信托主体之股东身份的法律解析——以信托型私人股权投资基金为展开

The legal analysis of trust entities’ shareholder identities

近两年在审核公开发行时,证监会对于含有信托主体股东的企业基本采取排斥态度,对信托公司的业务造成影响,引发争议。本文从法律角度对该政策的可能成因进行了剖析,并讨论了实践中各种变通规避的类型及其弊端。基于理论和现实的研究表明,尤其是对于信托型私人股权投资基金,上述否定态度的理由并不充分。更合理的制度安排在于证监会、银监会、国资委各自确立监管重点并协调合作,实现和谐监管。

The CSRC has in general been taking a negative attitude towards the companies with trust entities as shareholders, when reviewing and approving their IPO applications, hence, the business of trust companies has been affected and lots debates have been raised. After analyzing the possible reasons behind this policy and various evasions in practice including their disadvantages coursed, this research found no solid grounds for such treatment, particularly to private equity fund established by trust companies. A better solution relies on the harmonized supervision between the CSRC, CBRC and SASAC, on the basis of division of labor and regulatory coordination.