| "Valuation Adjustment Mechanism" (VAM) a sense is the enterprise valuation and investment and financing of the stake a "game", is a form of options, the two sides in line with the principle of party autonomy in the presence of the future design of a kind of incentive means growth "optimal contract". Is an umbrella to protect the safety of investor’s investment, cost and risk is to eliminate uncertainty of important check regulator. At the end of 2012, the supreme people’s court made a bet on China’s first case-Haifa Suzhou VS. Shiheng Gansu VAM between the constant dispute of the final judgment. All levels of the people’s court and the arbitration agency for VAM to perform the dispute of the referee and endless dispute has appeared in the media. As " the first case VAM in China ", after then in Lanzhou, Gansu on the court and the Supreme Court of the case trial, caused the industry’s high attention. On VAM between the courts at all levels, however, the legal nature and legal effect of different decided that have bet on the identity of the agreement again. Some companies through VAM signed "bet" successful huge benefits, however, some companies suffered huge losses because of the "bet" failure. Bet to win-win target can be both financial investment, failed to reach the target is two defeats hurt everywhere. VAM in domestic has certain legal risks, analyzed various effect factors on the bet agreement legal effect, the influence of clear VAM the obstacles encountered in the domestic practice. Finally put forward the proposal in when signing a VAM and signed VAM, after reasonable avoid bet against legal risks brought by agreement. |
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