A Study On The Legal Issues Of Gambling

Valuation Adjustment Mechanism(VAM) is a agreement that make by investment bank and financing for the uncertainty future performance, which is a kind of commonly used financial tool for private equity investment funds, and a new financing channel for small and medium enterprises. When the contract conditions, investment bank make agreement right, when the conditions are not met, the financing party can exercise the another of their beneficial rights. VAM is essentially belongs to a kind of option, After the introduction of the agreement, the development prospects of the domestic private enterprises choose good investment and private equity fund signed this agreement. Due to the high court for the Suzhou HaiFu investment decision,Valuation Adjustment Mechanism has become a real hot topic this year. This decision is important for Valuation Adjustment Mechanism, and research on Valuation Adjustment Mechanism has already begun, but for not only relates to civil law, company law, but also relates to the research perspective of law, private international law, international investment law departments across disciplines, still belongs to the front topic.This text is divided into four chapters.The first chapter is to make a distinction of VAM roots in private equity funds and relevant confusing concepts, analysis the application of the VAM. Then make a definition of VAM, and give the reasons for the existence of the VAM.the reasons is both Investment and financing Information asymmetry and And management incentive needs, the protection of fundamental benefits.The second chapter analyze the legal nature of VAM, research from the legal relation of the VAM by the View of legal theory.and analyze the causes that VAM belongs to the aleatory contract In the contract law. Then research on the nature of guaranty and difference between The nature of Guaranty Law and VAM in the Guarantee Law.The third chapter mainly studies the specific operation procedure of VAM in practice, the international capital market usually set up the Off Shore Company as a platform To implement the VAM.then analysis VAM matters need attention in setting effective clause combined with the Suzhou HaiFu investment case.The fourth chapter mainly discusses the benefits and drawbacks of VAM commonly used tools in Investment and financing view. Puts forward some suggestions for enterprises of using VAM from the legal aspects of macroeconomic policy and Specific provisions of Microcosmic.and those suggestions May help Enterprises recognize the VAM provisions in practice.This text mainly focuses on the Suzhou HaiFu investment case and analyze the legality of VAM and precautions required when signed agreement of VAM.and research main VAM processes in the international capital market.Finally analysis of the advantages and drawbacks of the VAM,and puts forward some suggestions for enterprises of using VAM from the legal aspects of macroeconomic policy and Specific provisions of Microcosmic.