论公司对赌协议

发布时间：2018-10-05 15:08

【摘要】：作为资本市场广泛运用的投资工具对赌协议,在企业投融资过程中起到了重要的作用。但由于我国缺乏具体法律、法规的明确规定,使得其在立法、司法、监管以及企业自身层面缺乏配套的操作规定,从而容易引发一系列的法律问题。本文将从对赌协议引发的法律问题入手,结合典型的个案进行细化分析,对对赌协议的相关理论问题深入研究。第一部分简单介绍了对赌协议在国际资本市场的运作方式以及国内资本市场的运行现状,并分析了对赌协议在“弥补信息不对称”、“契约激励”等方面的制度价值以及探讨对赌协议在立法、司法、监管、企业自身等方面存在的法律问题,为下文的深入研究铺垫基础。第二部分论述了学界有关对赌协议性质的争议学说,主要为附生效条件合同说、借款合同说、担保合同说,将对赌协议与上述合同进行对比后,发现了对赌协议与这几种合同虽存在相似点,但仍有巨大差别。通过分析对赌协议的内涵、特征、效用后,提出了其射幸合同的性质。第三部分以中国法律框架为前提,对对赌协议的效力问题进行探讨。由于司法裁判主要围绕对赌协议的签署主体为协议有效、无效的标准,使其效力问题容易引发争议。在综合对众多典型案例细致分析的基础上,通过对对赌协议签署主体进行类型化分析,并以股权型对赌、现金补偿型对赌两种国内常用的对赌标准做分析,得出了对赌协议效力的认定并不能以签署主体为标准,而应当结合具体法律、法规进行细化分析,分别认定。第四部分为对赌协议的合理、合法化运行提供了制度化路径。通过创设对赌协议有名合同、补充公司优先股的规定,在立法上完善对赌协议的实施路径;以尊重当事人意思自治和引入利益衡量的原则为基础,在司法上统一对赌协议的认定标准;讨论行业自律组织的设立、承认拟上市公司对赌协议效力,从监管上统筹对赌协议的运用;通过重复博弈结构和海外资本市场运用的途径,实现企业自身对对赌协议实施的合理安排,从而推动对赌协议的运用。
[Abstract]:As a widely used investment tool in capital market, investment agreement plays an important role in the process of investment and financing. However, due to the lack of specific laws and regulations in our country, the lack of supporting operational regulations in the aspects of legislation, judicature, supervision and enterprises can easily lead to a series of legal problems. This article will start with the legal problems caused by the gambling agreement, combining with the typical case to carry on the detailed analysis, to the gambling agreement related theory question thorough research. The first part briefly introduces the operation mode of the gambling agreement in the international capital market and the current situation of the domestic capital market, and analyzes that the gambling agreement is "making up for the asymmetry of information". The system value of "contract incentive" and the legal problems in legislation, judicature, supervision and enterprises themselves are discussed, which lays the foundation for further research. The second part discusses the academic theories about the nature of the gambling agreement, mainly the theory of the contract with effective conditions, the theory of loan contract, the theory of guarantee contract, and the comparison between the gambling agreement and the above-mentioned contract. Found that the gambling agreement and these contracts although there are similarities, but there are still huge differences. After analyzing the connotation, characteristics and utility of the gambling agreement, this paper puts forward the nature of the contract. The third part discusses the validity of the gambling agreement on the premise of China's legal framework. Because the judicial decision mainly revolves around the agreement signing subject as the agreement valid, invalid standard, makes its validity question easy to cause the dispute. On the basis of comprehensive detailed analysis of many typical cases, through the analysis of the types of the signatories of the gambling agreement, and the analysis of the two kinds of common domestic gambling standards, the equity type of gambling and the cash compensation type of gambling, It comes to the conclusion that the validity of the gambling agreement can not be regarded as the standard of the signing subject, but should be combined with the specific laws and regulations for detailed analysis, respectively. The fourth part provides the systematic path for the reasonable and legalized operation of the gambling agreement. By creating famous contract for gambling agreement, supplementing the provisions of preferred stock of company, perfecting the implementation path of gambling agreement in legislation, based on the principle of respecting the autonomy of parties' will and introducing the principle of interest measurement, To unify the standards for the determination of gambling agreements in the judicial field; to discuss the establishment of self-regulatory organizations in the industry, to recognize the effectiveness of the gambling agreements of the companies to be listed, and to coordinate the use of the gambling agreements in terms of supervision; and to make use of the repeated game structure and the use of overseas capital markets, To realize the reasonable arrangement of the gambling agreement by the enterprise itself, and to promote the application of the gambling agreement.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D923.99

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