| With the rapid development of China’s private equity investment industry,"valuation adjustment mechanism" has gradually gained the attention and favor of the investment and financing sides of the PE industry in China.As an equity investment tool commonly used in the investment market,it plays a very key role in the investment and financing process of Chinese enterprises.However,due to the lack of specific laws and regulations on the legal regulation of "valuation adjustment mechanism" in China,there is a lack of corresponding legal regulation standards in China’s legislation,judicature and supervision,which causes a certain dilemma in China’s judicial practice.The appearance of different judgments on the same case greatly affects the authority of China’s judiciary.From equity investments in this,the author "bet agreement",the general theory of analysis and research is mainly focused on the basic theory of the "bet agreement",including the concept of "bet agreement" with the characteristics,the classification of "bet agreement" and the legal nature,and then come to the conclusion that think "bet agreement" legal nature of the various theories are not fully summarized the essential features of "bet agreement",thus "bet agreement" should be a typical contract,not to be forced into some famous contract regulation and management.Then in equity investments "bet agreement" the view of the problems existing in the legal regulation and the use of case analysis and the analysis of legal norms combed the legal regulation to "bet agreement" in our country,the problems in the thought on "bet agreement" in our country at present the process of legal regulation,there is a legislative gaps,the judicial practice,regulatory recognition problems,and further analyzes its reasons.Finally,in view of the existing problems in the legal regulation of "valuation adjustment mechanism" in China,the author puts forward some Suggestions on the legal regulation of "valuation adjustment mechanism",hoping to provide some perspectives for the reasonable and legal operation of "valuation adjustment mechanism" in the future.At the legislative level,its legal status should be clarified to ensure its legal operation.At the judicial level,the identification standard of the "valuation adjustment mechanism" is unified,and the legal character of the "valuation adjustment mechanism" is given.Comprehensive consideration of the consequences of its performance,to avoid a judgment in principle.At the regulatory level,we should learn from the United States to set up self-regulatory organizations and introduce risk demonstration contracts for the reference of investment and financing parties.Pay attention to the prominent role of "valuation adjustment mechanism" in enterprise financing.After strict declaration conditions and procedures,we can recognize the existence of "valuation adjustment mechanism" of some enterprises to be IPO,and strengthen supervision over it.Strengthen the information disclosure obligation of the company to be listed,and comprehensively use legislation,judicatory and regulatory legal regulation,hoping to promote the legal application of "valuation adjustment mechanism". |
