【作者】 王凯；

【导师】 何佳；

【作者基本信息】 哈尔滨工业大学 ， 金融（专业学位）， 2020， 硕士

【摘要】 从2013开始,我国上市企业掀起一轮并购重组的浪潮,无论是境内还是境外都创下了交易数量和资金规模的纪录,但是企业并购潮出现的同时也暴露了很多相关问题,涉及“高估值”和“高承诺”的双高现象的对赌协议就是其中之一。我国企业并购重组项目中,签订对赌协议的情况已经较为普遍,企业使用对赌协议的根本目的在于解决交易双方的估值差距,以此促进并购交易谈判。同时,通过对赌协议还可以对诸多细节问题形成约束,以此缓解企业在并购重组交易中的逆向选择和道德风险问题。然而根据本文对公开市场资料的整理统计,在2014年至2019年对赌承诺期间,对赌成功率持续走低,至2018和2019年承诺期,对赌失败率更是超过四成,这表明对赌协议的实际应用尚存在诸多可优化的细节问题。本文将在对“对赌协议”进行理论分析的基础上,结合国内的并购重组现状和对赌协议的运用现状,展开关于“对赌协议”的讨论,再通过对A股创业板公司“天山生物”收购新三板公司“大象广告”的并购重组案例进行实证分析,最后对“对赌协议”的实务应用提出建议。本文的结论是:企业在进行并购重组活动时,不应低估对赌协议的期权价值;同时,对赌协议方案应具有选择弹性;企业的风险来自于各种基本面因素,充分的尽职调查依然是减少逆向选择和道德风险的有效途径,不应过多地依赖对赌协议进行目标企业风险管理。最后,针对签订对赌协议的角色不同,适用的交易关注点也不一样。对并购方来说需要做到全面评估标的企业、制定合理的对赌协议条款和保证对赌协议的执行效果;对于被并购方来说需要做到与并购方的充分博弈、正确认识对赌协议风险和选择合适的对赌标准;而从资本市场的角度来看,需要制定有效的监管惩罚体系,形成全社会广泛的契约精神,充分发挥中介机构的桥梁作用,构建起社会公共信用体系。更多还原

【Abstract】 There are more and more merger-and-acquisition activities in China since 2013.Although the scale of both domestic and foreign transaction is very large,there are many related problems at the same time,including ‘high valuation’ and ‘high commitment’ in Valuation Adjustment Mechanism.The fundamental purpose is to resolve the valuation gap between the two sides of merger in order to promote M&A transaction negotiations.At the same time,the Valuation Adjustment Mechanism can also solve the adverse selection and moral hazard problems in the practice of M&A.However,in the current M&A projects in China from 2014 to 2019,it is common for companies to fail when using VAM.According to the performance report disclosed by listed companies in China in 2018 and 2019,the failure rate of VAM cases was as high as 40%.Such a high failure rate indicates that Chinese companies in the M&A projects still have many details need to improve.This article will discuss the risks and how to solve risk problems of VAM,based on the theory of Valuation Adjustment Mechanism,by analyzing the current status of domestic mergers and acquisitions and the application of VAM.Then the article will start a discussion on the actual use of VAM,and then conduct an empirical analysis through the M&A case about the company ‘Tianshan Bio’ and ‘Elephant Advertising’.At last,making recommendations on the practical application of the VAM.The conclusion of this article is that when an enterprise is carrying out M&A activities,it should not underestimate the value of options on the VAM.At the same time,the VAM should have flexibility.The risk of the enterprise comes from various fundamental factors,so the due diligence is still an effective way to reduce adverse selection and moral hazard problems and should not rely too much on VAM to make risk management of target enterprise.Finally,for different roles,the focus is different.For the M&A side,it is necessary to fully evaluate the target company,formulate reasonable terms of the VAM and ensure the implementation effect of VAM.For the acquired side,it’s necessary to fully play with the M&A side,correctly understand the risks of the VAM and choose the appropriate standard.From the capital market,it’s necessary to formulate an effective regulatory punishment system to form the spirit of contract,give full play to the role of intermediary institutions,and improve the social public credit system.更多还原