准PE投资协议中的法律问题

论文总字数：22552字

摘 要

近几年来，我国中小微企业发展迅速，小微企业因其规模小从传统银行信贷和PE获得债权或股权融资的难度大，故通过准pe方式获得融资以加快其发展的现象较为普遍。准PE与私募股权投资相同，募集方式都为私募，运作方式为股权投资，整个投资过程中都采用了对赌这一种估值调整机制。

本文采用了案例分析法、文献分析法和比较研究法研究。第一部分简介一个准PE案例，比较准PE和PE的概念和运作方式。第二部分提出准PE的法律问题。第三部分探讨了一人公司组织形式转变的合法性，分析签订投资协议时这方面应当注意的问题。第四部分就准PE中的专利权利和保护问题提出三种解决方式。第五部分对经营管理权利的分配与完善公司治理进行了系统阐述。最后一部分就准PE协议的核心部分——对赌进行了分析，总结最适合准PE投资的对赌协议的选择。

从一个案例出发，对准PE投资协议的法律问题作一个全盘的法律观察，基于公平和诚实信用原则提出解决思路，为准PE的发展和相关法律法规的完善提出建议。

[关键词]私募股权投资；对赌协议；一人公司；经营管理权；专利保护

The legal matters of quasi PE

[Abstract]

In recent years, the rapid development of medium-sized, small and micro businesses has played an important role in adjusting the industrial structure. Due to the small scale of small businesses, it is hard to obtain credit or equity financing from traditional banks or standard PE , and financing through quasi PE to accelerate its development has become popular. Both quasi PE and private equity belong to private placement and are operated by equity investment, and valuation adjustment mechanism is adopted through the investment.

In this thesis, case analysis, literature analysis and comparative analysis methods are adopted. A quasi PE case and the concepts and operations of quasi PE and PE are introduced briefly in the first part. Besides, some concepts similar to quasi PE are distinguished. In the second part, it proposes brief legal countermeasures. The third part studies the legality of one-man business organizational reform and relevant issues. In the fourth part, it mainly introduces the patent rights and protection of quasi PE and proposes three ways to solve it. The fifth part systematically describes how the investor share the operating and management rights with the original shareholders of the target company and how to improve the company management, etc. after the investor enters the company. In the last part, the core of quasi PE, valuation adjustment, is analyzed. By analyzing the necessity of valuation adjustment mechanism in quasi PE and the selection and effect of valuation adjustment, it gets the valuation adjustment mode most suitable for quasi PE.

Starting from a case, a thorough legal inspection to the legal matters of quasi PE investment agreement is made. It tries to find out the problems, the solution to which will be proposed based on good faith, and advises are given for the future development of PE and the completion of relevant laws and regulations.

[Keywords] Private equity;valuation adjustment mechanism;one-man business;operating and management rights;patent protection

目录

摘要 I

Abstract II

前言 1

一、 案例引出的法律问题 1

（一） 案情概要 1

（二） 准PE概念 1

（三） 法律问题 3

二、 问题解决路径——组织形式变更 5

（一） 合法性探讨 5

（二） 案例之回应——明确债务分配 6

三、 问题解决路径——专利权保护与实施 6

（一） 专利知情 6

（二） 专利价值评估 7

（三） 专利独占实施许可合同 8

四、 问题解决路径——经营管理权的分配 8

（一） PE的比较观察 8

（二） 公司结构特征 9

（三） 公司决策分配 9

五、 案例之回应——对赌协议分析 11

（一） 对赌协议的必要性 11

（二） 对赌协议性质 12

（三） 案例之回应——准PE对赌协议选择 12

结论 15

参考文献 16

谢辞 17

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