先来看一下Investopedia对“contingent value right”的解释（其中，中文部分为本人翻译）：

“The term contingent value right (CVR) refers to a right often granted to shareholders of a company facing restructuring or a buyout. These rights ensure that the shareholders get certain benefits if a specific event occurs, usually within a specified time frame. These rights are similar to options because they frequently have an expiration date, beyond which the rights to the additional benefits will not apply. CVRs are usually related to the performance of a company's stock.

CVR（或有价值权或期待价值权）指公司重组或收购时向股东授予的权利。这些权利能够确保股东在发生某一特定事件的情况下在规定期限内获得某种利益；与期权类似，到期日后不可使用。CVR通常与公司股票的表现相关。

A contingent value right is tied to a theorized future event, such as an acquisition. CVRs are created when the two companies in an acquisition come to different conclusions about the value of the target. The acquirer may feel that the current value of the target is limited with the potential for a higher value. The target, on the other hand, may value itself higher for any number of reasons, including a new product or technology.

CVR与理论化的未来事件挂钩，比如收购。在收购中，收购方和被收购方对目标公司的价值无法达成一致，一方面，收购方认为目标公司的当前价值是有限的，但未来可能有更高的价值，另一方面，被收购方认为基于新产品或新技术等原因其应该具有更高的价值。

CVRs help bridge the gap between this difference in valuation. An acquiring company can pay less upfront for the acquired company. But if it hits certain performance targets in the future, its shareholders will receive additional benefits.

为此，CVR用于填补收购方和被收购方的估值鸿沟。收购方可以先向被收购方少付点钱，一旦以后达到了某些特定绩效目标，其股东将会获得额外利益。

These benefits give shareholders additional shares of the acquiring company or they may provide a cash payment. This is often linked if the acquired company's share price drops below a certain price by a predetermined date.

比如，被收购方的股票价格在未来特定日期低于某一价格时，股东会获得收购方的额外股票或现金付款。

There are two ways that a contingent value right may be offered. They may be traded on a stock exchange or may be non-transferable.

CVR分为两种：一种可在证券交易所交易，另一种则不可转让。

CVRs that trade on a stock exchange can be bought by anyone, which means they do not have to be current shareholders of the acquired company. An investor can buy a CVR on an exchange up until it expires. Non-transferable CVRs, on the other hand, apply only to current shareholders of the acquired company and are distributed at the time of the merger.

任何人可购买在证券交易所交易的CVR，即并非只有被收购方的现任股东可以购买，投资人也可在CVR到期前购买。然而，不可转让的CVR仅适用于被收购方的现任股东，并在并购时予以分配。”

针对第一种CVR（即在证券交易所交易的CVR），纽交所NYSE Listed Company Manual第703.18条规定如下：

“The Exchange will list Contingent Value Rights which are unsecured obligations of the issuer providing for a possible cash payment either (i) at maturity based upon the price performance of an affiliate's equity security (a “Price-Based Contingent Value Right”) or (ii) within a specified time period, upon the occurrence of a specified event or events related to the business of the issuer or an affiliate of the issuer (an “Event-Based Contingent Value Right”).

At maturity, the holder of a Price-Based Contingent Value Right is entitled to a cash payment if the average market price of the related equity security is less than a pre-set target price. The target price is typically established at the time the Price-Based Contingent Value Right is issued. Conversely, should the average market price of the related equity security equal or exceed the target price, the Price-Based Contingent Value Right would expire worthless.

Within a specified time period, the holder of an Event-Based Contingent Value Right is entitled to a cash payment upon occurrence of an event or events related to the business of the issuer or an affiliate of the issuer specified at the time the Event-Based Contingent Value Right is issued. Conversely, should the specified event or events not occur within the specified time period, the Event-Based Contingent Value Right would expire worthless.”

来源：

Investopedia官网；NYSE官网