股权回购型对赌协议的基本原理与效力认定  

The Basic Principles and Effectiveness Recognition of Equity Repurchase type Betting Agreements

作　　者：张跃辉 ZHANG Yue-hui(Bank of China Limited Heze Branch,Heze,Shandong 274002)

机构地区：[1]中国银行股份有限公司菏泽分行,山东菏泽274002

出　　处：《江苏商论》2025年第1期107-111,共5页Jiangsu Commercial Forum

摘　　要：以股权回购为常见形式的对赌协议,是一种具有商业惯例因素并符合企业经营内在逻辑的投资工具,属于狭义的非典型合同,背后的学理基础在于诚实信用原则。中国关于股权回购型对赌协议的规范性文件通常认可其法律效力,其中包括但不限于纪要对司法审判的影响。既往司法实践对于协议的效力认定经历了两个阶段的发展:第一阶段在于认定协议的合法性,“华工案”的裁判思路反映出对双方当事人交易的自主意愿的尊重。第二阶段是协议的可执行性问题,一方面需要结合资本维持和清偿能力标准判断协议的可履行性;另一方面在具体的履行程序上,协议双方当事人也要事先做好周密安排。The common form of gambling agreement,which is based on equity repurchase,is an investment tool that has commercial customary factors and conforms to the internal logic of enterprise operation.It belongs to the narrow definition of atypical contracts,and the theoretical basis behind it lies in the principle of good faith and trustworthiness.China's normative documents on equity repurchase type betting agreements usually recognize their legal effectiveness,including but not limited to the impact of minutes on judicial trials.The past judicial practice has gone through two stages of development in determining the validity of agreements:the first stage is to determine the legality of the agreement,and the judgment approach of the“Huagong case”reflects respect for the independent will of both parties in the transaction.The second stage is the issue of the enforceability of the agreement,which needs to be judged based on the standards of capital maintenance and solvency;On the other hand,in terms of specific performance procedures,both parties to the agreement should also make careful arrangements in advance.

关 键 词：对赌协议 股权回购 投资 效力 可履行性 

分 类 号：F272.3[经济管理—企业管理]