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本書以問題為導(dǎo)向，從對(duì)賭協(xié)議的基本含義、歷史、功能出發(fā)，提出了合理對(duì)賭協(xié)議的新概念，介紹了合理對(duì)賭協(xié)議的構(gòu)建方法。同時(shí)，根據(jù)目前我國(guó)對(duì)賭協(xié)議相關(guān)法律案件的裁判爭(zhēng)議，重點(diǎn)討論對(duì)賭協(xié)議的效力與履行、股權(quán)回購(gòu)型對(duì)賭協(xié)議兩個(gè)話題，為法官裁判案件和當(dāng)事人解決糾紛提供參考意見。本書內(nèi)容分為四章。第一章通過對(duì)對(duì)賭協(xié)議概念、功能、歷史和對(duì)賭協(xié)議相關(guān)研究成果的講述，讓讀者從多維度認(rèn)識(shí)對(duì)賭協(xié)議。第二章從對(duì)賭協(xié)議條款不規(guī)范，以及對(duì)賭協(xié)議起草程序不正確導(dǎo)致人們付出了巨大成本而無(wú)法實(shí)現(xiàn)對(duì)賭協(xié)議功能的問題出發(fā)，提出了合理對(duì)賭協(xié)議的概念。第三章主要討論對(duì)賭協(xié)議是否有效，是否存在對(duì)賭協(xié)議履行障礙，同時(shí)，提出了解決以上爭(zhēng)議的思路。第四章重點(diǎn)討論被投資公司是否應(yīng)該因?yàn)閷?duì)賭失敗回購(gòu)?fù)顿Y者所持有的股份。

序　　言對(duì)賭協(xié)議又被稱為估值調(diào)整機(jī)制（Valuation Adjustment Mechanism）。信息不對(duì)稱和退出機(jī)會(huì)缺乏給 PE投資者帶來了高昂的投資成本，降低了私募股權(quán)投資作為資本來源的效率。為了解決這一問題，人們創(chuàng)造了新的投資工具對(duì)賭協(xié)議。但是，隨著對(duì)賭協(xié)議使用量增加，投資人與被投資之間因?qū)︐€協(xié)議產(chǎn)生的商業(yè)爭(zhēng)議與法律糾紛越來越多。如何構(gòu)建實(shí)用的對(duì)賭協(xié)議？如何發(fā)揮對(duì)賭協(xié)議的真實(shí)功能？對(duì)賭協(xié)議相關(guān)案件應(yīng)如何裁判？這一系列問題亟待解決。本書以問題為導(dǎo)向，從對(duì)賭協(xié)議的基本含義、歷史、功能出發(fā)，提出了合理對(duì)賭協(xié)議的新概念，解釋了合理對(duì)賭協(xié)議的構(gòu)建方法。同時(shí)，根據(jù)我國(guó)對(duì)賭協(xié)議相關(guān)司法案件的裁判爭(zhēng)議，重點(diǎn)討論對(duì)賭協(xié)議的效力與履行、股權(quán)回購(gòu)型對(duì)賭協(xié)議兩個(gè)話題，為法官裁判案件和當(dāng)事人解決糾紛提供參考意見。本書內(nèi)容分為四章。第一章通過講述對(duì)賭協(xié)議的概念、功能、歷史和對(duì)賭協(xié)議的相關(guān)研究成果，讓讀者從多維度認(rèn)識(shí)對(duì)賭協(xié)議。同時(shí)，本章通過簡(jiǎn)介的方式引導(dǎo)讀者從宏觀上了解本書的研究思路、研究結(jié)論和整體框架，為讀者理解后三章節(jié)內(nèi)容打好基礎(chǔ)。第二章從對(duì)賭協(xié)議條款不規(guī)范以及對(duì)賭協(xié)議起草程序不正確導(dǎo)致人們付出巨大成本而無(wú)法實(shí)現(xiàn)對(duì)賭協(xié)議功能的問題出發(fā)，提出了合理對(duì)賭協(xié)議的概念。同時(shí)，為了幫助人們構(gòu)建合理對(duì)賭協(xié)議，建議： 1）投資人在起草對(duì)賭協(xié)議前完成特殊的盡職調(diào)查； 2）官方構(gòu)建《合理對(duì)賭協(xié)議起草指南》。第三章主要討論對(duì)賭協(xié)議是否有效，是否存在對(duì)賭協(xié)議履行障礙等問題。同時(shí)，提出了解決以上爭(zhēng)議的思路。另外，為了更好地解決案件審判中的爭(zhēng)議問題，減少類案不同判的情況，本章建議出臺(tái)對(duì)賭協(xié)議相關(guān)司法解釋。第四章重點(diǎn)討論被投資公司是否應(yīng)該因?yàn)閷?duì)賭失敗而贖回投資者所持有的股份。由于我國(guó)過于寬泛的股權(quán)回購(gòu)禁令，股權(quán)回購(gòu)型對(duì)賭協(xié)議在履行中往往出現(xiàn)障礙。事實(shí)上這種履行障礙并不應(yīng)該存在，因?yàn)椴⒎撬泄煞葳H回都會(huì)過度危及注冊(cè)資本與債權(quán)人。本章通過對(duì)國(guó)際上現(xiàn)有的股權(quán)回購(gòu)制度理論進(jìn)行梳理，并重點(diǎn)對(duì)比我國(guó)股權(quán)回購(gòu)與特拉華州股權(quán)回購(gòu)，提出新的股權(quán)回購(gòu)制度建議。同時(shí)，明確分析了此種新的股權(quán)回購(gòu)制度對(duì)股權(quán)回購(gòu)型對(duì)賭協(xié)議的意義。

CONTENTS

Chapter 1 …………………………………………………………………………1
I. Introduction …………………………………………………………………3
A. Valuation Adjustment Mechanism …………………………………3
B. Issues …………………………………………………………………6
C. Solution ………………………………………………………………9
D. Conclusions …………………………………………………………12
E. Overview of the Book ………………………………………………15
II. Background ………………………………………………………………15
A. Overview of Valuation Adjustment Mechanism ……………………15
B. History of Valuation Adjustment Mechanism ………………………18
III. Literature Review ………………………………………………………27
A. Concept of Valuation Adjustment Mechanism ……………………28
B. Are VAMs Invalid? …………………………………………………30
C. Redemption Rights …………………………………………………31

Chapter 2 ………………………………………………………………………33
I. Reasonable VAMs ………………………………………………………36
A. Basic Functions of VAMs Being Fulfilled …………………………37
B. Without Creating Even Greater Costs as a Side-Effect …………40
II. Due Diligence before Drafting VAMs …………………………………42
A. Due Diligence of Private Equity Projects in the PRC ………………43
B. Specific Information for Drafting VAMs……………………………46
C. Reasons of Due Diligence for Drafting a VAM ……………………49
III. Government Guidelines for Drafting VAMs …………………………50
A. Government Guidelines ……………………………………………50
B. What is the Government Guidelines for Drafting VAMs? …………51
C. Reasons of Issuing Government Guidelines for Drafting VAMs …57

Chapter 3………………………………………………………………………61
I. Invalid Contract and Obstacles to Performance ………………………67
A. Invalid Contract ……………………………………………………68
B. Obstacles to Performance……………………………………………69
II. Problems …………………………………………………………………70
A. Different Judgments for One Issue …………………………………70
B. Main Points for VAM Issues ………………………………………71
III. VAM Judicial Interpretation ……………………………………………73
A. Judicial Interpretation ………………………………………………73
B. The Content of VAM Judicial Interpretation ………………………75
IV. Benefits of VAM Judicial Interpretation ………………………………85
A. Solve VAM Issues Quickly and Professionally ……………………85
B. Help People to Fulfill the Functions of VAMs ……………………86
C. Reduce Costs of VAMs ……………………………………………87

Chapter 4………………………………………………………………………91
I. Redemption Rights ………………………………………………………94
A. What Are Redemption Rights？ ……………………………………94
B. The VAMs with Redemption Rights ………………………………96
II. Conflicts …………………………………………………………………97
A. Conflict between VAMs and Article 142 in the PRC Company Law（2018）………………………………………………………………97
B. Conflict between VAMs with Redemption Rights and Impairing Legal Capital…………………………………………………………99
III. Legal Treatment of VAMs with Redemption Rights in the PRC …101
A. The PRC Company Law …………………………………………101
B. Court Opinions ……………………………………………………106
C. Problems of Article 142 in the PRC Company Law（2018）………110
IV. The New Redemption Right Regulation ……………………………113
A. What is the New Redemption Right Regulation? …………………113
B. The Origin of the New Redemption Right Regulation ……………115
V. The Benefits of the New Redemption Right Regulation to the VAM With Redemption Rights ………………………………118
A. The Functions of the VAM with Redemption Rights to be Fulfilled ………………………118
B. Reduce Litigation Costs ……………………………………………120
C. Eliminate Legal Errors in Judgments………………………………121

Conclusion.............................................................................................123
Bibliography...........................................................................................127
Appendix 1.............................................................................................133
Appendix 2.............................................................................................137
后記 ……………………………………………………………………………141

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