论表决权信托——以小股东利益保护为背景展开的研究

公司控制权的存在,使控制股东可获得大于其股权比例的收益,转移、减少其相应的风险,实现其利益的最大化。表决权是争夺控制权的基本工具,中小股东的表决权往往只是一种抽象的存在,在控制权争夺中其表决权的作用不能充分实现,其利益容易受到损害。表决权信托通过对表决权的重新安排,为中小股东利益保护提供了一个较好的外部机制。

On Voting trust: In Consideration of Protection of the Interest of Minority Shareholders

By virtue of corporate control,the shareholder with control will benefit much more than what he/she should get from his/her shares. And while reaping benefits as much as possible,he/she can transfer and lessen his/her relevant risks. Voting rights are a basic vehicle for corporate control. However,to minority shareholders voting rights may be meaningless,for in the struggle for corporate control their voting rights may fail to work and thus their interests cannot be protected. By way of a rearrangement of voting rights,voting trust provides an external protective mechanism for minority shareholders.