对赌协议中回购权之性质及行使期限研究  

A Study on the Nature and Exercise Period of Repurchase right in Valuation Adjustment Mechanism

作　　者：章杰超 ZHANG Jiechao

机构地区：[1]中国人民大学法学院国际仲裁研究所

出　　处：《中国政法大学学报》2023年第5期142-155,共14页Journal Of CUPL

摘　　要：回购权条款是对赌协议中的重要条款,对于回购权性质和权利行使期限的认识是正确理解该条款的核心。回购权仅是指投资人向回购义务人主张要求回购股权的权利,而不包括诸如回购款项支付、股权回转等事项,就其权利性质而言应为形成权。回购权行使期限应属于除斥期间,并不受诉讼时效的约束,投资人超过约定行使期限应丧失要求回购的权利。在对赌协议中未约定回购权行使期限的情况下,投资人应当在合理期限内行使该权利,从投资人知道或者应当知道回购事由之日起一年可作为合理期限的标准。The repurchase right clause is an important clause in the valuation adjustment mechanism,and knowledge of the nature and exercise period of the repurchase right serves as the core of the correct understanding of the clause.The repurchase right refers only to the investor's right to claim the repurchase of equity from the repurchase obligor,but does not include matters such as repurchase payment and equity reversal.Accordingly,the exercise period of the repurchase right shall belong to the scheduled period and shall not be subject to the limitation of action.In the event that the parties do not agree upon the exercise period of the repurchase right,the investor shall exercise the right within a reasonable period of time,and one year from the date the investor knew or should have known of the repurchase matter can be taken as the standard of reasonable period of time.

关 键 词：对赌协议 回购权 形成权 合理期限 

分 类 号：D922[政治法律—法学]