对赌协议效力判定之于目标公司:价值衡平与逻辑修正——以最高法再审案例“世恒案”与“瀚霖案”为切入点  

The Validity Judgment of the VAM to the Target Company: Value Equalization and Logic Correction ——Taking “Shiheng Case” and “Hanlin Case” of the Supreme People’s Court Retrial Cases as the Pointcut

作　　者：陈晨 Chen Chen(School of Law,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学法学院

出　　处：《中南财经政法大学研究生学报》2019年第2期107-114,共8页Journal of the Postgraduate of Zhongnan University of Economics and Law

摘　　要：目标公司实质参与对赌协议的效力判定问题长存争议,最高法有关对赌协议效力判定的再审案件以“世恒案”与“瀚霖案”较具代表性。判定对赌协议之效力与履行应遵循三层逻辑思路:首先,厘清协议效力判定依据的独立性与协议履行障碍的复杂性,强调“履行障碍”不等于“合同无效”;其次,明确目标公司履行对赌责任是否降低公司资本充实度以及损害债权人利益,为协议履行障碍之关键;最后,综合判断公司财务状况与金融市场形势,注重相关主体的利益协调,把握保障契约自由与目标公司资本充足以及偿债能力稳定之间的平衡尺度。法院裁判宜尊重合同自治之原则及估值调整的权利义务变动,对无效认定持谨慎态度,以期达到平衡投、融资双方利益与激发金融市场活力之目的效果。There has been a long-standing dispute about the validity judgment of the target company s substantive participation in the VAM.The retrial cases in the Supreme People s Court concerning the validity of the VAM are more representative of the “Shiheng case” and “Hanlin case”.Combined with the three logical ideas of determining the validity and performance of the VAM.Firstly,clarify the independence of the judgment basis to the validity and the complexity of the obstacles to the performance of the VAM,and emphasize that the “performance barrier” does not mean “the invalidity of the VAM”.Secondly,it is clear whether the target company can reduce the capital adequacy of the company and damage the interests of creditors as the key to the performance of the VAM.Finally,the financial situation of the company and the financial market situation should be weighed and pay attention to the coordination of the interests of the relevant subjects,grasp the balance between the freedom of contract and the capital adequacy and the stability of the solvency of the target company.The court decision should respect the principle of contract autonomy and the changes of rights and obligations in valuation adjustment,and take a cautious attitude towards invalid determination,so as to achieve the aim of balancing the interests of both sides of investment and financing and stimulating the vitality of the financial market.

关 键 词：对赌协议 目标公司 效力判定 协议履行 

分 类 号：F271[经济管理—企业管理]