摘要
关于对赌协议的最大分歧是对赌协议的法律效力,第九次《全国法院民商事审判工作会议纪要》(以下简称《九民会议纪要》)确定了“区隔论”的全新司法对策和裁判思路,但在对赌协议的履行及其司法裁判上又形成和存在一系列更为复杂的深层法律问题。围绕对赌协议的争议和困扰源于对赌协议作为股权投资的基本定性,然而其并非纯粹的股权投资,亦非普通的债权投资,而是对各种投资要素重新配置组合形成的、介于股权投资和债权投资之间的一种特殊投资——“第三种投资”。对赌协议遭遇的根本法律障碍和束缚在于资本维持原则以及体现该项原则的盈余分配规则和股权回购规则,走出困境、破解冲突的重要出路是针对对赌协议的商业需求作出立法回应和规则的突破与创新,对盈余分配和股权回购规则对对赌协议的适用作出除外规定。通过必要、对应的制度安排和规则衔接,此一安排将不会弱化或损及债权人保护,只会使对赌协议的融资动能得以充分释放和施展。
The biggest disagreement on the VAM is its legal effect.The Supreme People’s Court of Issuing the Minutes of the National Courts’Civil and Commercial Trial Work Conference(the nineth),hereinafter referred to as"the 9^(th)conference minutes"has developed a new judicial response and adjudication idea of"doctrine of distinguishing",which has also led to a series of more complicated and deep legal problems in terms of VAM contract performance and judicial judgement.All the controversies and troubles surrounding the VAM contract originate from its basic characterization as an equity investment.However,it is not purely an equity investment,nor an ordinary debt investment,but a special investment formed by the reconfiguration of various investment elements,between the equity investment and debt investment,i.e.the"third type of investment".The fundamental legal obstacle and constraint encountered by the VAM contract lies in the principle of capital maintenance and the rules of surplus distribution and share repurchase.An important way out of the dilemma and conflict is to make a legislative response to the commercial needs of the VAM contract and to innovate the rules,and to make exceptions to the application of the rules of surplus distribution and share repurchase to VAM contract.Through the necessary and corresponding institutional arrangements and rules,it will not weaken or undermine the protection of creditors,but will only enable the full release and exercise of the financing power of the VAM contract.
出处
《东方法学》
CSSCI
北大核心
2022年第4期90-103,共14页
Oriental Law
关键词
对赌协议
业绩补偿
股份回购
资本维持
公司法修改
《九民会议纪要》
VAM contract
performance compensation
share repurchase
capital maintenance
Company Law amendment
the 9^(th) conference minutes
