以目标公司为相对方的对赌协议效力研究-《集美大学学报》（哲社版）

文章信息/Info

Title:: A Study of the Effectiveness of the Gambling Agreement with the Target Company as the Opposite Party

Author(s):: ZHENG Jia-ying1; ZHANG Mu-yuan1; WANG Qin-fang2; （1．Civil and Commercial Law School,Southwest University of Political Science & Law,Chongqing 401120,China;2．School of Law/Journal Editorial Department,Jimei University,Xiamen 361021,China)

Keywords:: gambling agreement; valuation adjustment; economic benefits; legality

摘要:: 对赌协议为私募股权融资中的估值差异困境提供弹性调整机制，且其符合委托—代理模型上的“激励相容”价值理念，是能够有效放大社会效益的契约安排。以目标公司为相对方的对赌协议之效力不应因潜在的合同履行障碍（即对赌条款的执行可能损害公司或债权人利益），而被一概给予否定评价。同时，以目标公司为相对方的对赌协议本身并未触犯《公司法》第二十条等相关法律强制性规定，在符合合同有效条件且不具有《合同法》第五十二条列举之无效情形的情况下，其有效性应当得到认可。

Abstract:: The gambling agreement provides an elastic adjustment mechanism for the valuationdivergence in private equity financing,and it conforms to the “incentive compatibility” value concept on the principal-agent model,and is a contractual arrangement that can effectively amplify social benefits.The effectiveness of the gambling agreement with the target company as the opposite party should not be negatively evaluated due to potential contract performance obstacles (ie,the execution of the gambling clause may harm the company or the creditor’s interest).At the same time,the gambling agreement with the target company as the opposite party does not violate the mandatory provisions of Article 20 of the Company Law,and is in compliance with the conditions of the contract and does not have the invalid situation listed in the Article 52 of the Contract Law.As a result,its validity should be recognized.