Study On The Legal Effect Of Valuation Adjustment Mechanism

As an important tool for private equity investment,valuation adjustment mechanism can alleviate the difficulty of financing for start-up enterprises.With the frequent use of valuation adjustment mechanism in China’s investment and financing fields in recent years,cases and disputes related to valuation adjustment mechanism are also increasing.In the face of disputes over valuation adjustment mechanism,it is difficult for the parties to valuation adjustment mechanism to find effective remedies,and it is difficult for the judicial organs to effectively judge the cases related to valuation adjustment mechanism.Although the "Haifu Investment Case" and the "Fuhui Case" provided a trial idea for the legal validity of valuation adjustment mechanism in China,China’s identification of the legal effect of valuation adjustment mechanism and the improvement of relevant norms are still necessary.The existing research on the effectiveness of valuation adjustment mechanism mainly focuses on its legal status.In the context of comprehensive domestic and foreign academic research and legislative trials,this article will conduct an in-depth analysis of the three problems in the legal validity of the valuation adjustment mechanism,namely: it is difficult to unify the identification of the main body of valuation adjustment mechanism,it is difficult to unify the standardization of valuation adjustment mechanism,and valuation adjustment mechanism is detrimental to the dilemma of the company and its creditors.In view of the focus of these debates,this paper demonstrates and concludes that the improvement of the legal validity of valuation adjustment mechanism should be based on improving the standardization of valuation adjustment mechanism subject,improving the definition of obviously unfair principle in valuation adjustment mechanism,and improving the determination of loss of interests of the company and creditors.To sum up the full text,this paper analyzes the legal effect of valuation adjustment mechanism and analyzes the specific problems.On the basis of respecting the principle of company law,based on the rational basis of the subject of valuation adjustment mechanism,based on the practical characteristics of commercial activities,according to the specific content of the agreement and the specific characteristics of valuation adjustment mechanism disputes are based on dialectical analysis of relevant laws and regulations in China,and make legal and reasonable judgments and rulings.In the process of determining the legal effect of valuation adjustment mechanism,it should not be limited to a fixed referee thinking,but should take into account the interests of the investor and the financing party.