对赌协议的法律规制

The Legal Regulation of the Valuation Adjustment Agreement Mechanism

近年来,对赌协议广泛应用于风险投资领域。本文认为对赌协议是一种无名合同,企业投资估值困难、企业融资渠道狭窄、激励经营者的现实需要、法律缺乏类别股的设置是其产生的主要原因。本文通过对比对赌协议与盈利能力支付计划,结合我国有关司法判决与仲裁裁决,反思现有对赌协议效力的认定标准,认为对赌协议是否有效的标准不在于签署主体,而应坚持实质审查标准,以公司实际偿债能力与财务水平作为衡量标准,审查对赌协议的履行是否会对公司及其债权人、其他投资者的利益产生实际损害或实质损害的危险。提出建立分期融资机制、建立类别股制度、完善股权回购机制、制定风险投资示范合同、采取多元化纠纷解决机制等完善建议。

In recent years, Valuation Adjustment Mechanism is widely used in the field of venture capital. This paper argues that the legal nature of Valuation Adjustment Mechanism is an anonymity contract, the financing channels of enterprises are narrow, the valuation of enterprise investment is difficult, and the legal lack of setting of class shares is the main reason for its occurrence. This paper compares the Valuation Ad- justment Mechanism and Earn-out. In combination with our judiciary judgments and arbitral awards, we re- view the existing standards for determining the validity of Valuation Adjustment Mechanism, that Valua- tion Adjustment Mechanism criteria is not signed subject, but should insist on the substantive examination standard, the company＇s actual solvency and financial risk level as a measure to examine whether on the performance of the Valuation Adjustment Mechanism will produce the actual damage or substantial damage to other investors and creditors, the interests of the company. This paper proposes the establishment of a class system,establish a staging financing mechanism, formulate a model contract for venture capital investment,and adopt a variety of dispute resolution mechanisms.