Study On The Regulation Of VAM In China's Private Equity Investment

VAM is often seen in china private equity investment,It is a kind of incomplete contract,which is a kind of incomplete contract,which is a kind of contract for the future risk prevention.Due to the special provisions of the current system of share transfer restrictions in China,there are many problems in the practice of the agreement.Regulatory authorities should not be a comprehensive ban on the existence of gambling agreements,but should guide the gambling agreement in the private equity investment to play a more active role.From the market point of view,starting from the position of small and medium enterprises,and actively guide the gambling agreement,so that the agreement on the run in the sun.Strengthen the supervision of the gambling agreement,so as to promote the stable and healthy development of China's small and medium enterprises.In addition to the introduction and conclusion,this paper consists of three chapters: the first chapter is the analysis of the legal nature of the private equity investment agreement and the characteristics of private equity.It analyzes the legal nature of VAM,separately from the conditional contract,guarantee contract,stock option,aleatory contract analysis,put forward my own views on the nature of the gambling agreement finally.The second chapter mainly compares the CSRC and the stock transfer system of the agreement on gambling regulation attitude comparison,respectively from the two functions,regulatory background,attitude of supervision of the SFC and contrast,a blanket policy analysis of the problems faced,comparative analysis of some case supervision.Finally,the attitudes of the two are compared.In the third chapter,the author puts forward some suggestions on how to perfect the supervision of the private placement in the following aspects: The third chapter puts forward suggestions to improve the supervision of the agreement on gambling in private equity from four aspects: First,formulate the model contract,clear the legal status of the two agreement on gambling,define the compensation standard.Second,to perfect the gambling rules,to ensure fair and reasonable agreement on gambling.Three,perfect the information disclosure system,the gambling enterprise guarantee system,applicable situation changes.Four,establish a scientific enterprise valuation standard,improve the multi-level capital market,the implementation of negative list management...