B公司“對賭協(xié)議”融資方式與企業(yè)績效研究
發(fā)布時間：2018-07-18 07:17
【摘要】：眾所周知,企業(yè)的發(fā)展離不開資金,融資在企業(yè)的成長乃至可持續(xù)發(fā)展進程中起到越來越重要的作用,融資的成功與否甚至成為了企業(yè)能否走上良性發(fā)展的道路的“阿喀琉斯之踵”;與此同時,我國民營企業(yè)是社會主義市場經(jīng)濟的重要組成部分,具有機制靈活、轉型快的特點,在不斷發(fā)展壯大的進程中,相比較國有企業(yè),我國民營企業(yè)缺少金融系統(tǒng)的良好支撐,深受融資問題困擾。民營企業(yè)融資方式的選擇對于企業(yè)有著越來越重要的影響,甚至還影響到了企業(yè)未來的可持續(xù)發(fā)展;此外,隨著經(jīng)濟的不斷發(fā)展,我國企業(yè)的融資渠道變得多元化,“對賭協(xié)議”作為一種能夠促使管理層、股東的利益趨于一致、并以實現(xiàn)共同利益為目標的融資方式,越來越成為金融市場上的重要力量之一,被眾多企業(yè)廣泛應用。越來越多的民營企業(yè)包括民營上市公司選擇“對賭協(xié)議”融資方式,以謀求更廣闊的發(fā)展空間。企業(yè)如果能夠有效利用“對賭協(xié)議”融資,通過外部得到大量資本的同時也能實現(xiàn)管理層與股東的利益相一致,就會對企業(yè)實現(xiàn)快速發(fā)展、提升企業(yè)績效有著重要的價值�；谏鲜鲇懻�,本研究綜合采用文獻研究法、案例研究法、市場調研法以及比較研究法。首先,研究分析了B公司的行業(yè)背景,并通過內外部環(huán)境、對賭雙方的介紹來分析B公司的背景;其次,揭示了B公司對賭的動因、總結其“對賭協(xié)議”融資方式的內容;再次,當前對融資效果的評價大多是使用傳統(tǒng)財務指標,但鑒于B公司是民營上市公司以及EVA充分考慮股權資本成本的特點,所以本研究運用傳統(tǒng)財務指標并結合EVA從兩大維度評價“對賭協(xié)議”融資對B公司企業(yè)績效的影響,并進行分析評價;最后,針對B公司“對賭協(xié)議”存在的問題,不僅對“對賭協(xié)議”融資方式提供完善的對策建議,而且從提高績效評價精度角度入手,提升“對賭協(xié)議”融資效果進而提升公司價值為提升企業(yè)績效提供對策。研究結果顯示:(1)B公司在“對賭協(xié)議”融資中,未準確衡量自身的價值,將評判標準設定得過高,并且未根據(jù)實際情況及時地調整估值,導致“對賭協(xié)議”對B公司企業(yè)績效產生較大的負面影響;(2)EVA充分考慮了股權資本成本,更加真實地反映股東財富,對對賭目標是股價的企業(yè)來說,是一種比較合適的評價方法;(3)從完善“對賭協(xié)議”融資要素以及完善EVA績效評價體系入手,優(yōu)化融資方式進而提升企業(yè)績效,從而為有意向拓寬“對賭協(xié)議”這一融資渠道的企業(yè)提供相關對策建議。綜上,本研究的研究結論對于民營上市公司“對賭協(xié)議”融資的運用實踐具有一定的啟發(fā)和指導意義,為已經(jīng)使用和有意向使用“對賭協(xié)議”融資方式的民營上市公司的業(yè)績提升和未來的可持續(xù)發(fā)展具有理論價值和實踐意義。
[Abstract]:As we all know, the development of enterprises can not be separated from capital. Financing plays a more and more important role in the growth and even sustainable development of enterprises. The success of financing has even become the "Achilles heel" of whether enterprises can take the path of healthy development. At the same time, private enterprises in our country are an important part of the socialist market economy, with the characteristics of flexible mechanism and fast transition. In the process of continuous development and expansion, compared with the state-owned enterprises, the private enterprises in China lack the good support of the financial system, and are deeply troubled by the financing problem. The choice of financing mode for private enterprises has more and more important influence on enterprises, and even affects the sustainable development of enterprises in the future. In addition, with the continuous development of economy, the financing channels of Chinese enterprises become diversified. As a kind of financing method which can promote the interests of management and shareholders and realize the common interests, "gambling agreement" has become one of the most important forces in the financial market and has been widely used by many enterprises. More and more private enterprises, including private listed companies, choose the "gambling agreement" financing mode, in order to seek a broader space for development. If the enterprise can effectively use the "gambling agreement" financing, get a large amount of capital through the outside, but also achieve the benefits of management and shareholders consistent, it will achieve rapid development of the enterprise and improve the performance of the enterprise has an important value. Based on the above discussion, this study adopts literature research method, case study method, market research method and comparative research method. Firstly, the paper analyzes the background of B Company, and analyzes the background of B Company through the introduction of internal and external environment, secondly, it reveals the motivation of B Company's gambling, summarizes the content of its "gambling agreement" financing method. Thirdly, most of the current evaluation of the financing effect is based on traditional financial indicators, but in view of the fact that B company is a private listed company and EVA fully considers the characteristics of equity capital cost, Therefore, this study uses traditional financial indicators and EVA from two dimensions to evaluate the impact of "gambling agreement" financing on the corporate performance of company B, and to analyze and evaluate; finally, aiming at the problems of "gambling agreement" in B company. It not only provides the perfect countermeasure and suggestion to the financing way of "gambling agreement", but also from the angle of improving the performance evaluation precision, promotes the financing effect of the "gambling agreement" and then promotes the company value to provide the countermeasure for improving the enterprise performance. The results show that: (1) Company B has not accurately measured its own value, set the evaluation criteria too high, and failed to adjust its valuation according to the actual situation in time. As a result, the "gambling agreement" has a greater negative impact on the corporate performance of Company B. (2) EVA takes full account of the cost of equity capital, and more truly reflects the wealth of shareholders. It is a more suitable evaluation method. (3) from perfecting the financing elements of "gambling agreement" and perfecting EVA performance evaluation system, optimize the financing way and then improve the enterprise performance. Therefore, it provides relevant countermeasures and suggestions for enterprises that intend to broaden the financing channel of gambling agreement. In summary, the research conclusions of this study have certain enlightening and guiding significance for the private listed companies' financing practice of "gambling agreement". It is of theoretical and practical significance to improve the performance and sustainable development of the private listed companies that have used or intentionally use the "gambling agreement" financing method.
【學位授予單位】：江蘇大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.233.42
[Abstract]:As we all know, the development of enterprises can not be separated from capital. Financing plays a more and more important role in the growth and even sustainable development of enterprises. The success of financing has even become the "Achilles heel" of whether enterprises can take the path of healthy development. At the same time, private enterprises in our country are an important part of the socialist market economy, with the characteristics of flexible mechanism and fast transition. In the process of continuous development and expansion, compared with the state-owned enterprises, the private enterprises in China lack the good support of the financial system, and are deeply troubled by the financing problem. The choice of financing mode for private enterprises has more and more important influence on enterprises, and even affects the sustainable development of enterprises in the future. In addition, with the continuous development of economy, the financing channels of Chinese enterprises become diversified. As a kind of financing method which can promote the interests of management and shareholders and realize the common interests, "gambling agreement" has become one of the most important forces in the financial market and has been widely used by many enterprises. More and more private enterprises, including private listed companies, choose the "gambling agreement" financing mode, in order to seek a broader space for development. If the enterprise can effectively use the "gambling agreement" financing, get a large amount of capital through the outside, but also achieve the benefits of management and shareholders consistent, it will achieve rapid development of the enterprise and improve the performance of the enterprise has an important value. Based on the above discussion, this study adopts literature research method, case study method, market research method and comparative research method. Firstly, the paper analyzes the background of B Company, and analyzes the background of B Company through the introduction of internal and external environment, secondly, it reveals the motivation of B Company's gambling, summarizes the content of its "gambling agreement" financing method. Thirdly, most of the current evaluation of the financing effect is based on traditional financial indicators, but in view of the fact that B company is a private listed company and EVA fully considers the characteristics of equity capital cost, Therefore, this study uses traditional financial indicators and EVA from two dimensions to evaluate the impact of "gambling agreement" financing on the corporate performance of company B, and to analyze and evaluate; finally, aiming at the problems of "gambling agreement" in B company. It not only provides the perfect countermeasure and suggestion to the financing way of "gambling agreement", but also from the angle of improving the performance evaluation precision, promotes the financing effect of the "gambling agreement" and then promotes the company value to provide the countermeasure for improving the enterprise performance. The results show that: (1) Company B has not accurately measured its own value, set the evaluation criteria too high, and failed to adjust its valuation according to the actual situation in time. As a result, the "gambling agreement" has a greater negative impact on the corporate performance of Company B. (2) EVA takes full account of the cost of equity capital, and more truly reflects the wealth of shareholders. It is a more suitable evaluation method. (3) from perfecting the financing elements of "gambling agreement" and perfecting EVA performance evaluation system, optimize the financing way and then improve the enterprise performance. Therefore, it provides relevant countermeasures and suggestions for enterprises that intend to broaden the financing channel of gambling agreement. In summary, the research conclusions of this study have certain enlightening and guiding significance for the private listed companies' financing practice of "gambling agreement". It is of theoretical and practical significance to improve the performance and sustainable development of the private listed companies that have used or intentionally use the "gambling agreement" financing method.
【學位授予單位】：江蘇大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.233.42
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