股權變更在公(gong)(gong)司(si)(si)(si)法(fa)(fa)(fa)領域，是(shi)指股(gu)(gu)(gu)權(quan)歸屬發(fa)生(sheng)轉(zhuan)移的(de)(de)(de)(de)(de)事實狀態。任何(he)財產的(de)(de)(de)(de)(de)轉(zhuan)讓(rang)需(xu)履(lv)行(xing)相(xiang)應的(de)(de)(de)(de)(de)法(fa)(fa)(fa)律程(cheng)序，股(gu)(gu)(gu)權(quan)這(zhe)一財產權(quan)的(de)(de)(de)(de)(de)轉(zhuan)讓(rang)莫不(bu)能外。股(gu)(gu)(gu)權(quan)法(fa)(fa)(fa)律關(guan)(guan)系的(de)(de)(de)(de)(de)變動首先需(xu)要當(dang)(dang)事人(ren)之間的(de)(de)(de)(de)(de)一種合(he)(he)意，即需(xu)要簽訂股(gu)(gu)(gu)權(quan)轉(zhuan)讓(rang)的(de)(de)(de)(de)(de)協議。《合(he)(he)同(tong)(tong)法(fa)(fa)(fa)》第44規(gui)(gui)定(ding)(ding)，依法(fa)(fa)(fa)成(cheng)立的(de)(de)(de)(de)(de)合(he)(he)同(tong)(tong)，自合(he)(he)同(tong)(tong)成(cheng)立時生(sheng)效(xiao)；法(fa)(fa)(fa)律、行(xing)政法(fa)(fa)(fa)規(gui)(gui)規(gui)(gui)定(ding)(ding)應當(dang)(dang)辦理批準、登記等(deng)手續的(de)(de)(de)(de)(de)，依照其規(gui)(gui)定(ding)(ding)。相(xiang)關(guan)(guan)的(de)(de)(de)(de)(de)法(fa)(fa)(fa)律中，證券法(fa)(fa)(fa)規(gui)(gui)定(ding)(ding)了上(shang)(shang)市公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)股(gu)(gu)(gu)票(piao)(piao)(piao)轉(zhuan)讓(rang)應當(dang)(dang)在法(fa)(fa)(fa)律規(gui)(gui)定(ding)(ding)的(de)(de)(de)(de)(de)交(jiao)易(yi)場所(suo)進行(xing)，對非上(shang)(shang)市股(gu)(gu)(gu)份有限公(gong)(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)股(gu)(gu)(gu)票(piao)(piao)(piao)轉(zhuan)讓(rang)場所(suo)未作強制規(gui)(gui)定(ding)(ding)。相(xiang)比而言，《公(gong)(gong)司(si)(si)(si)法(fa)(fa)(fa)》做了較多相(xiang)關(guan)(guan)規(gui)(gui)定(ding)(ding)。《公(gong)(gong)司(si)(si)(si)法(fa)(fa)(fa)》第130條規(gui)(gui)定(ding)(ding)，公(gong)(gong)司(si)(si)(si)發(fa)行(xing)的(de)(de)(de)(de)(de)股(gu)(gu)(gu)票(piao)(piao)(piao)，可(ke)以(yi)為(wei)記名(ming)(ming)的(de)(de)(de)(de)(de)，也可(ke)以(yi)為(wei)無記名(ming)(ming)的(de)(de)(de)(de)(de)。公(gong)(gong)司(si)(si)(si)向發(fa)起人(ren)、法(fa)(fa)(fa)人(ren)發(fa)行(xing)的(de)(de)(de)(de)(de)股(gu)(gu)(gu)票(piao)(piao)(piao)，應當(dang)(dang)為(wei)記名(ming)(ming)股(gu)(gu)(gu)票(piao)(piao)(piao)。并(bing)應當(dang)(dang)記載(zai)該(gai)發(fa)起人(ren)、法(fa)(fa)(fa)人(ren)的(de)(de)(de)(de)(de)名(ming)(ming)稱或(huo)姓名(ming)(ming)，不(bu)得另立戶名(ming)(ming)或(huo)以(yi)代表人(ren)姓名(ming)(ming)記名(ming)(ming)。《公(gong)(gong)司(si)(si)(si)法(fa)(fa)(fa)》140條規(gui)(gui)定(ding)(ding)， 記名(ming)(ming)股(gu)(gu)(gu)票(piao)(piao)(piao)，由股(gu)(gu)(gu)東以(yi)背(bei)書(shu)方(fang)式(shi)或(huo)法(fa)(fa)(fa)律、行(xing)政法(fa)(fa)(fa)規(gui)(gui)規(gui)(gui)定(ding)(ding)的(de)(de)(de)(de)(de)其他(ta)方(fang)式(shi)轉(zhuan)讓(rang)；轉(zhuan)讓(rang)后由公(gong)(gong)司(si)(si)(si)將受讓(rang)人(ren)的(de)(de)(de)(de)(de)姓名(ming)(ming)或(huo)名(ming)(ming)稱及住所(suo)記載(zai)于股(gu)(gu)(gu)東名(ming)(ming)冊(ce)。《公(gong)(gong)司(si)(si)(si)法(fa)(fa)(fa)》141條，無記名(ming)(ming)股(gu)(gu)(gu)票(piao)(piao)(piao)的(de)(de)(de)(de)(de)轉(zhuan)讓(rang)，由股(gu)(gu)(gu)東將股(gu)(gu)(gu)票(piao)(piao)(piao)交(jiao)付給受讓(rang)人(ren)后即發(fa)生(sheng)轉(zhuan)讓(rang)的(de)(de)(de)(de)(de)效(xiao)力。看來(lai)，在市場經濟(ji)條件下，多數(shu)合(he)(he)同(tong)(tong)應當(dang)(dang)采取成(cheng)立生(sheng)效(xiao)主義的(de)(de)(de)(de)(de)原(yuan)則，股(gu)(gu)(gu)權(quan)轉(zhuan)讓(rang)合(he)(he)同(tong)(tong)亦是(shi)。

可(ke)見(jian)，對非上市股(gu)(gu)份(fen)有限公(gong)司(si)的(de)股(gu)(gu)票來說(shuo)，其無(wu)法(fa)(fa)(fa)在依法(fa)(fa)(fa)設立的(de)證券交(jiao)易場所(suo)進(jin)行(xing)交(jiao)易，只(zhi)能通過私下個(ge)別(bie)的(de)協議方式(shi)交(jiao)付即(ji)可(ke)轉(zhuan)讓。再參照動產物(wu)(wu)權(quan)變(bian)動條件(jian)，無(wu)記(ji)名股(gu)(gu)權(quan)的(de)轉(zhuan)讓只(zhi)要當事人達成合(he)意(yi)，交(jiao)付即(ji)可(ke)。而(er)記(ji)名股(gu)(gu)票的(de)股(gu)(gu)權(quan)轉(zhuan)讓協議本身的(de)生效也不需(xu)要辦理特殊(shu)形式(shi)的(de)法(fa)(fa)(fa)律登(deng)記(ji)手續(xu)，只(zhi)要合(he)意(yi)即(ji)可(ke)，也就(jiu)是遵守(shou)一般合(he)同生效的(de)法(fa)(fa)(fa)定要件(jian)。但需(xu)注意(yi)，《公(gong)司(si)法(fa)(fa)(fa)》140條有特別(bie)規定：“轉(zhuan)讓后由公(gong)司(si)將受讓人的(de)姓名或名稱(cheng)及(ji)住所(suo)記(ji)載于股(gu)(gu)東名冊。”這句表(biao)明，記(ji)名股(gu)(gu)票的(de)完滿轉(zhuan)讓狀態應該是不僅(jin)僅(jin)簡單(dan)反映在背書，還需(xu)反映于股(gu)(gu)東名冊。故此(ci)，結(jie)(jie)合(he)物(wu)(wu)權(quan)法(fa)(fa)(fa)、合(he)同法(fa)(fa)(fa)、公(gong)司(si)法(fa)(fa)(fa)的(de)規定，按邏輯思(si)維(wei)順序(xu)，得(de)出以下分析結(jie)(jie)論：

    1、股(gu)權(quan)(quan)轉讓合(he)(he)(he)同(tong)生(sheng)(sheng)(sheng)效，尚未發生(sheng)(sheng)(sheng)股(gu)權(quan)(quan)變(bian)動。即股(gu)權(quan)(quan)轉讓合(he)(he)(he)同(tong)生(sheng)(sheng)(sheng)效的(de)時間(jian)與(yu)股(gu)權(quan)(quan)轉讓的(de)生(sheng)(sheng)(sheng)效時間(jian)是(shi)(shi)兩個(ge)不(bu)同(tong)的(de)概念。股(gu)權(quan)(quan)轉讓合(he)(he)(he)同(tong)的(de)生(sheng)(sheng)(sheng)效，僅在轉讓方(fang)與(yu)受(shou)讓方(fang)之間(jian)產生(sheng)(sheng)(sheng)權(quan)(quan)利義(yi)務關(guan)系(xi)。合(he)(he)(he)同(tong)生(sheng)(sheng)(sheng)效，僅是(shi)(shi)股(gu)權(quan)(quan)變(bian)動的(de)基礎法律關(guan)系(xi)。在以合(he)(he)(he)同(tong)方(fang)式轉讓股(gu)權(quan)(quan)的(de)場合(he)(he)(he)，合(he)(he)(he)同(tong)的(de)成立、生(sheng)(sheng)(sheng)效與(yu)股(gu)權(quan)(quan)變(bian)動的(de)生(sheng)(sheng)(sheng)效是(shi)(shi)兩種事(shi)實狀態，表現為(wei)不(bu)同(tong)的(de)法律關(guan)系(xi)。

    2、股權轉(zhuan)(zhuan)讓協議的簽訂和“由(you)股東以(yi)背書(shu)方式或法(fa)律、行(xing)政法(fa)規規定(ding)(ding)的其(qi)他(ta)方式轉(zhuan)(zhuan)讓”不是一(yi)(yi)回事，如果當事人之(zhi)間僅(jin)僅(jin)簽訂合(he)同，而(er)未依公司法(fa)規定(ding)(ding)背書(shu)，雙方僅(jin)僅(jin)成立了股權變(bian)(bian)(bian)(bian)動(dong)的基礎法(fa)律關系(xi)(xi)(xi)，這一(yi)(yi)關系(xi)(xi)(xi)使(shi)得雙方負(fu)擔(dan)起變(bian)(bian)(bian)(bian)動(dong)某(mou)一(yi)(yi)法(fa)律關系(xi)(xi)(xi)的義務，但尚(shang)未使(shi)其(qi)變(bian)(bian)(bian)(bian)為現實。從(cong)法(fa)學理論上講，這時的權利變(bian)(bian)(bian)(bian)動(dong)關系(xi)(xi)(xi)已(yi)經設(she)定(ding)(ding)，但尚(shang)未開始處(chu)分(fen)。(民法(fa)學負(fu)擔(dan)行(xing)為與處(chu)分(fen)行(xing)為理論)，所以(yi)沒有處(chu)分(fen)行(xing)為，怎(zen)么可能(neng)發生股權的變(bian)(bian)(bian)(bian)動(dong)。這種情況下，當事人僅(jin)僅(jin)是一(yi)(yi)種股權變(bian)(bian)(bian)(bian)動(dong)的期待利益。

    3、背書(shu)是(shi)最關(guan)鍵的，決定(ding)(ding)性的股(gu)(gu)東(dong)身(shen)份(fen)變更、股(gu)(gu)權變動的標志。做出(chu)這一結論(lun)基于兩點(dian)：第一，從(cong)股(gu)(gu)票的性質，我們知道(dao)他(ta)是(shi)證權證券(quan)，背書(shu)后被背書(shu)人(ren)就(jiu)是(shi)股(gu)(gu)票的所有人(ren)，《公(gong)(gong)司法》第126條(tiao)規定(ding)(ding)，公(gong)(gong)司的股(gu)(gu)份(fen)采取股(gu)(gu)票的形式(shi)。股(gu)(gu)票是(shi)公(gong)(gong)司簽發的證明股(gu)(gu)東(dong)所持股(gu)(gu)份(fen)的憑證。股(gu)(gu)票是(shi)證權證券(quan)。第二，從(cong)公(gong)(gong)司法法條(tiao)陳述的語義邏輯和立(li)法者的強調探求(qiu)得知。《公(gong)(gong)司法》140條(tiao)的特別規定(ding)(ding)：“轉(zhuan)讓后由公(gong)(gong)司將受讓人(ren)的姓名或名稱及住所記(ji)載于股(gu)(gu)東(dong)名冊。”，并且強調“后”，而不是(shi)“轉(zhuan)讓時”或“轉(zhuan)讓中”等(deng)等(deng)其他(ta)表意(yi)詞(ci)，其主次分明。