股东表决权信托的法经济学分析.pdfVIP

中 文 摘 要 鉴于股东行使表决权的终极目的在于对公司行使控制权，为此，美国人在传统信托制 度的基础上，巧妙地构建了股东表决权信托这一形式，它通过对表决权重新做出整合及集 中利用来控制公司经营，在实践中显示出了保护中小股东、权益重置、保障公司再贷款、 弥补国有主体缺位及中外合作控股权之争等方面上独特的制度优势，是英美法系的重要制 度之一。 但在我国经济快速发展、多样化的制度需求不断增强、成功实践的案例不断出现的情 况下，股东表决权信托制度却尚未有成文法的规定，当然得不到相应的保护及制约。关于 该制度是否有必要在我国正式建立，制度实施是否利大于弊，不少学者对其做出了积极的 探讨。 本文则尝试从法经济学的角度对该制度的合理性进行分析，并借助比较分析、实证分 析等综合分析方法说明表决权信托在我国建立的必要性。文章试图通过交易成本的透析， 指出表决权信托的行权成本比亲自行权时要低；通过 “智猪博弈”引出表决权信托可以作 为一种激励机制来改善中小股东行权的成本收益比、行权成功的几率及 “搭便车”现象； 然后在 “共享收益”、“私人收益”博弈中验证了表决权信托制度是可以限制大股东的 “私 人收益”行为的。文章最后指出，我国相关立法应对表决权信托制度做出明文规定、规范 其操作并通过受托人信息披露、信托保护人制度来规制受托人的道德风险。 关键词：表决权信托 法经济学分析 交易成本 博弈论 I Abstract Whereas the ultimate intention of exercising the voting right by the shareholders is to control the company, therefore, the Americans, basing on the traditional trust system, have ably established the shareholder voting trust, which can control the management of the company by renewing integration and centralizing utilization of the voting right. In practice, it has demonstrated some distinctive system advantages in the aspect of protecting the small and medium-size shareholders, redistributing the rights and interests, ensuring the companies reload, making up the vacancy of the state-owned main body and disputation of the controlling interest in the China-Foreign cooperation. The voting trust is one of the important systems in the common law. However, in the case of speedy development, continuously increasing demand of diversified systems, and the constant happen of the successful cases, the voting trust still lacks of regulation, therefore, it can not obtain any corresponding restrict or relevant protection. With regard to its necessity to found the sys