| 对赌协议的价值判断与我国多层次资本市场的发展 |
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| 引用本文： | 孙艳军.对赌协议的价值判断与我国多层次资本市场的发展[J].上海金融,2011(9). |
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| 作者姓名： | 孙艳军 |
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| 作者单位： | 中国政法大学民商经济法学院,北京,100088 |
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| 基金项目： | 2010年中国政法大学博士研究生创新资助项目,项目编号:01118901 |
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| 摘 要： | 对赌协议的合法性取决于其价值。从法经济学和商法学的角度分析，对赌协议具有创造效益的价值；从法理基础分析，对赌协议的调整机制具有其必要性和合理性价值；从对赌协议的调整机制分析，其具有保护私募股权投资基金的投资利益和激励企业家创造效益的价值；从对赌协议的法律性质分析，是一种具有股权激励和保值功能的射幸合同，具有合法性。认可对赌协议的合法地位并予以规制，对发展我国多层次资本市场具有重要意义。
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| 关 键 词： | 对赌协议 价值 不完全契约理论 射幸合同 法经济学 |
The Value Judgement of VAM and the Development of China's Multi-tier Capital Market |
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| Sun Yanjun.The Value Judgement of VAM and the Development of China's Multi-tier Capital Market[J].Shanghai Finance,2011(9). |
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| Authors: | Sun Yanjun |
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| Abstract: | The legitimacy of Valuation Adjustment Mechanism(VAM) depends on its value.From the perspectives of economics of law and commercial law,VAM has the value of creating benefit;from the angle of jurisprudential foundation,the adjustment mechanism of VAM is necessary and reasonable;from the angle of the adjustment mechanism of VAM,VAM can protect the benefit of private equity funds and encourage entrepreneurs to create benefit;from the angle of legal property of VAM,VAM is an aleatory contract with legitimacy,w... |
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| Keywords: | Valuation Adjustment Mechanism(VAM) Value Incomplete Contract Theory Aleatory Contract Economics of Law |
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