作者：黄尹旭
作者介绍：中国人民大学法学院副教授，法学博士
出版日期：2026年8月9日
内容提要 近年来，对赌协议已超越单纯的估值调整功能，演变为具有金融属性的特殊工具，面临监管套利、风险外溢影响资本市场乃至引发系统性金融风险的隐患。而现行监管制度存在时序漏洞和信息披露规则覆盖不足的问题；在对赌协议的治理上，金融监管与民商事司法裁判也存在认知偏差。监管侧重实质穿透与公共利益优先，而司法多基于形式判断，裁判尺度不统一削弱了监管执行力。为此，可引入资本市场公共性作为公私法协调的规范工具，其不仅涵盖金融消费者集体法益、市场交易秩序与国家金融安全三重核心法益，也能统一公私法价值目标、划定适用边界并适配涉众性交易属性。在此基础上，应确立分类治理原则，根据目标公司性质属于涉封闭公司还是涉公众公司，设置不同的对赌协议治理规则；同时，推进金融消费者保护与信息工具相结合，优化公私规范融合的司法裁判规则。
关键词 对赌协议 公私法协调 资本市场公共性 金融消费者
Abstract: In recent years, valuation adjustment mechanisms (VAMs) have evolved beyond their original function as valuation adjustment tools and increasingly assumed the characteristics of complex financial instruments, carrying hidden risks of regulatory arbitrage, negative spillovers into the public interests of capital markets, and even systemic financial risks. The existing regulatory framework suffers from temporal loopholes, and the coverage of information disclosure rules remains inadequate. Meanwhile, with respect to the governance of VAMs, a cognitive bias exists between financial regulation and judicial adjudication in civil and commercial law: financial regulation emphasizes substantive penetration and the primacy of public interests, whereas courts rely predominantly on formalistic reasoning. This discrepancy in judicial standards directly undermines the efficacy of regulatory measures. To resolve this dilemma, the concept of the public nature of the capital market can serve as a normative medium to coordinate public and private law. By aggregating three core legal interests——the collective interests of financial consumers, market transactional order, and national financial security——this conceptual framework unifies the value objectives of public and private law, delineates clear boundaries of application, and accommodates the unique traits of mass-involving transactions. On this basis, the principle of categorized governance shall be established, whereby differentiated governance rules for VAMs are formulated respectively for transactions involving closed corporations or public corporations. Concurrently, greater integration between financial consumer protection and information-based regulatory mechanisms is needed, alongside the development of judicial rules capable of facilitating the organic fusion of public and private norms.