风险投资领域“对赌协议”的可执行性研究

对赌协议在我国风险投资领域已有较多表现,实践中因对赌失败所引发的执行困境时有发生。本文阐明了本土背景下的对赌协议产生基础在于企业的股权融资偏好行为,分析了对赌协议在不完全契约状态下表现出的射幸性特点,论证了基于企业估值调整所进行的条款安排并不违背法律所追求的公平和效率目标。在此基础上,文章认为,对赌协议的可执行问题最终需回归到对其效力的认定上。合法性、契约自由以及公司自治等原则是审视此类协议效力的重要标准。

The Enforceability of Valuation Adjustment Mechanism in the Field of Venture Capital

The Valuation Adjustment Mechanism(VAM) in the field of venture capital in China has been seen a lot,the implementation difficulties caused by VAM failure have often occurred.This article explains that the VAM in China originate from companies' equity financing preference behavior,and analyzes the radio fortunate characteristic of VAM under the condition of the incomplete contract.In addition,this paper shows that the terms arrangement based on the business valuation adjustments does not violate the law to ...