在中国经济呈现“Ｌ型”增长趋势的大环境下，我国高净值人群的财富传承理念也在 发生巨大变化。尤其是伴随着我国投资需求下降，金融风险逐渐暴露的现实情况，高净 值人群不再是单纯追求创造更多财富，而是聚焦于资产保护和财富传承等财富管理目标， 而家族信托因为其独特的优势，日益成为高净值人群最青睐的财富传承工具。中国高净 值人士的财富主要集中在其控制的企业，包括已上市的公司股票和非上市公司股权。在 对家族财富传承做相应安排时，不仅要求实现家族资产的保值增值，而且需要集中家族 企业股权，实现对家族企业的有效控制及企业的传承。A 股上市企业英飞拓的第一大股 东，将全部股权的收益权成功置入境外家族信托的案例，是国内上市公司家族信托的开 创之举，不仅解决了上市公司股权集中及控制权保护的问题，又解决了家族财富代际传 承的问题。 本文在引用信托理论的基础上，以刘肇怀家族信托作为案例，介绍了上市公司英飞 拓的发展与经营、实际控制人刘肇怀的家族情况、设立家族信托的背景、家族信托架构 设计。本文研究发现刘肇怀家族信托设立的动机是国内外家族信托立法现状的差异，规 避美国境内高昂的遗产税，实现打造合理的家族企业所有权结构、便利家族财富代际传 承并提供税务优化空间、平衡家族成员利益诉求及防挥霍、打造共同的家族企业管理平 台等。而这种以股份收益权设立家族信托的架构特点主要有设立地点在美国境内、受托 人主要由自然人担任、置入家族信托的财产是股权收益权。 重要的是，本文研究发现刘肇怀家族信托可能潜在的风险，主要体现为自然人作为 受托人的风险、家族信托财产损失的风险、信托当事人基于权责边界的法律风险。为此， 本文提出了设立多个受托人、构建完善的契约文件体系、聘请专业律师担任全程法律顾 问的对策。 本文的研究，为我国高净值人士，尤其是上市公司股东进行家族企业资产的代际传 承提供了借鉴，对上市公司股东在海外设立家族信托的风险识别及控制提供了参考，同 时，也从制度层面对我国信托制度的完善提出了相关建议。 关键词：家族信托；离岸信托；上市公司；股权收益权II ABSTRACT Under the influence of the "L-shaped" economic growth trend, concept of wealth inheritance of high-net-worth individuals in China is also undergoing great changes. Especially with the decline of investment demand and the gradual exposure of financial risks in China, high-net-worth individuals no longer simply seek to create more wealth, but focus on wealth management objectives such as asset protection and wealth inheritance. Family trust now has increasingly become the most favored wealth inheritance tool for high-net-worth individuals because of its unique advantages. The wealth of Chinese high-net-worth people is concentrated in the companies they control, including the shares of listed and unlisted companies. When making corresponding arrangements for the inheritance of family wealth, it is not only required to maintain and increase the value of family assets, but also required to centralize the equity of family enterprises to realize the effective control and inheritance of family enterprises. The largest shareholder of INFINOVA which is A-share listed company, successfully placed the full ownership of equity proceeds into the overseas family trust. It has become a pioneering move of domestic listed companies, which not only solved the problems of equity concentration and protection of control right of listed companies, but also the problem of intergenerational inheritance of family wealth. Based on the trust theory and taking the Liu Zhaohuai family trust as a case, this paper introduces the development and operation of the listed company INFINOVA, the family situation of the actual controller Liu Zhaohuai, the background of the establishment of the family trust, and the structure design of the family trust. Set up in this paper, the study found that the motivation of Liu Zhaohuai family trust is the difference of family trust legislation present situation at home and abroad, to avoid the high tax in the United States, to make reasonable family enterprise ownership structure, to convenient family wealth between generations and provide tax optimization space, to balance the interests between members of the family and prevent waste, building common family enterprise management platform, etc. The structure features of establishment of family trust based on the usufruct of shares are thatIII the establishment place is in the United States, the trustee is mainly held by natural persons, and the property put into the family trust is the usufruct of shares. Importantly, this paper finds that the potential risks of Liu Zhaohuai family trust are mainly reflected in the risks of natural persons as trustees, the risks of loss of family trust property, and the legal risks of trust parties based on the boundaries of rights and responsibilities. Therefore, this paper puts forward the countermeasures of setting up multiple trustees, constructing a perfect contract document system, and hiring professional lawyers to act as full legal counsel. The research of this paper provides a reference for Chinese high net worth individuals, especially the shareholders of listed companies, to carry on the intergenerational inheritance of family business assets, and provides a reference for the risk identification and control of the shareholders of listed companies to establish family trust overseas. Meanwhile, it also puts forward relevant Suggestions for the improvement of Chinese trust system from the institutional level. Key word：Family Trust; Offshore Trusts; Listed Company; Ownership of Equity ProceedIV 目录 摘要.................I ABSTRACT .. II 目录..............IV 第一章 绪论..1 1.1 研究背景及意义................ 1 1.1.1 研究背景..................... 1 1.1.2 研究意义..................... 3 1.2 文献综述............................ 4 1.2.1 家族信托模式的研究. 5 1.2.2 家族信托功能的研究. 6 1.2.3 我国信托立法的研究. 6 1.3 研究内容与方法................ 7 1.3.1 研究内容..................... 7 1.3.2 研究方法..................... 8 第二章 理论基础.........................9 2.1 信托的概念与构成要素.... 9 2.1.1 信托的概念................. 9 2.1.2 信托的构成要素....... 10 2.1.3 家族信托的概念....... 12 2.1.4 家族信托的功能....... 13 2.2 基于上市公司股份的家族信托..................... 15 2.2.1 股权信托与股权家族信托...................... 15 2.2.2 上市公司设立股份家族信托的多重意义............................. 16 2.3 国内外家族信托的立法与发展..................... 17 2.3.1 国内外家族信托的立法现状.................. 17 2.3.2 国内外家族信托发展现状...................... 19 第三章 英飞拓股份收益权设立家族信托的案例介绍.........................20 3.1 英飞拓的发展与经营...... 20 3.1.1 英飞拓的历史发展... 20 3.1.2 英飞拓的业务及其经营.......................... 20 3.2 英飞拓的实控人.............. 22 3.2.1 刘肇怀家族............... 22 3.2.2 刘肇怀家族在英飞拓的持股.................. 22V 3.3 刘肇怀家族设立家族信托的背景................. 24 3.3.1 全球经济形势的变化.............................. 24 3.3.2 国内产业经营及其模式转型.................. 25 3.3.3 CRS 新政下全球反避税 .......................... 25 3.4 信托架构设计.................. 26 3.4.1 时机选择和信托行为.............................. 26 3.4.2 信托财产选择和当事人安排.................. 28 3.4.3 信托设立前的二级市场运作准备.......... 30 第四章 英飞拓股份收益权设立家族信托的案例分析.........................32 4.1 刘肇怀家族设立家族信托设立的动机......... 32 4.1.1 打造合理的家族企业架构，充分发挥家族信托代际传承功能........................ 32 4.1.2 合理规避美国高昂的税金...................... 33 4.1.3 国内家族信托法制环境尚未健全.......... 34 4.2 以股份收益权设立家族信托的架构特点分析............................ 35 4.2.1 设立地点................... 35 4.2.2 受托人....................... 37 4.2.3 信托财产................... 39 4.3 刘肇怀家族信托的风险分析......................... 39 4.3.1 自然人作为受托人的风险....................... 39 4.3.2 家族信托财产损失的风险...................... 41 4.3.3 当事人基于权责边界的法律风险.......... 42 第五章 案例启示.......................44 5.1 股份收益权设立信托的适用......................... 44 5.1.1 仅以股份收益权设置信托的条件.......... 44 5.1.2 以全部股权设立信托的适用与限制...... 45 5.2 海外家族信托的风险识别............................. 45 5.2.1 股票限售期的影响... 45 5.2.2 实际控制人变更的影响.......................... 45 5.2.3 当事人国籍以及共同受托人对信托的影响......................... 46 5.2.4 信息披露要求........... 47 5.3 海外家族信托风险应对.. 48 5.3.1 多个受托人的设立... 48 5.3.2 构建完善的契约文件体系...................... 48 5.3.3 聘请专业律师担任全程法律顾问.......... 48 5.4 我国信托法制的完善...... 49VI 5.4.1 股票收益权的分离与保护...................... 49 5.4.2 建立家族信托分级公示及查询制度...... 50 5.4.3 信托税收制度的完善.............................. 50 结论..............52