私募股权投资中估值调整机制研究——以我国《公司法》资本规制为视角

A Research on Valuation Adjustment Mechanism of Private Equity Investment——From A Perspective of Chinese Corporation Law Regulation on Capital

私募股权投资中的估值调整机制起源于英美法下的投资实践,并随国际私募股权投资中国企业而被引入。我国公司法的过度资本规制对估值调整机制产生较大影响。对赌合法性的边界取决于我国公司法对公司资本规制的合理性边界。实现估值调整的法律机制的多样性决定了其法律效力判断应具体问题具体分析,不可一概而论。

Valuation adjustment mechanism（ ＂VAM＂ ） in private equity investment originated in law practice in United Kingdom and United States of America, and was introduced into China by international private equity investors when they invested in Chi- nese companies. The excessive regulations of Chinese company law on company capital have material effects on VAM. The legali- ty of VAM under the background of Chinese laws depends on the reasonable boundary of regulations of Chinese company law on company capital. The diversity of legal methods of applying VAM decides that the legality shall be decided case by case and there is no one size fits all.