新疆火炬燃气股份有限公司对赌成功原因分析

发布时间：2018-03-19 19:31

本文选题：私募股权融资　切入点：对赌协议　出处：《安徽工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：对赌协议,通常又被人们叫做“估值调整机制”,一般是作为投资企业在对融资企业进行股权投资中出现频率很高的一项补充协议,以确保融资企业不管是达成规定业绩,还是达不到规定业绩的情况下,投资方的利益都能够不受损失。这其实也就是对赌协议的内涵所在:如果融资企业在得到融资方的资金之后,在规定的时间内没有达到双方约定的诸如上市时间、净利润、增长率等等经营业绩目标,那么投资方可以要求融资方以一定价格回购股份和直接经济补偿等来保证自己的利益不受损害;而如果融资方在双方约定的时间内完成了业绩承诺,那么投资方一般会给予融资企业一定的奖励,包括追加投资、给高管一定的现金奖励等。对赌协议在我国首次出现是在2004年,那个时候,蒙牛乳业处于刚刚起步的阶段,公司的进一步发展需要大量的资金,为了获得摩根斯丹利及其他两家投资机构的资金支持,蒙牛与它们签订了一份对赌协议,而这份对赌协议的结果是,蒙牛乳业利用获得的资金,引入优质奶牛,加强生产线建设,以高品质的产品打开了广阔的市场,最终以超过规定业绩的三倍傲人成绩获得了对赌协议的成功,蒙牛也从此处于我国乳业的最前列。此后,“对赌协议”频繁出现在中国资本市场上。但与企业家们的疯狂对赌所相反的是,对赌协议带来的并不都是成功,笔者通过列举比较知名的对赌案例,发现对赌失败的比例高达69%,如此高的失败率却依旧阻挡不了融资方对资金的需求,对赌协议在我国特别是新三板市场上仍然广泛存在。本文第一部分为研究背景与研究意义介绍等内容,起到统领全文的作用。文章第二部分为案例分析背景介绍,首先从国内外研究现状与文献综述方面对“对赌协议”这一概念的研究情况进行分类概括,然后介绍了我国企业在私募股权中签订对赌协议的现状,分析对赌过程中存在的一些问题以及产生这些问题的原因,从总体上认识对赌协议,为下文的案例分析打下基础。第三部分为案例分析部分,文章选取新疆火炬燃气股份有限公司作为典型企业,希望通过分析得出其对赌成功的相关经验。首先从对赌双方的相关背景介绍展开,然后分析新疆火炬进行对赌的原因和对赌条款设定的多重博弈,继而采用因子分析法,选取同行业其他上市公司为样本数据,并对新疆火炬与样本企业之间的经营状况进行评价、比较及得分排名,得出新疆火炬在盈利能力与偿债能力方面表现突出的结论,最后分析天然气行业的发展现状和政府的政策导向,说明良好的行业发展前景与政府的政策支持也是新疆火炬对赌成功的重要影响因素。本文第四部分为结论与相关建议,总结了影响新疆火炬对赌成功的关键因素,并从政府与融资企业两个角度提出相应的合理化建议。
[Abstract]:Gambling agreements, often referred to as the "valuation adjustment mechanism," are often used as a supplement to the high frequency of investment firms' equity investments in financing enterprises to ensure that financing companies, whether they achieve specified performance, If they fail to achieve the required performance, the interests of the investors can be protected from loss. This is the essence of the gambling agreement: if the financing company receives the financing party's funds, Failing to reach the mutually agreed operating performance targets such as listing time, net profit, growth rate, etc., within the specified time frame, Then the investor may ask the financier to buy back the shares at a certain price and direct economic compensation to ensure that his interests will not be harmed; and if the financier completes the performance commitment within a time agreed by both parties, Well, the investors generally give certain rewards to financing enterprises, including additional investment and certain cash rewards to senior executives. The gambling agreement first appeared in China in 2004, when Mengniu dairy industry was just in its infancy. The further development of the company required a lot of money, and in order to get the money from Morgan Stanley and two other investment institutions, Mengniu signed a gambling agreement with them, and the result of this gambling agreement was, The Mengniu dairy industry used the funds obtained, introduced high-quality cows, strengthened production line construction, opened up a broad market with high-quality products, and finally achieved the success of the gambling agreement with a score of three times more than the prescribed performance. Mengniu has also been at the forefront of China's dairy industry since then. Since then, "gambling agreements" have frequently appeared in China's capital markets. But contrary to the crazy bets by entrepreneurs, gambling agreements have not all brought success. By enumerating well-known gambling cases, the author finds that the proportion of failure in gambling is as high as 69%, but such a high failure rate still cannot stop the financing parties' demand for funds. The gambling agreement still exists widely in our country, especially in the new third board market. The first part of this paper is the introduction of the research background and the significance of the research, which plays a leading role in the full text. The second part of the article is a case analysis background introduction. Firstly, this paper classifies and summarizes the concept of "gambling agreement" from domestic and foreign research status and literature review, and then introduces the status quo of gambling agreement signed by Chinese enterprises in private equity. This paper analyzes some problems existing in the process of gambling and the reasons for these problems, and makes a general understanding of the gambling agreement, which lays the foundation for the case analysis below. The third part is the case analysis part. This article selects Xinjiang Torch Gas Co., Ltd. as a typical enterprise, hoping to get the relevant experience of its gambling success through analysis. Then it analyzes the reason of the torch gambling in Xinjiang and the multi-game of the gambling clause, and then adopts factor analysis method to select other listed companies in the same industry as the sample data. By evaluating, comparing and ranking the operating conditions between Xinjiang Torch and sample enterprises, the paper draws the conclusion that Xinjiang Torch has outstanding performance in terms of profitability and solvency. Finally, the paper analyzes the development situation of natural gas industry and the policy direction of the government, and explains that good industry development prospects and government policy support are also the important factors influencing the success of torch gambling in Xinjiang. Part 4th of this paper is the conclusion and relevant suggestions. This paper summarizes the key factors that affect the success of torch gambling in Xinjiang, and puts forward some reasonable suggestions from the angle of government and financing enterprises.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.24;F275

【相似文献】