VAM型投資協(xié)議法律效力研究
發(fā)布時間：2018-10-09 16:44
【摘要】：股權投資具有周期長、風險高等特點,隨著股權投資的興起,具有高抗風險能力的VAM型投資協(xié)議(實踐常譯作“對賭”協(xié)議)倍受投資者青睞。然而這一實踐中應用廣泛的投資協(xié)議,其法律效力問題在我國仍存在爭議,被監(jiān)管部門要求排除適用。此問題沒有定論,VAM型投資協(xié)議的效力處于不確定狀態(tài),會嚴重影響整個股權投資過程的穩(wěn)定性、透明性與可預測性,阻礙我國資本市場的發(fā)展進程。我國應當盡快確認VAM型投資協(xié)議的法律效力,健全我國資本市場相關法律規(guī)則,完善我國資本市場運作模式,促進我國資本市場的健康發(fā)展。 本文共分五個部分,第一部分首先對VAM型投資協(xié)議的涵義作出界定,并通過探討其發(fā)展沿革來把握它的特點,以跟相關概念進行對比。第二部分分析VAM型投資協(xié)議的法律結構以對其作出分類,并通過它的幾個典型投資案例從實踐上掌握其應用。第三部分通過證監(jiān)會、法院系統(tǒng)對VAM型投資協(xié)議的管理、判決態(tài)度來揭示VAM型投資協(xié)議在實踐中處于的效力不明的狀態(tài)。第四部分從實然和應然兩個角度切入對VAM型投資協(xié)議的法律效力進行了綜合分析,其中包括對與協(xié)議相關國內外現(xiàn)行合同法、公司法規(guī)定的比較分析以及對合伺法、公司法精神的分析,以及對VAM型投資協(xié)議的法律效力的法經濟學分析。第五部分針對VAM型投資協(xié)議效力狀況不明的現(xiàn)實,為投、融資雙方應用該協(xié)議時如何保障自身利益提出了相關對策,并就未來監(jiān)管制度應如何設計給予了相應建議。 股權投資對推動我國經濟結構的調整、促進我國經濟發(fā)展方式的轉變,多元化我國吸引外資的渠道,增強我國企業(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作用。我國應盡快與國際接軌,以積極的方式確認VAM型投資協(xié)議的法律效力,才能解開對股權投資發(fā)展的束縛,保障整個資本市場的發(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.
【學位授予單位】：東北大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：D996.4
本文編號：2260045
[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.
【學位授予單位】：東北大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：D996.4
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