对赌协议是投资方与融资方博弈的结果，其优势是方便企业融资，但也有极大的风险。甘肃出现对赌协议被法院判定无效，说明对赌协议目前在我国不受法律保护。

Spread-betting agreement is RongZiFang investors and the result of the game，The advantages are convenient enterprise financing，But there are also great risk。Gansu appear spread-betting agreement by the court judgement is invalid，Spread in our country at present is that agreement not protected by law。

　　作者/王贺 编辑/《中国外汇》蔡原江

The author/WangHe editor /《The China foreign exchange》CaiYuan jiang

　　5月中旬，海富投资公司（以下简称海富投资）与甘肃世恒有色资源再利用公司（以下简称甘肃世恒）因后者不履行对赌协议而对簿公堂。一审、二审均判合同无效。目前，双方均焦灼地等待最高法院的最终判决。此案在业内及全国引起广泛关注。

mid-may，The sea rich investment company（Hereinafter referred to as the sea rich investment）With the constant in gansu province nonferrous resources recycling company（Hereinafter referred to as the constant in gansu province）Because the latter does not perform agreement and spread to court。the、To all in the course of the contract shall be invalid。At present，Both sides are deeply worried and wait for the Supreme Court a final judgment。The case in the industry and national aroused widespread concern。

　　对赌协议（Valuation Adjustment Mechanism，VAM)又称估值调整协议，是投资方与融资方在达成协议时，双方对于未来不确定情况的一种约定。如果约定的条件出现，投资方可以行使一种估值调整协议权利；如果约定的条件不出现，融资方则行使其另一种权利。所以，对赌协议实际上是期权的一种形式。尽管对赌协议在中国资本市场还没有成为一种制度设置，但实践中融资方由于企业发展的需要或者遭遇资金瓶颈，投资方出于保护自身投资的目的，签订对赌协议几乎成了中国目前私募股权融资或者其他投资方参与内地企业上市或者并购活动中的合作基础和基本形式。

Spread-betting agreement（Valuation Adjustment Mechanism，VAM)Also called valuations adjustment agreement，Investors and RongZiFang is in reach an agreement，Both to the future not sure of a contract。If the conditions agreed to appear，The investor may exercise a valuation adjustment right agreement；If the conditions of the contract does not appear，RongZiFang is to exercise its right to another。so，Spread-betting agreement is actually a form of options。Although spread-betting in China's capital market agreement did not become a kind of system Settings，But in practice RongZiFang due to the needs of the development of the enterprise or encounter capital bottleneck，Investors out of protect their own investment purposes，Agreement signed almost has become China's current spread private equity financing or other investors participate in the mainland enterprises listed or merger and acquisition activity foundation and basic forms of cooperation。

　对赌协议来到中国 Spread-betting agreement came to China

　　对赌协议是投资协议的核心组成部分，是投资方衡量企业价值的计算方式和确保机制。其产生的根源在于企业未来盈利能力的不确定性，目的是为了尽可能地实现投资交易的合理和公平。它既是投资方利益的保护伞，又对融资方起着一定的激励作用。所以，对赌协议是一种投资工具，又是一种财务工具。其在美国、中国香港等国家和地区广泛使用并受到当地法律的认可和保护。不过，估值调整协议来到东方，在汉语词汇中被翻译成对赌协议，折射出中国文化对“赌”字的敏感。最近几年，对赌协议作为外资私募股权融资中经常运用的投资工具，进入了中国内地并被频繁地使用于内地的投资活动中。不少中国本土的股权私募投资基金，也频繁地采取签订对赌协议的方式进行投资。

Spread-betting agreement is the core component of investment agreements，To measure the value of the enterprise, the investor is calculated and ensure that mechanism。The root causes of the enterprise future earnings is the ability of uncertainty，The purpose is to as to realize the reasonable investment trading and fair。It is not only the interests of investors umbrella，And to RongZiFang plays a certain stimulation。so，Spread-betting agreement is a kind of investment tools，It is a kind of financial tools。Its in the United States、Hong Kong, China and other countries and regions widely used by local law and recognition and protection。but，Valuations adjustment to the east agreement，In the Chinese vocabulary was translated into spread-betting agreement，Reflects on Chinese culture“bet”Word sensitive。In recent years，Spread-betting agreement as foreign private equity financing often working of investment tools，To enter the mainland China and are frequently used in the mainland of investment activities。Many local Chinese private equity investment funds，Also frequently take spread-betting agreement signed approach to investing。

　　此次案件缘起2007年10月，地处苏州的私募基金海富投资与甘肃世恒签订了投资协议。海富投资以现金2000万元入股，占甘肃世恒3.85%的股份。双方的对赌条款约定，甘肃世恒2008年净利润不应低于3000万元，否则甘肃世恒或其关联企业需向海富投资提供补偿，金额为：(1-2008年实际净利润／3000万元)×2000万元。而2008年甘肃世恒实际净利润仅有2.68万元，据此计算需补偿海富投资1998万元。甘肃世恒不肯履行约定，于是海富投资将其告上法庭。

The origin of the case in October 2007，Is located in suzhou of private equity investment and the sea rich in gansu province constant signed investment agreement。The sea rich investment in the $20 million cash a shareholder，Accounting for 3.85% of the shares in the constant in gansu province。Both sides agreed terms of spread-betting，The constant 2008 net profit in gansu province should be no less than 30 million yuan，Otherwise the gansu constant or their affiliates to the sea rich investment enterprise must provide compensation，Amount is：(1-2008 actual net profit / 30 million yuan)X 20 million yuan。And in 2008 the constant actual net profit in gansu province only 26800 yuan，To compensate for calculation of the rich investment of 19.98 million yuan RMB。The constant would not implement the agreement in gansu province，And the sea rich investment will the court。

　　一审法院认为“海富公司有权要求世恒公司补偿的约定不符合《中华人民共和国中外合资经营企业法》第八条关于企业净利润根据合营各方注册资本的比例进行分配的规定”，判定对赌条款无效，并且驳回海富投资的所有请求，要求海富投资承担所有诉讼费用。

The first-instance court think“The company shall have the right to request the rich constant company compensation is not in conformity with the agreed《The People's Republic of sino-foreign equity joint venture》Article 8 net profit according to the parties to the joint venture on enterprise registered capital ratio of distributive regulation”，Judge spread-betting terms is invalid，And rejected all requests for the rich investment，Demand for all the rich investment legal expenses and costs。

　　二审法院则援引最高法院的司法解释，“企业法人、事业法人作为联营一方向联营体投资，但不参加共同经营，也不承担联营的风险责任，不论盈亏均按期收回本息，或者按期收取固定利润的，是明为联营，实为借贷，违反了有关金融法规，应当确认合同无效”。二审法院判定，海富投资的2000万元中，除已计入世恒公司注册资本的115万元外，其余1885万元资金性质应属于“名为投资，实为借贷”；甘肃世恒应归还这1885万元及期间利息。

The second instance court quotes the Supreme Court judicial interpretation，“An enterprise as a legal person、Career as a legal person joint direction associated body investment，But does not participate in the common management，Does not assume the risk of joint responsibility，No matter the profit and loss to take back all principal and interest，Or charge of fixed profit on schedule，Is the pool for，Actually lending，Violation of the relevant financial regulations，Should confirm that contract shall be invalid”。Second instance court judge，The investment in the 20 million yuan rich，In addition to already included in the world of the company's registered capital 1.15 million yuan outside，The other 18.85 million yuan capital property belongs to“Called investment，Actually lending”；The gansu province shall be returned to the constant 18.85 million yuan and during the interest。

　　本案集中点便是对赌协议在中国的合法性问题。海富投资和甘肃世恒案的两次审判结果都否定了对赌协议中部分对赌条款的合法性。但在美国、香港等国家和地区，对赌协议是为当地法律所允许和认可的。例如，在美国纳斯达克交易所上市的中国互联网公司--中华网投资集团于当地时间2011年10月5日申请破产保护，原因是美国纽约法院裁定其必须偿还美国一家对冲基金高达6540万美元的债款。

This case is spread in China midpoint agreement the legitimacy of the problem。The sea rich investment and the constant case of gansu province two trial results are denied spread-betting agreement of the terms of the spread of legitimacy。But in the United States、Hong Kong and other countries and regions，Spread-betting agreement for local law is allowed and approval。For example，Listed on the nasdaq exchange of China's Internet company, China investment group in the local time on October 5, 2011, filed for bankruptcy protection，The reasons are the New York court ruling that it must pay a U.S. hedge fund as high as $65.4 million in debt。

　企业融资应慎重对赌 Enterprise financing should present the spread

　　甘肃案件对企业的发展、融资、战略决策等都有一定启示。对于融资方而言，不履行对赌协议对自身的负面影响不可忽视。

Gansu case to the development of the enterprise、financing、A strategic decision to wait to have a certain revelation。For RongZiFang speaking，Don't perform to their agreement spread negative effects cannot be ignored。

　　作为融资方的企业之所以选择签订对赌协议，是因为对赌协议能够在保持控制权的前提下，简便地获得大额资金，解决资金短缺问题，进而实现低成本融资和快速扩张，且与其他融资方式如银行贷款比较，灵活、便捷、高效。可是，一旦对赌失败，将承担巨大的因赔偿造成损失。如果融资方不履行对赌协议，其名誉及诚信将深受影响。不履行对赌协议几乎意味着融资方放弃了通过私募进行融资的途径，因为任何机构或者个人都不会轻易地对违反协议、商业信誉较低的企业进行融资借款。正因为如此，部分企业即使对赌失利，也不惜予以赔偿，以期待有更好的发展。

As RongZiFang enterprise was the choice of spread-betting agreement signed，Because spread-betting agreement can be keep in the control of the premise，Easier to obtain large sum of money，To solve the shortage of capital problem，Then realizing low cost financing and fast expansion，And with the other financing ways such as bank loans more，flexible、convenient、efficient。but，Once spread-betting failure，Will bear huge for compensation losses。If RongZiFang not to perform spread-betting agreement，Its reputation and credibility will be affected。Not to perform spread-betting agreement means RongZiFang gave up almost through a private finance approach，Because any organization or individual is not easily in violation of the agreement、Commercial credit lower enterprise financing borrowing。Because of this，Part of the enterprise even spread-betting defeat，Are willing to give compensation，To look forward to have a better development。

　　例如，东莞勤上光电(002638,股吧)股份有限公司（以下简称“勤上光电”）是一家以开发、生产、销售LED照明、LED装饰灯、太阳能LED照明、储物架、烧烤炉、金属线材、钢管、电线电缆、燃器配件、模具等产品的大型企业集团。公开资料显示，其在上市前进行了多次融资。从2007年至2010年间，有超过20家机构投资者和超过40名自然人股东先后入股，与投资者签订了12份对赌协议。由于未能实现约定的净利润和在约定的时间内上市，勤上光电在上市前也曾为此通过支付股份的方式进行了赔偿。2011年11月16日，勤上光电（SZ: 002638）终于成功登陆深圳证劵交易所。

For example，In dongguan frequently photoelectric(002638,Shares it)Co., LTD（Hereinafter referred to as“Frequently on the photoelectric”）Is a development、production、Sales of LED lighting、LED lamp、Solar LED lighting、Store content wearing、Burn oven、Metal wire、Steel tube、Wire and cable、Burning fitting、Mould and other products in the large enterprise groups。Public data shows，The former has carried on many times listed in financing。From 2007 to 2010，More than 20 institutional investors and more than 40 natural person shareholder has a shareholder，And investors signed 12 documents spread-betting agreement。Because of the failure to achieve the agreed net profit and listed in the agreed upon period of time，Frequently in listed on the photoelectric had to pay before shares through the modes of the compensation。On 16 November 2011，Frequently on the photoelectric（SZ: 002638）Finally landed successfully shenzhen card coupons exchange。

　　在海富投资和甘肃世恒案中，尽管二审判决判定对赌协议无效，但也判定融资方（甘肃世恒）需归还1885万元及期间利息，并保留了投资方（海富投资）在融资方的股权。也就是说，尽管法院对对赌协议的合法性不予认可，但对于投资人的投资权益还是予以了保护。而将投资行为视为借贷行为，融资方除了应偿还巨额的融资本金外，还需支付同期对应的利息。

In the rich world investment and gansu constant in the case，Although in the course of the verdict spread judge agreement is void，But also RongZiFang judgement（Gansu the constant）Need to return 18.85 million yuan and during the interest，And keep the investors（The sea rich investment）In RongZiFang of the equity。That is，Although court on the legitimacy of the agreement shall not be recognized spread，But for investors to investment interests or the protection。And will investment behavior as borrowing，RongZiFang besides should pay huge financing the principal，Still need to pay the corresponding interest in the same period。

　　发展是企业的生存之本，大部分企业都不希望官司缠身。当争议发生时，诉诸法院往往是没有更好的解决方式的前提下迫不得已而为之。因此，面对融资快的诱惑及高风险的对赌协议时，融资方管理层在决定是否采用对赌方式融资时，应谨慎考虑各种因素，避免产生不必要的损失。而在签署了对赌协议、引进私募投资资金后，就要合理安排募投资金的用途，完善经营管理，提高技术研发能力，切实提高内功，将融资款项真正化为企业发展的强劲动力，争取实现对赌成功，实现双赢。如果对赌失利，应该采取合适的解决方法。

Development is the enterprise survival of the company，Most of the enterprise does not hope with the lawsuit。When the dispute occurs，To appeal to the court is often no better solution forced under the premise of。so，Facing the temptation of financing fast and high-risk spread-betting agreement，RongZiFang management decision on whether to spread the financing way，Should be careful to consider various factors，Avoid unnecessary loss。And in signed spread-betting agreement、Introduction of private investment funds，Will arrange the use of gold from investment，Perfect business management，Improve the technical research and development ability，Internal strength and improve the，Will money really into enterprise development financing the strong power，Try to make spread-betting success，Realize win-win。If spread-betting defeat，Should take the right solution。

经营发展不可把宝押在“赌”上 Business development not bet on“bet”on

　　甘肃案件对急需融资的企业敲了警钟。此案尽管是个案，但法院判决体现了部分司法部门对对赌协议的舶来品性质本身的否定。二审法院对于对赌协议的条款并未予以支持，而只是对海富投资的投资事实本身予以了认可（见前文）。从将投资方的投资行为认定为一种变相的借贷行为的结果来看，依据目前中国的法律框架或者案例，投资方最起码也可以获得基本的成本赔偿及获得同期的利息。也就是说，对于投资方而言，尽管不能得到对赌协议中的超额利润和回报，但基本的成本还是可以收回来的。

Gansu province to the financing of enterprise case need knock at the alarm bells。The case despite the case，But the court decision reflects the part of the justice department to spread the exotic nature of the agreement itself negative。The second instance court spread to the terms of the agreement does not support them，And just on the rich investment investment fact itself approbate（See above）。From the investment behavior, the investor will be recognized as a lending in disguised form the result，Based on the present China's legal framework or case，Investors also can get at least basic cost compensation and get the interest in the same period。That is，As for the investor，Although can't get in the agreement of spread-betting excess profit and return，But the basic cost can still back。

　　对赌协议是投资方与融资方博弈的结果，对赌的标的实现，将会双赢：融资方盈利能力强，效益好，上市成功，有利于企业的发展；投资方出卖上市公司股权赚取丰厚利润，实现超额回报。但是一旦对赌失败，融资方需给予投资方巨额的赔偿，损失惨重；投资方即使获得了融资方的股权转让赔偿，但融资方的盈利能力下降也使其股权市值下降，间接导致投资方遭受巨大损失。所以对赌协议是融资方与投资方利益一致的体现，并使融资方、投资方利益紧密联系在一起。这在客观上对促进融资方快速发展壮大起到了积极作用。但就目前国内市场的发展现状来说，为了维护私募投资市场的稳定，保护企业当事人各方的合法权益，政府监管部门从实际出发，尽快制定相关的法律、法规及统一的规范，已迫在眉睫。

Spread-betting agreement is RongZiFang investors and the result of the game，The subject matter of spread-betting realization，Will win-win：RongZiFang profit ability，Efficiency good，Listed success，Is beneficial to the development of the enterprise；Investors sold shares listed company earn profits，Realize excess return。But once spread-betting failure，RongZiFang need to give investors a huge sums of compensation，disastrous；Investors even won the RongZiFang ownership transfer of compensation，But RongZiFang the profitability of the decline as the equity market value decline，Indirectly lead to investors have suffered great losses。So spread-betting agreement is RongZiFang and the investor interest consistent reflect，And make RongZiFang、The investor interest closely together。This objectively to promote the rapid development and expansion RongZiFang played a positive role。But as to the present situation of the development of the domestic market it，In order to maintain the stability of the private equity market，To protect the legal rights of the enterprise of the parties concerned，Government regulators from the actual conditions，Formulate relevant laws as soon as possible、Regulations and unified standard，Is imminent。

　　作者单位：德恒律师事务所

The author unit：DE constant law firm