mba論文論私募投資領(lǐng)域“對(duì)賭協(xié)議”——以合法性分析為線索pdf

1、上海交通大學(xué)法學(xué)碩士論文 I 論私募 私募投資領(lǐng)域“對(duì)賭協(xié)議” 投資領(lǐng)域“對(duì)賭協(xié)議”—— ——以合法性分析為線索 以合法性分析為線索 摘 要 “對(duì)賭協(xié)議”事實(shí)上為估值調(diào)整協(xié)議，其廣泛運(yùn)用于私募股權(quán)投資領(lǐng)域，是投融資雙方在股權(quán)投資協(xié)議中針對(duì)投資方資金安全或收益所進(jìn)行的重新評(píng)估企業(yè)價(jià)值的一系列或然性安排，是對(duì)觸動(dòng)企業(yè)估值調(diào)整的事項(xiàng)于未來(lái)發(fā)生時(shí)一方對(duì)另一方補(bǔ)償現(xiàn)金或者轉(zhuǎn)讓股權(quán)的一種約定 。 但對(duì)賭協(xié)議不僅是企業(yè)（從事實(shí)體經(jīng)營(yíng)的融資方）上市審查

2、過(guò)程中的法律性障礙，而且一旦協(xié)議雙方發(fā)生糾紛，在司法裁判領(lǐng)域亦存在合法性爭(zhēng)議，甚至出現(xiàn)同案不同判的現(xiàn)象，有以意思自治為原則，認(rèn)為其合法有效的裁判觀點(diǎn)，但也有認(rèn)為其違反法律的禁止性規(guī)定并進(jìn)而無(wú)效的裁判觀點(diǎn)。 由于簽訂對(duì)賭協(xié)議是投融資雙方達(dá)成一致意思表示，并進(jìn)而實(shí)現(xiàn)投融資目的的必經(jīng)途徑，因而，對(duì)其合法性，對(duì)其意思自治的空間及法律控制的程度有研究必要，本文基于此闡述了以下觀點(diǎn)和內(nèi)容： “對(duì)賭協(xié)議”的司法裁判觀點(diǎn)不一，行政監(jiān)管態(tài)度模糊，究其原因

3、是因?yàn)槠溆巫哂谝馑甲灾魏头煽刂浦g。那么，意思自治的空間和法律控制領(lǐng)域具體應(yīng)該在何處呢？文章于第二章從對(duì)賭協(xié)議的目的和內(nèi)容上海交通大學(xué)法學(xué)碩士論文 III THE V ALUATION MECHANISM IN PRIVATE EQUITY INVESTMENT—— ——LEGLITY ANALYSIS AS A CLUE ABSTRACT “Gambling agreement”, factually named as Valuat

4、ion Adjustment Mechanism (hereinafter referred to as “VAM”), is widely used in PE investment, is an arrangement aimed to the funds security and interest to re-evaluate the enterprise, and is the agreement which regulates

5、 that when gambling matters occurs, one of the parties should compensates the other party in cash or transfer his shares. But “VAM” is not the only legal obstacle of listing. When disputes between two parties to “VAM” o

6、ccur, there is also legality controversy in judicial area, and even appears the phenomenon of different cases having different decisions. Some cases hold that “VAM” is the result of autonomy while other cases hold that i

7、t may violates mandatory provisions. Because signing “Gambling agreement” is a necessary way of reaching agreement and achieving the purpose of financing and investment. Therefore, it is necessary to do research about it