下载后可任意编辑以目标公司作为对赌义务人的合同效力讨论The Study on the Validity of the Contract when the Target Company as the Valuation Adjustment Mechanism (VAM) Obligor徐 睿（江苏毅达股权投资基金管理有限公司，江苏 南京 210009）摘要：对赌条款在投融资交易中协调各个利益主体之间利益冲突，发挥正当的经济功能。对赌条款在订立时及履行中均符合公平原则，并非可撤销条款。投资方在订立及履行对赌协议时既不满足滥用股东权利的条件，也没有损害第三方利益，投资方主张的是债权请求权而非基于股东身份的自益权。基于未来业绩的对赌条款既非保底条款也没有违反法律的禁止性规定，不属于无效条款。关键词：对赌条款；条款效力；估值调整；权利滥用Abstract： The valuation adjustment mechanism(VAM)，often called a "two-way gambling agreement" in China, is a series of terms that coordinate the conflict of interests among several separate participants. The VAM is a reasonable mechanism that conforms to the principle of fairness when signed and performed, so it is not revocable. The VAM terms neither satisfy the conditions of abusing the rights of shareholders, nor damage the interests of third parties when signed and performed. The investor asserts a claim based on the obligatory right but not derived from the identity of shareholder. The VAM terms, adjusting the prices based on the future corporate profits, are neither "fixed profit" terms nor violation of the prohibitive provisions, therefore, are not invalid.Keywords：valuation adjustment mechanism, legal validity of contract article, valuation adjustment，Abuse of right作者简介：徐睿，男，任职于江苏毅达股权投资基金管理有限公司，讨论方向：基金管理法、金融法。中图分类号：DF438 文献标志码：A---------------------------------------------------------精品 文档---------------------------------------------------------------------下载后可任意编辑对赌条款作为私募股权投资过程中估值定价和投资交易的有机组成部分，在实...
