Overcoming obstacles to the execution of equity repurchases in VAM agreements—focusing on the application of capital reduction procedures
对赌协议中股权回购的履行障碍破解——以减资程序的适用为中心

摘要

股权回购型对赌协议中回购的履行由于受到合同法与公司法的双重规制而成为学界与实务界争议的焦点问题。2019年最高人民法院颁布《全国法院民商事审判工作会议纪要》（以下简称《九民纪要）使得对赌协议之争由效力转向履行。但是《九民纪要》将回购与减资程序捆绑，导致股权回购的履行与减资程序的适用产生了新的障碍。2023年《公司法》的修订对于股权回购与减资程序进行了细化调整，但并未直接认可对赌协议这一情形直接作为作为回购的法定事项，但其中类别股制度认可与非等比例减资的禁止等调整使得运用减资程序实现股权回购的履行产生了新的适用问题。如何在新法下破解股权回购的履行障碍，必须围绕减资程序展开，基于此探索股债融合下类别股制度的应用以及合理定位减资程序的是破解履行障碍的破解思路。

Abstract

The execution of repurchases in equity-based VAM agreements, regulated by both contract law and company law, has become a focal point of controversy in both academia and practice. The 2019 promulgation of the "Minutes of the National Conference on Civil and Commercial Trial Work of Courts" (hereinafter referred to as the "Nine Civil Minutes") by the Supreme People's Court shifted the debate over VAM agreements from validity to execution. However, the "Nine Civil Minutes" bundled repurchases with capital reduction procedures, creating new obstacles to the execution and application of equity repurchases. The 2023 revision of the Company Law refined the procedures for equity repurchases and capital reductions, but did not directly recognize VAM agreements as a statutory repurchase. However, adjustments such as the recognition of the class share system and the prohibition of non-proportional capital reductions have raised new application issues for the execution of equity repurchases through capital reduction procedures. To overcome the obstacles to equity repurchases under the new law, we must focus on the capital reduction process. Exploring the application of the class share system under the equity-debt integration framework and rationally defining the capital reduction process are key approaches to overcoming these obstacles.