Research On The Risks In The Application Of Gambling Agreement And The Countermeasures

With the development of China’s economy, enterprises financing channels become more varied, more and more companies are choosing private equity financing.Private equity can be used to finance enterprises in production management and changes in the financial system, but also for enterprises will be able to successfully enter the capital market further financing and development laid a solid foundation.In private equity financing, the investment and financing both sides cannot be a accurate judgment to the future development of the enterprise, in order to overcome information asymmetry and other differences, negotiations entered into under enterprise development, restructuring agreement the rights and obligations of the two sides, namely the VAM. VAM signed current introduction of private equity financing in enterprises in our country, more widely used. But in reality, the VAM do not always have a positive effect. The positive aspects of VAM can make the money needed to finance enterprise development; the negative side, VAM will put pressure on companies, short-term behavior, blind expansion of enterprises management, and lead to loss of control or liquidation of consequences. Obvious that there is a big risk when using of VAM.This paper combines theoretical analysis and case practice, in private equity financing and related theories on the basis of the VAM, analyses private equity financing into VAM in business management, finance, and legal aspects of the right to control risks. Which business management aspects of risk performance in will caused Enterprise short-term behavior, and led to enterprise resources distribution not reasonable, and external environment caused potential risk, aspects; and financial risk main is enterprise pursuit fast growth, led to financial pressure more heavy and cannot completed on bet agreement standard of, led to investment party select of exit way Shi to enterprise brings of risk; legal level of risk is enterprise in market environment Xia,exists with contrary to national legal provides of behavior. Then introduce "countrygarden and Merrill Lynch" and "South beauty with CDH" to bet on two specific cases,analyze the risks to the individual. Through comparative case analysis implications of case.Finally, in view of the above discussion, this paper respectively from three aspects: strategy, practice, legal risk coping strategies are put forward. Strategic level enterprise should know whether there is a clear sign on the agreement VAM is necessary, clear aims, advantages and disadvantages, essence and strengthening operation management, forging enterprise core competitiveness; Practical level strategy requires reasonable enterprise valuation, setting up reasonable bet against standards and chip, make risk response plans, etc; Law is mainly to management and investors equity constraints, under the condition of legal safeguard the interests of both sides.