本文關鍵詞： 私募 對賭協(xié)議 估值調(diào)整 股權投資 企業(yè)估值　出處：《天津財經(jīng)大學》2013年碩士論文　論文類型：學位論文

【摘要】：對賭協(xié)議也稱估值調(diào)整協(xié)議(Valuation adjustment mechanism,簡稱VAM),是國內(nèi)外股權投資尤其是私募股權投資(Private Equity,簡稱PE)中經(jīng)常采用的一種方式,由于其具有一定賭博特點,在國內(nèi)通常稱之為對賭協(xié)議。對賭協(xié)議是融資方與投資方在投資時達成的一種對未來不確定情況的約定,當出現(xiàn)雙方所約定的條件,投資方可以獲得一定的價格補償,如果不出現(xiàn),或出現(xiàn)另一種情況,融資方可以從投資方獲得一定的價格補償。 當前,對賭協(xié)議逐漸在中國資本市場上發(fā)揮作用,一定程度上促進了私募股權投資的發(fā)展,但同時,也有許多企業(yè)因為賭輸損失慘重,如何很好的利用對賭協(xié)議工具,為企業(yè)融入發(fā)展急需的資金,又能規(guī)避對賭的風險,關鍵是對賭價格的設定。對這種投資工具的價格進行研究和探討,提出一些有利于防范對賭風險的措施和建議,這就是本文的寫作目的。本文研究的是私募股權投資中對賭協(xié)議的價格問題,即,如何選擇,以及選擇多高的對賭指標,初始入股價格體現(xiàn)了哪些信息,初始入股價格是否使雙方收益與風險相匹配。 第一部分對私募股權投資以及對賭協(xié)議的在中國的發(fā)展作了簡單的概述,指出有關對賭協(xié)議的研究需要進一步的深入。總結了國內(nèi)外關于私募股權投資、對賭協(xié)議和企業(yè)估值的研究現(xiàn)狀和歷史過程。文章第二部分是寫作過程中需要用到的一些理論背景,對私募股權投資,對賭協(xié)議,作了詳細介紹,并指出簽定對賭協(xié)議將是未來私募股權投資重要環(huán)節(jié)。第三部分先對對賭協(xié)議在私募股權投資中的作用進行概括,然后從收益最大化角度分析了對賭協(xié)議的激勵和鞭策作用的作用機制,并得出第一個結論：多層次，，分步聚的對賭條款設定可以更好的激勵企業(yè),并可以降低投資方的風險。進一步通過價格公式分析,找出了對賭協(xié)議指標價格中,起作用的兩個因子：激勵因子和危機因子。激勵因子存在于對賭指標價格的上限,而危機因子存在與對賭指標價格的下限。企業(yè)應謹慎對待二者,不能因過高的激勵因子而冒險接受過重的危機因子。第四部分通過回歸模型找出投資時入股價格受哪些因素的影響,得出結論：PE中入股價格未能體現(xiàn)雙方的收益與風險的匹配,企業(yè)既然在入股價格中就已承擔了投資者的風險,那么對賭協(xié)議設定中就不應讓企業(yè)承受未來的系統(tǒng)性風險。最后部分根據(jù)研究結果提出一些意見和建議。
[Abstract]:The bet agreement is also known as the valuation adjustment mechanism (VAM). Equity investment, especially private equity investment at home and abroad, especially Private Equity (PEI) is often used in a way, because of its gambling characteristics. Gambling agreement is a kind of agreement between the financier and the investor in the future uncertainty, when the conditions agreed between the two parties appear. Investors can get a certain price compensation, if not, or in another situation, the financier can get a certain price compensation from the investor. At present, gambling agreements gradually play a role in China's capital market, to a certain extent, promote the development of private equity investment, but at the same time, there are many enterprises because of the loss of gambling losses. How to make good use of gambling agreement tools for enterprises to integrate into the development of urgently needed funds, but also to avoid the risk of gambling, the key is to set the price of gambling. The price of this investment tool is studied and discussed. Put forward some measures and suggestions to prevent the risk of gambling, this is the purpose of this paper. This paper studies the price of gambling agreements in private equity investment, that is, how to choose. What information does the initial share price reflect, and whether the initial share price makes both parties' income and risk match? The first part gives a brief overview of private equity investment and the development of gambling agreements in China, and points out that the research on gambling agreements needs to be further deepened, and summarizes the domestic and foreign private equity investment. The second part is the theoretical background of the writing process, private equity investment, gambling agreement, a detailed introduction. And pointed out that the signing of gambling agreement will be an important link in the future private equity investment. The third part summarizes the role of gambling agreement in private equity investment. Then from the point of view of profit maximization, this paper analyzes the incentive and incentive mechanism of the gambling agreement, and draws the first conclusion: the multi-level, step by step gambling clauses can be better set to encourage enterprises. And can reduce the risk of investors. Further through the price formula analysis, found out the target price of the gambling agreement. Incentive factor and crisis factor exist in the upper limit of the price of gambling index, and the lower limit of the price of risk factor and gambling index. Enterprises should treat the two factors with caution. Too high incentive factors can not risk accepting excessive crisis factors. 4th part of the regression model to find out when the investment price of the stock by what factors. The conclusion is that the price of the stock in the: PE does not reflect the matching of the income and the risk of both sides. Since the enterprise has already assumed the risk of the investor in the price of the stock. In the end, the author puts forward some suggestions and suggestions based on the results of the study.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F830.91

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