对赌协议中回购权的性质与期限之辨——以法律漏洞的填补为视角  

The Distinction of the Nature and Term of the Repurchase Right in the Valuation Adjustment Mechanism——From the Perspective of Filling Legal Loopholes

作　　者：籍瑞华 JI Ruihua

机构地区：[1]清华大学法学院

出　　处：《中国法律评论》2025年第2期94-106,共13页China Law Review

摘　　要：作为对赌协议履行的前置性议题,回购权性质引起了较大争议,其实质是关于回购权期限的分歧。在解释论层面,受到资本管制的影响,回购权难以被赋予形成权效力,将其界定为请求权更为适宜。实践中回购期限时常被约定过长或不确定,直接影响相对人的回购成本和商业预期。面对因合同自由所衍生的法律漏洞,可以运用利益衡量的方法在司法解释中对其进行填补,构建起更为明确的期限规则。除斥期间和诉讼时效可以在请求权的构造中并存,而此种模式也能够最大程度兼顾投融资双方的现实诉求。考虑到商事时效的特殊性,可以设置一年作为对赌回购的上限期,避免法律关系陷入长期的变动之中。回购期限的强制化与短期化,可以促进对赌协议的任意性与强制性趋于平衡,投融资双方的权责配置也更为合理。As a preliminary issue in the performance of valuation adjustment mechanism(VAM), the nature of the repurchase right has sparked significant controversy, with its essence revolving around disputes over the duration of the repurchase right. From an interpretative perspective, influenced by capital controls, it is challenging to confer the repurchase right with the effect of right of formation, and it is more appropriate to define it as a claim right. In practice, the repurchase period is often agreed upon as excessively long or indefinite, which directly impacts the counterparty's repurchase costs and commercial expectations. Faced with legal loopholes arising from contractual freedom, the method of interest balancing can be employed in judicial interpretations to fill these gaps, thereby establishing more explicit duration rules. Both the exclusion period and the statute of limitations can coexist within the framework of claim rights, and this model can best accommodate the practical demands of both investors and financiers. Considering the specificity of commercial statutes of limitations, a one-year upper limit for VAM repurchases can be established to prevent legal relationships from becoming subject to prolonged uncertainty. The mandatory and short-term nature of repurchase periods can promote a balance between the optional and mandatory aspects of VAM, leading to a more equitable allocation of rights and responsibilities between investors and financiers.

关 键 词：对赌协议 股份回购 形成权 法律漏洞 商事时效 

分 类 号：D923.6[政治法律—民商法学]