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对赌协议在国外私募股权基金中应用已较为普遍,在国内亦是如此.由于法律规定的模糊化,对赌协议的法律性质和效力尚存在较大争议,国内首例对赌协议案的尘埃落定更是引发了不断的争论.从经济学的角度出发,通过对相关概念的构成要素进行经济分析,可以认为对赌协议不属于一般的赌博协议、射幸合同,而是更类似于附条件生效的合同.根据意思自治原则、等价有偿原则以及信息不对称理论,对赌协议应当合法化.,Valuation adjustment mechanism( VAM) has become widespread in domestic and intational private equity funds . Due to the blur of the law,there is a dispute on the legal nature of VAM and the end of the first domestic case of VAM leads to many constant arguments. From the point of view of economics ,VAM does not belong to an agreement on gambling agreement and aleatory contract by economic analysis of related concepts’elements and it is more likely the tying contract. According to the principle of autonomy and compensation for equal value and asymmetric information theory,we should legalize VAM.