Research On The Legal Issues Of Bet Agreement In Private Equity Investment

As early as the application of international institutional investors in China,the gambling agreement was gradually recognized by the public,and its legitimacy has been widely questioned for a long time because of its preference for protecting the interests of investors.Even at one point,it was thought that the betting agreement was a "trap" and a "deadly weapon for international capital to plunder our wealth".In the context of the new economic normal era,the emergence of emerging enterprises in the market,there are numerous financing needs of the company,at this time free private capital because of the high risk of investment and hesitant,slow to put,if you can sign a bet agreement between investment and financing,then it should be in line with the needs of both sides.However,if different adjudicatory bodies are difficult to form a uniform criteria for the determination of their effectiveness,the identity of the betting agreement has always been in a state of doubt,and the repression of the regulatory environment has made it difficult for the gambling to survive openly,then it will not be able to protect the legitimate rights and interests of both investment and financing.The investment side will have to abandon the investment project because of the expected uncertainty about the future profit,and of course the financing enterprise may also be exposed to greater risks due to legal loopholes.However,with the growth and progress of China's capital market,gambling agreements are widely used in private equity investment practice,such a view has been gradually abandoned by the market.In view of this,this paper takes the legal problems of gambling agreement in our country as the research object.Chapter One Introduction.In the introduction part,the research background,purpose,significance and current situation of domestic accident research in private equity investment are introduced.Lay the foundation for the writing of the following text.The second chapter,the case introduction and the question raised.Taking the case of "Hai Fu investment Case" as the case of this article,this paper analyzes the first and second instance of the case and the judgment of the Supreme Court,and then leads to the thesis of this paper.The third chapter is the basic connotation of the gambling agreement in private equity investment.In this part,the concept of the gambling agreement is first clarified,then the reasons for the gambling agreement and its legal nature are analyzed,and the legal structure of the gambling agreement is analyzed.The fourth chapter is about the problems in the application of the gambling agreement in China's private equity investment.In this part,the problem is analyzed from five aspects,mainly: the legitimacy of the gambling agreement is not clearly defined in the legislation;it may violate the principle of fairness and reasonableness of both parties;violate the principle of sharing risks according to the proportion of capital contribution;damage the legitimate rights and interests of corporate creditors;Shareholders' interests may be harmed.The fifth chapter is to improve the proposal of the gambling agreement in China's private equity investment.In view of the problems in Chapter 4,the following five aspects are proposed: improving the model contract,legally clarifying the legal status of the gambling agreement,regulating the compensation standard,and improving the rules of the gambling agreement to ensure fair and reasonable gambling agreement;Enterprise valuation standards,improve multi-level capital markets;standardize the gambling subject,introduce creditor priority and other systems to ensure the legitimate rights and interests of creditors;establish small and medium shareholders share repurchase rights,strengthen their litigation rights to protect the interests of small and medium shareholders.