商事活动中对赌协议的效力分析  

Analysis on the Effect of Bet-on Agreement in Commercial Activities

作　　者：董晏男 DONG Yannan(Beijing University of Chemical Technology)

机构地区：[1]北京化工大学文法学院

出　　处：《商展经济》2021年第15期134-136,共3页Trade Fair Economy

摘　　要：最高人民法院判决对赌协议本身是否有效基本不存在争议,但对赌协议的有效对象的认定分为"只与股东对赌有效"和"与公司对赌亦有效"两派观点。前者认为"与公司对赌"违反投资领域风险共担原则,存在不可避免的风险而无效, 后者认为"与公司对赌"体现了商事法律领域中的意思自治原则,具有积极作用而有效。对此,《全国法院民商事审判工作会议纪要》明确"与公司对赌有效"规则,具体实施时须注意遵循当事人意思自治与区分具体情形分别对待,维护当事人合法权益和公共利益。The Supreme People's Court ruled that there is basically no dispute over whether the valuation adjustment mechanism itself is valid,but the determination of the valid object of the valuation adjustment mechanism can be divided into two viewpoints:"only valid for bet-on agreement with shareholders"and"valid for Bet-on Agreement with the company".The former believes that"Bet-on Agreement with the company"violates the principle of risk-sharing in the investment fi eld and has inevitable risks and is invalid;the latter believes that"Bet-on Agreement with the company"embodies the principle of autonomy of will in the fi eld of commercial law,which is positive and effective.In this regard,the"Minutes of the National Court Civil and Commercial Trial Work Conference"clearly defi ned the rule of"effective Bet-on Agreement with the company".In the specific implementation,attention must be paid to the autonomy of the parties'will and the treatment of specifi c situations separately to protect the legitimate rights and interests of the parties and the public interest.

关 键 词：对赌协议 意思自治 风险共担原则 维护当事人合法权益 

分 类 号：F275[经济管理—企业管理]