Research On The Regulation Of Shareholders' Voting Trust

Shareholders' voting trust is the combination of voting right and trust,it is the development and innovation of the trust mechanism in the company domain.Voting trust essentially means shareholders shift their right of voting to the trustee with a irrepealable way and in a certain period.The trustee will exercise the voting right with its name for the specific purpose of the shareholders who trusted him.Since voting trust appeared in the United States,it has performed significant function,such as helping the company out of financial crisis,protecting the rights and interests of minority shareholders,making sure the stability and continuous management of the company,improving corporation government and so on.Currently,there is no statutory law of voting trust in China,but in practice,as early as in 2002,the system had been used to configure the corporate control in the case of the change of equity of Qingdao Beer.As the development of the system of trust and the continuous extension of the field of the application of the trust,the voting trust will be a growing application of space in our company.But due to lack of academic research and legal system,it has not been used fully and effectively in our country.The purpose of this paper will provide some ideas for the localization and practice of voting trust in our country through the studying of the system in the United States.This paper has utilized the documentary analysis method,case study and comparison analysis method,and it composed by three chapters of contents.The first chapter is about a brief introduction of the development history of shareholders' voting trust.To clarify its unique advantages in comparison with relevant systems,and distinguish it from similar systems by theoretical analysis.The second chapter will research the theoretical arguments in the voting trust system.Starting from its legal characteristics and legal relations,then two theories of voting trust will be elaborated,namely “the ownership of share say” and “voting right say”.In the third part,illustrating the necessity of introducing voting trust in China through the practical problems caused by the equity allocation of Chinese companies.Then from the perspective of feasibility,researches the relevant provisions of shareholders' voting trust system in China's legislation.At the last chapter,this paper will focus on the practice of voting trust in China.Firstly,it conceives the constituent elements of introducing shareholders' voting trust system into China.Secondly,studies the legal validity of shareholders' voting trust,and clarifies the invalid cause of shareholder voting trust.Finally,through the analysis of the legal relationship,the possible problems and solutions are envisaged.