Legal Issues Research Of Bet On Agreement

As a typical spread-betting agreement of the imported product, its English name valuation Adjustment Mechanism (hereinafter referred to as VAM), literal translation come over for "valuation Adjustment Mechanism", but the domestic media translated calls it the "spread-betting agreement". Spread-betting agreement is not strictly academic term, about the definition of spread-betting agreement, there exist many disputes. Foreign private equity investment development history is long, spread-betting agreement development more mature. Generally speaking, the business has a significant effect on the performance of the business indicators or the combination of business indicators, all can become spread-betting agreement, become the key terms on the financing enterprise management evaluation index. Spread-betting protocol is investors and investment enterprise to the possibility of future certain rights and obligations of the agreement, it is in essence a kind of relationship of creditor’s rights debt, has both good shot type, and legitimacy. Spread-betting agreement in our existence and development has the necessity and inevitability, In foreign some mature spread-betting system, on the basis of spread-betting agreement in our country capital market widely used. But in the concrete practice, there have been some spread-betting terms and our country law against the phenomenon. Based on China’s current legal system as the backing, combined with the overseas related spread-betting system, the integrated use of comparative analysis, system analysis and interest measure methods for spread-betting agreement law study. In addition to the full introduction includes four parts.On this basis, the analysis of the legal structure and spread-betting agreement legal nature. Spread-betting agreement is a shot with reliability and validity of the relationship of creditor’s rights debt, In addition, also analyzed the spread-betting agreement in our country, the necessity of existence is the our country business enterprise development to a certain stage of the product, is the investment and financing of enterprise valuation differences coordination means investors, is in the information asymmetry conditions protection measures, also is the incentive RongZiFang earnings growth and an important means of scale. Papers on foreign some key terms and conditions of spread-betting depth analysis, such as:priority terms, an anti-dilution provision, HuiShu right clause and common terms, forced to sell with sales terms, protective terms, etc.Taking the form of illustrate elaborated our country spread-betting agreement implementation present situation, and in the combination of case pointed out that our country spread-betting agreement of the implementation of the legal barriers:PE investors and the target company signed an agreement to set of the restrictions, the priority of the restrictions, to set the "veto with only one vote" limit, to the "right of redemption" limit, etc. The paper points out that the external environment to strengthen the supervision of the implementation of the agreement spread-betting in China and the improvement of the legislation about spread-betting system; Enterprise own Angle, investment and financing both sides need to strengthen risk prevention.