資產管理人勤勉盡責義務的理論基礎與司法適用

The Theoretical Basis and Judicial Application of the Duty of Diligence of Asset Manager

資產管理法律關係本質上屬信託關係，這是資產管理人承擔勤勉盡責義務的正當性基礎。作為一種金融行業的行為標準，勤勉盡責義務在我國法中呈現為一般條款，起著補充法律漏洞以及彌補當事人約定不明的兜底性作用。勤勉盡責義務的內涵與標準需要法官在個案中具體確定，而其制度目的在於，通過金融行業的風險防控保障投資者利益。司法適用中，判斷資產管理人是否違反勤勉盡責義務，主要是評價其行為在風險引致損失的過程中扮演的角色，所以，勤勉盡責義務又具有事後損失分配功能。

The essence of asset management relation is a kind of fiduciary relationships, and thus asset managers have the duty of diligence for beneficiaries. As a standard of conduct of financial industry, in China’s law, the duty of diligence appears as a general clause that can supplement legal loopholes and unclear terms of parties. The specific standard and point of duty of diligence that aims at controlling financial risks need interpreting by judges in single case. In judicial practice, assuring the breach of duty of diligence means to assess the role of asset managers in the process of risks resulting in losses. From this perspective, the duty of diligence is an ex post facto rule of loss distribution.