mba論文論私募投資領域“對賭協(xié)議”——以合法性分析為線索pdf

1、上海交通大學法學碩士論文 I 論私募 私募投資領域“對賭協(xié)議” 投資領域“對賭協(xié)議”—— ——以合法性分析為線索 以合法性分析為線索 摘 要 “對賭協(xié)議”事實上為估值調(diào)整協(xié)議，其廣泛運用于私募股權投資領域，是投融資雙方在股權投資協(xié)議中針對投資方資金安全或收益所進行的重新評估企業(yè)價值的一系列或然性安排，是對觸動企業(yè)估值調(diào)整的事項于未來發(fā)生時一方對另一方補償現(xiàn)金或者轉(zhuǎn)讓股權的一種約定 。 但對賭協(xié)議不僅是企業(yè)（從事實體經(jīng)營的融資方）上市審查

2、過程中的法律性障礙，而且一旦協(xié)議雙方發(fā)生糾紛，在司法裁判領域亦存在合法性爭議，甚至出現(xiàn)同案不同判的現(xiàn)象，有以意思自治為原則，認為其合法有效的裁判觀點，但也有認為其違反法律的禁止性規(guī)定并進而無效的裁判觀點。 由于簽訂對賭協(xié)議是投融資雙方達成一致意思表示，并進而實現(xiàn)投融資目的的必經(jīng)途徑，因而，對其合法性，對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和內(nèi)容： “對賭協(xié)議”的司法裁判觀點不一，行政監(jiān)管態(tài)度模糊，究其原因

3、是因為其游走于意思自治和法律控制之間。那么，意思自治的空間和法律控制領域具體應該在何處呢？文章于第二章從對賭協(xié)議的目的和內(nèi)容上海交通大學法學碩士論文 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