对赌协议场景下合同诈骗罪的界限  

The Boundary of Contract Fraud in the Context of Valuation Adjustment Mechanism

作　　者：周光权 Zhou Guangquan

机构地区：[1]清华大学法学院

出　　处：《法学》2022年第10期45-61,共17页Law Science

摘　　要：对赌协议是估值调整协议,纠纷应在民事领域解决。即便目标公司实施造假行为,但在没有就重要事项实施欺骗且双方在合同框架确定后再做评估的情况下,在对赌期内兑现收益或补偿投资者损失的,以及行为人具有还款意愿和还款能力的,不宜认定为合同诈骗罪。但行为人在估值时造假使之严重脱离交易价值,或者在对赌期内虚增业绩,导致估值调整机制失灵,被害人由此陷入错误处分财产的,可能成立履约环节的合同诈骗罪,是否“实质地导致估值调整机制失灵”,是衡量被告人是否就重要事项进行欺骗的标尺。综合诈骗犯罪的财产损害是实质性的损失及对赌协议的特殊性,对于被害人财产损失的认定,应当从投资人支付的对价款中扣除目标企业的真实价值;对于尚在对赌期内的案件,还要从被告人虚增额中扣除限售股份的价格;投资方在对赌期内实际获得的收益,也应当予以扣除。投资方在对赌期内为并购的目标企业增资或提供担保的,是为自己的利益所实施的商业行为,不能评价为被害人财产损失。对于涉对赌协议的合同诈骗犯罪案件,动辄对被告人判处无期徒刑的做法并不妥当。The betting agreement is a valuation adjustment agreement, and disputes should be resolved in the civil sphere. Even if the target company commits falsification, it is inappropriate to recognize the crime of contract fraud if the proceeds are cashed in or the investors are compensated for losses during the betting period without committing deception of important matters and if the parties make the valuation after the contract framework is determined, as well as if the perpetrator has the will and ability to repay. However, if the perpetrator falsifies the valuation to make it seriously out of the transaction value, or inflates the performance during the betting period, resulting in the failure of the valuation adjustment mechanism, and the victim is thus caught in the wrongful disposal of property, the contract fraud of the performance link may be established, and whether it “substantially causes the failure of the valuation adjustment mechanism” is the measure of whether the defendant. The yardstick for measuring whether a defendant has defrauded on a material matter. In the case of comprehensive fraud, the damage to property is substantial and the special nature of the betting agreement, the real value of the target enterprise should be deducted from the consideration paid by the investor;in the case of the betting period, the price of the restricted shares should be deducted from the defendant’s inflated amount;the actual gain gained by the investor during the betting period should also be deducted. The investor’s capital increase or provision of guarantee for the target enterprise of the merger during the betting period is a business act carried out for its own benefit, and cannot be evaluated as a loss of the victim’s property. For cases of contractual fraud involving betting agreements, it is not appropriate to readily sentence the defendant to life imprisonment.

关 键 词：对赌协议 合同诈骗罪 重要事项的欺骗 被害人损失 刑民交叉 

分 类 号：D924.35[政治法律—刑法学] D923.6[政治法律—法学]