“对赌协议”中股权回购可履行性的审查规则重构  

Reconstruction of review rules for the fulfillability of equity repurchase in“gambling agreement”

作　　者：康曦文 Kang Xiwen(Nanjing University of Finance&Economics,Nanjing,Jiangsu,210023)

机构地区：[1]南京财经大学,江苏南京210023

出　　处：《市场周刊》2024年第13期142-145,共4页Market Weekly

摘　　要：《全国法院民商事审判工作会议纪要》在确认了目标公司“对赌”有效的同时,也将裁判核心由协议效力转向了可履行性审查。在股权回购型“对赌协议”中,《全国法院民商事审判工作会议纪要》中提出的“先减资、再回购”标准难以让投资方实现权利,也给了目标公司不履行回购义务的理由,归根结底是因为将股权回购与减资程序捆绑的做法缺乏法律上的正当性。“对赌协议”作为企业重要的融资方式之一,其立法空白已经不容忽视,应从资本制度改革的角度入手,尝试在坚持资本维持原则的前提下借鉴偿债能力测试标准,重构“对赌协议”中股权回购可履行性的审查规则。The Summaries of the National Conference for Work of Courts on the Trial of Civil and Commercial Cases not only confirmed the effectiveness of the target companys gambling,but also shifted the focus of the judgment from the effectiveness of the agreement to the review of its enforceability.In the equity buyback type gambling agreement,the standard of“reducing capital first and then repurchasing”proposed in the Summaries of the National Conference for Work of Courts on the Trial of Civil and Commercial Cases makes it difficult for investors to realize their rights,and also provides reasons for the target company to not fulfill its repurchase obligations.Ultimately,it is because the practice of bundling equity buyback with the capital reduction procedure lacks legal legitimacy.As one of the important financing methods for enterprises,the legislative gap of the gambling agreement cannot be ignored.Starting from the perspective of capital system reform,we should try to learn from the solvency testing standards while adhering to the principle of capital maintenance,and reconstruct the review rules for the feasibility of equity buybacks in“gambling agreement”.

关 键 词：“对赌协议” 股权回购 资本维持原则 偿债能力测试标准 

分 类 号：D913.991[政治法律—民商法学]