A Study On The Legal Validity Of Gambling Agreement

It is precisely because of the rapid development of China's economy,as a private equity investment tool,the betting agreement is increasingly accepted by the public,and plays an increasingly important role in investment activities.Gambling agreement,also known as the valuation adjustment mechanism,aims to solve the valuation problem caused by the information asymmetry between investors and financiers.As a financial investment tool,betting agreements emerge for investment and financing and belong to innovation in the financial field.It is so that the development of gambling agreement in China is still in the exploratory stage at the present stage.When dealing with specific cases,it should be divided into what kind of legal relationship to hear,or whether to recognize the validity of gambling agreement,which are the hot topics in the current theoretical and practical circles.By defining the concept of the betting agreement,this paper clarifies the general characteristics of the betting agreement and the type status in practice,and knows what the betting agreement is.Only on the basis of defining the gambling agreement clearly can we study it.In addition,there are different opinions on the legal nature of the betting agreement.Fortunately,the theory of contract with conditional effect and the theory of option contract are rooted in the fact that the betting agreement belongs to an anonymous contract in the contract law.When studying its legal nature,scholars inevitably attach it to the well-known contract which has common characteristics.However,as a new thing,betting agreement has its own unique characteristics.Whether interpreted from the Contract Law or the Company Law,it can not be simply classified as any of the above,let alone across two legal relationships,resulting in confusion in the application of law.It is precisely because of the lack of formal provisions of laws and regulations,the legal effect of gambling agreements has always been in a state of ambiguity,which has resulted in continuous disputes in the field of investment,and the settlement of such disputes in judicial practice has no rules to follow.We can only rely on some principled provisions of company law and contract law as the basis of judgment.The famous cases are Haifu case and Hanlin case.In the Haifu case,the Supreme Court established two types of legal effects concerning investors and target companies and investors and shareholders of target companies.However,Hanlin case broke this rule,admitting that the investor and the target company signed a bet agreement,the target company can be the bearer of responsibility.It is precisely because of the lack of legal provisions in our country that there are various restrictions on the implementation of gambling agreements in judicial practice and even in financial supervision,which restricts the development of gambling agreements.In this context,it is particularly necessary to study the legal validity of gambling agreements.Gambling agreement has been developing for fifteen years in China since it appeared in 2003,but it is still in an awkward situation of unclear legal nature.It is difficult to provide legal protection for the development of gambling agreement.Improving the legal system of gambling agreement is an urgent problem for all departments.Its perfection suggestions should be from the aspects of legislation,judicial practice and financial supervision.Legislative departments,judicial departments,government departments and trade associations should assume corresponding responsibilities.This is not only conducive to promoting the economic development of our country,but also to improving the investment legal environment of our country.In this paper,the legal nature and effectiveness of the gambling agreement are analyzed,and combined with the relevant cases and trial rules in China,the existing problems in solving the disputes of the gambling agreement in practice at this stage are pointed out,and reasonable suggestions for the orderly development of the gambling agreement are put forward.