对赌协议的效力及法律风险控制

Legal Force and Risk Control of Valuation Adjustment Mechanism

对赌协议是股权投资领域重要的估值调整方式和风险控制工具,近年来被广泛应用,对赌协议是否有效,一直是实践中争议很大的一个问题。本文通过对近年来典型的对赌案例进行梳理,就对赌协议中各要素进行分析,认为对赌协议是合法、有效的。为了控制对赌协议的法律风险,对赌双方对目标企业的业绩预期要合理,不能设置过高的业绩增长目标。投资方可以采取重复博弈模式,第一轮少量投资,对企业的盈利能力及前景有了更为准确的了解之后,再决定是否进行下一轮投资。对赌协议的主体应为投资方和目标公司原股东,投资方应避免与目标公司签订对赌协议。签订双向对赌协议,可以公平地保护对赌双方的利益。在争议解决方式上,采用仲裁方式更为有利。

Valuation Adjustment Mechanism（ VAM） is one of the valuation mechanisms and risk-control tools,which is universal in private equity investment. Recently,with the increasing use of VAM,the arguments among its legal force have attached the public attention. By summarizing the typical cases of VAM and analyzing the force of each factor,the legislation of VAM is affirmed. In order to control the risks of VAM,both sides should set proper growth targets. Investors can take repeated game terms,making a small amount of investment first to have a general understanding of enterprises＇ profitability and prospects and then making a decision whether to make the next round of investment. The investors should sign bi-directional VAM with original shareholders of the target company for protecting the interests of both sides. And arbitration is a better way to solve the controversy.