本书以问题为导向，从对赌协议的基本含义、历史、功能出发，提出了“合理对赌协议”的新概念，介绍了合理对赌协议的构建方法。同时，根据目前我国对赌协议相关法律案件的裁判争议，**讨论对赌协议的效力与履行、股权回购型对赌协议两个话题，为法官裁判案件和当事人解决纠纷提供参考意见。本书内容分为四章。**章通过对对赌协议概念、功能、历史和对赌协议相关研究成果的讲述，让读者从多维度认识对赌协议。第二章从对赌协议条款不规范，以及对赌协议起草程序不正确导致人们付出了巨大成本而无法实现对赌协议功能的问题出发，提出了“合理对赌协议”的概念。第三章主要讨论对赌协议是否有效，是否存在对赌协议履行障碍，同时，提出了解决以上争议的思路。第四章**讨论被投资公司是否应该因为对赌失败回购投资者所持有的股份。

CONTENTS Chapter 1 …………………………………………………………………………1 I. Introduction …………………………………………………………………3 A. Valuation Adjustment Mechanism …………………………………3 B. Issues …………………………………………………………………6 C. Solution ………………………………………………………………9 D. Conclusions …………………………………………………………12 E. Overview of the Book ………………………………………………15 II. Background ………………………………………………………………15 A. Overview of Valuation Adjustment Mechanism ……………………15 B. History of Valuation Adjustment Mechanism ………………………18 III. Literature Review ………………………………………………………27 A. Concept of Valuation Adjustment Mechanism ……………………28 B. Are VAMs Invalid? …………………………………………………30 C. Redemption Rights …………………………………………………31 Chapter 2 ………………………………………………………………………33 I. Reasonable VAMs ………………………………………………………36 A. Basic Functions of VAMs Being Fulfilled …………………………37 B. Without Creating Even Greater Costs as a Side-Effect …………40 II. Due Diligence before Drafting VAMs …………………………………42 A. Due Diligence of Private Equity Projects in the PRC ………………43 B. Specific Information for Drafting VAMs……………………………46 C. Reasons of Due Diligence for Drafting a VAM ……………………49 III. Government Guidelines for Drafting VAMs …………………………50 A. Government Guidelines ……………………………………………50 B. What is the Government Guidelines for Drafting VAMs? …………51 C. Reasons of Issuing Government Guidelines for Drafting VAMs …57 Chapter 3………………………………………………………………………61 I. Invalid Contract and Obstacles to Performance ………………………67 A. Invalid Contract ……………………………………………………68 B. Obstacles to Performance……………………………………………69 II. Problems …………………………………………………………………70 A. Different Judgments for One Issue …………………………………70 B. Main Points for VAM Issues ………………………………………71 III. VAM Judicial Interpretation ……………………………………………73 A. Judicial Interpretation ………………………………………………73 B. The Content of VAM Judicial Interpretation ………………………75 IV. Benefits of VAM Judicial Interpretation ………………………………85 A. Solve VAM Issues Quickly and Professionally ……………………85 B. Help People to Fulfill the Functions of VAMs ……………………86 C. Reduce Costs of VAMs ……………………………………………87 Chapter 4………………………………………………………………………91 I. Redemption Rights ………………………………………………………94 A. What Are Redemption Rights？ ……………………………………94 B. The VAMs with Redemption Rights ………………………………96 II. Conflicts …………………………………………………………………97 A. Conflict between VAMs and Article 142 in the PRC Company Law（2018）………………………………………………………………97 B. Conflict between VAMs with Redemption Rights and Impairing Legal Capital…………………………………………………………99 III. Legal Treatment of VAMs with Redemption Rights in the PRC …101 A. The PRC Company Law …………………………………………101 B. Court Opinions ……………………………………………………106 C. Problems of Article 142 in the PRC Company Law（2018）………110 IV. The New Redemption Right Regulation ……………………………113 A. What is the New Redemption Right Regulation? …………………113 B. The Origin of the New Redemption Right Regulation ……………115 V. The Benefits of the New Redemption Right Regulation to the VAM With Redemption Rights ………………………………118 A. The Functions of the VAM with Redemption Rights to be Fulfilled ………………………118 B. Reduce Litigation Costs ……………………………………………120 C. Eliminate Legal Errors in Judgments………………………………121 Conclusion.............................................................................................123 Bibliography...........................................................................................127 Appendix 1.............................................................................................133 Appendix 2.............................................................................................137 后记 ……………………………………………………………………………141