商业经济与管理

通过协议实质转让公司控制权的表决权委托，关涉上市公司控制权的变更。但协议形塑控制权的不稳定性、非公开性、约定的不完备性以及司法裁判的不确定性，影响上市公司治理并损害中小股东及债权人利益。因此，必须跳出传统合同法的框架，予以公司法和证券法上的协同规制，在尊重公司自治的基础上提供统一的立法范式作为指引和约束。一方面，由公司法授予章程构建表决权委托相关的治理秩序，提供可预测的和可视化的治理规范。另一方面，以公司法、证券法为表决权委托设定统一范式：一是建立表决权委托中控制权变动的识别标准，以准确判断交易过程中涉及控制权变更的具体状况；二是在准确识别的基础上通过委托期限、具体事项等方面明确其效力要件，并明确表决权委托中的责任承担；三是以备案制度和信息披露制度增强表决权委托的公示公信力；四是进行必要的合法性审查。

Voting rights entrustment for the substantial transfer of corporate control through agreements involves changes in the control structure of listed companies. However, such control, as established through agreements often marked by instability, lack of transparency, incomplete contractual terms, and judicial uncertainty, may negatively impact corporate governance and potentially harm the interests of minority shareholders and creditors. Therefore, it is necessary to move beyond the conventional framework of contract law and adopt a coordinated regulatory approach under the company law and securities law. While respecting corporate autonomy, a unified legislative paradigm should serve as a guiding and binding mechanism. On the one hand, the company law should authorize corporate charters to establish a structured governance framework for voting rights entrustment, thereby offering predictable and transparent governance standards. On the other hand, the company law and securities law should jointly set a unified paradigm for voting rights entrustment. This includes:( 1) defining clear identification criteria for determining control changes resulting from voting rights entrustment, in order to accurately assess the status of control during transactions;( 2) specifying validity requirements, such as duration of the entrustment and specific matters covered, along with delineation of responsibilities arising from the entrustment;( 3) enhancing the public credibility of such arrangements through filing and disclosure requirements; and( 4)conducting necessary legality reviews.