【线上云德】疫情期间律师说（六十六）|对赌协议效力分析

案情：杜康营销公司与唐某某签订了关于杜康集团的《公司股权转让协议》，协议第五条约定：“转让方承诺，如公司2015年12月31日前未完成公司上市工作，转让方按每年10%的资金使用费向受让方回购上述股份”。被告辩称：唐某某未就其股权转让事宜事先书面通知其他股东征求同意，侵犯了其他股东的优先购买权不应得到支持。又依据双方协议约定，此处的“回购”仅指在杜康集团公司未按时上市时，杜康营销公司应该购买唐某某的股权，但购买的价款应为协议约定的“每年10%的资金使用费”之和。实质上是将唐某某的投资风险全部转嫁给了杜康营销公司，不符合投资的风险自担原则。

Case: dukang marketing company and Tang Mou signed the "Companyequity transfer agreement" on Dukang group, the agreement stipulates inarticle 5: "the transfer promises that if the company does not completethe listing work before December 31, 2015, the transfer will repurchase theabove shares to the transfer at an annual 10% capital usage fee".The defendant argued that Tang did not give prior written notice to othershareholders about the transfer of its equity to seek their consent, whichviolated the pre-emptive right of other shareholders should not be supported.According to the agreement between both parties, the "Repurchase"here only means that when Dukang group company fails to go public on time, Dukangmarketing company should purchase the equity of Tang, but the purchase priceshould be the sum of the "Annual 10% capital usage fee" agreed in theagreement. In essence, the investment risk of tang so-and-so was alltransferred to Dukang marketing company, not in line with the principle ofinvestment risk.

庭审中法院认为主要争议焦点包括：一、涉案的股权转让协议的效力如何认定的问题；二、杜康营销公司回购的股权转让款及资金使用费应如何如认定和计算的问题。

In the trial, the court considers that the main focus of disputeincludes: 1. How to determine the effectiveness of the equity transferagreement involved in the case; 2. How to determine and calculate the equitytransfer payment and capital usage fee of Dukang marketing company.

案 情 分 析

就杜康营销公司与唐某某签订的《股权转让协议书》内容来看，是在股权性融资协议中包含了股权回购、现金补偿等内容的交易安排，具有实践中所称的“对赌协议”性质，就其主体来看，是投资方唐某某与作为目标公司（杜康酒业集团）股东的杜康营销公司的“对赌”形式。该协议是双方当事人真实意思的表示，且不违反法律禁止性规定，应为有效，对双方当事人均具有约束力。

Dukang marketing company, the "Equity transfer agreement"signed with tang so-and-so content, is in the equity financing agreementcontains a share buyback, cash compensation trade arrangements, with practice,the term "" bet agreement" nature, with respect to its subject,target is so-and-so and investor tang has the Dukang Liquor (group) companyshareholders Dukang "bet" form of marketing company. This agreementis the expression of the true intention of both parties and does not violatethe prohibitive provisions of the law. It shall be valid and binding upon bothparties.

2015年12月31日前杜康酒业集团未完成上市（IPO）工作，杜康营销公司应当按照《股权转让协议书》第五条之约定回购其出让给唐某某的股权。杜康营销公司与唐某某于2011年12月签订《股权转让协议书》，股东变更登记也已完成，至今其他股东并未提出异议，也说明，其他股东对杜康营销公司有承诺回购内容的该《股权转让协议书》并无异议。加之，本案审理期间唐某某于2018年9月4日通过《三秦都市报》，就对外转让股权事宜向其他股东履行了通知义务，也未有证据显示有其他股东就此提出异议。结合以上两个因素，可以认定杜康营销公司按照《股权转让协议书》约定回购出让给唐某某的股权，并不损害其他股东权益。

Before December 31, 2015, if Dukang liquor group has not completed theIPO, Dukang marketing company shall repurchase the equity transferred to Tangin accordance with article 5 of the equity transfer agreement. Dukang marketingcompany and Tang signed the "equity transfer agreement" in December2011, and the registration of shareholder change has been completed. Up to now,other shareholders have not raised objections, which also indicates that othershareholders have no objection to the "equity transfer agreement"that Dukang marketing company promised to buy back. In addition, during thetrial of this case, tang xx, through the Sanqin metropolis daily on September4, 2018, performed the obligation of notification to other shareholders on theissue of foreign equity transfer, and there was no evidence that any othershareholders raised objections on this issue. Combined with the above twofactors, it can be concluded that Dukang marketing company in accordance withthe "equity transfer agreement" agreed to repurchase the equitytransferred to tang xx, does not damage the equity of other shareholders.

综上所述本案中的对赌协议有效，双方应当共同遵守，杜康公司没有按照约定上市，对赌方应当按照合同约定回购股权，支付对价款。

To sum up, the gambling agreement in this case is valid and both partiesshall abide by it. If Dukang company fails to go public as agreed, the gamblingparty shall repurchase the equity and pay the price as agreed in the contract.

文章最后我们来说一说为什么实践中会出现对赌协议，为什么会存在对赌条款？

1、投资定价机制的特殊性（价格分歧与估值调整）。风险投资机构投资所获得的股权的价值是以被投资公司未来一定时期的盈利水平所决定的，这个盈利水平是预测出来的，或者说是评估出来的，也可以是管理层、大股东承诺出来的。约定根据目标公司未来的实际的业绩调整定价，这在某种意义上也是"据实计算，多退少补"。

2、投资者与企业之间存在明显的信息不对称。被投资公司的盈利水平主要是被投资公司的控股股东或管理层预测的，他们掌握着被投资公司的全部信息，而投资者虽然也做尽调，但是从信息掌握的丰富程度、深入程度等均与原股东和管理层无法比拟。

3、风险共担的原则，原股东一股的成本是一块钱，甚至可能更低，而风险投资者的投资成本是几块、十几块、几十块、几百上千甚至上万也有可能。被投资公司或者原股东获得了企业发展的所需瓶颈资金，但是投资者不一定获得满意的未来收益，所以大家的风险和成本不一致，应当允许调整估值。

1. The particularity of the investment pricing mechanism (pricedivergence and valuation adjustment). The value of the equity obtained byventure capital institutions is determined by the level of profits of theinvested company in a certain period in the future, which is predicted, orevaluated, or committed by the management and major shareholders. The agreementis to adjust the pricing according to the actual performance of the targetcompany in the future, which in a sense is also "real calculation, morerefund less compensation".

2. There is an obvious information asymmetry between investors andenterprises. The profit level of the invested company is mainly predicted bythe controlling shareholders or the management of the invested company, whohold all the information of the invested company. Although the investors alsomake due due diligence, they cannot compare with the original shareholders andthe management in terms of the richness and depth of information.

3. The principle of risk sharing, the cost of original shareholders isone yuan, or even lower, while the investment cost of venture investors isseveral, dozens, dozens, hundreds of thousands or even tens of thousands. Theinvestee company or the original shareholders have obtained the bottleneckcapital needed for the development of the enterprise, but the investors may notget satisfactory future returns, so the risks and costs of everyone are notconsistent, should be allowed to adjust the valuation.