摘要
《九民纪要》规定对赌股权回购义务的履行,须以目标公司完成全部减资程序为前提,否则无法释放回购资金,导致实践中股权回购面临履行障碍。若能在回购条款触发前后消除减资程序障碍,或者能够确定其他的回购义务履行主体,现有履行难题将得以解决。既有方案存在各种瑕疵,可能的解决办法是提供两种平行方案供投融资方自由选择:事前形成附条件减资决议,或者事后按照持股比例回购股权。前者能够解决减资决议无法形成的程序障碍,属于对投资方的事前救济。后者能够发挥类似股东担保功能,属于对投资方的事后救济。若对上述两种方案均不能达成合意的,对赌协议的签订与否,取决于投资方是否愿意承担股权回购履行不能的风险,此时融资方面临融资失败风险。
The Summaries of the National Conference for Work of Courts on the Trial of Civil and Commercial Cases stipulates that the fulfillment of the obligation to repurchase shares under Valuation Adjustment Agreement must be based on the completion of the capital reduction process,resulting in a deadlock in the repurchase process.The existing solutions to the obstacles to compliance all have certain flaws.A possible resolution path is to provide two parallel options for the investors and financiers to choose from:One solution is to form a capital reduction resolution with attached effective conditions before signing the Valuation Adjustment Agreement,and the other approach is to repurchase shares according to the shareholding ratios after signing the Valuation Adjustment Agreement.The former resolution automatically takes effect when the repurchase conditions are met,eliminating the need for another shareholders meeting.Specifically,shareholders who initially voted in favor of the capital increase resolution at the shareholders' meeting must make a separate statement indicating their willingness to repurchase shares in proportion to their original shareholding if the company fails to fulfill its repurchase obligations.[Office1]If neither of the above two options is agreeable to both sides,whether to sign the Valuation Adjustment Agreement depends on whether the investors are willing to assume the risk of shares repurchase failure.In this case,the financiers face the risk of funding failure.
作者
韩雪
HAN Xue(School of Law,Peking University,Beijing 100871,China)
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2024年第5期76-85,共10页
Journal of Beijing Institute of Technology：Social Sciences Edition
关键词
对赌协议
股权回购
减资程序
资本维持原则
私募股权投资
valuation adjustment agreement
share repurchase
capital reduction process
doctrine of capital maintenance
private equity investment
