论文总字数：21217字

摘 要

现阶段，我国经贸活动日益增加，企业在创立、发展过程中难免会产生资金不足、科学技术落后、人才紧缺等问题，在一些较为发达的西方国家中，他们在投资领域常常会采用VAM的方式以防控在风投中所产生的潜在风险。随着外资的不断引入，我国现阶段也已广泛适用此类方式，VAM在我国被翻译为“估值调整机制”，但在实务中，又常常被人们所简称为“对赌协议”。该协议自被采用以来，我国法学界的学者们对其效力问题争论至今，由“海富投资案”到“江苏华工案”再到2019年出台的《会议纪要》，“对赌协议”效力问题逐渐得到了明确。通过《会议纪要》中所提出的：在处理由“对赌协议”所导致的法律纠纷问题时，人民法院对于公司债权人、投资方以及公司本身的利益应当予以平衡。基于这一观点，本文以“蒙牛对赌协议”为蓝本，通过该“对赌协议”的具体内容、效力以及应用效果进行全面分析、深入解析估值调整机制，从而进一步挖掘其中潜在的风险，由此提出针对利益相关方权益保护方面的思考以及立法建议。

关键词：“对赌协议” 利益相关方 风险防控

Protection of Rights and Interests of Stakeholders in Gambling Agreements

Abstract

At this stage, the continuous increase in business activities, enterprises in the process of creation, development will inevitably produce insufficient funds, backward science and technology, talent shortage and other problems, in some more developed western countries, they often use VAM ways in the field of investment to prevent and control the potential risks in venture capital. Along With the continuous injection of the capital by foreign, such methods have been widely applied in China at the present stage. In China,VAM is translated as "valuation adjustment mechanism" but in practice, it is often referred to as "gambling agreement".Since the agreement was adopted, scholars in Chinese legal circles have debated its validity So far, from "Haifu investment case" to "Jiangsu Hua Gong case" to 2019 issued "minutes of the meeting "," gambling agreement" effectiveness has gradually been clarified. The people's court should balance the investor’s ,creditor’s,and the company itself interests when dealing with the legal disputes caused by the "gambling agreement ". Based on this point of view, this paper takes "Mengniu gambling agreement" as the blueprint, through the "gambling agreement" specific content, effectiveness and application effect of comprehensive analysis, in-depth analysis of valuation adjustment mechanism, so as to further explore the potential risks, by This paper puts forward some suggestions on the protection of stakeholders' rights and interests.

Key Words: Valuation Adjustment Mechanism；Stakeholders；Risk prevention and control

目 录

中文摘要……………………………………………………………………………… Ⅰ

英文摘要……………………………………………………………………………… Ⅱ

一、概述 ……………………………………………………………………………………1

（一）“对赌协议”的基本内容 ………………………………………………………… 1

1.“对赌协议”的概念…………………………………………………………………… 1

2.“对赌协议”的构成要素 ……………………………………………………………… 1

3.“对赌协议”的类型 …………………………………………………………………… 2

（二）“对赌协议”的法律性质………………………………………………………… 3

二、利益相关方权益风险………………………………………………………………… 4

（一）不同类型“对赌协议”的效力…………………………………………………… 4

（二）“对赌协议”潜在风险 …………………………………………………………… 5

（三）“对赌协议”中利益相关方的具体分类 ………………………………………… 7

（四）“对赌协议”中利益相关方所面临的潜在利益风险 …………………………… 8

1.机构投资者与公司签署的“对赌协议”……………………………………………… 8

2.机构投资者与公司股东签署的“对赌协议”………………………………………… 9

（五）“对赌协议”下利益相关方利益的平衡 ………………………………………… 9

三、“蒙牛对赌协议”的具体内容及其分析……………………………………………10

（一）简述蒙牛“对赌协议”的具体情况……………………………………………… 10

（二）分析牛根生蒙牛“对赌协议”…………………………………………………… 11

（三）案例分析结论……………………………………………………………………… 12

四、利益相关方风险防控及立法建议…………………………………………………… 12

（一）“对赌协议”内容的风险防控建议……………………………………………… 12

（二）“对赌协议”执行过程的风险防控建议………………………………………… 14

（三）对利益相关方保护的立法建议…………………………………………………… 15

结语……………………………………………………………………………………… 17

参考文献………………………………………………………………………………… 18

致谢……………………………………………………………………………………… 20

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