【作者】 李佳；

【导师】 唐攀；

【作者基本信息】 东南大学 ， 工商管理（专业学位）， 2019， 硕士

【摘要】 随着我国经济的发展,企业的融资方式越来越多样化,选择私募股权投资方式进行融资的企业越来越多。但在私募股权投资中,投融资双方并不能对融资企业未来的发展状况做出准确预测。因此,为了克服投融资双方信息不对称并降低投资风险,在私募股权投资中引入了对赌协议,即估值调整协议来调整投资后的双方权利义务关系。在实践运用中,对赌协议虽然能发挥积极作用,但对于投融资双方而言,都还要关注对赌协议运用过程中的风险,如何有效管理风险、降低风险也是非常重要的。本文采用案例分析法、比较分析法和定量分析法等研究方法,通过理论研究与实践案例分析相结合的方式,在对对赌协议相关理论进行深入研究的基础上,对我国私募股权投资中运用对赌协议的现状、特点及风险做了详细分析。通过列举我国私募股权投资中对赌协议应用的实例,介绍了目前对赌协议的运用现状,概括总结了对赌协议在私募股权投资中运用的特点,并从对赌协议签订前、签订时和签订后等三个阶段总结了我国私募股权投资中运用对赌协议的常见风险类型。然后引入我国私募股权投资中运用对赌协议的两个经典案例,永乐电器对赌摩根士丹利和中国动向对赌摩根士丹利,从对赌的背景、融资方签订对赌协议的动因、对赌协议的主要内容和投融资双方签订对赌协议的风险等几个方面做了详细介绍。最后按照对赌协议签订前、对赌协议签订时和对赌协议签订后等三个不同阶段,分别从投资方和融资方视角,详细提出了在私募股权投资中运用对赌协议时如何防范风险的具体措施,为投融资双方降低运用对赌协议的风险提供了有价值的参考。具体而言,在对赌协议签订前,投资方要做好尽职调查,融资方要评估签订对赌协议的必要性和可行性;对赌协议签订时,投资方应该审慎选择对赌主体,并根据实际需要,合理利用并设置股权回购条款、反稀释条款、优先权条款和一票否决权条款,充分保障自己的投资利益,降低投资风险。融资方则需要合理评估企业自身价值、合理设定对赌标准、建立重复博弈结构和充分利用保障性条款来降低签订对赌协议带来的风险;对赌协议签订后,投融资双方应该建立战略合作关系,投资方还应合理把握退出时机,融资方应提升自身企业的核心竞争力,并避免短期行为。更多还原

【Abstract】 With the development of the economy,the financing methods of enterprises are becoming more and more diversified,and more and more enterprises choose private equity investment for financing.But in the private equity investment,both of the investors and financiers can not make the accurate forecast about the future performance of the financing enterprise.Therefore,in order to overcome the information asymmetry between the investors and financiers and reduce the risk of investment,VAM is introduced in private equity investment to adjust the relationship between rights and obligations after investment.In practice.Although the VAM plays a positive role,for both of the investors and financiers,they should pay attention to the risk of using the VAM,how to manage the risk effectively and reduce the risk is also very important.This paper adopts the methods of case analysis,comparative analysis and quantitative analysis,through the theoretical analysis and case studies,and on the basis of in-depth research on the theory of VAM,this paper makes a detailed analysis of the current situation,characteristics and risks of the application of VAM in the private equity investment in China.By enumerating the examples of the application of VAM in private equity investment in China,this paper introduces the current situation of the application of VAM,summarizes the characteristics of the application of VAM in private equity investment,and summarizes the common risk types of private equity investment in China from the three different stages,including signed before,during and after.Then the paper introduces two classic cases about the application of VAM,that is,Yongle bet against Morgan Stanley and China trend bet against Morgan Stanley.And the paper gives a detailed description about the background of the case,the reasons why the financier signed the VAM,the main contents of the VAM and the risk of using the VAM.Finally,according to the three different stages,including signed before,during and after,this paper puts forward in detail about the concrete measures of how to prevent the risk when using the VAM in private equity investment,which provides valuable reference for both of the investors and financiers.Specifically,before the signing of the VAM,the investors should do a good job of due diligence,and the financiers should evaluate the necessity and feasibility of signing the VAM.When a VAM is signed,the investor shall carefully choose the main body of the bet.And according to the actual needs,make reasonable use of and set up the share repurchase clause,the anti-dilution clause,the priority clause and the one-vote veto clause,so as to fully protect their investment interests and reduce the investment risk.The financier needs to evaluate the enterprise’s own value and set the gambling standard reasonably,set up the repeated game structure and make full use of the guarantee clauses to reduce the risk brought by signing the VAM.After the signing of the VAM,the investors and financiers should establish a strategic cooperative relationship,the investors should also grasp the exit opportunity reasonably,the financiers should enhance the core competitiveness of their enterprises,and avoid short-term behavior.更多还原