“对赌”语境下异质股东间及其与债权人间的利益平衡

The Balance of Interests Among Heterogeneous Shareholders and Creditors in the Context of“Valuation Adjustment”

当对赌协议进入履行阶段,目标公司只能以减资方式履行回购义务势必会侵害到目标公司的分配自由,因此,公司法需明确资本维持原则的双重含义,得以在保护债权人的同时,归还目标公司本应享有的分配自由;投资者与原有股东间以合同的形式对各自权利、义务的安排应当得到充分的尊重,只要不具有负的外部性,外力不应加以干涉;目标公司董事会对合同义务的履行并不影响其在忠慎义务下对其他股东利益最大化的追求。针对股权回购式对赌的履行问题,公司法可从资本维持原则的准确运用、合同自由的充分尊重和忠慎义务的切实履行等三个层面,合理平衡异质股东间及其与债权人间的相关利益。

When the Valuation Adjustment Mechanism(VAM)enters into the performance stage,the target company can only fulfill the repurchase obligation by way of capital reduction,which is bound to infringe the target company’s distribution freedom.Therefore,the company law needs to clarify the dual meaning of the principle of capital maintenance,so as to return the target company’s distribution freedom while protecting the creditors;In the form of contract,the arrangement of rights and obligations between the investors and the original shareholders should be fully respected.As long as there is no negative externality,external forces should not interfere;The performance of the target company’s board of directors to the contractual obligations does not affect its pursuit of maximizing the interests of other shareholders under the fiduciary duties.In view of the performance of Share Repurchase Valuation Adjustment Mechanism(VAM),the company law can reasonably balance the relevant interests among heterogeneous shareholders and creditors from three aspects:accurate application of the principle of capital maintenance,full respect for the freedom of contracting and conscientious performance of the fiduciary duty.