公司对赌型股份回购的履行困境与出路

The Performance of Gambling Share repurchase dilemma and way out with the Company

中国关于回购型与公司对赌的司法规制，历经了从无效到有效的转变。对赌协议采取合同形式来构建公司治理架构，重构了公司组织中原有的风险、利益以及控制权格局，应当受公司法规制。《九民纪要》确立的“先减资后回购”规则，依托区分原则将裁判重心转向合同履行，并将其置于资本维持原则的约束之下。但现行公司法资本维持原则过于粗疏，导致对赌股份回购只能通过减资的途径，徒增成本。但现行裁判规则中减资回购程序颠倒、减资程序无法进行等重大问题，致使股份回购难以实际履行，造成投资方保护缺位。域外以清偿能力及持续经营标准替代资本维持原则，体现了另一种以债权人利益为导向限制公司资产单向流出至股东的规制思路，但在其本土引入的过程中其高昂操作成本不可忽视。司法裁判需综合审视具体案件目标公司的资产状况来确定如何履行股份回购，借鉴董事会商业判断的责任机制来克服公司决策上的主体缺位和责任识别问题，同时以多元的债权人保护替代措施来预防股份回购所存在的预期风险。最后，公司法制度内类别股种类的健全，是解决对赌型股份回购的履行困境的根本出路。

China's corporate regulations on repurchase and corporate gambling have undergone a transformation from invalid to effective. The gambling agreement takes the form of contract to construct the corporate governance structure, reconstructing the original risks, interests and control pattern of the company organization, and should be subject to the company's laws and regulations.The rule of "capital reduction first and then repurchase" established in the Nine Civil Minutes relies on the principle of differentiation to shift the focus of the judgment to the performance of the contract, and puts it under the constraints of the capital maintenance principle. However, the current company law capital maintenance principle is too rough, leading to the gambling share repurchase can only be reduced through capital reduction, to increase the cost.However, the current judgment rules reverse the procedure of capital reduction and repurchase, the procedure of capital reduction can not be conducted and other major problems, which makes it difficult to actually perform the share repurchase, resulting in the absence of investor protection. The principle of replacing capital maintenance with solvency and continuing operation standards outside the domain reflects another regulatory idea of restricting the one-way outflow of corporate assets to shareholders guided by the interests of creditors. However, its high operating costs cannot be ignored in the process of its local introduction.Judicial judgment should comprehensively examine the assets of the target company in specific cases to determine how to perform the share repurchase, learn from the responsibility mechanism of the business judgment of the board of directors to overcome the absence of subject and responsibility identification in the company's decision-making, and take multiple alternative creditor protection measures to prevent the expected risks of share repurchase.Finally, the perfection of category stocks in the company law system is the fundamental way to solve the performance dilemma of gambling share repurchase.