从投资方视角看对赌协议条款设计及法律适用

Opinions on the design of the terms of Valuation Adjustment Mechanism (VAM) and the application of the law from the perspective of the investor

对赌协议源于美国的私募股权投资,是投资方或收购方与目标公司或其股东为避免不确定性的风险而对投资预期的一种调整性约定。随着我国资本市场的日益完善与成熟,对赌协议已经作为一种不可或缺的金融创新手段广泛应用于公司融资领域。对赌协议的风险防范是一个系统工程,从投资方或收购方角度出发,要注重对赌协议本身的条款设计,综合考虑各种因素,与控股股东、实际控制人和其他关联方约定可履行和可实现的对赌协议。

Valuation Adjustment M echanism( VAM) is originated from the private equity investment in the United States,w hich is an adjustment agreement for the investment expectation betw een the investor or the purchaser and the target company or its shareholders in order to avoid the risk of uncertainty. With the increasing improvement and maturity of China’s capital market,VAM has been w idely used as an indispensable financial innovation tool in the field of corporate financing. The risk prevention of VAM is a systematic project. From the perspective of the investor or purchaser,it is necessary to pay attention to the design of the terms of VAM itself,and comprehensively consider various factors to make performable and realistic agreement w ith the controlling shareholder,actual controller and other related parties.