The Study Of Legal Regulation Of Asset Management Plan Participating In Listed Corporate Governance

With the evolution and expansion of the financial market,the types of asset management plans are becoming more and more complicated,and their investment methods are also increasing.They invest in various financial products.At present,asset management plans can invest in listed companies.At the beginning,the asset management plan only serves as a financial investor to invest in listed companies for short-term investment benefits.However,with the change of investment mode and corporate governance concept,the role of the asset management plan has to be changed to some extent,that is,it should be encouraged to participate in the governance of listed companies to some extent.The degree of participation of the asset management plan in the governance of listed companies is directly related to the stability of the governance of listed companies,and it is related to the further operating income and strategic development of listed companies.The role of the asset management plan in listed companies and the way to play its role have a great impact on the development of listed companies.Due to the particularity of asset management plan,it represents the interests of the beneficiary and need to consider the stability of the governance of listed companies to some extent,it compared with the other shareholders shall exercise their rights as a shareholder in a certain difference,especially as a special subject of the voting rights of ownership and exercise directly related to the interests of both sides,positive and appropriate exercise their voting rights will help both sides rightsmaintenance,so the ownership of the voting rights in asset management plan and the exercise of special problem specification can facilitate information plan better exercise their right to participate in the governance of listed companies.With the continuous development of the asset management plan's investment in listed companies,its preference for listed companies has changed to a certain extent.In practice,the asset management plan of Chinese companies is not only a financial shareholder in listed companies,but also a changing influence of its own advantages on listed companies.Since the establishment of information technology itself is based on protect the interests of the beneficiary,so the beneficiary in the process of investment benefit protection still occupies an important position,even can cause significant influence on specific investment,this case could be the long-term development of listed companies and stable management conflict,even to the beneficiary interest short-term cash out.However,there are also asset management plans to invest in listed companies based on participation in governance and even be used to further harm the interests of listed companies and other shareholders.Therefore,the asset management plan to participate in the governance of listed companies needs to be standardized.As an important connection between shareholders and corporate governance,the exercise of voting rights is directly related to shareholders' participation in governance.As a shareholder of listed companies,the asset management plan needs to be further improved in terms of ownership,exercise and participation in the decision-making of listed companies,so as to regulate its participation in the governance of listed companies.In addition,the participation of structured asset management plan in the process of listed corporate governance will involve different levels of beneficiary interests,so on the basis of general asset management plan analysis,the permeability of structured asset management plan is analyzed.Asset management plan of attribution and exercise and participation in the decision-making process will be shareholders and the listed company connection information plan,closely involved in the governance of listed companies and studying the problem of asset management plan participating in the governance of listed companies can play a promoting role in company governance..Based on domestic and foreign literature and research on legal norms,the author discusses the participation of asset management plan in the governance of listedcompanies.The author divides the text into four parts.The first part will analyze the status quo and problems of the regulation of the participation of the capital management plan in the governance of listed companies,and further discuss the participation of the capital management plan in the listed companies on this basis.With the deepening of the capital management plan to participate in the listed companies,legal issues of the capital management plan to participate in the governance of listed companies appear.As an investment entity,the legal relationship of the asset management plan is gradually recognized as a trust relationship,and its independent legal status is constantly recognized.Meanwhile,as a special institutional investor,it has its particularity in participating in the governance of listed companies.Despite the continuous development of the asset management plan participating in the governance of listed companies,there are still a lot of problems in practice,which are mainly reflected in that the ownership and exercise of the voting rights need to be improved,the asset management plan needs to be standardized as a decision-making issue of shareholder participation,and the information disclosure obligation needs to be further improved in the whole process of participating in the governance.The second part discusses the legal regulation of the ownership and exercise of the voting right of the asset management plan.The asset management plan represents the interests of the beneficiaries and actively participates in the governance of listed companies.And the voting power most directly connects the company with the shareholders.Therefore,the ownership and exercise of the voting right of the asset management plan directly affects whether it can properly participate in the governance of listed companies.In this part,the author discusses the legal norms of the ownership and exercise of the voting right.Although the legal independence and shareholder status of the asset management plan are gradually recognized,due to its internal complexity and particularity,the ownership and exercise of its rights need to be further regulated.The attribution of voting right of capital management plan is mainly the division of rights between it and the manager.Due to the particularity of the subject of asset management plan,the definition of the attribution of voting right is prone to obstacles.Therefore,this part firstly makes a specific analysis on the attribution of voting right.The exercise of the right to vote on asset management plans is mainly divided into the formation of opinions and the external exercise.Because of the complexity of the asset management plan internal composition,although asset management plan usually exercise their voting rights by the managers,but in a vote in the specific internal beneficiaries meeting also need to make a decision,so this part for the internal decision making,at the same time considering the structured information plan particularity,the author discusses its voting power limit and procedures.On the issue of external exercise,the manager shall exercise the right to vote for the interests of the principal,while the agent shall be considered in the exercise of the right to vote.In the exercise of the third party agency,the manager shall also be subject to certain limitation of liability,so as to better protect the interests of the beneficiary.This part mainly aims at the restriction of the manager in the exercise of the voting right of the asset management plan and the external agency system,and plays a promoting role in the further participation of the manager in the governance of listed companies through the restriction of the manager in the exercise of the voting right.The third part discusses the participation of asset management plan in the decision-making of listed companies.At present,China has standardized the participation of shareholders in the decision-making of listed companies,but the participation of asset management plan as a special shareholder needs targeted research,and with the problems in the practice of asset management plan,its participation in the decision-making standard needs to be appropriate.When asset management plan as the shareholders of listed companies,it may be in financial investment,may also be in the strategic investment.when asset management plan as a financial investor,its enthusiasm of participating in company governance is weak.On the other hand,the capital management plan controlled by large shareholders or substandard level after the beneficiary needs to be regulated.In this part,the author discusses the entrustment vote collection system and the classified vote system.The fourth part discusses the problem of information disclosure in the management plan participating in the governance of listed companies.Whether the ownership of the right to vote,exercise or participate in the decision requires different degrees of information disclosure.Asset management plan exercise its voting rights and protects the interests of the beneficiary and helps the company develop at the same time,but the exercise needs to be regulated to reduce damage to lifted company by disclosing information.In exercising the right to vote and participating in the governance of listed companies,it is necessary to implement the informationdisclosure system from the beginning,restrict the ownership,exercise of the right to vote and participate in the decision-making,reduce the improper investment and voting behavior of the capital management plan,and safeguard the interests of other shareholders of listed companies.