上市公司表决权委托问题研究  

Research on Voting Delegating of Listed Companies

作　　者：蒋学跃[1] 

机构地区：[1]深圳证券交易所法律部,广东深圳518038

出　　处：《证券市场导报》2018年第5期62-71,共10页Securities Market Herald

摘　　要：目前我国证券市场存在的表决权委托实质上是借用委托之名,行表决权转让之实。从民法的视角来看,转让表决权属于股东意思自治的范畴,无禁止的理由,但部分规避法律的行为涉嫌"以合法形式掩盖非法目的"而无效。从公司治理角度而言,表决权转让会产生高昂的代理成本,导致监督机制失灵,甚至负向激励控制人损害中小股东利益,境外对其通常禁止或作严格限制。从我国证券市场现状来看,由于表决权转让可以实质性规避我国证券市场特有的实际控制人和限售两种监管措施,其产生的危害更为严重。建议监管部门将协议双方纳入一致行动人范围,通过增加当事人的违规成本,规范并限制委托协议条款的方式,使表决权转让回归表决权委托的本质。The delegating of voting in China＇s stock market is essentially the use of the name delegating to carry out the essence of transfer of voting rights. From the perspective of civil law, the right of transfer of voting belongs to the category of shareholders＇ autonomy, and there is no reason to prohibit it, but some of the acts are ineffective in the case of ＂concealing illegal purposes in the legal form＂. From the perspective of corporate governance, the transfer of voting rights will produce high agency costs, which leads to the failure of the supervision mechanism and even to provide incentive to the controller to damage the interests of the small and medium shareholders. According to the current situation of China＇s securities market, because the transfer of voting rights can substantially circumvent the regulation of actual controller and sale of restricted shares, the harm produced by the voting transfer is more serious. It is suggested that the regulatory authorities include the parties of the agreement into the scope of the unanimous action, increase the cost of the parties＇ violations, standardize and restrict the terms of the agreement.These measures aim to make the transfer of voting rights back to the essence of the voting delegating.

关 键 词：表决权委托 表决权信托 代理成本 公司治理 

分 类 号：D922.291.91[政治法律—经济法学]