Abstract: The forbiddance of fluidity contract has been a long-standing problem. It should be regarded that the forbiddance of fluidity contract pledged on shareholding belongs to the jural forbiddance of managerial validity. Within the framework of the 52nd item of the Contract Law, as long as the item is not violated, interpreting skills of law should be used to validate the fluidity contract pledged on shareholding that is involved in litigation. Therefore, fluidity item should be distinguished from the validity of the principal contract, the former of which can not be negated by the latter. Particularly, under the circumstance of some fluidity rights like shareholding, flexible interpreting should be made on laws and stipulations about forbidding fluidity including the Property Law, the Contract Law and the Guarantee Law, which can lead to a conclusion of the validity of the fluidity contract pledged on shareholding and differences made from the traditional forbiddance of fluidity.

Key words: shareholding, fluidity, pledge of right, validity of contract, managerial forbiddance, legal interpreting