“对赌协议”的法律性质及效力研究

Study on the Legal Nature and Effect of the Valuation Adjustment Mechanism

“对赌协议”在国内外资本市场频繁应用,然学术界对于对赌协议的法律性质的定性迟迟难下结论,学术界和司法实践中主要存在五种学说,但是此五种学说均不符合“对赌协议”之本旨。评析对赌协议性质的各个学说,有助于澄清司法实践中之误区。关于对赌协议效力之判定,主要应从资本维持原则考虑,避免简单适用无效之法律规定认定对赌协议无效。

Valuation adjustment mechanism(VAM)is frequently applied in the domestic and international capital markets.However,the academic circles have difficulty in determining the legal nature of the VAM.There are mainly five theories in the academic circles and judicial practice,but all these five theories cannot meet the purpose of the VAM.Analyzing the various theories on the nature of the VAM will help to clarify the misunderstandings in judicial practice.Judging the legal effect of the VAM should consider the principle of capital maintenance,and avoid simply judge the VAM invalid with the invalid legal provisions.