对赌回购的可履行性分析

Performance Analysis of VAM Repurchase

2019年最高人民法院发布的《全国法院民商事审判工作会议纪要》(以下简称《纪要》),确立了对赌协议从效力管控到履行规制的裁判思路,然而在债权人保护视域下,该裁判思路中涉及可履行性的适用却存在一定的错位。因此,文章从当前裁判对于对赌回购履行性的认识不足、对赌回购可用资金来源的规定缺失以及《纪要》关于对赌回购要求的减资程序不足等方面来分析其存在的问题,进而在民法典《合同编》及债权人保护原则下对可履行问题、回购资金来源规制的可行制度以及正确适用减资程序等方面提出关于对赌回购可履行性在司法和公司内部治理中的完善路径,以期待能够对审判实践有所裨益。

In 2019, the Supreme People’s Court issued the “Minutes of the National Court Civil and Commercial Judgment Work Conference”(hereafter abbreviated as Minutes), which established the judgment idea of the VAM agreement from effectiveness control to regulation performance. However, from the perspective of creditor protection, the judgment idea involved enforceability. There is a certain misalignment in the application. Therefore, this paper analyzes the existing problems from the current judges’ lack of understanding of the performance of the VAM repurchase, the regulations on the sources of funds available for the VAM repurchase, and the insufficient capital reduction procedures for the VAM repurchase requirement in the Minutes. Then, under the “Contract Section” and the principle of creditor protection, this paper proposes the improvement path of the performance of the VAM repurchase in judicial and internal corporate governance, the feasible system for the regulation of the source of repurchase funds, and the correct application of the capital reduction procedure, which is expected to be beneficial to trial practice.