企業(yè)并購中運(yùn)用對(duì)賭協(xié)議的風(fēng)險(xiǎn)及應(yīng)對(duì)策略研究
發(fā)布時(shí)間：2018-10-26 08:54
【摘要】：近年來,隨著我國產(chǎn)業(yè)結(jié)構(gòu)調(diào)整步伐的不斷加快,企業(yè)并購活動(dòng)日益活躍,上市公司并購重組的數(shù)量和規(guī)模都在飛速增長。在并購活動(dòng)中目標(biāo)企業(yè)價(jià)值的確定至關(guān)重要,然而由于信息不對(duì)稱、未來效益不確定性等因素的存在,如何科學(xué)合理的確定企業(yè)估值一直困擾著理論與實(shí)務(wù)界,而對(duì)賭協(xié)議的產(chǎn)生就源于這種估值困境。對(duì)賭協(xié)議即估值調(diào)整機(jī)制,它基于企業(yè)未來經(jīng)營情況的不確定性對(duì)并購時(shí)的原定估值進(jìn)行調(diào)整,有降低估值泡沫、激勵(lì)管理層、提高公司質(zhì)量等作用。據(jù)統(tǒng)計(jì),目前對(duì)賭協(xié)議在我國上市公司并購中的使用率已高達(dá)80%以上,但是隨著對(duì)賭協(xié)議承諾期限的臨近,未能達(dá)標(biāo)事件頻繁爆發(fā),訴訟糾紛等事端層出不窮。對(duì)賭協(xié)議開始凸顯出助推高估值、經(jīng)營短視、財(cái)務(wù)造假等弊端�？梢�,對(duì)賭協(xié)議是一把雙刃劍,分析企業(yè)并購中運(yùn)用對(duì)賭協(xié)議的潛在風(fēng)險(xiǎn)并提出相應(yīng)的應(yīng)對(duì)策略是十分急切和必要的。本文通過理論與案例研究,首先,闡述了對(duì)賭協(xié)議的內(nèi)涵和理論基礎(chǔ)并進(jìn)行了風(fēng)險(xiǎn)分析,即明確了對(duì)賭協(xié)議作為一種估值調(diào)整機(jī)制,在企業(yè)并購中運(yùn)用于應(yīng)對(duì)信息不對(duì)稱和未來不確定性,有降低目標(biāo)企業(yè)估值風(fēng)險(xiǎn)、激勵(lì)管理層等作用,但對(duì)賭協(xié)議的運(yùn)用卻可能會(huì)帶來放松前期調(diào)查、扭曲估值定價(jià)、阻礙并購整合、經(jīng)營行為短視和協(xié)議難以履行等方面的風(fēng)險(xiǎn)。隨后,本文以金利科技和上海綠新的兩起典型并購案為例,具體分析了在企業(yè)并購中運(yùn)用對(duì)賭協(xié)議可能產(chǎn)生的風(fēng)險(xiǎn)。最后,在借鑒中西方先進(jìn)觀點(diǎn)和結(jié)合我國實(shí)際情況的基礎(chǔ)上提出了三個(gè)方面的應(yīng)對(duì)策略,即在戰(zhàn)略層面上,使用者應(yīng)當(dāng)首先考慮對(duì)賭協(xié)議的適用性,相比來說,信息不對(duì)稱程度較大、并購整合較不急迫的多元化并購比較適合使用對(duì)賭協(xié)議。當(dāng)決定使用對(duì)賭協(xié)議時(shí),使用者必須明確對(duì)賭協(xié)議的正確運(yùn)用應(yīng)當(dāng)是建立在謹(jǐn)慎盡調(diào)和合理估值的基礎(chǔ)之上,將對(duì)賭協(xié)議作為企業(yè)并購的另一重保障而非放松并購前期工作的替代品。在運(yùn)用過程中,交易雙方應(yīng)當(dāng)合理設(shè)定對(duì)賭協(xié)議,謹(jǐn)慎考慮對(duì)賭標(biāo)準(zhǔn)設(shè)計(jì)、對(duì)賭模式選擇、對(duì)賭責(zé)任劃分等內(nèi)容。同時(shí),收購方也應(yīng)當(dāng)加強(qiáng)對(duì)目標(biāo)企業(yè)對(duì)賭期間的監(jiān)管,通過派出董事、財(cái)務(wù)總監(jiān)、審計(jì)小組等方式,在不影響目標(biāo)企業(yè)正常經(jīng)營的前提下保持對(duì)目標(biāo)企業(yè)應(yīng)有的管控。在法律監(jiān)管方面,建議司法機(jī)關(guān)盡早完善我國的相關(guān)法律制度,以確保矛盾紛爭(zhēng)能夠及時(shí)順利的解決,同時(shí)也期望相關(guān)監(jiān)管機(jī)構(gòu)能夠加強(qiáng)對(duì)對(duì)賭協(xié)議信息披露及完成情況的監(jiān)督檢查,并對(duì)相關(guān)中介機(jī)構(gòu)實(shí)施責(zé)任追究,以期為我國上市公司在并購中順利運(yùn)用對(duì)賭協(xié)議提供幫助。
[Abstract]:In recent years, with the accelerating pace of industrial structure adjustment in China, M & A activities of enterprises are becoming more and more active, and the number and scale of M & A of listed companies are increasing rapidly. It is very important to determine the value of the target enterprise in the M & A activities. However, due to the information asymmetry and the uncertainty of the future benefit, how to determine the enterprise valuation scientifically and reasonably has been puzzling the theoretical and practical circles. The creation of a gambling agreement stems from this valuation dilemma. Based on the uncertainty of the future operation of the enterprise, it adjusts the original valuation of the merger and acquisition, which can reduce the valuation bubble, stimulate the management, and improve the quality of the company. According to statistics, the utilization rate of gambling agreements in M & A of listed companies in our country is as high as 80% at present. However, with the approaching of the commitment period of gambling agreements, the failure to meet the standards frequently erupts, and litigation disputes emerge in endlessly. Gambling agreement began to highlight the driving up of valuation, management shortsightedness, financial fraud and other drawbacks. Therefore, it is urgent and necessary to analyze the potential risks of gambling agreements in M & A and put forward corresponding countermeasures. In this paper, through the theory and case study, firstly, the connotation and theoretical basis of the gambling agreement are expounded and the risk analysis is carried out, that is, the gambling agreement is defined as a valuation adjustment mechanism. It is used to deal with information asymmetry and future uncertainty in M & A, which can reduce the risk of target enterprise valuation and motivate management, but the application of gambling agreement may lead to relaxation of pre-investigation and distortion of valuation pricing. Obstacles to merger and acquisition integration, short-sighted business practices and difficult to implement agreements and other risks. Then, taking Jinli Science and Technology and Shanghai Green's two typical mergers and acquisitions as examples, this paper analyzes the possible risks arising from the use of gambling agreements in enterprise mergers and acquisitions. Finally, on the basis of drawing lessons from the advanced viewpoints of China and the west and combining the actual situation of our country, this paper puts forward three countermeasures, that is, at the strategic level, the user should first consider the applicability of the gambling agreement. The information asymmetry degree is large, the merger and acquisition integration is less urgent diversification M & A is more suitable to use the gambling agreement. When deciding to use a bet agreement, the user must make it clear that the correct use of the agreement should be based on careful reconciliation of reasonable valuations. Bet on the agreement as another guarantee of M & A, rather than as a substitute for loosening the pre-M & A work. In the course of application, the two parties should set up the gambling agreement reasonably, carefully consider the design of the standard of gambling, the choice of gambling mode, the division of the liability of gambling, and so on. At the same time, the acquirer should also strengthen the supervision of the target enterprise during the gambling period, by sending the director, the chief financial officer, the audit group and so on, to maintain the proper control and control of the target enterprise without affecting the normal operation of the target enterprise. In terms of legal supervision, it is suggested that the judiciary should improve the relevant legal system of our country as soon as possible in order to ensure that contradictions and disputes can be resolved in a timely and smooth manner. At the same time, it is expected that the relevant regulators can strengthen the supervision and inspection of information disclosure and completion of gambling agreements, and investigate the liability of relevant intermediary organizations, in order to provide help for the successful use of gambling agreements in mergers and acquisitions of listed companies in China.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F275
本文編號(hào)：2295206
[Abstract]:In recent years, with the accelerating pace of industrial structure adjustment in China, M & A activities of enterprises are becoming more and more active, and the number and scale of M & A of listed companies are increasing rapidly. It is very important to determine the value of the target enterprise in the M & A activities. However, due to the information asymmetry and the uncertainty of the future benefit, how to determine the enterprise valuation scientifically and reasonably has been puzzling the theoretical and practical circles. The creation of a gambling agreement stems from this valuation dilemma. Based on the uncertainty of the future operation of the enterprise, it adjusts the original valuation of the merger and acquisition, which can reduce the valuation bubble, stimulate the management, and improve the quality of the company. According to statistics, the utilization rate of gambling agreements in M & A of listed companies in our country is as high as 80% at present. However, with the approaching of the commitment period of gambling agreements, the failure to meet the standards frequently erupts, and litigation disputes emerge in endlessly. Gambling agreement began to highlight the driving up of valuation, management shortsightedness, financial fraud and other drawbacks. Therefore, it is urgent and necessary to analyze the potential risks of gambling agreements in M & A and put forward corresponding countermeasures. In this paper, through the theory and case study, firstly, the connotation and theoretical basis of the gambling agreement are expounded and the risk analysis is carried out, that is, the gambling agreement is defined as a valuation adjustment mechanism. It is used to deal with information asymmetry and future uncertainty in M & A, which can reduce the risk of target enterprise valuation and motivate management, but the application of gambling agreement may lead to relaxation of pre-investigation and distortion of valuation pricing. Obstacles to merger and acquisition integration, short-sighted business practices and difficult to implement agreements and other risks. Then, taking Jinli Science and Technology and Shanghai Green's two typical mergers and acquisitions as examples, this paper analyzes the possible risks arising from the use of gambling agreements in enterprise mergers and acquisitions. Finally, on the basis of drawing lessons from the advanced viewpoints of China and the west and combining the actual situation of our country, this paper puts forward three countermeasures, that is, at the strategic level, the user should first consider the applicability of the gambling agreement. The information asymmetry degree is large, the merger and acquisition integration is less urgent diversification M & A is more suitable to use the gambling agreement. When deciding to use a bet agreement, the user must make it clear that the correct use of the agreement should be based on careful reconciliation of reasonable valuations. Bet on the agreement as another guarantee of M & A, rather than as a substitute for loosening the pre-M & A work. In the course of application, the two parties should set up the gambling agreement reasonably, carefully consider the design of the standard of gambling, the choice of gambling mode, the division of the liability of gambling, and so on. At the same time, the acquirer should also strengthen the supervision of the target enterprise during the gambling period, by sending the director, the chief financial officer, the audit group and so on, to maintain the proper control and control of the target enterprise without affecting the normal operation of the target enterprise. In terms of legal supervision, it is suggested that the judiciary should improve the relevant legal system of our country as soon as possible in order to ensure that contradictions and disputes can be resolved in a timely and smooth manner. At the same time, it is expected that the relevant regulators can strengthen the supervision and inspection of information disclosure and completion of gambling agreements, and investigate the liability of relevant intermediary organizations, in order to provide help for the successful use of gambling agreements in mergers and acquisitions of listed companies in China.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F275
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，本文編號(hào)：2295206
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