【摘要】：股權(quán)投資具有周期長(zhǎng)、風(fēng)險(xiǎn)高等特點(diǎn),隨著股權(quán)投資的興起,具有高抗風(fēng)險(xiǎn)能力的VAM型投資協(xié)議(實(shí)踐常譯作“對(duì)賭”協(xié)議)倍受投資者青睞。然而這一實(shí)踐中應(yīng)用廣泛的投資協(xié)議,其法律效力問(wèn)題在我國(guó)仍存在爭(zhēng)議,被監(jiān)管部門要求排除適用。此問(wèn)題沒(méi)有定論,VAM型投資協(xié)議的效力處于不確定狀態(tài),會(huì)嚴(yán)重影響整個(gè)股權(quán)投資過(guò)程的穩(wěn)定性、透明性與可預(yù)測(cè)性,阻礙我國(guó)資本市場(chǎng)的發(fā)展進(jìn)程。我國(guó)應(yīng)當(dāng)盡快確認(rèn)VAM型投資協(xié)議的法律效力,健全我國(guó)資本市場(chǎng)相關(guān)法律規(guī)則,完善我國(guó)資本市場(chǎng)運(yùn)作模式,促進(jìn)我國(guó)資本市場(chǎng)的健康發(fā)展。 本文共分五個(gè)部分,第一部分首先對(duì)VAM型投資協(xié)議的涵義作出界定,并通過(guò)探討其發(fā)展沿革來(lái)把握它的特點(diǎn),以跟相關(guān)概念進(jìn)行對(duì)比。第二部分分析VAM型投資協(xié)議的法律結(jié)構(gòu)以對(duì)其作出分類,并通過(guò)它的幾個(gè)典型投資案例從實(shí)踐上掌握其應(yīng)用。第三部分通過(guò)證監(jiān)會(huì)、法院系統(tǒng)對(duì)VAM型投資協(xié)議的管理、判決態(tài)度來(lái)揭示VAM型投資協(xié)議在實(shí)踐中處于的效力不明的狀態(tài)。第四部分從實(shí)然和應(yīng)然兩個(gè)角度切入對(duì)VAM型投資協(xié)議的法律效力進(jìn)行了綜合分析,其中包括對(duì)與協(xié)議相關(guān)國(guó)內(nèi)外現(xiàn)行合同法、公司法規(guī)定的比較分析以及對(duì)合伺法、公司法精神的分析,以及對(duì)VAM型投資協(xié)議的法律效力的法經(jīng)濟(jì)學(xué)分析。第五部分針對(duì)VAM型投資協(xié)議效力狀況不明的現(xiàn)實(shí),為投、融資雙方應(yīng)用該協(xié)議時(shí)如何保障自身利益提出了相關(guān)對(duì)策,并就未來(lái)監(jiān)管制度應(yīng)如何設(shè)計(jì)給予了相應(yīng)建議。 股權(quán)投資對(duì)推動(dòng)我國(guó)經(jīng)濟(jì)結(jié)構(gòu)的調(diào)整、促進(jìn)我國(guó)經(jīng)濟(jì)發(fā)展方式的轉(zhuǎn)變,多元化我國(guó)吸引外資的渠道,增強(qiáng)我國(guó)企業(yè)的自主創(chuàng)新能力,緩解中小企業(yè)融資難的現(xiàn)象都具有積極的推動(dòng)作用。我國(guó)應(yīng)盡快與國(guó)際接軌,以積極的方式確認(rèn)VAM型投資協(xié)議的法律效力,才能解開(kāi)對(duì)股權(quán)投資發(fā)展的束縛,保障整個(gè)資本市場(chǎng)的發(fā)展。
[Abstract]:With the rise of equity investment, the VAM investment agreement with high risk resistance is favored by investors. However, the legal effect of this investment agreement, which is widely used in practice, is still controversial in our country, and is required to be excluded by the regulatory authorities. There is no conclusion that the validity of VAM investment agreement is in an uncertain state, which will seriously affect the stability, transparency and predictability of the whole process of equity investment, and hinder the development process of China's capital market. Our country should confirm the legal effect of the VAM investment agreement as soon as possible, perfect the relevant legal rules of our country's capital market, perfect our country's capital market operation mode, and promote the healthy development of our country's capital market. This paper is divided into five parts. The first part defines the meaning of VAM investment agreement, and through discussing its development history to grasp its characteristics, in order to compare with related concepts. The second part analyzes the legal structure of VAM investment agreement to make a classification, and through its several typical investment cases to grasp its application in practice. The third part reveals the uncertain effect of VAM investment agreement in practice through the management of CSRC, court system and judgment attitude. The fourth part makes a comprehensive analysis of the legal effect of the VAM investment agreement from the angle of reality and ought to be, including the comparative analysis of the current contract law, the company law and the matching law, which are related to the agreement, both at home and abroad, and from the perspective of "ought to be". The analysis of the spirit of company law and the legal effect of VAM investment agreement. In the fifth part, in view of the fact that the effectiveness of VAM investment agreement is unclear, the author puts forward some relevant countermeasures on how to protect their own interests when applying the agreement, and gives corresponding suggestions on how to design the future supervision system. Equity investment can promote the adjustment of China's economic structure, promote the transformation of our country's economic development mode, diversify our country's channels of attracting foreign capital, and enhance the independent innovation ability of our enterprises. To ease the financing difficulties of small and medium-sized enterprises have a positive role in promoting the phenomenon. Our country should connect with the international as soon as possible and confirm the legal effect of VAM investment agreement in a positive way so as to untie the shackles of the development of equity investment and guarantee the development of the whole capital market.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D996.4

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