国资、外资审批对股权回购条款效力的影响  

The Impact of Regulatory Approval on Share Redemption Clause

作　　者：崔强 

机构地区：[1]北京市通商律师事务所 [2]中国海事仲裁委员会

出　　处：《北京仲裁》2018年第1期100-109,共10页Beijing Arbitration Quarterly

摘　　要：国有资产交易,通常需要履行评估、审批、进场交易等法定程序。外商投资企业的股权变更,同样需要取得商务部门的批准或备案。当投资协议中的股权回购等对赌条款被触发时,如果涉及国有资产交易或外商投资企业的股权变更,是否需要履行新的评估、审批、进场交易或备案等法定程序？作者认为,由对赌条款引发的回购股权、支付补偿金、转让补偿股权等行为,均属于投资协议的具体履行行为,不构成新的、独立的交易,不应当被要求实质性地履行新的评估、审批、进场交易或备案等法定程序。The trade of state-owned property is usually required to go through statutory procedures including assessment, governmental review and approval, trading publicly in authorized asset and equity exchange, etc. The alteration of stock equities of a Foreign Invested Enterprise （hereinafter referred to as ＂FIE＂ ） has also to be approved by or registered with the authorities in charge of commerce. It is a question that in an investment agreement, if the valuation adjustment mechanism, such as the term of buy-back, has been invoked and the trade of state-owned property or the alteration of stock equities of a FIE is involved, is it necessary to go through such statutory procedureS. The author holds the point of view that any change resulting from the valuation adjustment mechanism, including the buy-back of shares, the payment of compensation, the transfer of stock compensation, etc., is the performance of the investment agreement rather than a new and independent trade, therefore, it should not be required to go through those statutory procedures substantively including assessment, governmental approval, trading publicly in authorized asset and equity exchange, registration, etc.

关 键 词：对赌条款的效力 股权回购 国有资产 外商投资 审批 

分 类 号：D922.295[政治法律—经济法学]