对赌协议

只有这样，让市场来消化对赌协议产生的问题才是最佳解决方案；再次，完善公司治理结构、规范企业的投融资决策机制。

Only in this way , let the market itself to resolve the issues relating to Valuation Adjustment Mechanism is the best way . Thirdly , improve the corporate governance structure , standardize corporate investment and financing decision-making mechanism .

对赌协议是一种估值分歧调整协议，它既可以保护投资方的利益，又可以给融资方企业注入新的活力，是风险投资活动中一项关键的技术环节。

Valuation Adjustment Mechanism is defined as an agreement of differences in valuation in the enterprise valuation activities , which will protect the interests of the investors as well as injecting new vitality into financiers . It is one of the most important investment tool in the venture capital activities .

股权投资具有周期长、风险高等特点，随着股权投资的兴起，具有高抗风险能力的VAM型投资协议（实践常译作对赌协议）倍受投资者青睐。

With the development of the equity investment , VAM ( often translated as ' gamble up ' agreement in practice ) has attracted investors for its high ability on resisting risks as equity investment has the characteristics of long cycle and high risk .

对赌协议是协议各方协议约定的估值调整规则，具有合法性。

VAM is a legal valuation adjustment rule agreed by the parties .

估值调整是对赌协议的核心环节。

Valuation adjustment is the core aspect of VAM .

对赌协议有避险和激励的作用。

A hedge and incentive effect onthe gambling agreement .

创投为了解决上述两方面的问题，引入了对赌协议。

In order to address the problems mentioned above , venture capitals introduced VAM .

第一章，对赌协议概述。

Chapter ⅰ is Overview of VAM .

对赌协议中创业投资机构持有的股份其本质是一种约定享有优先权的股份。

The nature of shares held by private equity institutions is an agreed share with a priority .

如何在对赌协议外，寻求另外一种激励合约对于创业投资业的发展尤为重要。

Therefore , it is significant for the development of venture capitals to discover another kind of incentive contract besides VAM .

因此，企业的长期发展还得靠企业自身提高经营管理水平和自我核心竞争力的不断增强，而不能仅仅依靠对赌协议这一法律工具。

Therefore , the long-term development of the enterprises should mainly depend on constantly enhancing their management level to enforce the core competitiveness .

对赌协议的主体主要包括需要融资企业的经营层、控股股东以及各类风险投资机构。

The body of the agreement including the financing needs of enterprise management , controlling shareholders , and all kinds of risk investment institutions .

对赌协议是实践中私募股权投资者在投资时普遍采用的条款，是投融资双方博弈的一种结果。

Agreement on gambling is the practice of private equity investors in terms commonly used in the investment , financing is a result of both games .

创业投资是一项高风险投资，创业投资机构扩张迅速，存在不良竞争，在风险控制方面过度依赖对赌协议。

Private equity is a high risk investment , while the private equity institutions are expanding rapidly with unhealthy competition and over reliance on VAM in the aspect of risk control .

对于上述风险，笔者认为可以通过约定企业控制权、合理设定业绩目标、多层次的对赌协议等方式来有效规避，从而实现对赌协议的积极作用。

For those risks , the author thinks that can be prescribed enterprise control , reasonable performance targets and multi-level VAM to avoid effectively , so as to realize the positive role of bet on agreement .

在文章最后，笔者从对赌协议对司法实践的启示以及对开展对赌协议的双方的风险防范提出了一点启示建议。

In conclusion , the article , the author of the gambling agreement on judicial practice and the revelation of the gambling agreement between the two sides to carry out risk prevention recommendations made little inspiration .

最后笔者认为，认可对赌协议的合法性地位并予以规制，对构建社会主义法治体系和发展我国多层次的资本市场具有重要的意义。

Finally , I believe that the recognition of the legitimacy of the agreement and the status of gambling be regulated , to build a socialist legal system and the development of multi-level capital market is of great significance .

文中列举了尽职调查中的常见问题和解决方案，并重点分析了创始人团队作为大股东的诚信义务。第三章，对赌协议中估值调整的设置和实现。

The thesis lists the common problems and solutions in the due diligence , and analyzed the fiduciary duty of the team of founders as the controlling shareholder . Chapter ⅲ is Setting Up and Implementation of Valuation Adjustment in VAM .

信息不对称下价值评估的不确定性，并提出如何充分利用对赌协议以及退出方式加强私募投资的胜算，对完善私募股权投资从法律、政策、投资阶段和退出渠道选择等方面提出意见。

Information Asymmetry valuation uncertainty , and propose how to make an agreement on gambling and exit ways to strengthen private investment odds , to improve the private equity investment advice from legal , policy , investment stage and exit channel selection and other aspects .

对赌协议的内容除了涉及民法、公司法等国内部门法领域，也还涉及国际投资法、国际金融法、国际证券法等国际法领域。

The content of the VAM not only includes the law area of the domestic sectors such as the Civil Law and the Company Law , but also includes international law area such as International Investment Law , International Financial Law and International Securities Law and so on .

文章的第三部分首先对对赌协议目前的国内立法现状进行介绍，指出其在合同法、公司法及其他配套法律法规中的缺位，分析了当前法律实务中所面对宏观和微观方面的风险。

In the third part of the article , the current situation of legislation for VAM is introduced firstly to indicate its absences in Contract Law , Company Law and other related laws and regulations and analyze the macroscopic and microscopic risks during its implementation .

从我国已经发生的对赌纠纷案例来看，这是对赌协议在我国适用所要达到的环境要求。

From the Valuation Adjustment Mechanism disputes that have occurred on the gambling case , it is the environmental requirements for the Valuation Adjustment Mechanism to be applied .