Analysis And Control Of Legal Risks Of VAM Agreement In Equity Investment

In recent years,the application of VAM in China’s investment and financing market is more and more,but the legal nature and the subsequent performance of the VMA have been controversial.Caused the VAM in the actual use of the existence of great obstacles,the author’s statistics from 2010 to 2018 show that the caseload has increased year by year,and the number of cases judged by the Supreme Court has also increased.After 2019,the growth rate of cases has been moderated,including the impact of COVID-19 pandemic after 2019.The existence of these factors will not be conducive to the application of VAM and affect the development of investment and financing market.As a problem involving civil law,corporate law,economics and management business,it is difficult to study the legal risk of VAM.It is necessary to summarize the legal risk and explore a set of effective ways to improve its feasibility under the current legal system.This thesis consists of three parts: introduction,text and conclusion.The text is divided into the following parts:The first part of the VAM on the basis of the introduction of relevant theories and different viewpoints,explains the necessity and theoretical basis of research on the legal risk prevention and control of VMA at this stage.This part first introduces the concept and significance of VAM,and then summarizes the relevant provisions in practice.After demonstrating the necessity of research on the legal risk prevention and control of gambling agreement at this stage,the author analyzes the theoretical basis of legal risk analysis and control,in order to provide theoretical basis for the discussion of the next chapter.The second part analyzes the classic case "Haifu case" by using the Summary of the“Minutes of the National Court of Civil and Commercial Trial Work”.Through the analysis of “Minutes of the National Court of Civil and Commercial Trial Work” on the "Hai Fu Case" handling of the impact,demonstrate the “Minutes of the National Court of Civil and Commercial Trial Work” to the VAM legal risk prevention and control of impact.At the same time,the thesis summarizes the direction of judicial decision in the past,and the discussion about the effect of VAM agreement and the main body.Then combined with the guidance of VAM cases in the “Minutes of the National Court of Civil and Commercial Trial Work”,the part of the previous judicial decisions that are still desirable is summarized.Based on the current “Minutes of the National Court of Civil and Commercial Trial Work”,this paper analyzes the main legal risks and the prevention and control problems faced by the "Haifu Case" VAM agreements.The third part mainly focuses on the current implementation of the VAM legal risk analysis and control.From the perspective of the main conflicts of interest relationship between investors and shareholders,investors and creditors in the performance of VAM,the thesis explains the main laws and regulations and corresponding risks.Among them,we will focus on the capital maintenance principle and the principle of unchanged in regulating the interests of creditors and investors to play a role in the balance of protection and resulting in the implementation of VAM.The fourth part is aimed at the third part of the proposed VAM agreement in the current implementation of the legal risk proposed to optimize the content and improve the maneuverability of related laws.On the one hand,it is suggested that both sides of investment and financing should choose the VAM subject reasonably,choose the terms of VMA prudently,and set up the terms reasonably.On the other hand,it is suggested to further improve the procedures of capital reduction and distribution of dividends and dividends,and to reduce the obstacles to the implementation of VAM.Through the above measures in order to control the VAM in the implementation process may exist in the legal risk,promote the use of the agreement in the investment and financing market.