B公司“对赌协议”融资方式与企业绩效研究

发布时间：2018-07-18 07:17

【摘要】：众所周知,企业的发展离不开资金,融资在企业的成长乃至可持续发展进程中起到越来越重要的作用,融资的成功与否甚至成为了企业能否走上良性发展的道路的“阿喀琉斯之踵”;与此同时,我国民营企业是社会主义市场经济的重要组成部分,具有机制灵活、转型快的特点,在不断发展壮大的进程中,相比较国有企业,我国民营企业缺少金融系统的良好支撑,深受融资问题困扰。民营企业融资方式的选择对于企业有着越来越重要的影响,甚至还影响到了企业未来的可持续发展;此外,随着经济的不断发展,我国企业的融资渠道变得多元化,“对赌协议”作为一种能够促使管理层、股东的利益趋于一致、并以实现共同利益为目标的融资方式,越来越成为金融市场上的重要力量之一,被众多企业广泛应用。越来越多的民营企业包括民营上市公司选择“对赌协议”融资方式,以谋求更广阔的发展空间。企业如果能够有效利用“对赌协议”融资,通过外部得到大量资本的同时也能实现管理层与股东的利益相一致,就会对企业实现快速发展、提升企业绩效有着重要的价值。基于上述讨论,本研究综合采用文献研究法、案例研究法、市场调研法以及比较研究法。首先,研究分析了B公司的行业背景,并通过内外部环境、对赌双方的介绍来分析B公司的背景;其次,揭示了B公司对赌的动因、总结其“对赌协议”融资方式的内容;再次,当前对融资效果的评价大多是使用传统财务指标,但鉴于B公司是民营上市公司以及EVA充分考虑股权资本成本的特点,所以本研究运用传统财务指标并结合EVA从两大维度评价“对赌协议”融资对B公司企业绩效的影响,并进行分析评价;最后,针对B公司“对赌协议”存在的问题,不仅对“对赌协议”融资方式提供完善的对策建议,而且从提高绩效评价精度角度入手,提升“对赌协议”融资效果进而提升公司价值为提升企业绩效提供对策。研究结果显示:(1)B公司在“对赌协议”融资中,未准确衡量自身的价值,将评判标准设定得过高,并且未根据实际情况及时地调整估值,导致“对赌协议”对B公司企业绩效产生较大的负面影响;(2)EVA充分考虑了股权资本成本,更加真实地反映股东财富,对对赌目标是股价的企业来说,是一种比较合适的评价方法;(3)从完善“对赌协议”融资要素以及完善EVA绩效评价体系入手,优化融资方式进而提升企业绩效,从而为有意向拓宽“对赌协议”这一融资渠道的企业提供相关对策建议。综上,本研究的研究结论对于民营上市公司“对赌协议”融资的运用实践具有一定的启发和指导意义,为已经使用和有意向使用“对赌协议”融资方式的民营上市公司的业绩提升和未来的可持续发展具有理论价值和实践意义。
[Abstract]:As we all know, the development of enterprises can not be separated from capital. Financing plays a more and more important role in the growth and even sustainable development of enterprises. The success of financing has even become the "Achilles heel" of whether enterprises can take the path of healthy development. At the same time, private enterprises in our country are an important part of the socialist market economy, with the characteristics of flexible mechanism and fast transition. In the process of continuous development and expansion, compared with the state-owned enterprises, the private enterprises in China lack the good support of the financial system, and are deeply troubled by the financing problem. The choice of financing mode for private enterprises has more and more important influence on enterprises, and even affects the sustainable development of enterprises in the future. In addition, with the continuous development of economy, the financing channels of Chinese enterprises become diversified. As a kind of financing method which can promote the interests of management and shareholders and realize the common interests, "gambling agreement" has become one of the most important forces in the financial market and has been widely used by many enterprises. More and more private enterprises, including private listed companies, choose the "gambling agreement" financing mode, in order to seek a broader space for development. If the enterprise can effectively use the "gambling agreement" financing, get a large amount of capital through the outside, but also achieve the benefits of management and shareholders consistent, it will achieve rapid development of the enterprise and improve the performance of the enterprise has an important value. Based on the above discussion, this study adopts literature research method, case study method, market research method and comparative research method. Firstly, the paper analyzes the background of B Company, and analyzes the background of B Company through the introduction of internal and external environment, secondly, it reveals the motivation of B Company's gambling, summarizes the content of its "gambling agreement" financing method. Thirdly, most of the current evaluation of the financing effect is based on traditional financial indicators, but in view of the fact that B company is a private listed company and EVA fully considers the characteristics of equity capital cost, Therefore, this study uses traditional financial indicators and EVA from two dimensions to evaluate the impact of "gambling agreement" financing on the corporate performance of company B, and to analyze and evaluate; finally, aiming at the problems of "gambling agreement" in B company. It not only provides the perfect countermeasure and suggestion to the financing way of "gambling agreement", but also from the angle of improving the performance evaluation precision, promotes the financing effect of the "gambling agreement" and then promotes the company value to provide the countermeasure for improving the enterprise performance. The results show that: (1) Company B has not accurately measured its own value, set the evaluation criteria too high, and failed to adjust its valuation according to the actual situation in time. As a result, the "gambling agreement" has a greater negative impact on the corporate performance of Company B. (2) EVA takes full account of the cost of equity capital, and more truly reflects the wealth of shareholders. It is a more suitable evaluation method. (3) from perfecting the financing elements of "gambling agreement" and perfecting EVA performance evaluation system, optimize the financing way and then improve the enterprise performance. Therefore, it provides relevant countermeasures and suggestions for enterprises that intend to broaden the financing channel of gambling agreement. In summary, the research conclusions of this study have certain enlightening and guiding significance for the private listed companies' financing practice of "gambling agreement". It is of theoretical and practical significance to improve the performance and sustainable development of the private listed companies that have used or intentionally use the "gambling agreement" financing method.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

【参考文献】