新型股市对赌协议引关注，法学专家呼吁加强穿透式监管

Group 1 - The core issue is the dilemma faced by entrepreneurs in the real economy regarding "not signing a bet agreement leads to difficulty in financing, while signing it turns them into capital slaves" [1][5] - Bet agreements play a crucial role in financing and mergers, but their overuse and improper terms raise significant concerns in the judicial field [1][4] - New types of investment bet agreements linked to secondary market stock prices are emerging, posing challenges for judicial practice and securities regulation [1][3] Group 2 - Regulatory measures have been implemented to standardize bet agreements prior to IPOs, requiring companies to eliminate such agreements to ensure stability in equity structure and fairness in the listing process [2] - Despite regulatory efforts, there are still instances of parties exploiting loopholes related to IPO bet agreements [3][4] - The lack of clear regulatory rules regarding these practices necessitates explicit recognition from judicial practice or regulatory authorities [4] Group 3 - Bet agreements linked to market value may pressure companies to sacrifice long-term strategies for short-term stock price targets [4] - The transformation of bet agreements from investment protection tools to instruments that erode the real economy is a growing concern [4][6] - The relationship between capital and the real economy should be symbiotic rather than parasitic [6] Group 4 - Experts advocate for a comprehensive governance system that integrates "penetrating regulation" and "technological empowerment" to address the issues surrounding bet agreements [8] - Proposed measures include establishing a registration system for all bet agreements, requiring real-time entry into a designated regulatory platform, and declaring unregistered agreements invalid [8] - There is a need for deep collaboration between regulatory and judicial bodies, with calls for the Supreme Court to issue binding guiding cases to unify judgment standards [8][9] Group 5 - The urgent task is to break the vicious cycle of "regulatory rules being established, courts being hesitant to apply them or having inconsistent standards, and capital exploiting loopholes" [9] - The application of penetrating regulation and technological means is key to severing this cycle [9] - Further improvement of market rules is necessary, as unregulated cases can lead to industry-wide disorder [9]