私募股权投资中有关对赌协议的研究

发布时间：2018-01-20 18:39

本文关键词： 私募对赌协议估值调整股权投资企业估值　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：对赌协议也称估值调整协议(Valuation adjustment mechanism,简称VAM),是国内外股权投资尤其是私募股权投资(Private Equity,简称PE)中经常采用的一种方式,由于其具有一定赌博特点,在国内通常称之为对赌协议。对赌协议是融资方与投资方在投资时达成的一种对未来不确定情况的约定,当出现双方所约定的条件,投资方可以获得一定的价格补偿,如果不出现,或出现另一种情况,融资方可以从投资方获得一定的价格补偿。当前,对赌协议逐渐在中国资本市场上发挥作用,一定程度上促进了私募股权投资的发展,但同时,也有许多企业因为赌输损失惨重,如何很好的利用对赌协议工具,为企业融入发展急需的资金,又能规避对赌的风险,关键是对赌价格的设定。对这种投资工具的价格进行研究和探讨,提出一些有利于防范对赌风险的措施和建议,这就是本文的写作目的。本文研究的是私募股权投资中对赌协议的价格问题,即,如何选择,以及选择多高的对赌指标,初始入股价格体现了哪些信息,初始入股价格是否使双方收益与风险相匹配。第一部分对私募股权投资以及对赌协议的在中国的发展作了简单的概述,指出有关对赌协议的研究需要进一步的深入。总结了国内外关于私募股权投资、对赌协议和企业估值的研究现状和历史过程。文章第二部分是写作过程中需要用到的一些理论背景,对私募股权投资,对赌协议,作了详细介绍,并指出签定对赌协议将是未来私募股权投资重要环节。第三部分先对对赌协议在私募股权投资中的作用进行概括,然后从收益最大化角度分析了对赌协议的激励和鞭策作用的作用机制,并得出第一个结论：多层次，，分步聚的对赌条款设定可以更好的激励企业,并可以降低投资方的风险。进一步通过价格公式分析,找出了对赌协议指标价格中,起作用的两个因子：激励因子和危机因子。激励因子存在于对赌指标价格的上限,而危机因子存在与对赌指标价格的下限。企业应谨慎对待二者,不能因过高的激励因子而冒险接受过重的危机因子。第四部分通过回归模型找出投资时入股价格受哪些因素的影响,得出结论：PE中入股价格未能体现双方的收益与风险的匹配,企业既然在入股价格中就已承担了投资者的风险,那么对赌协议设定中就不应让企业承受未来的系统性风险。最后部分根据研究结果提出一些意见和建议。
[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.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.91

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