对赌协议的法律风险与防范问题研究

发布时间：2018-01-02 22:13

本文关键词：对赌协议的法律风险与防范问题研究　出处：《中央民族大学》2016年硕士论文　论文类型：学位论文

【摘要】：“对赌协议”某种意义上讲是企业估值与投融资方持股比例的一种“博弈”,是期权的一种形式,双方本着意思自治的原则针对未来的情况设计出的一种激励融资方增长的“最优契约”。是一把保护投资方投资安全的保护伞,是消除不确定性成本和风险的重要制衡调整器。2012年底,最高人民法院终审判决了海富投资和甘肃世恒的“对赌协议”纠纷案,该起案件是我国对赌第一大案。判决之后,仲裁机构、各级人民法院都纷纷对案件纠纷提出了争议与意见,并且这些看法广泛地出现在了各大媒体中。对赌协议第一案最终的审理几经波折,先后经过兰州中院、甘肃高院直至最后到最高院才画上了一个句号,该案件也引起了业界强烈反响。但是,在各级法院中,有关对赌协议的法律效力与性质从认定上是不尽相同的,这就让对赌协议的身份变得扑朔迷离。部分企业签订了“对赌协议”,最后对赌成功获取很大的利益,不过,也有部分企业因为失败而蒙受了巨大损失。对赌假如实现既定的目标的话,那么投融资双方能够实现共赢的局面,如果目标未能实现全部都要蒙受损失。在我国,签订“对赌协议”具有法律风险,分析了各种效力因素对对赌协议法律效力的影响,明晰“对赌协议”在国内实践中遇到的种种障碍。最后提出建议,在签订“对赌协议”时签订“对赌协议”后,合理规避对赌协议带来的法律风险。本文一共分为四部分：第一部分,本文通过对对赌协议概念界定、产生背景的详细剖析,分析“对赌协议”的主要内容,同时,总结分析对赌协在法律方面存在的价值,为本文论述展开奠定了基础。第二部分,通过对“中国对赌第一案”的案情与判决分析对赌协议于国内的现状,从而引出下文对赌协议与国内现行法律,尤其是公司法的具体冲突,为下文具体分析对赌协议存在的风险奠定基础。并且分析了最高法院判决的判例意义与启示。第三部分,具体分析对赌协议在国内的法律风险,分析了各种效力因素对对赌协议法律效力的影响,明晰“对赌协议”在国内实践中遇到的种种障碍。第四部分,为避免对赌协议因“水土不服”而陷入法律陷阱和漏洞,提出建议,在签订“对赌协议”时签订“对赌协议”后,合理规避对赌协议带来的法律风险。
[Abstract]:The "agreement on gambling" in a sense is a kind of "game" of enterprise valuation and investment financing proportion, is a form of options, both based on the principle of autonomy for the future design of a kind of incentive financing growth "optimal contract." is an umbrella to protect investment investment security, is to eliminate the uncertainty of cost and risk of important balance regulator.2012 the end of the year, the Supreme People's Court of Final Appeal ruling the Admiralty investment and Gansu Heng "agreement on gambling dispute case, the case is China's first case of gambling. After the verdict, the arbitration institution, the people's courts at all levels have to the dispute of the case put forward disputes and opinions, and these views widely appeared in the major media. The first agreement on gambling case final hearing twists and turns, after the Lanzhou intermediate people's court, the Supreme Court of Gansu until the end to the highest Can draw a full stop, the case has aroused strong repercussions. However, in the courts, the legal effect of the agreement on gambling and nature from that is not the same, which makes the agreement on gambling identity becomes part of the enterprise. Whirling signed the "agreement on gambling. Finally get great benefits to succeed but there are some enterprises because of the failure to suffer huge losses. If the bet to achieve the established objectives. Then, investment and financing both sides to achieve a win-win situation, if the target failed to achieve all losses. In our country, has signed the" legal risk of gambling the agreement ", analyzes the effectiveness of various factors on the legal effect of the agreement on gambling," to clear the obstacles encountered in the gambling agreement in practice. Finally, after signing the agreement on gambling signed an agreement on gambling ", to avoid legal risks brought to the gambling agreement is reasonable. This paper is divided into four parts: the first part, through the definition of the agreement on gambling concept, a detailed analysis of the background, analysis of the gambling agreement" of the main content, at the same time, the analysis of gambling Co exists in the legal aspects of the value laid this paper discusses the basis for the second part, through the case analysis and judgment of "Chinese bet on" the first case of the gambling agreement in the domestic situation, which leads to the following agreement on gambling and the current domestic law, especially the specific conflict of company law, lay the foundation for the specific risk analysis below valuationadjustment mechanism. The case analysis and the significance and implications of the Supreme Court. In the third part, the specific analysis of the gambling agreement in the domestic legal risk, analyzes the effectiveness of various factors on the legal effect of the agreement on gambling, "to clear All sorts of obstacles encountered in the domestic gambling agreement in practice. The fourth part, recommendations for avoiding the agreement on gambling because of a legal trap and The climate does not suit one. "loophole, signed the" agreement on gambling, in the "sign" agreement on gambling ", to avoid legal risk brought to the gambling agreement is reasonable.

【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D923.6

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