对赌条款效力探析

摘要

由于立法上的缺失，对赌条款的法律效力一直备受争议。主要体现在对赌的主体与对赌的内容两个方面。主体的分歧集中在融资公司、融资公司的股东、未持股的融资公司经营者或管理层人员的签约资格上。内容的分歧则为补偿条款。为解决对赌条款效力之争、提高司法审判实效、切实发挥对赌条款估值调整的功能，同时又节约立法成本，可采用司法解释的方式，对适格的对赌主体做出明确的规定，而对赌的内容及权益实现的程序也应提出全面的要求。%Because of the deficiency in legislation,the legal effect of Valuation Adjustment Mechanism (VAM)has been in dispute,which is mainly embodied in the subj ect and content of VAM.The difference of subj ect focuses on the qualifications of finance company, shareholder, and operator or executive without shares. And the difference of content focuses on indemnity provisions.It is necessary to clearly stipulate proper subj ect of VAM based on j udicial explanation and make comprehensive demands on the content of VAM and the realization of rights and interests to settle the dispute over the effect of VAM,improve the effect of j udicial adj udication,bring the function of VAM into full play and save legislation cost.