关于对赌协议效力问题的讨论

On the Legal Validity of Valuation Adjustment Mechanism

对赌协议在资本市场中被广泛运用,其不仅能合理分配资本市场投融资的风险和收益,且能够解决企业的估值困难问题。但对赌协议的广泛存在也引发了一系列问题,尤其是对赌协议的效力问题更是在理论和实务上引发了广泛争论,相关司法判决完全不同,不同学者则从不同角度得出了不同的结论。我国2019年出台的《九民会议纪要》对此做出了一定回应,其在肯定对赌协议效力的基础上,将对赌协议效力的讨论转化成了对赌协议能否履行的问题,这种转换的价值和意义仍需我们进一步认识。

Valuation Adjustment Mechanism(VAM)is widely used in the capital market,which can not only reasonably allocate the risk and return of investment and financing in capital market,but also solve the valuation of enterprises.But the wide existence of the VAM has caused a series of problems,especially the legal validity of VAM has aroused extensive controversy in theory and practice,the relevant judicial decisions are even completely different,different scholars come to different conclusions from different perspectives.China’s newly issued“minutes of the national court of civil and commercial trial work”has made a response to this,on the basis of affirming the validity of the VAM.which turns the discussion of the legal validity of VAM into the performance of VAM.The value and significance of this transformation still need to be further understood.