摘要
对赌协议是私募股权投资时普遍采取的一种契约安排,是企业融资时为获得较高估值而与投资方签订的企业估值调整协议。近期,国内广受关注的海富投资案由最高人民法院做出再审判决。海富投资案中关注的核心问题是对赌条款的合法性,本文试图从对赌协议的概念及存在价值入手,通过分析对赌协议产生的根源,从民商法理论角度分析对赌协议的性质,结合常见的对赌形式分析其合法性,并针对一审、二审、再审法院做出的判决及理由,全面剖析判决涉及的法律原理,以期对未来的研究和实务有所帮助。
Valuation adjustment mechanism （VAM） is an ordinary contractual arrangement in private equity investment, and it is also a corporate evaluation adjustment agreement signed with the investor to gain higher evaluation in corporate financing. The Supreme People＇s Court recently gave a retrial judgment to the wild concern Haifu investment case, which focuses on the legality of VAM. First, this paper analyzes the origin of VAM from the definition and existing value of VAM. Then, in order to help future research and practice, we study the nature of VAM on the basis of the theory of civil and commercial law, discuss the legality of VAM combined its common form, and entirely analyze the referred legislation principle of judgment based on judgments and reasons from court of first instance, court of second instance and court of retrial.
出处
《证券市场导报》
CSSCI
北大核心
2014年第2期61-71,共11页
Securities Market Herald
关键词
私募股权投资
对赌协议
海富投资案
private equity investment, valuation adjustment mechanism, Haifu investment case
