Betting agreement is actually a form of option. By designing the terms, the gambling agreement can effectively protect the interests of investors. In the investment of foreign investment banks to domestic enterprises, the gambling agreement has been applied. Gambling agreement, also known as valuation adjustment mechanism, is an agreement reached between investors in order to reduce the investment risk brought by information asymmetry and protect their own interests. Gambling agreement is an agreement when the acquirer (including the investor) and the transferor (including the financier) reach a merger (or financing) agreement. If the agreed conditions appear, the financing party can exercise a right; If the agreed conditions do not appear, investors exercise their rights.
For example:
You have a pancake stall, and you think you have the ability to open another one and make money. Lack of booth fees. Your original stall is your own. Here comes the venture capital. I'm telling you, invest 65438+ ten thousand to open a second store. Has been opened, the annual dividend10%; I can't open it. Your original booth belongs to me.
The gambling agreement protects the interests of investors to the greatest extent, as if they don't have to bear any investment risks, and no matter what the investment result is, investors will be at the bottom, which is the price investors have to pay to get large sums of money quickly. Therefore, the gambling agreement is not so much the exploitation of the investee as the exploitation of Zhou Yu-one is willing to fight and the other is willing to suffer. The root of the gambling agreement lies in the uncertainty of the future profitability of enterprises, and the purpose is to realize the rationality and fairness of investment transactions as much as possible. It is not only an umbrella for investors' interests, but also plays a certain incentive role for financiers.