Research On The Legality Of The "gambling" Agreement

VAM(Valuation Adjustment Mechanism)is widely used in equity investment,however,the validity of which is quite controversial.There is an agruement in academia and we could see inconsistent judgements and arbitraments in practice.Therefore,the author devoted himself to research the validity of VAM in this thesis.At the beginning part of the thesis,the author clarified the issues such as the origin and the legal definition of VAM.On this basis,the author elaborated the academic disputes,financial regulation,juridical,and arbitral practice about VAM and then made a deep analysis on the validity of VAM through China's foremost case about VAM,namely “Haifu Case”.During the research,the author introduced the classic Delaware Case on Thought Works and compared it with Haifu Case.At last,the author provided the financial regulator,court(or arbitral tribunal)and contractor with the advices about how to deal with VAM based on the above research findings.