私募股权投资中估值调整协议法律效力的认定

The Legal Effect of Valuation Adjustment Agreement in Private Equity Investment

近年来,随着私募股权投资基金等金融创新的飞速发展,估值调整协议(在学界被普遍称为估值调整协议)应运而生。估值调整协议本质上是一种对融资企业的估值调整机制,其目的在于降低投资方的投资风险。由于我国行政监管制度的不健全,对估值调整协议的法律规定甚少,特别是在司法实践中对估值调整协议是否有效的认定问题上存在很大的分歧。从估值调整协议的基本概念理论入手,剖析我国估值调整协议效力的认定现状,阐述估值调整协议效力认定的基本步骤,并对估值调整协议的完善提出建议。

In recent years,with the rapid development of financial innovations such as private equity investment fund,the gambling agreement has emerged.The gambling agreement is essentially a valuation adjustment mechanism for financing enterprises,which aims to reduce the investment risk of the investors.Due to our country s administrative supervision system is not sound,to bet against agreement law,especially has a great deal of disagreement on the issue of whether the valuation adjustment agreement is valid in judicial practice.Start from the basic concept of theory of bet against the agreement,analysis of the status quo of China s valuation adjustment agreement to determine the status quo,and further elaborated the basic steps of the effectiveness of valuation adjustment agreement,and to improve their valuation adjustment agreement put forward their own suggestions.