我国私募股权投资中对赌协议法律问题分析-analysis on legal issues of gambling agreement in private equity investment in china.docxVIP

我国私募股权投资中对赌协议法律问题研究中文摘要在私募股权投资（Private Equity: PE ）领域中,投资机构为保证其投资物 有所值，通常选择约定估值调整条款（Valuation Adjustment Mechanism: VAM）, 而 PE 进入我国后 VAM 被翻译成了对赌协议。对赌协议其实就是投融资双方就企 业未来价值的估算进行调整，对增资协议进行条款约定，通过制定双方一致认可 和接受的业绩目标等条件来实现双方的共赢。本文主要分为四个部分。分别从对赌协议的内涵、应用入手，通过对其法理 剖析进而探讨对赌协议在我国的合法化问题,以及违约情况下的责任承担方式的 选择。多角度入手，将我国对赌协议典型案例—“中国 PE 对赌第一案”进行了 深入的解读，以期能为我国对赌协议的发展提供研究价值。本文首先介绍对赌协 议在实践应用中的典型案例，总结该案例的争议焦点，以便研究对赌协议的法律 问题；然后围绕争议焦点探索对赌协议的实质，确定对赌协议的概念及法律特点、 介绍对赌协议在国外及国内的具体运用，结合案例得出结论：对赌协议是投融资 双方实现双赢的一种机制。其次对对赌协议进行法理分析，一方面分析了对赌协 议的法律主体、法律客体、法律内容即法律关系；另一方面通过对其法律性质的 比较分析，得出了对赌协议既不能归于射幸合同，也不是传统的担保合同，更不 是附条件合同，而是一种新型合约形式的结论。本文最后探讨了对赌协议在我国 的合法性问题及对违约时的责任承担方式进行了研究，结合案例得出结论：对赌 中的目标企业原股东以出资比例承担按份责任。关键词：估值调整对赌协议附条件合同按份责任Research on legal problems of ValuationAdjustment Mechanism in China’s Private Equity investmentAbstractIn private equity (Private Equity: PE) in the field of investment institutions to ensure their investment value for money, often choose to adjust the terms of the agreed valuation (Valuation Adjustment Mechanism: VAM), which entered the country after the PE of VAM has been translated into gambling agreement. Agreement on gambling is actually financing the estimated value of the two sides on the future of enterprise restructuring, additional conditions for the capital increase agreement, unanimously approved by both parties and the development of performance targets and other conditions acceptable to both sides to achieve a win-win.This paper is divided into four parts. Separately from the agreement on gambling content, applications start by its legal analysis and then discuss the issue of legalization in our country, as well as the choice of the way gambling agreement liability in case of breach of contract. Multi-angle start, the typical case of an agreement on gambling - China PE gamble first case in-depth interpretation, in order to be able to bet on the development of protocols to provide research value. This paper introduces an agreement on gambling typical case in practical app