The Analysisonthe Legal Natureof Valuation Adjustment Mechanism

In recent years,the financial market of our country has become more mature.Enterprises of all sizes want to take a share in this highly active market.For those small and medium-sized enterprises that have just been established,capital has become a major problem restricting their development,and financing difficulties,slow financing and high financing costs have become common obstacles in front of these enterprises.Therefore,various ways of private equity have attracted more and more attention of these enterprises,and any investment is risky.For investment institutions,it will become more cautious to inject funds into small and medium-sized enterprises just established.In this environment,gambling agreements are more and more applied in the investment process.Gambling agreement,become a widely used investment adjustment tool in the modern financial market.Its foundation is to solve the problem of information asymmetry between investors and financiers.The earliest gambling case in China is the equity investment case of Mengniu and Morgan Stanley.It is based on this gambling contract that Mengniu Dairy industry has become a Chinese dairy giant.Of course,in practice,there are many cases in which both sides of the agreement appeal to the court due to the failure of gambling.The most typical case is the Suzhou Haifu case,which is called the first case of gambling in China.This case was settled by the final judgment of the Supreme Court,and the judgment result also became the reference basis of similar cases.However,every gambling case has its own complexity.Although the Supreme Court's case has great reference value,it can't deal with all related cases based on this principle.Due to the lack of relevant laws and regulations on gambling agreement in China,there are few related legal works.When such cases happen,the judges still have no laws to rely on.As a kind of contract which is not explicitly stipulated in the law of our country,aleatory contract has always been a controversial point in the judicial practice.The essence of gambling agreement is similar to aleatory contract.It is scientific and reasonable to attribute the nature of gambling agreement to aleatory contract.At present,there are insurance contracts,lottery contracts,sales contracts with prizes and other types of aleatory contractsprotected by national laws in China.Therefore,I want to explore the legal basis of aleatory contract in China through the current legislative status of aleatory contract in Our country.This research can provide an important guidance to the gambling agreement.As a kind of aleatory contract,there should be room for its existence and development.It can also be found by referring to the judicial practice that the court holds the invalid cases and the judgment opinions of the gambling agreement.If the judgment is based on the legality standard of the aleatory contract,these opinions may not be tenable.When the gambling agreement as an aleatory contract has the same contract characteristics as the insurance contract and lottery contract recognized by law,it has the basis of legitimacy and should be recognized as effective.Such a standard has a great guiding role in the judicial practice of the effectiveness of the gambling agreement,the investment behavior of investors,and also conducive to promoting the development of China's market economy.