浅析“宝万之争”中资管计划的法理基础——基于客观目的解释的分析框架

Analysis of the Legal Basis of Asset Management Plan between the BAONENG and VANKE——Based on the Analytical Framework of the Objective Purpose

'宝万之争'中,用于企业并购的资管计划在分业监管的体制下引发众多法律争议,其核心问题在于定位不明晰。本文从资管计划的概念与分类切入,辨明资管计划'信托vs委托'的性质争论。在民商法与金融监管交叉视域下,借助客观目的解释的分析框架,厘定资管计划'受人之托、代人理财'的信托关系本质。在确立内部信托性质基础上,从外部结构角度分析资管实践获取股东身份的可能路径,结合'股权权能分离理论'探讨资管计划表决权的归属。从而获致资管计划在'宝万之争'实际操作中带来的法律思索,以期为立法和金融政策的制定提供助益。

In the Equity dispute between BAONENG and VANKE,the asset management plan used for corporate mergers and acquisitions under the system of industry regulation leads to a large number of legal disputes,the core problem lies in the positioning is not clear.The author begins with the concept and classification of the asset management plan,and the ultimate goal is to demonstrate the nature of the asset management plan which is'trust or commission'.In the perspective of civil and commercial law and financial supervision,this thesis uses the analytical framework of objective purpose to explain that the essence of the asset management plan is the trust relationship.On the basis of establishing the nature of internal relationship,this thesis will further analyze whether asset management can obtain shareholder status from the external structure,and discuss the attribution of voting rights with the theory of'separation of stock right'.Through research to find out what role the law can play in the actual operation of an asset management plan so that it can help with the development of legal and financial policies.