回购型对赌协议的履行限制  

The Legal Regulation on the Execution of Repurchase Valuation Adjustment Mechanism

作　　者：姚瑶[1] YAO Yao(Wuhan University,Wuhan,Hubei,China,430072)

机构地区：[1]武汉大学法学院,湖北武汉430072

出　　处：《广东开放大学学报》2021年第6期45-49,共5页JOURNAL OF GUANGDONG OPEN UNIVERSITY

摘　　要：《九民纪要》规定要依据抽逃出资、减资等强制性规定审查判断回购型对赌协议能否履行,即对赌回购的履行受资本维持原则和债权人保护的规制。资本维持原则方面:投资方主观上不具备抽逃出资的恶意,对赌回购不应认定为“抽逃出资”;回购财源限制应以不损及注册资本为线。债权人保护方面:减资并非对赌回购的必然结果,亦非不能强制执行;清偿能力标准虽可切实保护债权人利益,但难以操作。在满足资本维持原则的底线要求时,法院应该支持对赌回购的履行。According to the Jiumin Summary,the execution of repurchase valuation adjustment mechanism depends on the rules of capital withdrawal and capital reduction,which means the execution should be regulated by the principle of capital maintenance and the protection of creditors.With regards to the principle of capital maintenance,the investors subjectively do not have malicious intention when they withdraw the capital;the source of repurchase funds is not allowed to cause any damage to the registered capital.In terms of the protection of creditors,capital reduction is not the inevitable result of the repurchase valuation adjustment mechanism,hence no compulsory execution.Meanwhile,though the solvency criterion does protect the interest of creditors,it is very difficult to operate.When the principle of capital maintenance meets the requirement,the court should support the execution of the mechanism.

关 键 词：对赌协议 股份回购 资本维持原则 抽逃出资 

分 类 号：D923.6[政治法律—民商法学]