对赌协议是私募股权投资合同的重要组成部分,但并未取得中国证监会认可。本文从法经济学的角度,剖析了对赌协议的法理基础,阐述了估值调整机制的合理价值,认为承认对赌协议在中国创业板市场中的合法地位,对我国多层次资本市场的发展具有重要意义。%As an important part of private equity investment agreement , VAM is not permitted by the CSRC. The development of private equity fund in China is limited by current polices. Therefore, From the perspective of law and economics, this article analyzes profound the legal basis of VAM, describing the fair value of the valuation adjustment mechanism. The Legitimacy of VAM in the Growth Enterprise Market in China should be recognized , which is important for China multi -level capital market development.
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