Research On The System Of The State-owned Shareholder's Rights Trust

At present, the shareholding system reform of China's state-owned enterprise has completed preliminarily, the state ownership of property in state-owned enterprise has changed into the property rights of corporate juridical person and state-owned equity. How to reasonably and effectively exercise state-owned equity, in order to realize the maintenance and increase in value of state-owned assets, has become the basic problem to be solved in management of state-owned enterprise. Restricted by State-owned ZiChanFa and relevant provisions, SASAC as the investor of state-owned equity is not suitable to directly exercise their state-owned equity, which gives rise to the indirect exercise of the rights.In exploring the indirect exercise of state-owned equity, China has established indirect exercise systems of the state-owned equity as agency by agreement and agency under trust. However, confined to its own systemic defect, these systems can't properly solve a series of problems which state-owned enterprises confront, such as low efficiency, the loss of state-owned assets and so on. Through combining trusteeship which has a mature development in Anglo-American countries with the need of indirect exercise of state-owned equity in China, this paper aims to explore the construction of indirect exercise system of state-owned equity, providing another thought for state-owned shares exercise.The article is divided into three parts: the instruction, body and conclusion. The body is consisted of five chapters and proceeds according to a train of thought as putting forward problems, analyzing and resolving problems.The first chapter is about theoretical foundation for state-owned equity trust. Through the definition and characteristic analysis of state-owned shares nature, the author puts forward the meaning of state-owned equity trust based on the analysis of trust and its inscapes.The second chapter is about the analysis of legal basis of state-owned equity trust system. This section begins from the emergence of trust system, and then introduces commercial trust, the latest stage in the development of trusteeship, finally, based on analysis of the advantages of the commercial trust system, puts forward the system pursuit of the value as efficiency, liberty and security.The third chapter is the analysis about necessity and feasibility of establishing state-owned equity trust system in China. China's state-owned enterprise management faced some serious problems, for example, too much administrative power intervention, low efficiency, the loss of state-owned assets, and so on. And they can't be properly solved under existing state-owned equity exercise system. Therefore, it is necessary to establish the state-owned equity trust system to solve these problems better. Moreover, the continuously improvement of trust legislation, innovation in trust theory and enrichment in trust practice have provided favourable conditions and made the establishing of state-owned equity trust system possible in our country.The fourth chapter which is about the construction of state-owned equity trust system is the emphasis of this article. In this paper, the state-owned shares can be trusted should be the ones that the laws and regulations allow to circulate, and the provision about the proportion of state-owned shares established trust should differ on industries. State-owned equity trust should be a self-beneficial trust, in which SASAC is regarded as consignor and beneficiary. When determining a trustee, the trust companies which are strong, experienced and has a high management level should be preferred. With the maturity of conditions such as law, relevant institutions with the corresponding qualifications such as state-owned financial holding companies, asset management companies can be considered to be the trustee of state-owned equity trust. State-owned equity trust should take standardizing and clearing rights and obligations of the parties to the focal point, and make arrangement of the relationship between the parties and a third person.The fifth chapter is another key of the article, which is the establishment and perfection of related system of state-owned equity trust. In view of the special characters of state-owned equity and its important influence in national economy, safety should be the primary target that state-owned equity trust pursues. Considering that the state-owned equity seek for safety and keep watch on trustee's violation of fiduciary duty, this paper suggests to establish and perfect the state-owned equity trust contract registration system, trustee appointed system, and establish a supervision mechanism of state-owned equity trust which makes government, trust industry association and fiducial practitioners three in one, and combined internal with external supervision.