基于对赌协议的私募股权投资博弈分析

发布时间：2018-01-03 16:34

本文关键词：基于对赌协议的私募股权投资博弈分析　出处：《沈阳大学》2013年硕士论文　论文类型：学位论文

【摘要】：对赌协议是私募投资机构和融资者在投资之前签订的一份协议，双方对于企业未来的状况做一种约定，如果约定的条件出现，私募投资机构就可以行使一种权利；如果约定的条件没有出现，企业需要履行另外一种权利。因此，对赌协议实际上就是一种实物期权。通过对赌协议条款的设计，，可以保护私募投资机构的利益，使得私募投资者能够在此次投资中达到资本增值的目的。对赌协议在国外已经发展了很多年，近年来由于蒙牛乳业和摩根斯丹利的对赌，使得蒙牛公司的业绩有了超额的增长，成功在香港交易所上市。众多国内企业纷纷模仿，但是通过对赌协议融资的方式不一定适合所有的企业。事实证明如此，很多企业都失败了。不仅没有得到相应的发展，有的甚至连公司都被竞争对手收购。对赌协议对于我国融资难的企业来说是一种有效的解决方式，还是一种促进企业走向灭亡的加速器，成为现在学术界最关注的问题。对赌协议的签订对于对赌的双方来说就是一个博弈的过程。因此，本文从博弈的角度分析私募投资机构与企业管理层策略的相关性。从而研究对赌协议的内涵，揭示对赌协议条款设计的真实目的。通过分析发现其实对赌协议其实是一个不公平的协议，对于对赌的双方是不公平的，这份协议带给企业的风险远远大于私募投资者。本文首先介绍对赌协议以及博弈论的相关概念，然后对现在我国企业与外国私募投资机构的对赌案例进行分析。之后用博弈的思想建立模型，得出在什么样的情况下，企业应该选择签订对赌协议来融资，什么样的情况下不应该采用这种大风险的方式融资。最后根据案例分析和实证分析的结果，给未来想要通过此种方式融资的企业一些建议。
[Abstract]:Gambling agreement is a private equity investment institutions and financiers before the investment signed an agreement on the future of the enterprise, if the agreed conditions appear. Private equity firms can exercise a right; If the agreed conditions do not appear, the firm needs to perform another right. Therefore, the gambling agreement is actually a kind of real option. Through the design of the terms of the agreement, the interests of private investment institutions can be protected. So that private-equity investors in this investment to achieve the purpose of capital appreciation. Gambling agreements have been developed in foreign countries for many years. In recent years, Mengniu dairy industry and Morgan Stanley's gambling has made the performance of Mengniu Company exceed growth. Successful listing on the Hong Kong Stock Exchange. Many domestic companies have copied, but the way of financing through gambling agreements is not necessarily suitable for all enterprises. It turns out that is the case. Many enterprises have failed. Not only has no corresponding development, some even companies have been acquired by competitors. Gambling agreement is an effective solution to the financing difficulties of enterprises in China. It is also a accelerator to promote the demise of enterprises, which has become the most concerned problem in academia. The signing of a gambling agreement is a game process for both sides of the bet. This paper analyzes the correlation between private investment institutions and corporate management strategies from the point of view of the game, so as to study the connotation of gambling agreements. Through the analysis, it is found that the gambling agreement is actually an unfair agreement, which is unfair to both sides of the bet. The deal brings companies far more risk than private equity investors. This paper first introduces the gambling agreement and the related concepts of game theory, then analyzes the gambling cases between Chinese enterprises and foreign private equity investment institutions, and then establishes the model with the idea of game. In what circumstances, the enterprise should choose to sign a gambling agreement to finance, and what kind of circumstances should not use such a large risk of financing. Finally, according to the case study and empirical analysis of the results. Give some advice to companies that want to raise money in this way in the future.
【学位授予单位】：沈阳大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224.32

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