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结构性资管计划的投票权归谁所有及如何行使,是“宝万之争”中的争议焦点之一。围绕上市公司收购中资管计划的表决权行使,本文从以下三个层次进行阐述:其一,资管计划的基本性质究竟为何,以及分析资管计划表决权的归属;其二,从资管计划内部,委托人、受托人、优先级受益人以及劣后级受益人三者之间的利益衡平,分析如何对资管计划表决权的行使加以规范;其三,从资管计划外部,即从完善上市公司治理以及金融监管的角度入手,分析如何加强对资管计划表决权行使的规范。在此基础上,提出法律规制的总体框架及具体制度之相关建议。
It is one of the controversial issues in the “War on POO” that the ownership of the structured asset management plan is vested in and how it is exercised. This article elaborates from the following three levels: First, what is the basic nature of the asset management plan and the ownership of the voting rights of the asset management plan; secondly, from the inside of the asset management plan , The trustee, the trustee, the priority beneficiary and the inferior level beneficiary, and how to regulate the exercise of the voting right of the asset management plan. Thirdly, from the point of view of improving the listing Corporate governance and financial regulatory perspective, analyze how to strengthen the regulation of the voting rights of asset management plan. On this basis, put forward the general framework of legal regulation and related recommendations of the specific system.