(de)憑證(zheng)(zheng)(zheng)。股(gu)(gu)票是(shi)證(zheng)(zheng)(zheng)權(quan)(quan)證(zheng)(zheng)(zheng)券。第(di)二，從(cong)(cong)公(gong)(gong)司法(fa)(fa)(fa)法(fa)(fa)(fa)條陳述的(de)語義(yi)邏輯和(he)立法(fa)(fa)(fa)者的(de)強調探求得知(zhi)。《公(gong)(gong)司法(fa)(fa)(fa)》140條的(de)特(te)別規定：“轉(zhuan)讓(rang)后(hou)由(you)公(gong)(gong)司將受讓(rang)人(ren)的(de)姓名或(huo)(huo)名稱(cheng)及住所記載于股(gu)(gu)東(dong)名冊。”，并且強調“后(hou)”，而不是(shi)“轉(zhuan)讓(rang)時”或(huo)(huo)“轉(zhuan)讓(rang)中”等等其他表意詞，其主次分明。