Study On The Legitimacy Of The Gambling Agreement And Its Regulatory Policy

As a financial innovation in the field of private investment,the gambling agreement is designed to solve the predicament of the investment and financing valuation of the enterprise.It is an agreement between the investor and the financier for the uncertainty of the future when the agreement is reached.The Supreme Court’s punishment for gambling agreements in Hai Fu case has generally affirmed the validity of the gambling agreement,but it still caused great controversy in academic circles.In the field of practice,the application of the specific provisions of the gambling agreement is also difficult because of the restrictions of relevant laws and regulations.his article is mainly divided into three parts.The first part introduces the gambling agreement,and on the basis of literature review of its legal nature,it puts forward that the game agreement is part of the terms and conditions attached to the effective contract.The second part introduces the experience of the gambling agreement in the United States preferred shares,analyzes the Chinese on gambling practice case and general application,and Analysis on the legal risks of gambling agreement arrangements,in the special equity conversion,equity repurchase,listed companies and the simulation in terms of the preference.The third part mainly deals with the understanding of the gambling agreement between academia and practitioners.Generally speaking,the academic circles agree that the terms of the valuation adjustment clause should be recognized.On this basis,the author thinks that the existence of social and economic value of the agreement on gambling,and it did not fulfill the requirements substantially against the company and the interests of creditors,not across the invalid,the author thinks that according to the company law of capital maintenance system to protect the company and the creditors of the company.Finally,based on the above discussion and summary on the proposed agreement on gambling supervision opinions,suggestions on the content of the VAM and fulfill the implementation of negative list management,should be regulated under the system of capital maintenance,to the normal operation of company can sign in order to protect the interests of creditors and the company.At the same time,it is suggested that the restrictions on convertible securities be liberalized and that the betting agreement should be regulated under the "sunshine".And the two parties can also specify specific performance conditions in the contract in order to ensure the normal operation of the company.