目标公司对赌条款无效的法理证成  

Subject:The Legal Proof of the Invalidity of Corporate Gambling Clause

作　　者：刘俊海[1] LIU Jun-hai(Law School,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学法学院,北京100872

出　　处：《河北法学》2022年第4期51-76,共26页Hebei Law Science

基　　金：全国人大常委会法工委重点项目“公司法修改研究”(2019K20205)的阶段性研究成果。

摘　　要：回顾与评论了具有影响力的标杆性公司对赌纠纷案件的不同裁判思维。《公司法》禁止公司与股东对赌,但不禁止非上市公司的新增股东与创始股东、实际控制人、董监高或第三人对赌。基于契约精神,新增股东与目标公司外的主体签署的对赌条款有效;基于资本维持原则,新增股东与目标公司签署的对赌条款无效。目标公司对赌条款违反资本维持原则,尤其是公司法禁止股东抽逃出资、原则禁止公司回购股权、禁止不当分红和违法减资的效力性规范。目标公司对赌条款还颠覆公司法核心价值,构成股东权利滥用,侵害公司生存权和发展权,违反股东礼让债权人的法定义务,有悖股东平等原则。目标公司不就无效对赌条款向新增股东承担损害赔偿责任。基于从随主的理念,第三人为公司对赌义务而签署的担保条款亦属无效。虽然公司对赌条款无效,但新增股东的股权投资行为合法有效,此类股东可依法行使股东诸权利。若能满足公司偿债能力测试,现行公司法足以保护分红权等股东收益权,而无需借助公司对赌条款。公司对赌条款不但无效,亦不可行,实有望梅止渴之憾。公司为对赌义务提供担保的隐形对赌条款也无效。从未来趋势看,公司对赌条款应淡出历史舞台,理性投资应渐成主流。公司对赌条款效力之争的历史应当终结。为确保投资安全,投资者要善于运用现代信息技术,创新尽职调查方式,积极参与公司治理,充分行使股东权利,不再和目标公司签署画饼充饥的对赌条款。裁判者应致力于促进公司可持续健康发展,增强公司盈利能力,实现股东和利益相关者多赢共享。This article reviews and comments on the different judging philosophies of influential corporate gambling disputes.The Company Law prohibits corporations from gambling with shareholders,but does not prohibit gambling between new shareholders and founding shareholders,actual controllers,directors,supervisors,and senior executives in unlisted corporations.Based on the spirit of the contract,the gambling clauses signed by external shareholders and entities other than the target company are valid.Based on the principle of capital maintenance,the gambling clauses signed by external shareholders and the target company are null and avoid.Corporate gambling clause violates the principle of capital maintenance,especially the rules of the company law prohibiting shareholders from withdrawing capital,generally prohibiting the company from repurchasing its own shares,prohibiting improper dividend declarations and illegal capital reduction.Corporate gambling clause also subverts the core values of corporate law,infringes on corporate right to survival and thriving,violates the statutory obligation of the shareholder to respect the creditor and violates the shareholder equality principle.The target company is not liable for damages to the gambling shareholders for invalid gambling clauses.The gambling guarantee clause for corporate gambling signed by the third party is also invalid.Despite invalid corporate gambling clause,gambling shareholders’ equity investment is lawful.Such shareholders can exercise their rights as shareholders.If the gambling shareholders can meet corporate solvency test,the current company law is able to protect their equity without resorting to corporate gambling clauses.Invalid corporate gambling clause is also unfeasible.The hidden gambling clause that the company provides guarantees for gambling obligations is also invalid.From the perspective of future trends,corporate gambling practice should disappear,and rational investment should become the mainstream.Therefore,the debate over the validity of

关 键 词：明股实债 公司对赌条款 资本维持原则 公司生存权和发展权 债权优位于股权 

分 类 号：D922.291.91[政治法律—经济法学]