私募股权投资中对赌协议的定性及效力的司法认定——以“对赌协议无效第一案”立论

“对赌协议”是一种以高风险换取高收益的投融资手段，其主要在西方发达资本市场上广泛使用。近年来，其已经作为私募股权投资（Private Equity，简称PE）的重要实现机制引入到中国，因通俗的中文译名被涂上了浓厚的感情色彩，也因错误理解其目的，致其本土化过程跌宕起伏。2002年摩根士丹利与蒙牛通过其实现双赢引发了人们对对赌协议的关注；但海富投资与甘肃世恒的“对赌协议无效第一案”使得对赌协议的法律性质认定、合法性的争论成为学界讨论的焦点。本文试图从无效第一案切入，厘清对赌协议概念，阐明其法律构造；通过界定其为特殊的附条件生效合同，集中论证其与射幸合同的本质区别；最后就协议效力在司法上的认定进行区别探讨。

＂The gambling agreement ＂ is a method of high-risk and high-yield in investment, which is widely used in western countries. Recently, it has been introduced into china as a means of the private equity. As its Chinese translation is covered with a strong emotion, it is understood by the mass and its localization process is not smoothly. The agreement draw people＇s attention from the win-win case of Morgan Stanley and Mengniu in 2002. But the first case of invalid gambling agreement makes its nature and legality to be a focus in the academic discussion.