【摘要】 对赌协议因具备使投资方“旱涝保收”的估值调整机制，在诈骗罪实行行为的认定路径上有别于传统股权收购协议。应当认为，在缔约环节，融资方围绕基础股权价值的欺骗，因不足以造成投资者认识错误而缺乏诈骗罪实行。对溢价股权价值的虚构，仅当目标企业无法达到预设业绩，且融资方有逃避补偿的意图时，才能因造成投资者认识错误及估值调整机制失灵的具体危险，而具备诈骗罪实行；在履约环节，只要融资方通过虚增利润等方式逃避经济补偿或股权回购，原则上即可成立诈骗罪实行，但犯罪对象为债权的行使利益。在民法中，若目标企业未完成减资程序或缺乏可供补偿的利润，该债权行使利益不予保护，因此这一特殊情形属对象不能犯而欠缺诈骗罪实行。此外，计算犯罪数额时需明确，投资者的财产损失并非股权投资款，而是包括预期利益在内、可通过估值调整条款获得的利益补偿。更多还原

【Abstract】 The thinking way of determining the constituent conduct of the crime of fraud in the VAM agreement is different from the method in traditional equity acquisition agreement,because it has a valuation adjustment mechanism that ensures that the investor can “earn a profit regardless of the condition”.It should be considered that in the contracting stage,the deception of the financing party around the value of non-premium equity does not meet the constituent conduct of the crime of fraud,since it fails to cause investors to have a misconception in the normative sense.Only when the value of the premium equity is fabricated and the target enterprise is unlikely to achieve the preset performance target and the financing party intends to evade the compensation obligation,can it be considered that the constituent conduct of the crime of fraud is established because it leads investors into cognitive errors in the normative sense and creates a specific danger of causing the valuation adjustment mechanism to fail.On the performance stage,as long as the financing party evades economic compensation or equity repurchase by inflating profits,the constituent conduct of the crime of fraud can be generally established,but the object of the crime at this time is the interest in claiming performance of creditor’s rights rather than the creditor’s rights themselves.Since the civil law denies the interest in claiming performance of creditor’s rights when the target enterprise has not completed the capital reduction procedure or lacks profits available for compensation,the deception of the financing party at this time is an impossibility crime on account of the object is not protected by the civil law and cannot constitute the crime of fraud.In addition,when calculating the amount of the crime,it should be made clear that the property losses suffered by investors are not their equity investment funds,but rather the interest compensation that can be obtained through valuation adjustment clauses,including expected profits.更多还原