结构化资管计划用于上市收购的难点分析——以宝能系资管计划收购万科为例

The Analysis of Structured Asset Management Plan on Acquiring a Listed Company——A Case Study of Stock Acquisition Between Vanke and Baoneng Group

在宝万事件中,宝能系资管计划经过优先—劣后安排,偏离了信托调整框架,以《资产管理合同》约束当事人。在不违反法律的强制性规定下,宝能与资管计划管理人通过契约安排让渡投票权,实现表决权和收益权的分离,应为有效。我国资管监管制度的滞后性和不统一,导致结构化资管计划用于上市收购可能存在掩盖实际控制人、监管机制失灵和诱发系统性风险等问题。建议厘清资管计划的法律属性、扩大"证券"范围、加强跨机构监管等完善对资管计划的规制。

In the stock acquisition case between Vanke and Baoneng, Asset Management Plan has deviated from the framework of the collective investment Schemes, and the parties are bonded by the asset management contract. Without violating the mandatory provision of the law, the separation of Shareholders＇rights of sharing and voting shall be effective through the contractual arrangements. The lag and disunity of the rules of assets management plan lead to confusions of recognizing the actual controller with the application of structured asset management plan for listed acquisitions, the failure of legal supervision system and the result of the financial systemic risk. Suggestions are made to clarify the legal attributes of the asset management plan, expand the scope of the securities and strengthen cross institutional supervision.