对赌协议的法律适用及风险防控研究-法学专业论文.docxVIP

万方数据 万方数据 中 文 摘 要 随着中国市场经济发展的逐步深入，民营企业的数量及规模都在不断增长， 而融资问题也是民营企业及中小企业异常敏感的问题。私募股权投资基金作为 一种股权基金，通过对融资企业投资而获得企业的股权，并在企业上市后或盈 利预测最大化时获利退出。投资中最主要的问题即风险控制问题，则由估值调 整机制（即“对赌协议”）加以解决。其原理为，当投资方与融资方就融资企业 的现存估值存在分歧时，双方各自保留观点，对融资企业设定未来业绩目标， 若融资企业到期完成业绩，说明融资企业的估值先前被低估，投资方向融资方 转让部分股权或对融资企业追加投资；若融资企业到期未能完成业绩，则说明 融资企业的估值被高估，融资方需向投资方转让部分股权或按照约定价格回购 投资方持有的股权。本论文除引言与结语外，共四章，分别从对赌协议的涵义 及特点、对赌协议的结构及法律分析、对赌协议的法律适用问题、对赌协议的 适用风险及防范机制等方面对对赌协议做了较为全面的论述。各章安排如下： 第一部分对对赌协议的涵义、产生动因、类型及特征做了归纳及总结。第二部 分主要论述赌协议的构造分析及法律定性。通过详细讲解对赌协议的主体、客 体及内容，明确了对赌协议的法律构造。通过将对赌协议与无名合同、射幸合 同、附条件合同等进行对比，认为对赌协议是一个无名合同，同时是一个射幸 合同。第三部分从法律适用角度分析了对赌协议的法律效力，通过对“对赌第 一案”海富投资案一审、二审及再审判决结果的详细总结，分析出我国司法机 关对待对赌协议的基本态度。第四部分详细分析了对赌协议的适用风险，从宏 观及微观两个层面分析如何规避风险并建立较为健全的风险防控机制。 关键词：对赌协议 法律定性 法律适用 风险防控 I Abstract Along with the in-depth development of market economy, both quantity and size of private enterprises are increasing continuously; the financing problems are becoming the sensitive issues that exist in the private enterprises, as well as small businesses. As a equity fund, people gets shareholdings from enterprises by investing the financier in the form of so called Private Equity Funds (PE); and profitable exit after the invested company successfully go public or PE forebode their profit forecast reach the peak. Risk control, the most serious problem in investment that we also can concluded from the above example, is often settled by VAM, short for Valuation Adjustment Mechanism（also known as the gambling agreement in China）. When investor and financier have disagreements over the existing valuation of the invested enterprise, the two parties agree to differ on it and set a higher target for invested enterprise. If it can achieve the setting target in appointed time, it means that the invested enterprise’s valuation has been underestimated; the investor should return a part of the enterprise share to financier or make additional investment to invested enterprise. On the contrary, if invested enterprise cant achieve the setting tar