基于投资方视角的对赌协议风险识别与控制研究

【作者】 王慧；

【导师】 郭金凤；

【作者基本信息】 内蒙古大学 ， 会计（专业学位）， 2016， 硕士

【摘要】 对赌协议是一种风险大但报酬也高的经济手段,经常被西方国家的投资机构应用到各种经济活动中。对赌成功,可以使投资机构收获高额的报酬；对赌失败,则损失惨重。对赌协议之所以会产生,是因为投资机构对于被投资企业以后的盈利能力有一定的不确定性,可能会存在各种潜在因素影响投资企业的未来发展能力,所以,投资机构希望通过签订对赌协议来确保其能够获得一定利益,同时也期望能够约束融资方管理层有效管理企业,实现对赌目标。截止2015年,我国企业对赌失败率高达69%,对赌一旦失败,对签订对赌协议的双方都是不利的,其中,投资方的损失也会很大。本文以九鼎投资与易事达对赌为例,站在投资机构九鼎投资的角度,结合相关的理论对案例进行详细分析探究。本文主要使用规范研究和案例研究相结合的方法,以委托代理理论、风险识别理论与风险控制理论奠定本文研究的理论基础,结合理论对案例进行深入分析,基于投资方视角,研究对赌协议的风险识别及风险控制问题。通过对九鼎投资对赌易事达的整个对赌过程进行分析和阐述,站在九鼎投资角度,首先识别出其在签订对赌协议时不同阶段存在的关键风险：对赌协议签订前存在前期调查不尽职风险,对赌协议签订中存在估值风险与业绩目标设定风险,对赌协议签订后存在道德风险、法律风险及违约风险。其次,对九鼎投资的现有风险控制措施进行了深度分析,发现其建立的风险控制体系中针对控制对赌协议的风险措施并不健全。最后,本文针对识别出的九鼎投资运用对赌协议存在的风险,结合风险缓减、风险监控及风险回避等风险控制方法,对九鼎投资提出了相应的风险控制措施建议,期望可以有效的降低其存在的风险程度,为我国日后签订对赌协议的所有投资方提供一定参考价值。更多还原

【Abstract】 Risk is a big bet on agreement but also high economic means, remuneration is often in the west investment institutions is applied to various kinds of economic activity. Bet against the success, can make the investment institutions gain high reward; Bet it fails. Bet against the agreement will produce, because investment institutions for the invested enterprise future profitability has certain uncertainty, there might be various potential factors affect investment in the future development of the enterprise capability, so the investment institutions to bet on agreement to ensure that it can get some interests, but also expect to constraint financiers effectively management enterprise management, achieve bet. Bet against failure rate as high as 69%by 2015, our country enterprise, bet once failure, adverse to bet on agreement of both parties are, among them, the investor’s losses will be very big. Based on the dominant investment and easy to bet against, for example, to stand in the Angle of the investment institutions dominant investment, combining with related theory to detailed analysis to explore the case.In this paper, using the combination of normative analysis and case study method, according to the theory of principal-agent theory, risk identification and risk control theory, this paper studies the theory basis, combining with the theory of case analysis, based on the investor perspective, the research on the agreement of risk identification and risk control problem. Through to the dominant investment bet easy of the whole process is analyzed and expounded, bet stand keeping investment side, first identify its different stages when signing the agreement that bet on key risks:bet against the agreement before signing of the risk of the investigation is not due diligence on the agreement was signed in valuation risk and performance risk of goal setting, bet there after the agreement is the moral risk, legal risk and the risk of default. Second, to invest in keeping the existing risk control measures are analyzed in depth, found that the establishment of risk control system according to control on the agreement of risk measures is not sound. Finally, this paper identified the dominant investment risks using bet agreement, combined with risk mitigation, risk monitoring and risk control methods, such as risk aversion, proposed the corresponding risk control measures for keeping investment advice, expectations can effectively reduce the risk of its existence, for our future bet on agreement of all the investors to provide a certain reference value.更多还原