国有股权行使之信托路径研究

发布时间：2018-03-25 23:44

本文选题：国有股权行使　切入点：商事信托　出处：《西南政法大学》2014年硕士论文

【摘要】：国家对经济发展进行调节的重要方式之一即为国家投资，而国家投资在现代各国大都以国有股权的方式存在。在我国，随着国有企业改革的深入发展，绝大多数的国家投资已经转化为国有股权，因此，如何有效地行使国有股权已经成为我国经济发展中面临的重要课题。按照《企业国有资产法》等法律的规定,国资委是国家出资企业的出资人，但本身又肩负着市场监管职能，这使其直接行使国有股权具有敏感性。有基于此，实践中出现了以国有股权托管行使为主的国有股权间接行使制度,但现行的制度仍然受到行政干预过多、控制权失衡、经营效率低下、国有资产流失等问题的困扰。故本文旨在通过对源于英美国家、集合诸多优势的信托，结合国有股权行使现状、国内信托法制环境和实践需要,构建以“双重所有权”为基础，以强化受托人信义义务和受益人财产救济权利为平衡的国有股权信托,以期为国有股权合理、有效地行使提供一种新路径。本文分为引言、正文和结论。正文按照提出问题、分析问题、解决问题的思路行文，共分为五个部分。第一部分是我国现行国有股权行使制度基础理论部分。本部分在对国有股权概念、内涵、法律属性进行界定的基础上，分析了近年来国有股权行使实践中的探索，认为现行的国有股权托管行使路径不但有违法理，不利于保护当事人利益，而且难以从根本上解决实际行使中行政干预过多、控制权失衡、国有资产流失等问题。因此，我国应该转换思维，选择一条能够解决现有困境的新路径。第二部分为国有股权信托理论概述部分。本部分在把握信托沿革、概念及基本要素的基础上，着重分析了商事信托的发展及其制度优势，由此得出作为商事信托的一种，以“双重所有权”为基础的国有股权信托之内在机理，并在结合我国国情的基础上深入剖析了国有股权信托安全、效率、自由的价值取向。第三部分是对在我国构建国有股权信托之必要性和可行性分析。除了本身具有商事信托的优越性外，国有股权信托对于我国促进监督职能与股权行使职能分离、克服行政干预；衡平公司控制权、完善法人治理结构；避免关联交易和内部人控制、保护中小股东利益都将产生重大影响。而我国信托法律体系的建立、信托理论的发展以及国有股权信托探索实践的经验，则使我国建立国有股权信托成为可能。第四部分为国有股权信托的构建，是本文的研究重点。本部分首先剖析了在我国要想建立起真正意义上的国有股权信托，必须要克服我国“绝对所有权”与信托“双重所有权”之间的冲突，否则将导致包括信托财产归属不明在内的诸多法律障碍。而将拥有“法定所有权和受益所有权并存”内涵的信托财产权作为一种新型物权在民法中引进，并通过信托法等特别立法予以规范是解决此障碍的合理方式。在障碍消除的基础上，本部分对国有股权信托该如何建构进行了分析，明确了其成立与生效的5大要件，并在其中重点论证了委托人、受托人、受益人的资格，从而得出结论：国有股权信托应当被设计为以实力雄厚、经验丰富、管理水平高的信托公司为受托人的首选、以国资委为委托人和受益人的自益信托。同时,笔者结合国内外立法与实践，具体厘清了国有股权信托中委托人、受托人、受益人三者的权利义务，，以期使国有股权信托的架构更加清晰。第五部分是对国有股权信托受益人保障机制的研究，这是本文的另一个重点。本部分认为，当代表国家利益的国资委为受益人时，如何保障其权利从而最终确保国有股的独立安全、实现其保值增值就成为了设计国有股权信托路径时的重中之重。因此，有必要建立起以强化受托人信义义务为核心的事前预防机制，以及以受益人财产性救济权为重点的事后救济机制，从而最大化地保障国有股权信托预期目标的实现，使国有股权能够真正有效、合理地行使。
[Abstract]:The state of economic development one of the important ways to regulate the national investment, and government investment in modern countries mostly state-owned equity exist. In our country, with the further development of the reform of state-owned enterprises, the vast majority of the country has been transformed into the investment of state-owned equity, therefore, how to effectively exercise state-owned equity has become an important issue facing China's economic development. In accordance with the provisions of "state-owned assets law > and other laws, the SASAC is the state invested enterprise investor, but are shouldering the market regulatory functions, which makes the direct exercise of state-owned equity is sensitive. This is based on the practice in the emergence of the state-owned equity trust of state-owned equity exercise the indirect exercise system, but the current system is still subject to excessive administrative intervention, control of imbalance, low operating efficiency, the loss of state-owned assets such as the troubled. Aimed at the source in the Anglo American countries, a collection of many advantages of trust, with the state-owned equity trust status, domestic legal environment and practice, to construct the "double ownership" as the basis, to strengthen the fiduciary duty of trustee and beneficiary property rights for the relief of state-owned equity trust balance, in order to state-owned shares reasonably, effectively the exercise provides a new path.
The text is divided into five parts: introduction, text and conclusion. The text is divided into five parts according to the question, the analysis of the problem and the solution of the problem.
The first part is China's current system of state-owned equity exercise basic theory. This part of the meaning in the concept of state-owned equity, defines the basic legal attribute, analysis in recent years the state-owned equity research and practice, think state-owned equity trust the current exercise path not only violates the principle of law, is not conducive to the protection of the interests of the parties. But it is difficult to fundamentally solve the actual exercise of excessive administrative intervention, control of imbalance, the loss of state-owned assets. Therefore, China should change their thinking, choose a new path to solve the existing difficulties.
The second part is an overview of the theory of state-owned equity trust. This part in the grasp of trust evolution, basic concepts and basic elements of the system, analyzes the development and advantages of commercial trust, thus being a commercial trust, the internal mechanism of state-owned equity trust in "double ownership" as the basis, and on the basis of the situation of our country on the in-depth analysis of the state-owned equity trust security, efficiency, value orientation of freedom.
The third part is the analysis of the construction of state-owned equity trust of the necessity and feasibility in our country. In addition to the superiority of itself with the commercial trust, the state-owned equity trust for our country to promote the supervision function and exercise the functions of separation, overcome administrative intervention; equity control of the company, improve the corporate governance structure; avoid the transactions and internal control the protection of minority shareholders, will have a significant impact of interest. And the establishment of trust legal system in our country, the development of trust theory and state-owned equity trust practice experience, the establishment of China's state-owned equity trust has become possible.
The fourth part is the construction of state-owned equity trust, is the focus of this paper. This part first analyzes in our country to establish the state-owned equity trust in the true sense, we must overcome the conflict between China's "absolute ownership trust" and "double ownership", otherwise it will lead to many legal obstacles including the ownership of the trust property unknown, and will have a "legal ownership and beneficial ownership coexist" the connotation of trust property right as a new property in civil law is introduced, and through the trust law and special legislation is a reasonable way to solve the obstacles. Based on eliminating obstacles on the part of the construction of state-owned equity trust the analysis of the 5 major elements of the establishment and effective, in which it demonstrates the trustor, trustee, beneficiary qualification, and comes to the conclusion that the state-owned equity trust Support should be designed for the strength, experience, trust company of high management level for the trustee preferred by the SASAC for the trust principal and the beneficiary. At the same time, based on domestic and foreign legislation and practice, to clarify the specific client, the state-owned equity trust in the trustee, the beneficiary of the three the rights and obligations, in order to make the state-owned equity trust structure more clearly.
The fifth part is the research on the state-owned equity trust beneficiary protection mechanism, which is another focus of this paper. This part thinks that when the representatives of the national interest the SASAC as the beneficiary, how to safeguard their rights so as to ultimately ensure that state-owned shares of independent security, realize the value has become a priority among priorities of state design equity trust path. Therefore, it is necessary to establish the prevention mechanism to strengthen the trustee fiduciary duty as the core, and the property right of relief as the key beneficiaries of the relief mechanism, so as to maximize protection of state-owned equity trust targets, the state-owned shares can truly effective, reasonable exercise.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.291.91;D922.282

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