私募股权投资中对赌协议的法律风险防范

The Prevention of Legal Risk of Valuation Adjustment Mechanism in Private Equity Investment

对赌协议是私募股权投资的核心条款。然而,对赌协议的法律效力从甘肃海富投资案开始成为实务界和学界讨论的焦点问题。对赌协议的法律效力不仅关系着个案中当事人合法权益的分配,也关系着私募股权投资市场的发展。从最高人民法院审结甘肃海富投资案后,对赌协议的法律效力按照签订主体予以区分。目标企业签署的对赌协议因损害债权人合法利益而无效,目标企业股东签订的对赌协议在不违反法律行政法规等强制性规定时应当得到法律的保护。因此,防范对赌协议法律风险对私募股权投资而言至关重要。防范对赌协议法律风险的措施包括选择适格的主体、确立合法合理的对赌目标、选择适当的退出方式。

VAM is the most important agreement of private equity investment terms. However, the le- gal effect of VAM has become the focus of the practice and the academic discussion since the Haifu invest- ment case in Gansu Province. The effect of VAM is not only related to the distribution of the legitimate rights and obligation, also related to the development of the private equity market. After the Supreme Peo- ple＇s Court concluded the case of Gansu Haifu Investment, the legal validity of VAM has distinguished two results with different legal subject. If target enterprise is the subject of VAM, it will be judged in vain as it harms the interests of the creditors. If the shareholder signs the agreement without violating the law and administrative rules shall be protected by law. Therefore, it is important to prevent legal risks of VAM of private equity investment. To prevent legal risk of VAM, we should take measures such as choo- sing the right subject, establishing legal and reasonable targets, and choosing appropriate way to quit.