235010_x2008120005常晖16

学校编码：10384 分类号 密级 学号：X2008120005 UDC硕 士 学 位 论 文 论私募股权投资中的对赌协议 Valuation Adjustment Mechanism in Private Equity 常 晖 指导教师姓名：夏雅丽 教授 专业名称：法律硕士 论文提交日期：2013年 4月 论文答辩时间：2012年 月 学位授予日期：2012年 月 答辩委员会主席: 评 阅 人:2013年4月 论私募股权投资中的对赌协议常晖指导教师：夏雅丽教授厦门大学厦门大学学位论文原创性声明本人呈交的学位论文是本人在导师指导下,独立完成的研究成果。

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本学位论文属于：（ ）1.经厦门大学保密委员会审查核定的保密学位论文，于 年 月 日解密，解密后适用上述授权。

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）声明人（签名）：年 月 日摘要摘要对赌协议是股权投资业务的核心部分，贯穿从投资项目初审到私募股权基金正式签订投资协议的整个谈判过程，亦影响着目标企业发展速度和退出方式，其重要性不言而喻。

对赌协议作为一种估值调整协议，目的在于解决投融资双方对企业估值不同产生的分歧，通过对目标企业未来业绩的约定，并根据企业实际业绩情况对企业估值作出调整，或赔偿现金或支付股份，以弥补守约方的损失。

本文主要分为四个部分。

第一部分，从私募股权投资和对赌协议的涵义、特点和形式入手，阐述私募股权投资中对赌协议的特殊之处在于退出机制的不同，并对对赌协议的法律关系和法律性质进行分析，最终得出对赌协议属于附条件合同的结论。

第二部分，从我国企业角度出发，以蒙牛乳业和中华英才网的对赌案例分别对应上市对赌和并购对赌的两种对赌类型，又从蒙牛乳业、中华英才网、太子奶的三个对赌案例分别对应成功的对赌、无输赢的对赌和失败的对赌三种对赌结果，从中揭示了我国企业对待对赌协议显示出的水土不服，其根源在于未摆正企业自身位置和盲目承诺对赌目标。

第三部分，从司法、监管及立法的角度分别介绍了对赌协议在我国进退两难的境地，指出在金融危机有可能继续发酵的未来，司法、监管及立法三部门的态度不明确和行为不作为可能在增多的对赌协议诉讼中助燃中国资本市场的大火。

第四部分，从投资者、融资者及国家立法的角度提出正视私募股权投资中对赌协议的必要性，并提出改善对赌协议现状的方法应从三方面入手，一是投资者完善其运作机制做到理性投资，二是融资者应冷静对待对赌协议并从大局出发遵守对赌协议，三是司法、监管、立法部门应分别从各自角度完善私募股权投资和对赌协议的监管，并主张我国司法部门能以颁布规范性指导意见的方式开始，监管部门协助完善私募股权投资行业协会对私募股权投资和对赌协议的运作规范，继由立法部门颁布《私募股权基金法》，最终实现中国资本市场的有序发展。

关键字：私募股权；对赌协议；估值调整；规制AbstractAbstractValuation Adjustment Mechanism (V AM) is the core part of the equity investment business, belong to private equity investment agreement attached agreement, throughout the entire negotiation process from the trial of the first instance to the private equity fund formally signed an investment agreement, also affect the enterprise development and exit ways, its importance is self-evident. V AM as a valuation adjustment, the purpose is to solve the investment and financing of different divisions in enterprise valuation, through to the target enterprise future performance of the contract, and through the actual performance of enterprise valuation to adjustments, or pay compensation in cash or stock, in order to make up for the loss of other party.This article mainly divides into four parts.The first part, mainly introduces the overview of private equity investment and V AM. Firstly, introduce the general situation of private equity investment and the development in China etc. Secondly, introduction to V AM on the meaning, characteristics, types and forms. In next to analyses the legal relations about V AM. Finally, to analyzes the legal nature of V AM and draw conclusions.The second section of this article,starting from the angle of enterprise of our country, to bet against the case of Mengniu and chinahr respectively correspond to gambling and betting on mergers and acquisitions of listed two kinds of betting types, and from the three Mengniu Dairy, , Prince milk on the gambling case are respectively corresponding to bet on success, without winning bets with three for failure of gambling on the gambling result, thus revealing the enterprises of our country to the agreement on gambling show the climate does not suit one, its root lies in not straighten enterprise position and blind commitment to bet on the target.The third section of this article,from the legal,regulatory and legislative angle respectively introduces the agreement on gambling in China, be in a nice hobble situation,and pointed out that in the financial crisis continues to ferment in the future, judicial, regulatory and legislative three Department's attitude is not clear and behavior are not as likely in a growing number of fires ignited China capital market gambling agreement proceedings in.The forth section of this article,the agreement on gambling necessity to private论私募股权投资中的对赌协议equity investment from the investors, financiers and legislation angle, and puts forward the methods to improve the agreement on gambling situation, the expectations of our country from all walks of life can begin from perfect legislative measures, finally realize the orderly development of Chinese capital market.Keywords: Private Equity, Valuation Adjustment Mechanism, Valuation Adjust, Regulate目录目录引言 (1)第一章私募股权及对赌协议概述 (2)第一节私募股权与对赌协议 (2)一、私募股权概述 (2)二、对赌协议：内涵.特点.形式 (3)第二节私募股权投资中对赌协议法律关系分析 (4)一、对赌协议的主体 (4)二、对赌协议的客体 (5)三、对赌协议的标的 (6)四、对赌协议的内容 (6)第三节私募股权投资中对赌协议法律性质探究 (7)一、对赌协议非期权合同 (7)二、对赌协议非射幸合同 (8)三、对赌协议是附条件合同 (8)第二章私募股权投资中对赌协议在我国的运用与实例 (10)第一节投资蒙牛----对赌协议的完美结局 (10)第二节投资中华英才网----无关输赢的对赌 (11)第三节投资太子奶----对赌失败 (12)第三章私募股权投资中对赌协议在我国的现状及存在的问题 (14)第一节司法体制下对赌协议的困境 (14)一、案件起因 (14)二、一审、二审及提审判决 (14)第二节政府监管格局中对赌协议的局限 (15)一、证监会对对赌协议的认可口径不一 (16)二、对赌协议应得到认可并公开披露 (17)第三节立法层面上对赌协议的不足 (17)第四章私募股权投资中对赌协议解决之我见 (19)第一节从投资方角度正视对赌协议 (19)论私募股权投资中的对赌协议一、对赌协议内容还需完善 (19)二、对赌协议可选择多种退出途径 (20)三、提高服务意识，进行增值服务 (21)四、运用争议解决方式 (21)五、启动证监会发审委审的一次清理机制 (22)六、合理估值 (22)第二节从融资方角度正视对赌协议 (22)一、融资方面对投资应冷静对待 (22)二、融资方应遵守对赌协议 (23)第三节从立法角度正视对赌协议 (23)一、美国PE监管政策的启示 (24)二、我国私募股权投资法律体系的建立 (25)三、规范对赌协议的应用 (26)结论 (27)参考文献 (28)ContentsContentsIntroduction (1)Chapter 1 Outline of private equity and V AM (2)Subchapter 1 Private equity and V AM (2)Section 1 Outline of private equity (2)Section 2 V AM: intension.characteristic.form (3)Subchapter 2 Analyses the legal relations about V AM (4)Section 1 main part of V AM (4)Section 2 object of V AM (5)Section 3 subject of V AM (6)Section 4 content of V AM (6)Subchapter 3 Analyzes the legal nature of V AM (7)Section 1 Non option agreement of V AM (7)Section 2 Non aleatory agreement of V AM (8)Section 3 Sub conditione agreement of V AM (8)Chapter 2 Instance and application V AM in China (10)Subchapter 1 Invest Mengniu - success case (10)Subchapter 2 Invest ChinaHR - not divided winning or losing (11)Subchapter 3 Invest Taizi milk - the failures case (12)Chapter 3 The present situation and the existing problems of V AM in China (14)Subchapter 1 The justic department’s attitude to V AM and existing problems (14)Section 1 Case cause (14)Section 2 The first, second tiral and the result (14)Subchapter 2 Government regulators’ attitude to V AM and existingproblems (15)Section 1 CSRC has different recognition to V AM (16)Section 2 V AM need has recognition and public disclosure (17)Subchapter 3 Legislative recognition of V AM on Chinese situation andexistiong problems (17)论私募股权投资中的对赌协议Chapter 4 The solution to V AM (19)Subchapter 1 The perspective of investors (19)Section 1 V AM content need to improve (19)Section 2 V AM need multiple exit ways (20)Section 3 Improve service consciousness, value-added services (21)Section 4 Choose good way to dispute resolution (21)Section 5 Clean V AM before CSRC audit (22)Section 6 Reasonable valuation (22)Subchapter 2 The perspective of financiers (22)Section 1 Financiers calm in the face of investment (22)Section 2 Financiers must comply with V AM (23)Subchapter 3 The perspective of national legislation (23)Section 1 The USA PE regulatory policy enlightenment (24)Section 2 The establishment of private equity investment law system in China (25)Section 3 Specification to V AM’s application (26)Conclusion (27)Bibliography (28)引言引言上世纪七十年代闻名世界的贝尔斯登投资银行的金融家们共同设立了专注于私募股权投资行业的“KKR”公司，自此，私募股权投资基金逐步登上投资金融市场的舞台并成为最炙手可热的宠儿。