中国法律环境下对赌协议的法律性质及效力分析——兼评“苏州海富诉甘肃世恒”案

The Legal Nature and Effect of Valuations Adjustment Mechanism in Chinese Environment——On the "Suzhou haifu company V.Gansu shiheng company"

本文认为,从性质上讲,对赌协议是一种射幸合同,也是无名合同,其法律适用必须依照合同法总则规定。对赌协议作为私募股权投资中的一个环节、一项重要投资工具,符合社会需求,其并不必然违反法律中的效力性禁止规范,也并不一定侵犯股东的利益。

＂Suzhou haifu company V.Gansu shiheng company＂ is the first case about VAM being sentenced invalid in our country.It has the representative significance without doubt.But it also has aroused broad dispute of the nature of VAM according the judge＇s viewpoint.VAM is a kind of property self valuation mechanism in private law,which is common in private equity investment.As an untypical contract VAM is different from the contract with effective terms and is similar with the aleatory contract.VAM which is used in private equity investment is legal and reasonable under the legal structure in our country.The decision of the case is worth deliberate.