本文選題：國有股權(quán)行使　切入點：商事信托　出處：《西南政法大學》2014年碩士論文

【摘要】：國家對經(jīng)濟發(fā)展進行調(diào)節(jié)的重要方式之一即為國家投資，而國家投資在現(xiàn)代各國大都以國有股權(quán)的方式存在。在我國，隨著國有企業(yè)改革的深入發(fā)展，絕大多數(shù)的國家投資已經(jīng)轉(zhuǎn)化為國有股權(quán)，因此，如何有效地行使國有股權(quán)已經(jīng)成為我國經(jīng)濟發(fā)展中面臨的重要課題。按照《企業(yè)國有資產(chǎn)法》等法律的規(guī)定,國資委是國家出資企業(yè)的出資人，但本身又肩負著市場監(jiān)管職能，這使其直接行使國有股權(quán)具有敏感性。有基于此，實踐中出現(xiàn)了以國有股權(quán)托管行使為主的國有股權(quán)間接行使制度,但現(xiàn)行的制度仍然受到行政干預過多、控制權(quán)失衡、經(jīng)營效率低下、國有資產(chǎn)流失等問題的困擾。故本文旨在通過對源于英美國家、集合諸多優(yōu)勢的信托，結(jié)合國有股權(quán)行使現(xiàn)狀、國內(nèi)信托法制環(huán)境和實踐需要,構(gòu)建以“雙重所有權(quán)”為基礎(chǔ)，以強化受托人信義義務(wù)和受益人財產(chǎn)救濟權(quán)利為平衡的國有股權(quán)信托,以期為國有股權(quán)合理、有效地行使提供一種新路徑。 本文分為引言、正文和結(jié)論。正文按照提出問題、分析問題、解決問題的思路行文，共分為五個部分。 第一部分是我國現(xiàn)行國有股權(quán)行使制度基礎(chǔ)理論部分。本部分在對國有股權(quán)概念、內(nèi)涵、法律屬性進行界定的基礎(chǔ)上，分析了近年來國有股權(quán)行使實踐中的探索，認為現(xiàn)行的國有股權(quán)托管行使路徑不但有違法理，不利于保護當事人利益，而且難以從根本上解決實際行使中行政干預過多、控制權(quán)失衡、國有資產(chǎn)流失等問題。因此，我國應(yīng)該轉(zhuǎn)換思維，選擇一條能夠解決現(xiàn)有困境的新路徑。 第二部分為國有股權(quán)信托理論概述部分。本部分在把握信托沿革、概念及基本要素的基礎(chǔ)上，著重分析了商事信托的發(fā)展及其制度優(yōu)勢，由此得出作為商事信托的一種，以“雙重所有權(quán)”為基礎(chǔ)的國有股權(quán)信托之內(nèi)在機理，并在結(jié)合我國國情的基礎(chǔ)上深入剖析了國有股權(quán)信托安全、效率、自由的價值取向。 第三部分是對在我國構(gòu)建國有股權(quán)信托之必要性和可行性分析。除了本身具有商事信托的優(yōu)越性外，國有股權(quán)信托對于我國促進監(jiān)督職能與股權(quán)行使職能分離、克服行政干預；衡平公司控制權(quán)、完善法人治理結(jié)構(gòu)；避免關(guān)聯(lián)交易和內(nèi)部人控制、保護中小股東利益都將產(chǎn)生重大影響。而我國信托法律體系的建立、信托理論的發(fā)展以及國有股權(quán)信托探索實踐的經(jīng)驗，則使我國建立國有股權(quán)信托成為可能。 第四部分為國有股權(quán)信托的構(gòu)建，是本文的研究重點。本部分首先剖析了在我國要想建立起真正意義上的國有股權(quán)信托，必須要克服我國“絕對所有權(quán)”與信托“雙重所有權(quán)”之間的沖突，否則將導致包括信托財產(chǎn)歸屬不明在內(nèi)的諸多法律障礙。而將擁有“法定所有權(quán)和受益所有權(quán)并存”內(nèi)涵的信托財產(chǎn)權(quán)作為一種新型物權(quán)在民法中引進，并通過信托法等特別立法予以規(guī)范是解決此障礙的合理方式。在障礙消除的基礎(chǔ)上，本部分對國有股權(quán)信托該如何建構(gòu)進行了分析，明確了其成立與生效的5大要件，并在其中重點論證了委托人、受托人、受益人的資格，從而得出結(jié)論：國有股權(quán)信托應(yīng)當被設(shè)計為以實力雄厚、經(jīng)驗豐富、管理水平高的信托公司為受托人的首選、以國資委為委托人和受益人的自益信托。同時,筆者結(jié)合國內(nèi)外立法與實踐，具體厘清了國有股權(quán)信托中委托人、受托人、受益人三者的權(quán)利義務(wù)，，以期使國有股權(quán)信托的架構(gòu)更加清晰。 第五部分是對國有股權(quán)信托受益人保障機制的研究，這是本文的另一個重點。本部分認為，當代表國家利益的國資委為受益人時，如何保障其權(quán)利從而最終確保國有股的獨立安全、實現(xiàn)其保值增值就成為了設(shè)計國有股權(quán)信托路徑時的重中之重。因此，有必要建立起以強化受托人信義義務(wù)為核心的事前預防機制，以及以受益人財產(chǎn)性救濟權(quán)為重點的事后救濟機制，從而最大化地保障國有股權(quán)信托預期目標的實現(xiàn)，使國有股權(quán)能夠真正有效、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.

【學位授予單位】：西南政法大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.291.91;D922.282

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