摘要
对赌协议的合法性取决于其价值。从法经济学和商法学的角度分析,对赌协议具有创造效益的价值;从法理基础分析,对赌协议的调整机制具有其必要性和合理性价值;从对赌协议的调整机制分析,其具有保护私募股权投资基金的投资利益和激励企业家创造效益的价值;从对赌协议的法律性质分析,是一种具有股权激励和保值功能的射幸合同,具有合法性。认可对赌协议的合法地位并予以规制,对发展我国多层次资本市场具有重要意义。
The legitimacy of Valuation Adjustment Mechanism （VAM） depends on its value. From the perspectives of economics of law and commercial law, VAM has the value of creating benefit; from the angle of jurisprudential foundation, the adjustment mechanism of VAM is necessary and reasonable; from the angle of the adjustment mechanism of VAM, VAM can protect the benefit of private equity funds and encourage entrepreneurs to create benefit; from the angle of legal property of VAM, VAM is an aleatory contract with legitimacy, which has the function of stock incentive and value retainance. It is of important meaning for the development of China＇s multi-tier capital market to recognize the legitimacy of VAM and implement regulation.
出处
《上海金融》
CSSCI
北大核心
2011年第9期42-47,共6页
Shanghai Finance
基金
2010年中国政法大学博士研究生创新资助项目
项目编号:01118901
关键词
对赌协议
价值
不完全契约理论
射幸合同
法经济学
Valuation Adjustment Mechanism （VAM）
Value
Incomplete Contract Theory
Aleatory Contract
Economics of Law
