CDR模式下存托凭证持有人利益保护探究

Research on the Protection of the Depository Receipt Holder’s Interests under the CDR Mode

存托凭证制度实质是以“所有权二元结构”为特征的信托制度为基础而实施的股权代持结构。存托凭证是作为受托人的存托机构以发行人所托管的股票为基础而发行的一种股权凭证,持有人因此取得实际出资人和受益人的双重身份。在不同的法律关系中存托凭证持有人投资利益的保护模式大相径庭:在隐名出资关系中,存托凭证持有人可通过存托协议实现对股份收益权的救济,并通过存托人在股东大会上不统一行使表决权以充分实现其权利指示;在信托关系下,其以表决权信托约束存托人,通过行使受益人撤销权取消违背信托目的的行为。

The essence of depository receipt system is the equity entrustment structure implemented on the basis of trust system characterized by"dual ownership structure".Depository receipt is an equity certificate issued by a depository institution as a trustee on the basis of the stocks entrusted by the issuer,so the holder obtains the dual identity of the actual investor and beneficiary.In different legal relationships,the protection mode of investment interests of depository receipts holders is quite different:in the anonymous investment relationship,the holder of depository receipts can realize the relief of the right to earn⁃ings of shares through the depository agreement,and fully realize the instruction of his rights through the non-uniform exercise of voting rights by the depository at the general meeting of shareholders;Under the trust relationship,the beneficiary shall bind the trustee with the right of voting trust and cancel the act against the purpose of the trust by exercising the right of benefi⁃ciary cancellation.