私募股权投资中的对赌协议类型化研究

发布时间：2018-01-14 21:31

本文关键词：私募股权投资中的对赌协议类型化研究　出处：《山东师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：对赌协议,是我国资本市场发展中,在私募投资领域所出现的一种估值调整机制。对赌协议最早产生于英美法系国家,是在这些资本主义较为发达的国家,融资人为寻找融资,投资人为规避风险而在市场竞争中逐渐孕育出的一种机制。随着我国资本市场的发展,它也渐渐登上了我国市场竞争的舞台。然而对于对赌协议这样一个英美法系国家的产物,想要在大陆法系国家的土地上生根发芽,对我们而言是一个巨大的法律挑战。最早出现的“甘肃世恒”案1,经历了多次审理,虽然部分否定了对赌协议的法律效力,然而这个判决更大的意义是同时肯定了其不损害股东利益的部分是合法有效的,这就为对赌协议在我国开辟了一条道路。近几年来,对赌协议又以更多样的方式出现在私募投资领域,其为我国市场带来的意义也更是越来越深远。近几年来,随着资本市场的发展,我国开始出现了多种类型的对赌协议,在对赌协议的内容,条款的设置,以及退出机制等方面变得更加多元化。基于以上,本文将着重对对赌协议的法律属性及类型化进行论述和探讨,旨在通过对其类型化的研究,切合每种类型的法律属性以及我国的法律条款,对各类条款的法律效力进行整合分析,同时提出对法律效力的风险防范方式。本文共分为四个部分:第一部分,导论部分,简单阐述了对赌协议产生的背景,以及对赌协议目前在我国的发展现状。首先从社会层面分析了对赌协议目前在我国资本市场中所处的地位,同时从法律层面分析了对赌协议目前的法律属性,简述了目前学理中对赌协议的合同性质的部分观点,提出了自己的意见。第二部分,着重分析了对赌协议的类型,主要从目前国内比较著名的一些现实案例着手,通过案例中对赌条款的分析与整合,归纳了几种比较常见的对赌类型,介绍了各个对赌类型的特质。第三部分,分析了对赌协议本身的法律效力以及上文中提到的各种类型所面临的不同法律问题,根据各类型的对赌条款所涉及的领域,所期待的权利不同,将其条款所面临的法律风险也进行了梳理。第四部分,针对对赌协议所面临各类风险提出相应的风险防控措施,国家层面应完善立法,对赌双方也要在对赌协议整个签订过程中采取各项措施防范法律风险。
[Abstract]:Gambling agreement is a kind of valuation adjustment mechanism in the field of private investment in the development of capital market in China. Gambling agreement originated from Anglo-American law countries and developed in these capitalist countries. In order to find financing, investors in order to avoid risk in the market competition gradually gestated a mechanism. With the development of China's capital market. It also gradually mounted the stage of market competition in China. However, for the gambling agreement, which is the product of a common law country, it wants to take root and sprout on the land of the civil law countries. It is a huge legal challenge to us. The earliest case of "Gansu Shiheng" has been tried many times, although it partly negates the legal effect of gambling agreement. However, the larger significance of this judgment is to confirm that the part of the decision that does not harm the interests of shareholders is legal and effective, which has opened a way for the gambling agreement in China in recent years. Gambling agreements appear in the field of private investment in a more diverse way, which brings more and more far-reaching significance to our market. In recent years, with the development of the capital market. China began to appear a variety of gambling agreements, in the content of the gambling agreement, the terms of the setting, as well as the withdrawal mechanism and other aspects become more diversified. Based on the above. This article will focus on the legal attributes and types of gambling agreements to discuss and discuss, through the study of its type, suit each type of legal attributes as well as the legal provisions of our country. This article is divided into four parts: the first part, the introduction part, a brief description of the background of the gambling agreement. And the current development of gambling agreement in China. Firstly, from the social level to analyze the status of gambling agreement in our country's capital market, at the same time, from the legal level to analyze the current legal attributes of the gambling agreement. This paper briefly introduces some viewpoints of the contract nature of the gambling agreement in the present theory and puts forward its own opinions. The second part focuses on the analysis of the types of the gambling agreement. Mainly from the domestic relatively famous real cases, through the case of gambling clause analysis and integration, summarized several more common types of gambling, introduced the characteristics of each type of gambling. The third part. This paper analyzes the legal effect of the gambling agreement itself and the different legal problems faced by the various types of gambling agreements mentioned above. According to the areas involved in each type of gambling clause, the rights to be expected are different. The article also combs the legal risk of its provisions. 4th part, aiming at the gambling agreement to face various kinds of risk prevention and control measures, the national level should improve the legislation. Both sides should take various measures to guard against legal risk in the whole process of signing the gambling agreement.
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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