（一）公司与股东签股权回购协议的效力

（1） Effectiveness of equity repurchase agreement signed between the company and shareholders

对于有限责任公司而言，由于《公司法》第74条并非强制性规定，因此股东可以与公司签订协议约定股权回购的条件，如果公司通过公司章程将前述约定的条件纳入公司章程，则该股权回购条款有效。公司回购的股权可以转让给其他股东，也可以注销。

For a limited liability company, since article 74 of the company law is not mandatory, the shareholders can sign an agreement with the company to agree on the conditions of equity repurchase. If the company incorporates the above agreed conditions into the articles of association through the articles of association, the equity repurchase clause is effective. The equity repurchased by the company may be transferred to other shareholders or cancelled.

对于股份有限公司而言，由于《公司法》第142条的规定系效力性强制性规定，因此，股东不得与公司约定不同于《公司法》142条规定的其他回购条件，否则，其约定无效。因此，如果股东与公司签订股权回购条款，其内容必须符合《公司法》第142条的规定，因此，只要该股权回购条款的约定不违反142条的规定，则有效，违反的，则无效。

For a joint stock limited company, since the provisions of Article 142 of the company law are mandatory provisions on effectiveness, the shareholders shall not agree with the company on other repurchase conditions different from those specified in Article 142 of the company law, otherwise, the agreement will be invalid. Therefore, if a shareholder signs an equity repurchase clause with the company, its content must comply with the provisions of Article 142 of the company law. Therefore, as long as the agreement of the equity repurchase clause does not violate the provisions of Article 142, it is valid, and if it violates, it is invalid.

（二）公司控股股东对投资人所持股权进行回购的效力

（2） Effectiveness of the company's controlling shareholder's repurchase of the equity held by the investor

如果股权（股份）回购条款是私募与企业管理层（控股股东）之间达成的，这意味着投资协议（对赌协议）的当事人是私募投资人与目标公司的管理层（控股股东），那么股权回购的法律效果与目标公司、其他股东不发生直接的法律关系，只表现为私募与公司管理层间的股权（股份）转移、给付回购款等内容。

If the equity (share) repurchase clause is reached between the private placement and the enterprise management (controlling shareholder), which means that the parties to the investment agreement (BET agreement) are the private placement investor and the management (controlling shareholder) of the target company, the legal effect of equity repurchase has no direct legal relationship with the target company and other shareholders, It is only reflected in the equity (share) transfer and payment of repurchase money between private placement and the company's management.

《公司法》第71条规定，有限责任公司的股东之间可以相互转让其全部或者部分股权。公司章程对股权转让另有规定的，从其规定。同时，《公司法》第137条规定，股东持有的股份可以依法转让。

Article 71 of the company law stipulates that shareholders of a limited liability company may transfer all or part of their equity to each other. Where there are other provisions on equity transfer in the articles of association, such provisions shall prevail. At the same time, article 137 of the company law stipulates that the shares held by shareholders can be transferred according to law.

根据《公司法》第71条、第137条的规定，对于有限责任公司而言，只要公司章程中对股权转让没有特别规定的，股东之间即可按照双方自愿达成的股权回购条款自由转让全部或部分股权；而针对股份有限公司，股东持有的股份可以依法转让，较之于有限责任公司而言，股份转让更加自由，不必受公司章程的限制。

According to articles 71 and 137 of the company law, for a limited liability company, as long as there are no special provisions on equity transfer in the company's articles of association, shareholders can freely transfer all or part of their equity according to the equity repurchase terms voluntarily reached by both parties; For a joint stock limited company, the shares held by shareholders can be transferred according to law. Compared with a limited liability company, the transfer of shares is more free and does not need to be restricted by the articles of association.

因此，由公司管理层（控股股东）与投资人签订投资协议（对赌协议）约定由其对投资人所持股权进行回购的，双方在约定的情形出现时完成股权（股份）转让，应属有效。

Therefore, if the management (controlling shareholder) of the company signs an investment agreement (gambling agreement) with the investor to repurchase the equity held by the investor, the equity (share) transfer shall be effective when the agreed circumstances occur.

但是，需要注意的是，《公司法》第141条对公司发起人、公司公开发行前已发行的股份、公司董事、监事、高级管理人员进行的股份转让作出了限制性的规定，对于公司的发起人、董、监、高等股份转让设定了锁定期。该条规范为强制性规定，不能由当事人通过特别约定排除其适用。

However, it should be noted that Article 141 of the company law makes restrictive provisions on the transfer of shares by the company's promoters, shares issued before the company's public offering, directors, supervisors and senior managers, and sets a lock-in period for the transfer of shares by the company's promoters, directors, supervisors and senior managers. This regulation is mandatory and cannot be excluded by the parties through special agreement.

如果约定的股权回购情形发生在《公司法》第141条规定的锁定期内，亦即股份回购行为发生在上述锁定期内的，股份转让行为本身应属无效，但双方之间关于股份回购的约定仍然是有效的，结果的无效并不能导致作为原因的回购条款无效。如果股份回购发生在锁定期外的，则应认为股份转让是有效的。

If the agreed share repurchase occurs within the lock-in period specified in Article 141 of the company law, that is, the share repurchase occurs within the above lock-in period, the share transfer itself shall be invalid, but the agreement on share repurchase between the two parties is still valid, and the invalidity of the result shall not lead to the invalidity of the repurchase clause as a reason. If the share repurchase occurs outside the lock up period, the share transfer shall be deemed to be valid.