表决权信托法律规制研究

Research on the Legal Regulation of Voting Trusts

摘要: 优化公司控制权配置、充分激活股东权利，是现代公司治理的核心议题之一，而表决权的行使则是实现控制权的关键。表决权信托制度在英美法系国家历经百年发展，已形成成熟的理论体系与丰富的实践经验。相较之下，该制度在大陆法系国家受到的关注相对有限。作为资本市场的重要制度设计，表决权信托能够从宏观与微观两个层面提升社会资本的配置效率，具有重要的研究价值与实践意义。文章旨在从表决权信托的规制客体及其制度引入的必要性出发，深入探讨其设立要件、运行机制，并系统分析在公司治理框架下应如何构建有效的法律规制体系，以期为投资者权益保护和资本市场稳定运行提供制度支撑。

Abstract: Optimizing the allocation of corporate control and fully activating shareholder rights are core issues in modern corporate governance, with the exercise of voting rights being pivotal to achieving control. The voting trust system, having evolved over a century in Anglo-American legal systems, has developed a mature theoretical framework and rich practical experience. In contrast, this system has received relatively limited attention in civil law jurisdictions. As a significant institutional design within capital markets, voting trusts can enhance the efficiency of social capital allocation at both macro and micro levels, offering substantial research value and practical significance. This paper aims to commence by examining the object of regulation for voting trusts and the necessity of introducing such a system. It delves into the essential requirements for their establishment and operational mechanisms, systematically analyzing how to construct an effective legal regulatory framework within corporate governance. The objective is to provide institutional support for the protection of investor rights and the stable operation of capital markets.