论股权家族信托的价值功能与制度创新

On the Value Function and Institutional Innovation of Equity Family Trusts

股权家族信托是我国产权保护事业的晴雨表,建议联动修改《公司法》《证券法》与《信托法》。信托产权结构包括信托财产所有权与信托收益所有权。为增强信托财产公示公信效力、保护信托财产独立性与完整性,建议将《信托法》第10条第2款规定的信托财产登记效力明确为设权效力,而非简单的对抗效力。鉴于股权信托登记制度真空容易导致受托人、善意相对人与股权受益人之间成讼,建议推进信托股权登记制度的统一化、数字化与透明化改革。建议基于理性自治理念设计股权家族信托治理规则,包容多元化治理模式,构建委托人、受托人与受益人的三权分离模式,允许自愿设立保护人,明确受托人的诚信勤勉义务与四商合一的理性受托人标准,导入开曼“STAR”信托与维尔京“VISTA”信托的创新规则。主张《证券法》采取包容审慎的监管理念,允许境内外股权家族信托成为A股上市公司的诚信股东。建议《证券法》原则上推定家族信托与创始股东或实控人互为一致行动人,但允许自证清白。为落实税收中性原则,建议同步完善股权家族信托友好型的税法规则。

Equity family trust is a barometer of China's property rights protection,it is proposed to jointly amend the Company Law,the Securities Law and the Trust Law.The structure of trust property rights includes the legal title of trust property and the beneficiary ownership of trust income.In order to enhance the credibility of trust property publicity and protect the independence and integrity of trust property,it is suggested that the registration effect of trust property stipulated in paragraph 2 of Article 10 of the Trust Law be clearly defined as the effect of creating rights,rather than simply adversarial effect.In view of the vacuum of the equity trust registration system,which can easily lead to litigation between trustees,bona fide third parties and equity beneficiaries,it is recommended to promote the unification,digitalization and transparency of the trust equity registration system.It is recommended to design the governance rules of equity family trusts based on rational autonomy,tolerate diversified governance models,build a three-power separation model of settlor,trustee and beneficiary,allow the voluntary establishment of protectors,clarify the fiduciary duty of trustees and the reasonable trustee standard,and introduce innovative rules of Cayman STAR trust and BVI VISTA trust.It is advocated that the Securities Law adopt inclusive and prudent regulatory approach,allowing domestic and foreign equity family trusts to become honest shareholders of A-share listed companies.It is suggested that the Securities Law presumes in principle that the family trust and the founding shareholder or actual controller act in concert with each other,but allow self-proof of innocence.In order to implement the principle of tax neutrality,it is recommended to improve equity family trust-friendly tax law rules at the same time.