私募股权基金投资中对赌协议的法律解析  

Legal Analysis on Valuation Adjustment Mechanism in Private Equity Funds

作　　者：刘迎霜[1] 

机构地区：[1]华东师范大学法律系,上海200062

出　　处：《国际商务（对外经济贸易大学学报）》2015年第1期123-130,共8页INTERNATIONAL BUSINESS

基　　金：国家哲学社会科学基金一般项目"公司债券信托法律问题研究"(12BFX086)的阶段性成果

摘　　要：对赌协议是私募股权投资中最主要的依据性文件,它是一种典型的不完全契约,是双方利益一致的射幸合同。在我国现有的法律环境中,因我国现行的股份转让限制制度、上市制度等方面的原因,对赌协议存在不少法律障碍。监管部门不应绝对禁止对赌协议,而应创造法律条件使之在私募股权投资实践中得以合法运用。保护公众利益、促进交易、尊重意思自治应是我们对对赌协议所持的价值判断。The valuation adjustment mechanism is one of the most important contracts in private equity funds, a typical incomplete contract and a kind of alea- tory contract in which the two parties share their interests. The valuation adjust- ment mechanism has some legal obstacles, such as the share transfer, the system of listed companies in China＇ s legal environment. The regulation body, howev- er, is supposed to prompt the valuation adjustment mechanism to be used legally in the practice of private equity investment rather than forbid it absolutely. Pro- tecting the public interest, promoting the trade and respecting for the autonomy should be the value judgment of the valuation adjustment mechanism.

关 键 词：对赌协议 射幸合同 股份转让限制 公司上市制度 

分 类 号：D922.287[政治法律—经济法学]