Abstract: Article 71 of the Minutes of the National Court of Civil and Commercial Trial Work establishes the judgment path of “equity transfer, guarantee of creditor’s rights in fact”, which plays a guiding role in the trial of equity transfer guarantee cases. However, there are still several issues to be clarified: the validity of the equity transfer contract, the legal effect of the public announcement of the equity transfer and the legal status of the creditor. The judicial policy of the Supreme People’s Court overcomes the attribute of “the guarantee means is beyond the economic aim”, but also causes the disputes in theory, in technology and in system. Therefore, the new Civil Code adjusts the existing guarantee norms and systems, which provides substantial guarantee for the reconstruction of the judgment path of share transfer guarantee. Under the guarantee system established in the Civil Code, the legal effect of the stock right transfer contract and the stock right transfer shall be recognized, the shareholder status of the creditor shall be defined, and the parties concerned shall be respected to settle practical disputes by utilizing the stock right and debt as the two financing instruments. Against the inherent defects of the guarantee of the assignment of equity, the court shall distinguish the enjoyment and exercise of equity, and restrict the exercise of shareholder’s right by the creditor to balance the interests of the parties and activate the financing potential of the assignment of equity.