對賭協議的效力及司法裁判路徑

On Legal Validity and Judgment Path of Valuation Adjustment Mechanism

對賭協議所涉權利是以股東身份為基礎的股東權利，股東權利以法律及公司章程為淵源，不能通過公司與股東之間的協議加以設定，風險投資方不能以對賭協議為依據主張股東權利。因此，對賭協議糾紛司法裁判中的重點不是對賭協議的效力，而是投資方主張的權利是否有公司章程的基礎。如果公司章程沒有吸收對賭協議的內容，通常應視為公司與股東以公司章程修改了對賭協議的內容，對賭協議已失去效力；如果投資方反對未吸收對賭協議內容的章程修改，可以根據投資協議主張公司的違約責任。

The rights involved in Valuation Adjustment Mechanism are the shareholder’s rights based on the identity of shareholder. The shareholder’s rights are derived from the company law and the company’s articles and can not be set through an agreement between company and shareholders. The venture capitalist cannot claim shareholder’s rights on the basis of Valuation Adjustment Mechanism. Therefore, the focus of judicial judgments on Valuation Adjustment Mechanism disputes is not on the effectiveness of the Valuation Adjustment Mechanism, the decisive factor is whether the rights claimed by the investor are based on the company’s articles. If the company’s articles do not incorporate the content of the Valuation Adjustment Mechanism, it should generally be considered that the company and its shareholders have modified the content of the Valuation Adjustment Mechanism with the company’s articles, and the Valuation Adjustment Mechanism has become invalid; if the investor objects to the amendment of the articles of association that do not absorb the content of the Valuation Adjustment Mechanism, the company’s liability for breach of contract can be claimed in accordance with the investment agreement.