摘 要 表决权信托法律制度研究 摘 要 所谓表决权信托，是指股东在一定期限内以不可撤回的方式，将基于其持有的股份所产生的表决权信托给受托人，由受托人按照委托股东的意愿，以自己的名义，为特定的目的而行使表决权的一种法律制度。表决权信托制度肇始于美国，在美国公司法律实践中曾经创造出巨大的社会经济价值。该制度于本世纪初为我国实务界引进，在青岛啤酒股权变更案等案例中锋芒初试。可惜由于缺乏系统的学理研究和制度支持，其在我国的运用和推广受到了极大的束缚。本文旨在通过对于美国表决权信托制度的考察和探讨，结合我国法律观念、法制环境和实践需要，尝试为表决权信托制度本土化理论和实务提供一些思路。 全文共分为绪论、正文和结论三部分，其中正文分为四章： 第一章为表决权信托概述。从各国论著中表决权信托的定义入手，探讨了表决权信托的涵义和法律属性。表决权信托是一种信托，也是一种股东表决权的间接行使方式，是公司控制权自由配置的手段。围绕着控制权的集中、保有和转移，表决权信托在诸如保护公司中小股东合法权益、确保公司管理的稳定和持续、保障债权人利益并协助公司重整、狙击恶意收购、破解公司僵局等方面拥有着灵活多变的功能。 第二章为表决权信托移植之质疑与辨析。虽然学界对于表决权信托制度的强大功能均感认同，但表决权信托本身在美国经历了从肯定到否定再到肯定的发展历程，而因为法律观念的隔阂，在大陆法系的借鉴与移植更是步履缓慢。我国对是否应认可其法律效力也始终心存疑虑。争议的焦点集中在两个问题：其一，表决权信托制度的引进，是否会导致和我国现有的一些类似制度产生重复和抵牾？其二，表决1中国政法大学硕士学位论文 表决权信托法律制度研究 权信托中的信托财产究竟是什么，是股权还是表决权？本章分别就这两个问题展开探讨。比较分析之下，表决权信托的独特个性昭然而现，所谓抵牾之说，不过是未辨清其法律特性的认识误区。考察追问之中，信托财产的原委也晰然明了：仅凭客体性质而判断一制度的成立与否，并非法律着眼现实与时俱进的应有之道。 第三章为我国建立表决权信托制度之构想与探析，即在我国现有法律环境的基础上，借鉴美国相关法律制度，以自由和公平为价值取向，以目的合法性原则为基本原则，建立我国的表决权信托制度。本章对其设立程序提出规范化设计，进而还对该构想之下当事人的权利义务关系进行了较为全面的剖析。 第四章以国有企业治理为视角切入，探索表决权信托在我国国有企业治理中的运用。就表决权信托在我国国有企业经营管理模式改革、国有资产债务重组以及引进境外战略投资者过程中的运用模式和实践意义展开论述，以期为我国国有企业改革中面临的一些法律难题提供新的解决途径，同时进一步论证表决权信托制度对于我国的借鉴价值。 关键词：表决权信托 控制权 国有企业治理 2ABSTRACT A RESEARCH ON VOTING TRUST ABSTRACT The Voting Trust means the shareholder removed its right of voting ,which is based on its share, to the trustee with a irrepealable way in some certain period. The trustee would exercise the voting right with its own name for the specific purpose of the shareholder who trusted him. Voting Trust system was born in the United States, which had created tremendous social and economical value in the U.S. company law practice. The system is introduced to our country at the beginning of this century in the case of change of equity of Qingdao Beer. Unfortunately, due to the lack of academic research and system support, it meets a great difficult in application and promotion. The purpose of this paper is to provide some ideas for the localization and practice of Voting Trust system in our country through the studying of Voting Trust system in the United States. The full text consists of three main parts: the preamble, the straight matter and the conclusion, and the main body is divided into four sections: The first chapter outlines the Voting Trust legal system by discussing the meaning and legal character of the Voting Trust with the perspective of various definitions of professional works. Voting Trust is a trust, an indirect method of shareholders to exercise the voting right, as well as a mean to control the distribution of the company freely. In the perspective of centralizing, maintaining and transferring the controlling power of the company, Voting Trust has the flexible functions to protect the legitimate rights of medium-sized companies and shareholders, to make sure the Continuous management and ensure stability of the company, to protect the interests of creditors, to help the company reorganization and to defend malicious attacks, etc. Voting Trust in the United States has a very 1中国政法大学硕士学位论文 表决权信托法律制度研究 complicated experience in development. As the different legal concepts between Anglo-American and the civil law system, the transplantation is very slow in the continental legal system countries. The second chapter of this paper is the theoretical conflict and balance for transplantation of Voting Trust. Although scholars unanimously agree that the powerful functions of Voting Trust, the legitimacy is still a big problem in mainland China. The dispute focuses on two issues: Firstly, What is the trust property in the Voting Trust, shares or voting rights? Secondly, would it lead to some kind of conflicts in the whole present legal system once introducing the Voting Trust system into mainland China? This chapter held a discussion on these two issues, for the purpose of proofing of the necessity and feasibility for us to make use of Voting Trust system. The third chapter of this paper is to discuss the construction of Voting Trust legal system and analyze the effectiveness. From the United States related to the legal system, the Voting Trust legal system should have the value of freedom and fairness as its orientation, should have the legality of purpose as its basic principles. The standardized design for the relationship between rights and obligations of the parties has been done to conduct a more comprehensive analysis. The forth chapter make out a review to the application of Voting Trust legal system in the governance of state-owned enterprises (SOE) in mainland China with the perspective of the governance of SOE. To analyze the operation models and practice sense of Voting Trust on the reform of Chinas SOE, state debt restructuring process and introduction of foreign strategic investors, it is hoped to shed light on some valuable suggestions of the complicated legal problems in our countrys SOE reform.