The Dilemma And Optimization Of The Valuation Adjustment Agreement Under The "Post-HaiFu Case Era"

In 2012,the supreme people’s court made a judgment on haifu case,known as "the first case of China’s gambling agreement",and preliminarily recognized the effectiveness of relevant types of gambling agreements,ending the domestic debate on the effectiveness of gambling agreements for a long time.In this context,after studying a large number of cases and data,the author found that after the supreme people’s court’s judgment on the "haifu case",the application of the gambling agreement in China presented different characteristics from that before the "haifu case".After the "haifu case",in addition to continuing the dispute over its legal effect,the gambling agreement in our country also presents new characteristics,such as high-frequency use,application field expansion to the field of labor relations,even the government’s management of state-owned land and the solution of the effectiveness problem can not alleviate the fundamental contradiction of the gambling agreement.Based on the above comparison,the author took "haifu case" as the watershed,named it "the post-haifu case era" after the judgment of"haifu case" and analyzed it.In this paper,the author combined with bet agreement in the cause of our country and "houhai rich times”bet protocol use present situation to the analysis on the mechanism of the real action,and argues that under the current legal framework,to alleviate the contradiction bet protocol mechanism itself,can draw lessons from America’s capital markets earnout mechanism bet against the agreement of "sinicization" throw reengineering",and at the same time complementary with preferred shares this investment tools to implement bet agreement under the current legal framework.