{"id":62907,"date":"2024-05-02T12:13:55","date_gmt":"2024-05-02T03:13:55","guid":{"rendered":"https:\/\/monolith.law\/zh-cn\/?p=62907"},"modified":"2024-05-12T12:30:03","modified_gmt":"2024-05-12T03:30:03","slug":"venture-capital-investment","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-cn\/general-corporate\/venture-capital-investment","title":{"rendered":"\u5173\u4e8e\u7b2c\u4e09\u65b9\u914d\u552e\u589e\u8d44\u7684\u6295\u8d44\u5408\u540c\u6761\u6b3e\u8868"},"content":{"rendered":"\n<p>\u5f53\u521b\u4e1a\u516c\u53f8\u4eceVC\uff08\u98ce\u9669\u6295\u8d44\u516c\u53f8\uff09\u7b49\u7b2c\u4e09\u65b9\u7b79\u96c6\u8d44\u91d1\u65f6\uff0c\u901a\u5e38\u4f1a\u4ee5\u7b2c\u4e09\u65b9\u914d\u552e\u589e\u8d44\u7684\u65b9\u5f0f\uff0c\u5c06\u65b0\u80a1\u5206\u914d\u7ed9VC\u7b49\u6295\u8d44\u8005\u3002\u8fdb\u884c\u7b2c\u4e09\u65b9\u914d\u552e\u589e\u8d44\u65f6\uff0c\u6295\u8d44\u5408\u540c\u4e2d\u9700\u8981\u89c4\u5b9a\u7684\u4e8b\u9879\u7e41\u591a\uff0c\u56e0\u6b64\u5728\u5408\u540c\u8c08\u5224\u9636\u6bb5\uff0c\u901a\u5e38\u4f1a\u7f16\u5236\u6295\u8d44\u6761\u6b3e\u6e05\u5355\uff08Term 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class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5f53\u98ce\u9669\u6295\u8d44\u8005\u7b49\u7684\u6295\u8d44\u76ee\u6807\u662f\u80a1\u7968\u65f6\uff0c\u63a5\u53d7\u6295\u8d44\u7684\u516c\u53f8\u5c06\u4e3a\u98ce\u9669\u6295\u8d44\u8005\u7b49\u6295\u8d44\u8005\u65b0\u53d1\u884c\u80a1\u7968\u3002\u8fd9\u65f6\u4f7f\u7528\u7684\u65b9\u6cd5\u662f\u7b2c\u4e09\u65b9\u914d\u552e\u589e\u8d44\u3002\u7b2c\u4e09\u65b9\u914d\u552e\u589e\u8d44\u662f\u516c\u53f8\u5411\u7279\u5b9a\u7684\u7b2c\u4e09\u65b9\u6388\u4e88\u63a5\u53d7\u65b0\u53d1\u884c\u80a1\u7968\u7684\u6743\u5229\uff0c\u98ce\u9669\u6295\u8d44\u8005\u7b49\u6295\u8d44\u8005\u8d2d\u4e70\u8fd9\u4e9b\u80a1\u7968\uff0c\u8fd9\u662f\u300a\u65e5\u672c\u516c\u53f8\u6cd5\u300b\u89c4\u5b9a\u7684\u4e00\u79cd\u80a1\u7968\u53d1\u884c\u65b9\u6cd5\u3002\u901a\u8fc7\u7b2c\u4e09\u65b9\u914d\u552e\u589e\u8d44\u53d1\u884c\u80a1\u7968\u5e76\u4ece\u98ce\u9669\u6295\u8d44\u8005\u7b49\u6295\u8d44\u8005\u7b79\u96c6\u8d44\u91d1\u65f6\uff0c\u5305\u62ec\u6295\u8d44\u6761\u4ef6\u5728\u5185\u7684\u5408\u540c\u8c08\u5224\u9636\u6bb5\u9700\u8981\u51b3\u5b9a\u7684\u4e8b\u9879\u662f\u591a\u65b9\u9762\u7684\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B5%84%E5%90%88%E5%90%8C%E4%B8%AD%E7%9A%84%E6%9D%A1%E6%AC%BE%E6%B8%85%E5%8D%95\"><\/span>\u6295\u8d44\u5408\u540c\u4e2d\u7684\u6761\u6b3e\u6e05\u5355<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2020\/05\/shutterstock_765046777-1024x682.jpg\" alt=\"\" class=\"wp-image-9809\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%9F%E6%9D%83%E8%A1%A8%E7%9A%84%E6%84%8F%E4%B9%89\"><\/span>\u671f\u6743\u8868\u7684\u610f\u4e49<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5f53\u901a\u8fc7\u7b2c\u4e09\u65b9\u5206\u914d\u589e\u8d44\u53d1\u884c\u65b0\u80a1\uff0c\u4ece\u98ce\u9669\u6295\u8d44\u8005\u7b49\u5904\u7b79\u96c6\u8d44\u91d1\u65f6\uff0c\u9700\u8981\u7b7e\u8ba2\u6295\u8d44\u5408\u540c\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u6295\u8d44\u5408\u540c\u7684\u5185\u5bb9\u5f80\u5f80\u5f88\u957f\uff0c\u800c\u4e14\u5728\u5408\u540c\u8c08\u5224\u9636\u6bb5\u9700\u8981\u8c03\u6574\u4e0e\u591a\u4e2a\u5f53\u4e8b\u4eba\u7684\u590d\u6742\u6743\u5229\u5173\u7cfb\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u5236\u4f5c\u6295\u8d44\u5408\u540c\u4e4b\u524d\uff0c\u901a\u5e38\u4f1a\u5236\u4f5c\u4e00\u4e2a\u5217\u51fa\u4e3b\u8981\u5408\u540c\u6761\u4ef6\u7684\u671f\u6743\u8868\uff0c\u5e76\u4ee5\u6b64\u4e3a\u57fa\u7840\u8fdb\u884c\u5408\u540c\u8c08\u5224\u3002\u8fd9\u5728\u5b9e\u9645\u64cd\u4f5c\u4e2d\u662f\u5e38\u89c1\u7684\u505a\u6cd5\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B5%84%E6%9D%A1%E6%AC%BE%E8%A1%A8%E7%9A%84%E9%A1%B9%E7%9B%AE\"><\/span>\u6295\u8d44\u6761\u6b3e\u8868\u7684\u9879\u76ee<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6295\u8d44\u5408\u540c\u548c\u80a1\u4e1c\u95f4\u5408\u540c\u4e2d\u7684\u6295\u8d44\u6761\u6b3e\u8868\u7684\u9879\u76ee\u56e0\u6295\u8d44\u6848\u4ef6\u800c\u5f02\uff0c\u56e0\u6b64\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e3b\u8981\u9879\u76ee\u5982\u4e0b\u3002\u53e6\u5916\uff0c\u5982\u679c\u53d1\u884c\u79cd\u7c7b\u80a1\u7968\uff0c\u5c06\u6dfb\u52a0\u6709\u5173\u79cd\u7c7b\u80a1\u4e1c\u7684\u5185\u5bb9\u3002<\/p>\n\n\n\n<ul>\n<li>\u5173\u4e8e\u5408\u540c\u5f53\u4e8b\u4eba\u7684\u4e8b\u9879<\/li>\n\n\n\n<li>\u8d44\u91d1\u7b79\u96c6\u6982\u8ff0\uff08\u53d1\u884c\u7684\u80a1\u7968\u79cd\u7c7b\uff0c\u53ef\u53d1\u884c\u80a1\u7968\u603b\u6570\u548c\u5df2\u53d1\u884c\u80a1\u7968\u603b\u6570\uff0c\u53d1\u884c\u80a1\u7968\u6570\uff0c\u53d1\u884c\u4ef7\u683c\uff0c\u603b\u652f\u4ed8\u91d1\u989d\uff0c\u652f\u4ed8\u6761\u4ef6\uff0c\u8d44\u672c\u91d1\u7b49\uff0c\u652f\u4ed8\u65e5\u671f\uff0c\u8d44\u91d1\u7528\u9014\u7b49\uff09<\/li>\n\n\n\n<li>\u5173\u4e8e\u79cd\u7c7b\u80a1\u7968\u7684\u4e8b\u9879\uff08\u4f18\u5148\u5206\u7ea2\uff0c\u5269\u4f59\u8d22\u4ea7\u5206\u914d\u7684\u4f18\u5148\u6743\uff0c\u6536\u8d2d\u8bf7\u6c42\u6743\uff0c\u6536\u8d2d\u6761\u6b3e\uff0c\u8868\u51b3\u6743\uff0c\u80a1\u7968\u5206\u5272\u7b49\uff09<\/li>\n\n\n\n<li>\u5173\u4e8e\u80a1\u7968\u7684\u4e8b\u9879\uff08\u58f0\u660e\u4fdd\u8bc1\uff0c\u6295\u8d44\u8005\u7684\u4f18\u5148\u8ba4\u8d2d\u6743\uff0c\u8fdd\u7ea6\u5904\u7406\uff0c\u5408\u540c\u7ec8\u6b62\u7b49\uff09<\/li>\n\n\n\n<li>\u5173\u4e8e\u516c\u53f8\u8fd0\u8425\u7684\u4e8b\u9879\uff08\u8d44\u91d1\u7528\u9014\uff0c\u4e0a\u5e02\u52aa\u529b\u4e49\u52a1\u7684\u6761\u6b3e\uff0c\u6d3e\u9063\u8463\u4e8b\u548c\u89c2\u5bdf\u5458\uff0c\u5bf9\u6295\u8d44\u8005\u7684\u9884\u5148\u6279\u51c6\/\u9884\u5148\u901a\u77e5\uff0c\u5bf9\u6295\u8d44\u8005\u7684\u4fe1\u606f\u62ab\u9732\uff0c\u521b\u59cb\u80a1\u4e1c\u7684\u4e13\u6ce8\u4e49\u52a1\u7b49\uff09<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B3%E4%BA%8E%E7%A7%8D%E7%B1%BB%E8%82%A1%E7%A5%A8%E7%9A%84%E4%BA%8B%E9%A1%B9\"><\/span>\u5173\u4e8e\u79cd\u7c7b\u80a1\u7968\u7684\u4e8b\u9879<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u63a5\u53d7\u98ce\u9669\u6295\u8d44\u7b49\u6295\u8d44\u65f6\uff0c\u5982\u679c\u53d1\u884c\u79cd\u7c7b\u80a1\u7968\uff0c\u79cd\u7c7b\u80a1\u7968\u7684\u6761\u6b3e\u5c06\u88ab\u8bb0\u8f7d\u5728\u6761\u6b3e\u8868\u4e2d\u3002\u79cd\u7c7b\u80a1\u7968\u662f\u6307\u90e8\u5206\u6743\u5229\u7b49\u5185\u5bb9\u4e0d\u540c\u7684\u80a1\u7968\uff0c\u6709\u65f6\u4f1a\u5728\u63a5\u53d7\u98ce\u9669\u6295\u8d44\u7b49\u6295\u8d44\u65f6\u4f7f\u7528\u3002<\/p>\n\n\n\n<p>\u4f8b\u5982\uff0c\u8bbe\u5b9a\u4e86\u5173\u4e8e\u5269\u4f59\u91d1\u5206\u914d\u548c\u5269\u4f59\u8d22\u4ea7\u5206\u914d\u5185\u5bb9\u4e0d\u540c\u7684\u79cd\u7c7b\u80a1\u7968\uff0c\u6216\u8005\u8d4b\u4e88\u5bf9\u67d0\u4e9b\u80a1\u4e1c\u5927\u4f1a\u51b3\u8bae\u4e8b\u9879\u6709\u5426\u51b3\u6743\u7684\u79cd\u7c7b\u80a1\u7968\u7b49\u3002\u98ce\u9669\u6295\u8d44\u7b49\u6295\u8d44\u8005\u9884\u8ba1\u5728\u6295\u8d44\u540e\u5c06\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u53c2\u4e0e\u6295\u8d44\u4f01\u4e1a\u7684\u7ecf\u8425\uff0c\u56e0\u6b64\u53ef\u80fd\u4f1a\u53d1\u884c\u5177\u6709\u8fd9\u6837\u5185\u5bb9\u7684\u79cd\u7c7b\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u5728\u53d1\u884c\u79cd\u7c7b\u80a1\u7968\u65f6\uff0c\u79cd\u7c7b\u80a1\u7968\u7684\u5185\u5bb9\u5c06\u88ab\u8bb0\u8f7d\u5728\u6761\u6b3e\u8868\u4e2d\u3002\u4f8b\u5982\uff0c\u5728\u5269\u4f59\u8d22\u4ea7\u5206\u914d\u4f18\u5148\u8fd9\u4e00\u9879\u76ee\u4e2d\uff0c\u5c06\u6709\u5982\u4e0b\u7684\u8bb0\u8f7d\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6bcf\u80a1\u3007\u5143\uff08\u5bf9\u6bcf\u80a1\u6295\u5165\u91d1\u989d\u7684\u3007\uff05\uff09\u4f18\u5148\u4e8e\u666e\u901a\u80a1\uff0c\u5bf9\u3007\u79cd\u4f18\u5148\u80a1\u7968\u4e3a\uff3b\u540c\u5217or\u4f18\u5148\uff3d\uff0c\u5e76\u8bbe\u4e3a\uff3b\u53c2\u4e0e\u578bor\u975e\u53c2\u4e0e\u578b\uff3d<\/p>\n\n\n\n<p><\/p>\n<\/blockquote>\n\n\n\n<p>\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u79cd\u7c7b\u80a1\u7968\u7684\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4ee5\u4e0b\u7684\u6587\u7ae0\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">\u521b\u4e1a\u6295\u8d44\u5408\u540c\u4e2d\u7684\u79cd\u7c7b\u80a1\u7968\u53d1\u884c\u53ca\u5176\u5185\u5bb9[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B3%E4%BA%8E%E8%82%A1%E7%A5%A8%E7%9A%84%E4%BA%8B%E9%A1%B9\"><\/span>\u5173\u4e8e\u80a1\u7968\u7684\u4e8b\u9879<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u6295\u8d44\u65f6\uff0c\u5173\u4e8e\u53d1\u884c\u80a1\u7968\u7684\u4e8b\u9879\u5305\u62ec\u4ee5\u4e0b\u51e0\u70b9\u3002\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u7684\u80a1\u7968\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u6587\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/investment-contract-shares-provision\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8d44\u5408\u540c\u4e2d\u7684\u80a1\u7968\u6761\u6b3e\u662f\u4ec0\u4e48[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>\u5173\u4e8e\u53d1\u884c\u65b0\u80a1\u7b49\u7684\u4f18\u5148\u8ba4\u8d2d\u6761\u6b3e<\/li>\n\n\n\n<li>\u4f18\u5148\u8d2d\u4e70\u6743\u548c\u5148\u8d2d\u6743\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u80a1\u7968\u8d2d\u4e70\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5171\u540c\u9500\u552e\u6743\u548c\u8f6c\u8ba9\u53c2\u4e0e\u6743\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u80a1\u7968\u8f6c\u8ba9\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u62d6\u5e26\u6743\uff08Drag Along Right\uff09\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u88ab\u89c6\u4e3a\u6e05\u7b97\u7684\u6761\u6b3e<\/li>\n<\/ul>\n\n\n\n<p>\u4f18\u5148\u8ba4\u8d2d\u7684\u6761\u6b3e\u662f\u6307\u6295\u8d44\u8005\u901a\u8fc7\u83b7\u5f97\u4f18\u5148\u8ba4\u8d2d\u53d1\u884c\u7684\u65b0\u80a1\u7b49\u7684\u6743\u5229\uff0c\u4ee5\u7ef4\u6301\u81ea\u5df1\u7684\u6301\u80a1\u6bd4\u4f8b\u7684\u6761\u6b3e\u3002\u4f18\u5148\u8ba4\u8d2d\u6743\u5728\u6761\u6b3e\u8868\u4e0a\u4f1a\u88ab\u5982\u4e0b\u6240\u8ff0\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5f53\u53d1\u884c\u516c\u53f8\u53d1\u884c\u80a1\u7968\u7b49\u65f6\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u6839\u636e\u5176\u6301\u80a1\u6bd4\u4f8b\u4f18\u5148\u8ba4\u8d2d\u3002\u4f46\u662f\uff0c\u4e0d\u5305\u62ec\u53d1\u884c\u76f8\u5f53\u4e8e\u5df2\u53d1\u884c\u80a1\u7968\u603b\u6570\u7684\u3007\uff05\u7684\u80a1\u7968\u671f\u6743\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u6b64\u5916\uff0c\u80a1\u7968\u8d2d\u4e70\u6761\u6b3e\u662f\u6307\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0cVC\u7b49\u6295\u8d44\u8005\u53ef\u4ee5\u8981\u6c42\u516c\u53f8\u6216\u9ad8\u7ba1\u8d2d\u4e70\u5176\u6301\u6709\u7684\u80a1\u7968\u7684\u6743\u5229\u7684\u6761\u6b3e\u3002\u5173\u4e8e\u80a1\u7968\u8d2d\u4e70\u6761\u6b3e\uff0c\u6761\u6b3e\u8868\u4e0a\u4f1a\u88ab\u5982\u4e0b\u6240\u8ff0\u3002\u8d2d\u4e70\u8bf7\u6c42\u6743\u7684\u53d1\u751f\u6761\u4ef6\u548c\u8d2d\u4e70\u4ef7\u683c\u7684\u8ba1\u7b97\u65b9\u6cd5\u662f\u5173\u952e\u70b9\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. \u6295\u8d44\u8005\u5728\u4ee5\u4e0b\u4efb\u4f55\u4e00\u79cd\u60c5\u51b5\u53d1\u751f\u65f6\uff0c\u53ef\u4ee5\u8981\u6c42\u53d1\u884c\u516c\u53f8\u548c\u521b\u59cb\u80a1\u4e1c\u8d2d\u4e70\u6295\u8d44\u8005\u6301\u6709\u7684\u80a1\u7968\u3002<br> \u30fb\u4e25\u91cd\u8fdd\u53cd\u672c\u5408\u540c\u3007\u6761\u3001\u3007\u6761\u3001\u3007\u6761\u7684\u60c5\u51b5<br> \u30fb\u8868\u660e\u4fdd\u8bc1\u7684\u4e8b\u9879\u88ab\u53d1\u73b0\u4e0d\u771f\u5b9e\u6216\u4e0d\u51c6\u786e\uff0c\u5e76\u4e14\u5176\u5185\u5bb9\u91cd\u8981\u7684\u60c5\u51b5<br> 2. \u6839\u636e\u4e0a\u8ff01.\u7684\u8d2d\u4e70\u8bf7\u6c42\uff0c\u8d2d\u4e70\u6295\u8d44\u8005\u7684\u80a1\u7968\u7684\u4ef7\u683c\u5e94\u7531\u6295\u8d44\u8005\u548c\u53d1\u884c\u516c\u53f8\u53ca\u521b\u59cb\u80a1\u4e1c\u6309\u7167\u7ea6\u5b9a\u7684\u8ba1\u7b97\u65b9\u6cd5\u786e\u5b9a\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u7684\u80a1\u7968\u8d2d\u4e70\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u6587\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/investment-stock-purchase-clause\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8d44\u5408\u540c\u4e2d\u7684\u80a1\u7968\u8d2d\u4e70\u6761\u6b3e\u662f\u4ec0\u4e48[ja]<\/a><\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u62d6\u5e26\u6743\u662f\u6307VC\u7b49\u6295\u8d44\u8005\u53ef\u4ee5\u5f3a\u5236\u8fdb\u884cM&amp;A\u6216EXIT\u7684\u6761\u6b3e\u3002\u4eceVC\u7b49\u6295\u8d44\u8005\u7684\u7acb\u573a\u6765\u770b\uff0c\u62d6\u5e26\u6743\u53ef\u4ee5\u8bf4\u662f\u6709\u6548\u7684\u6295\u8d44\u56de\u6536\u624b\u6bb5\uff0c\u6709\u7684\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u8981\u6c42\u8fd9\u6837\u7684\u6761\u4ef6\u3002\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u7684\u62d6\u5e26\u6743\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u6587\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/investment-law-drag-along-right\" target=\"_blank\" rel=\"noreferrer noopener\">\u521b\u4e1a\u6295\u8d44\u5408\u540c\u4e2d\u7684\u62d6\u5e26\u6743\u6761\u6b3e[ja]<\/a><\/p>\n\n\n\n<p>\u88ab\u89c6\u4e3a\u6e05\u7b97\u7684\u6761\u6b3e\u662f\u6307\uff0c\u5728VC\u7b49\u6295\u8d44\u540e\uff0c\u5982\u679c\u6295\u8d44\u516c\u53f8\u88ab\u6536\u8d2d\uff0c\u90a3\u4e48\u8be5\u516c\u53f8\u5c06\u88ab\u89c6\u4e3a\u5df2\u7ecf\u6e05\u7b97\uff0c\u5e76\u5411VC\u7b49\u6295\u8d44\u8005\u5206\u914d\u8d22\u4ea7\u7684\u6761\u6b3e\u3002\u7279\u522b\u662f\uff0c\u5982\u679c\u4ece\u521b\u4e1a\u521d\u671f\u5f00\u59cb\u6295\u8d44\uff0c\u90a3\u4e48\u5728\u6ca1\u6709IPO\u7684\u60c5\u51b5\u4e0b\uff0c\u5f80\u5f80\u4f1a\u901a\u8fc7M&amp;A\u88ab\u6536\u8d2d\uff0c\u5982\u679c\u6ca1\u6709\u88ab\u89c6\u4e3a\u6e05\u7b97\u7684\u6761\u6b3e\uff0c\u6295\u8d44\u8005\u53ef\u80fd\u65e0\u6cd5\u56de\u6536\u6295\u8d44\u3002\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u7684\u88ab\u89c6\u4e3a\u6e05\u7b97\u7684\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u6587\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8d44\u5408\u540c\u4e2d\u7684\u88ab\u89c6\u4e3a\u6e05\u7b97\u7684\u6761\u6b3e\u662f\u4ec0\u4e48[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E8%BF%90%E8%90%A5%E7%9A%84%E4%BA%8B%E9%A1%B9\"><\/span>\u5173\u4e8e\u516c\u53f8\u8fd0\u8425\u7684\u4e8b\u9879<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u6295\u8d44\u5408\u540c\u7684\u6761\u6b3e\u8868\u4e2d\uff0c\u5173\u4e8e\u516c\u53f8\u8fd0\u8425\u7684\u4e8b\u9879\u5305\u62ec\u4ee5\u4e0b\u51e0\u70b9\u3002\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u4e0e\u516c\u53f8\u8fd0\u8425\u76f8\u5173\u7684\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u9762\u7684\u6587\u7ae0\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/investment-contract-clause-management-company\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8d44\u5408\u540c\u4e2d\u5173\u4e8e\u516c\u53f8\u8fd0\u8425\u7684\u6761\u6b3e\u662f\u4ec0\u4e48[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>\u5173\u4e8e\u4e0a\u5e02\u52aa\u529b\u4e49\u52a1\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u8d44\u91d1\u7528\u9014\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u6d3e\u9063\u8463\u4e8b\u6216\u89c2\u5bdf\u5458\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u9648\u8ff0\u4fdd\u8bc1\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u91cd\u8981\u4e8b\u9879\u7684\u901a\u77e5\u4ee5\u53ca\u6295\u8d44\u8005\u7684\u4e8b\u524d\u6279\u51c6\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u5bf9\u6295\u8d44\u8005\u7684\u4e8b\u540e\u901a\u77e5\u7684\u6761\u6b3e<\/li>\n\n\n\n<li>\u5173\u4e8e\u4e13\u6ce8\u4e8e\u7ecf\u8425\u7684\u6761\u6b3e<\/li>\n<\/ul>\n\n\n\n<p>\u8463\u4e8b\u6d3e\u9063\u6761\u6b3e\u662f\u6307\u98ce\u9669\u6295\u8d44\u516c\u53f8\u7b49\u6295\u8d44\u8005\u5c06\u5176\u516c\u53f8\u5458\u5de5\u7b49\u4efb\u547d\u4e3a\u6295\u8d44\u516c\u53f8\u7684\u8463\u4e8b\u7684\u6761\u6b3e\u3002\u98ce\u9669\u6295\u8d44\u516c\u53f8\u7b49\u901a\u5e38\u8981\u6c42\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u53c2\u4e0e\u6295\u8d44\u516c\u53f8\u7684\u7ecf\u8425\u4ee5\u56de\u6536\u6295\u8d44\u3002\u6d3e\u9063\u8463\u4e8b\u7b49\u4f5c\u4e3a\u98ce\u9669\u6295\u8d44\u516c\u53f8\u7b49\u7684\u5458\u5de5\uff0c\u53ef\u4ee5\u5b9e\u65f6\u4e86\u89e3\u6295\u8d44\u516c\u53f8\u7684\u5185\u90e8\u60c5\u51b5\uff0c\u5e76\u901a\u8fc7\u5728\u8463\u4e8b\u4f1a\u4e0a\u53d1\u8868\u610f\u89c1\uff0c\u53ef\u4ee5\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u63a7\u5236\u6295\u8d44\u516c\u53f8\u7684\u51b3\u7b56\u3002\u5173\u4e8e\u8463\u4e8b\u4efb\u547d\u7684\u4e8b\u9879\u5728\u6761\u6b3e\u8868\u4e0a\uff0c\u5c06\u5982\u4e0b\u6240\u8ff0\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6301\u6709\u5df2\u53d1\u884c\u7684\u3007\u79cd\u4f18\u5148\u80a1\u7968\u3007\uff05\/\u3007\u80a1\u4ee5\u4e0a\u7684\u80a1\u4e1c\u6709\u6743\u4efb\u547d1\u540d\u8463\u4e8b<\/p>\n<\/blockquote>\n\n\n\n<p>\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u5173\u4e8e\u6d3e\u9063\u8463\u4e8b\u7b49\u7684\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u9762\u7684\u6587\u7ae0\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/clause-dispatching-of-company-executives\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8d44\u5408\u540c\u4e2d\u7684\u8463\u4e8b\u6d3e\u9063\u6761\u6b3e\u662f\u4ec0\u4e48[ja]<\/a><\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u6295\u8d44\u5408\u540c\u4e3b\u8981\u662f\u4e3a\u4e86\u4fdd\u8bc1\u6295\u8d44\u516c\u53f8\u7684\u8d22\u52a1\u72b6\u51b5\u548c\u516c\u53f8\u8fd0\u8425\u4e8b\u9879\u7684\u9002\u5f53\u6027\u4ee5\u53ca\u4e8b\u524d\u58f0\u660e\u7684\u771f\u5b9e\u6027\uff0c\u56e0\u6b64\u4f1a\u8bbe\u5b9a\u9648\u8ff0\u4fdd\u8bc1\u6761\u6b3e\u3002\u5e76\u4e14\uff0c\u5173\u4e8e\u54ea\u4e9b\u4e8b\u9879\u9700\u8981\u9648\u8ff0\u4fdd\u8bc1\uff0c\u4e5f\u4f1a\u5728\u6761\u6b3e\u8868\u4e0a\u8fdb\u884c\u8bf4\u660e\u3002\u5173\u4e8e\u6295\u8d44\u5408\u540c\u4e2d\u7684\u9648\u8ff0\u4fdd\u8bc1\u6761\u6b3e\uff0c\u6211\u4eec\u5728\u4e0b\u9762\u7684\u6587\u7ae0\u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u89e3\u91ca\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/representations-and-warranties-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8d44\u5408\u540c\u4e2d\u7684\u9648\u8ff0\u4fdd\u8bc1\u6761\u6b3e\u662f\u4ec0\u4e48[ja]<\/a><\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u4f5c\u4e3a\u5173\u4e8e\u4e13\u6ce8\u4e8e\u7ecf\u8425\u7684\u6761\u6b3e\uff0c\u4e5f\u53ef\u80fd\u8bbe\u5b9a\u9650\u5236\u8463\u4e8b\u5728\u6295\u8d44\u540e\u6d41\u5411\u5916\u90e8\u7684\u89c4\u5b9a\u3002\u5728\u6761\u6b3e\u8868\u4e0a\uff0c\u5c06\u5982\u4e0b\u6240\u8ff0\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1\uff0e\u4e0d\u5f97\u5728\u672a\u7ecf\u6295\u8d44\u8005\u6279\u51c6\u7684\u60c5\u51b5\u4e0b\u8f9e\u53bb\u8463\u4e8b\u804c\u52a1\uff0c\u62d2\u7edd\u518d\u9009<\/p>\n\n\n\n<p>2\uff0e\u7981\u6b62\u5728\u672a\u7ecf\u6295\u8d44\u8005\u4e8b\u524d\u6279\u51c6\u7684\u60c5\u51b5\u4e0b\u517c\u804c\u548c\u517c\u4efb<\/p>\n\n\n\n<p>3\uff0e\u5728\u4efb\u671f\u95f4\u4ee5\u53ca\u9000\u4efb\u540e\u3007\u5e74\u5185\u7684\u7ade\u4e1a\u7981\u6b62\u4e49\u52a1<\/p>\n<\/blockquote>\n\n\n\n<p>\u6b64\u5916\uff0c\u98ce\u9669\u6295\u8d44\u516c\u53f8\u7b49\u6295\u8d44\u8005\u57fa\u672c\u4e0a\u662f\u8ba1\u5212\u901a\u8fc7\u6295\u8d44\u516c\u53f8\u7684\u4e0a\u5e02\uff08IPO\uff09\u6765\u56de\u6536\u6295\u8d44\uff0c\u56e0\u6b64\u4e5f\u53ef\u80fd\u8bbe\u5b9a\u6295\u8d44\u516c\u53f8\u7684\u4e0a\u5e02\u52aa\u529b\u4e49\u52a1\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u6761\u6b3e\u8868\u4e0a\u7684\u63cf\u8ff0\u5c06\u5982\u4e0b\u6240\u8ff0\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1\uff0e\u53d1\u884c\u516c\u53f8\u53ca\u521b\u4e1a\u80a1\u4e1c\u5e94\u5c3d\u529b\u5728\u3007\u5e74\u3007\u6708\u672b\u65e5\u524d\u5728\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6240\u4e0a\u5e02<br>2\uff0e\u53d1\u884c\u516c\u53f8\u53ca\u521b\u4e1a\u80a1\u4e1c\u5e94\u5728\u6295\u8d44\u8005\u56e0\u671f\u9650\u6ee1\u4e86\u7b49\u539f\u56e0\u4e0d\u5f97\u4e0d\u51fa\u552e\u53d1\u884c\u516c\u53f8\u80a1\u7968\u7684\u60c5\u51b5\u4e0b\uff0c\u627f\u62c5\u5408\u4f5c\u4e49\u52a1<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%80%BB%E7%BB%93\"><\/span>\u603b\u7ed3<span 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