In 2019, the Supreme People’s Court issued the "Minutes of the National Court Civil and Commercial Judgment Work Conference" (hereafter abbreviated as Minutes), which established the judgment idea of the VAM agreement from effectiveness control to regulation performance. However, from the perspective of creditor protection, the judgment idea involved enforceability. There is a certain misalignment in the application. Therefore, this paper analyzes the existing problems from the current judges’ lack of understanding of the performance of the VAM repurchase, the regulations on the sources of funds available for the VAM repurchase, and the insufficient capital reduction procedures for the VAM repurchase requirement in the Minutes. Then, under the "Contract Section" and the principle of creditor protection, this paper proposes the improvement path of the performance of the VAM repurchase in judicial and internal corporate governance, the feasible system for the regulation of the source of repurchase funds, and the correct application of the capital reduction procedure, which is expected to be beneficial to trial practice.