%0 Journal Article
%T 公司参与对赌协议时有关履行问题的探究<br>Exploration of Issues Related to Performance When Entering Intoa Valuation Adjustment Mechanism Agreement with a Company
%A 马堃禄
%J Open Journal of Legal Science
%P 2157-2162
%@ 2329-7379
%D 2024
%I Hans Publishing
%R 10.12677/ojls.2024.124307
%X 对赌协议被广泛应用于投资领域，可以很好地起到平衡投资收益和风险的作用，其价值不言而喻。但是我们不能简单地认为这是一种单纯的股权投资行为，而忽视了对赌协议的特殊法律性质，它介于股权投资和债券投资之间，结合了二者优势。也正是这种特殊性，受到了公司法中资本维持原则的束缚，进一步引发了对债权人保护的探究。但是如果能够做好相关的公示程序，给予债权人合理期待并不会侵犯债权人的合法权益，2019年《全国法院民商事审判工作会议纪要》(以下简称《九民纪要》)的出台对对赌协议的效力做出了肯定，但是并未对实际的履行问题做出回应。我们应当采取更加积极的措施去完善对赌协议在履行方面的不足，真正释放其活力。<br />
Valuation Adjustment Mechanism is widely used in the investment field and can play a good role in balancing investment returns and risks, and its value is self-evident. However, we cannot simply consider this to be a simple equity investment behavior, and ignore the special legal nature of VAM, which is between equity investment and bond investment, and combines the advantages of both. It is precisely this particularity that is bound by the principle of capital maintenance in the company law, which further triggers the exploration of creditor protection. However, if the relevant publicity procedures can be done and the creditors are given reasonable expectations, the issuance of the Minutes of the Ninth People’s Meeting in 2019 affirms the validity of the VAM agreement, but does not respond to the actual performance issues. We should take more active measures to improve the shortcomings of VAM agreements in terms of performance and truly unleash their vitality.
%K 对赌协议，股权回购，业绩补偿，债权人保护<br>Valuation Adjustment Mechanism
%K Share Buybacks
%K Performance Compensation
%K Creditor Protection
%U http://www.hanspub.org/journal/PaperInformation.aspx?PaperID=84501