摘要
对赌协议本质是一种"业绩驱动的价值评估机制",是投、融资双方针对未来标的价值可能出现的情形,达成的权利义务契约。通过梳理中国十大典型PE对赌案例,深入分析了对赌协议的本质和存在的法律风险,并据此提出合法性风险防范、IPO过会障碍风险防范、控制权旁落风险防范及其他风险防范措施,以达到正确认识并合理运用对赌协议的目的。
The essence of Valuation Adjustment Mechanism （VAM） is an evaluation mechanismdriven by performance anda contract of rights and obligations between the investment party and thefinancing party with regard to the uncertainty of future profitability of the invested enterprise. Thepaper analyzed China’ s top ten VAM cases and made comprehensive study of the essence and legalrisks VAM. Based on the analysis, the paper put forward some suggestions in regard to the legalrisk prevention, the risk prevention of obstacles in IPO, the risk prevention of losing control systemwith the purpose of achieving rational understanding and using of VAM.
出处
《金融理论探索》
2017年第6期50-57,共8页
Exploration of Financial Theory
基金
2015年度国家社科基金重大项目(15ZDB174)
关键词
私募股权投资
对赌协议
法律风险
风险控制
private equity investment
Valuation Adjustment Mechanism （VAM）
legal risks
riskcontrol
