VAM型投资协议法律效力研究

发布时间：2018-10-09 16:44

【摘要】：股权投资具有周期长、风险高等特点,随着股权投资的兴起,具有高抗风险能力的VAM型投资协议(实践常译作“对赌”协议)倍受投资者青睐。然而这一实践中应用广泛的投资协议,其法律效力问题在我国仍存在争议,被监管部门要求排除适用。此问题没有定论,VAM型投资协议的效力处于不确定状态,会严重影响整个股权投资过程的稳定性、透明性与可预测性,阻碍我国资本市场的发展进程。我国应当尽快确认VAM型投资协议的法律效力,健全我国资本市场相关法律规则,完善我国资本市场运作模式,促进我国资本市场的健康发展。本文共分五个部分,第一部分首先对VAM型投资协议的涵义作出界定,并通过探讨其发展沿革来把握它的特点,以跟相关概念进行对比。第二部分分析VAM型投资协议的法律结构以对其作出分类,并通过它的几个典型投资案例从实践上掌握其应用。第三部分通过证监会、法院系统对VAM型投资协议的管理、判决态度来揭示VAM型投资协议在实践中处于的效力不明的状态。第四部分从实然和应然两个角度切入对VAM型投资协议的法律效力进行了综合分析,其中包括对与协议相关国内外现行合同法、公司法规定的比较分析以及对合伺法、公司法精神的分析,以及对VAM型投资协议的法律效力的法经济学分析。第五部分针对VAM型投资协议效力状况不明的现实,为投、融资双方应用该协议时如何保障自身利益提出了相关对策,并就未来监管制度应如何设计给予了相应建议。股权投资对推动我国经济结构的调整、促进我国经济发展方式的转变,多元化我国吸引外资的渠道,增强我国企业的自主创新能力,缓解中小企业融资难的现象都具有积极的推动作用。我国应尽快与国际接轨,以积极的方式确认VAM型投资协议的法律效力,才能解开对股权投资发展的束缚,保障整个资本市场的发展。
[Abstract]:With the rise of equity investment, the VAM investment agreement with high risk resistance is favored by investors. However, the legal effect of this investment agreement, which is widely used in practice, is still controversial in our country, and is required to be excluded by the regulatory authorities. There is no conclusion that the validity of VAM investment agreement is in an uncertain state, which will seriously affect the stability, transparency and predictability of the whole process of equity investment, and hinder the development process of China's capital market. Our country should confirm the legal effect of the VAM investment agreement as soon as possible, perfect the relevant legal rules of our country's capital market, perfect our country's capital market operation mode, and promote the healthy development of our country's capital market. This paper is divided into five parts. The first part defines the meaning of VAM investment agreement, and through discussing its development history to grasp its characteristics, in order to compare with related concepts. The second part analyzes the legal structure of VAM investment agreement to make a classification, and through its several typical investment cases to grasp its application in practice. The third part reveals the uncertain effect of VAM investment agreement in practice through the management of CSRC, court system and judgment attitude. The fourth part makes a comprehensive analysis of the legal effect of the VAM investment agreement from the angle of reality and ought to be, including the comparative analysis of the current contract law, the company law and the matching law, which are related to the agreement, both at home and abroad, and from the perspective of "ought to be". The analysis of the spirit of company law and the legal effect of VAM investment agreement. In the fifth part, in view of the fact that the effectiveness of VAM investment agreement is unclear, the author puts forward some relevant countermeasures on how to protect their own interests when applying the agreement, and gives corresponding suggestions on how to design the future supervision system. Equity investment can promote the adjustment of China's economic structure, promote the transformation of our country's economic development mode, diversify our country's channels of attracting foreign capital, and enhance the independent innovation ability of our enterprises. To ease the financing difficulties of small and medium-sized enterprises have a positive role in promoting the phenomenon. Our country should connect with the international as soon as possible and confirm the legal effect of VAM investment agreement in a positive way so as to untie the shackles of the development of equity investment and guarantee the development of the whole capital market.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D996.4

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