以目标公司为相对方的对赌协议效力研究  

A Study of the Effectiveness of the Gambling Agreement with the Target Company as the Opposite Party

作　　者：郑嘉颖 张牧远 王勤芳 ZHENG Jia-ying;ZHANG Mu-yuan;WANG Qin-fang(Civil and Commercial Law School,Southwest University of Political Science & Law,Chongqing 401120,China;School of Law/Journal Editorial Department,Jimei University,Xiamen 361021,China)

机构地区：[1]西南政法大学民商法学院,重庆401120 [2]集美大学法学院/学报编辑部,福建厦门361021

出　　处：《集美大学学报（哲学社会科学版）》2019年第4期70-77,共8页Journal of Jimei University：Philosophy and Social Sciences

摘　　要：对赌协议为私募股权融资中的估值差异困境提供弹性调整机制,且其符合委托-代理模型上的"激励相容"价值理念,是能够有效放大社会效益的契约安排。以目标公司为相对方的对赌协议之效力不应因潜在的合同履行障碍(即对赌条款的执行可能损害公司或债权人利益),而被一概给予否定评价。同时,以目标公司为相对方的对赌协议本身并未触犯《公司法》第二十条等相关法律强制性规定,在符合合同有效条件且不具有《合同法》第五十二条列举之无效情形的情况下,其有效性应当得到认可。The gambling agreement provides an elastic adjustment mechanism for the valuationdivergence in private equity financing,and it conforms to the"incentive compatibility"value concept on the principal-agent model,and is a contractual arrangement that can effectively amplify social benefits. The effectiveness of the gambling agreement with the target company as the opposite party should not be negatively evaluated due to potential contract performance obstacles(ie,the execution of the gambling clause may harm the company or the creditor’s interest). At the same time,the gambling agreement with the target company as the opposite party does not violate the mandatory provisions of Article 20 of the Company Law,and is in compliance with the conditions of the contract and does not have the invalid situation listed in the Article 52 of the Contract Law. As a result,its validity should be recognized.

关 键 词：对赌协议 估值调整 经济效益 合法性 

分 类 号：D922.291.91[政治法律—经济法学]