Lin Lin
Dr. Lin Lin is an Assistant Professor at NUS Law. She specializes in corporate law, corporate finance, venture capital and private equity, and Chinese law. She was a Visiting Scholar at Stanford Law School and the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford University (2012-2013), a Senior Visiting Fellow at the Harris Manchester College at University of Oxford (2019) and Visiting Professor at Melbourne Law School (2020).Her articles have been published or accepted in leading journals in her field, such as Stanford Journal of Law, Business
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(1) severe information asymmetry in the less informed market,
(2) the lack of convertible preferred stock under Chinese law and excessive legal restrictions over investment tools and contractual mechanisms in venture capital financing, and
(3) insufficient legal protection for investors under Chinese law.
This article argues that, unlike American venture capital contracts, which are designed to encourage long-term, sustainable investor-entrepreneur relationships, VAMs are predominantly investors’ self-help mechanisms to address specific and serious investor protection issues in the transitional and less informed Chinese market. Thus, it suggests that the problems regarding investor protection motivating the use of VAMs can be better solved by law reforms such as allowing limited liability companies to issue convertible preferred stock, introducing more legal remedies for minority investors, as well as an improved regulatory environment governing venture financing.