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表决权信托在我国公司法和信托法原理上的正当性存在很大争议,集中于表决权是否能与股份分离以及表决权是否为人身权这两个问题上。我国公司法和信托法虽未承认表决权信托,但实践中有很多公司已经运用了这一制度安排。表决权信托导致表决权与股权分离,并使表决权具有财产权属性。通过公司合同理论的解释,以及表决权与民法上人身权的比较,表决权的独立价值和财产权属性应得到承认。
The legitimacy of the voting trust in the principles of corporate law and trust law in our country is very controversial. It focuses on two issues: whether the voting rights can be separated from the shares or whether the voting rights are personal rights. Although our company law and trust law do not recognize the voting trust, many companies in practice have already applied this institutional arrangement. Voting trust leads to the separation of voting rights and equity, and the voting rights have property rights. Through the explanation of the theory of the contract of the company and the comparison between the right to vote and the personal right in the civil law, the independent value of the voting right and the attribute of the property should be recognized.