Valuation Adjustment Mechanism，翻译为“对赌协议”。

对赌协议，又称估值调整协议，是私募，风险投资领域经常使用的一种金融工具。

是指投资方（investor）与融资方（financing party）在达成股权性融资协议时，为解决交易双方对目标公司未来发展的不确定性、信息不对称以及代理成本而设计的包含了股权回购、金钱补偿等对未来目标公司的估值进行调整的协议。

参考双语例句：

This part helps enterprises to understand and overcome the trap in the VAM to become the winner or get win-win result.

希望本章有助于企业认清并克服对赌协议的法律陷阱，最后达到胜出或双赢的结局。

Finally, this paper analyzes that there are some legal obstacles in implementing the VAM under Chinese laws, and raises the feasibility suggestions of preventing legal risk.

最后，本文分析了在中国法律环境下实施对赌协议存在的法律障碍，并提出了防范对赌风险的可行性建议。

In addition to its policy, advocacy and system-wide coordination work, the operational support of the Special Unit to Member States and the United Nations system has been provided mainly through its three-in-one multilateral South-South support architecture: the Global South-South Development Academy, which helps partners to systematically and jointly identify, document and share southern development solutions; the annual Global South-South Development Expo, which has enabled partners to regularly showcase successful and scalable development solutions; and the South-South Global Assets and Technology Exchange (SS-GATE), which has provided partners, especially private sector partners, with the opportunity to list solutions, match supply and demand and collaborate for scaling up, including through finding financing options.

除政策、宣传和全系统协调工作外，特设局对会员国和联合国系统的业务支 持主要是通过三合一式多边南南支持架构提供的：全球南南发展研究所，帮助合作伙伴系统、共同地查明、记录和分享南方的发展解决方案；年度全球南南发展博览会，使合作伙伴能够定期展示成功和可推广的发展解决方案；以及南南全球技术产权交易所，让合作伙伴特别是私营部门合作伙伴有机会列出解决方案，给供需搭桥牵线，以及协作推广经验，方法包括寻找融资方案。