对赌协议法律效力研究——以我国现行法为视角

文章研究了对赌协议的相关理论基础,认定对赌协议的法律性质是一种射幸合同,其法律效力应符合合同法的中合同效力的相关规定,同时作为一种商业合同,公司法及诸多证券方面的监管规定都对对赌协议的内容和效力有所限制,并且实践中债权人保护和上市公司股权明晰是对对赌协议限制最大的因素,建议从合同角度出发评判对赌协议的效力,首先其必须符合主体适格、意思表示真实、内容合法,其次,它不能违反特别法的强制性规定,不得对损害债权人利益,不得影响上市公司股权的公开透明。

Research on the Legal Effect of the Valuation Adjustment Mecha nism---Based on the Current Law

This thesis studies the theory foundation of Valuation Adjustment Mechanism （ VAM） , ascertaining the legal nature of VAM is a kind of aleatory contract.Its legal effect should be comply with the relevant provi-sions on the legal effect of contract , at the same time as a commercial contract , VAM ’ s content and legal effect is limited by the company law and the securities regulation .The protection of creditors and listing Cor-poration practice clear stake limits the VAM ’ s legal effect most.We think that the legal effect of VAM can be judged from the contract perspective evaluation , firstly it must comply with the subject qualification , genuine intention expressed and lawful content , secondly , it can not violate mandatory provisions of law , not to damage the interests of the creditors , and shall not affect the transparency of listing Corporation equity.