Legal Research On Voting Trust

Voting trust, a combination in the corporate law and trust law, takes advantage of trust, the flexible property management tool, and brings a separation-and-reorganization effect on the shares, which makes everyone get his gains and attain an optimal balance. That is to say, the voting trust can bring tremendous positive effect on the corporate governance structure. Specifically, voting trust plays an important role in maintaining the minority-shareholders' interests, in improving stakeholders in the corporate governance, and so on. While voting trust works well in America, some related regulations are developed in some Civil Law countries after years' exploration. Though there are no special legislations in China, voting trust has taken into practice, which can be seen as a spontaneous attempt for the market. As the trust is as hot as a raging fire recently, people pay more attention to its financing function, and ignores its property management function, which makes it in an awkward position in the financial field. It is crucial to get an accurate understanding of its functions in order to operate as expected.This thesis analyzes its concept, nature and double impacts, which lays a basis for the latter chapters. After exploring the legislations and practice in foreign countries and considering our country situation, I bring forth an institutional gestation of introducing the voting trust into our country and make an analysis in detail.The thesis is composed by introduction, text, and conclusion. In the introduction, the background, the significance of this selected topic, the innovativeness and limitations of this paper will be discussed. The thesis is composed by the following four chapters:Chapter one is the summary of voting trust. In this chapter, the concept of and the feather of voting trust will be discussed, and be laid as a basis for the nature exploration and influence analysis. All of this will be beneficial for the further understanding of this system.Chapter two introduces the current situation in the legislative and practical aspect. In the legislative aspect, there is a puzzle between voting trust and voting proxy. The distinction between the two mechanisms eliminates the incorrect understandings in the trust. In practice, the cases of Qingdao Beer and Cao Dewang donation indicate the significance of voting trust and potential risks, which appeals the further perfection in the legislation.Chapter three introduces the comparative research of voting trust in foreign countries. This chapter chooses several typical legislations and makes a compare in order to bring some hits for institutional construction.Chapter four focuses on the institutional gestation of introducing the voting trust into our country. In order to perfect the existing institution and refer the successful fruit in foreign countries, this chapter introduces the specific system design, such as the formality and content of trust, the trust announcement, the information disclosure and other matching mechanisms.In the end is the conclusion of this thesis.