摘要
对赌协议是私募股权投资中最主要的依据性文件,它是一种典型的不完全契约,是双方利益一致的射幸合同。在我国现有的法律环境中,因我国现行的股份转让限制制度、上市制度等方面的原因,对赌协议存在不少法律障碍。监管部门不应绝对禁止对赌协议,而应创造法律条件使之在私募股权投资实践中得以合法运用。保护公众利益、促进交易、尊重意思自治应是我们对对赌协议所持的价值判断。
The valuation adjustment mechanism is one of the most important contracts in private equity funds, a typical incomplete contract and a kind of alea- tory contract in which the two parties share their interests. The valuation adjust- ment mechanism has some legal obstacles, such as the share transfer, the system of listed companies in China＇ s legal environment. The regulation body, howev- er, is supposed to prompt the valuation adjustment mechanism to be used legally in the practice of private equity investment rather than forbid it absolutely. Pro- tecting the public interest, promoting the trade and respecting for the autonomy should be the value judgment of the valuation adjustment mechanism.
基金
国家哲学社会科学基金一般项目"公司债券信托法律问题研究"(12BFX086)的阶段性成果
关键词
对赌协议
射幸合同
股份转让限制
公司上市制度
Valuation adjustment mechanism
Aleatory contract
Limitation ofshare transfer
System of listed companies
