本文關(guān)鍵詞：合同理論視角下的對賭條款研究　出處：《上海交通大學(xué)》2013年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 合同理論 風(fēng)險投資 對賭條款 機制設(shè)計

【摘要】：風(fēng)險投資行業(yè)在中國迅速發(fā)展，對賭條款作為金融合同的一部分在中國大量使用。本文從合同理論的角度出發(fā)，說明了對賭條款并不是適合風(fēng)險投資的合同條款。風(fēng)險投資者使用對賭條款符合其低成本擴張的投資策略，但是使用對賭條款會降低投資的效率，導(dǎo)致對企業(yè)家和風(fēng)險投資者激勵的扭曲。企業(yè)家在扭曲的激勵下會選擇風(fēng)險更高的資產(chǎn)替換行為，甚至有可能粉飾業(yè)績來得到進一步的融資。對賭條款的英文翻譯為估值調(diào)整機制，但是其進行估值調(diào)整的區(qū)間以及調(diào)整估值的方式都有問題，不能實現(xiàn)雙方收益的最大化。相比之下，棘輪條款和可轉(zhuǎn)換證券是廣泛使用的估值調(diào)整工具。最后，文章指出了對賭條款對風(fēng)險投資退出方式的影響。對賭條款由于可以在低估值IPO的時候?qū)︼L(fēng)險投資者進行補償，，因此會讓風(fēng)險投資者在更低盈利能力的時候選擇IPO而不是并購?fù)顺�。這在一定程度上可以解釋中國和美國在退出結(jié)構(gòu)上的差異。為了促進風(fēng)險投資在中國的發(fā)展，應(yīng)該推廣使用更好的融資合同，如可轉(zhuǎn)換證券。
[Abstract]:The venture capital industry is developing rapidly in China. As a part of the financial contract, the gambling clause is widely used in China. This paper starts from the angle of contract theory. It shows that the wager clause is not suitable for the venture capital. The use of the wager clause is in line with the investment strategy of its low cost expansion, but the use of the wager clause will reduce the investment efficiency. This will lead to the distortion of incentives for entrepreneurs and venture capitalists. Entrepreneurs will choose the riskier asset replacement behavior under the distorted incentive. It is even possible to whitewash performance to obtain further financing. The English translation of the betting clause is called valuation adjustment mechanism, but the range of valuation adjustment and the way in which the valuation is adjusted are problematic. By contrast, ratchet clauses and convertible securities are widely used valuation adjustment tools. This paper points out the influence of the gambling clause on the exit of venture capital. The gambling clause can compensate the venture capital when the IPO is low. This will allow venture capitalists to choose IPO rather than merger and acquisition exit at a time of lower profitability. This may partly explain the differences in exit structure between China and the United States, in order to promote venture capital investment in China. Development. The use of better financing contracts, such as convertible securities, should be promoted.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F830.59

【參考文獻】

相關(guān)期刊論文 前1條

1 張波;費一文;黃培清;;“對賭協(xié)議”的經(jīng)濟學(xué)研究[J];上海管理科學(xué);2009年01期

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