Study On The Profit Right In Capital Management Business

Firstly,this paper analyzes the connotation and innovative transaction structure of profit right,clarifying the types of profit right in asset management business,and believes that it is different from the concept of profit right in the early stage of its birth,and it should be identified as future creditor’s rights in law system.Secondly,this paper analyzes the supervision on the innovative trading structure of profit right under the new situation,and finds that under the background of ‘unified supervision of asset management business’,the main new constraints on various innovative trading structures of profit right are ‘look-through’ supervision approach and nested supervision principles.On top of that,this paper takes the two typical transaction structures of profit right as examples,analyzing the changes of judicature under the background of ‘unified supervision of asset management business’ through judicial cases,and holds that judicial thinking makes a positive response to regulatory thinking,which is mainly reflected in two changes in the cases of profit right: first,in the qualitative aspect of transaction behavior,the purpose of contract is used to explain instead of literal interpretation;second,the ‘look-through’ approach is taken to identify investors to test them whether qualified.At last,in order to realize the goal of fully developing the supervision of profit right as well as ensuring the stability of the private law transaction relationship,this paper analyzes the relationship between justice and supervision,and puts forward two suggestions: first,the cooperation between justice and supervision should be realized,but the supervision should avoided putting ‘foresight’ bias on justice.In addition,we should form the responsibility distribution structure of supervision and judicial assistance in order to regulate the profit,and pay attention to the conditional application of ‘look-through’ approach in justice.