国内“对赌协议”的失败原因分析

发布时间：2018-03-02 23:23

本文选题：对赌协议　切入点：委托-代理理论　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文大量参考前人的研究成果，将案例与理论相结合，尝试从委托代理理论的角度分析国内企业参与“对赌协议”屡遭失败这一现象背后的原因。本文首先分析了大量国内对赌失败案例，总结出三个共同特征。接着，本文对“对赌协议”条款进行分析，认为国内“对赌协议”的对赌标准类型不合理；对赌标准值过高；对赌条款设定失衡，协议的利益明显偏向投资机构，使得融资企业面临巨大的对赌失败风险。然而，为什么融资企业却仍然选择签订如此高风险的协议呢？于是，本文将“对赌协议”投资方和融资方置于委托代理理论框架下，通过分析双方的效用期望和行为选择来剖析不合理协议的签订过程，投资方基于利益最大化原则制定了不合理的协议条款，融资方根据参与约束来判断是否接受协议。分析认为，导致融资企业接受了不合理的“对赌协议”的主要原因有两个：第一，管理层对企业未来业绩的预期太过乐观。第二，国内成长型企业的融资渠道缺乏。本文的创新点有两个方面。第一，本文认为国内“对赌协议”条款设定的不合理不是对赌失败的真正原因。国内很多文献认为对赌条款设定失衡是对赌失败的原因，而本文认为协议是人制定的，，协议本身并不是导致失败的根本原因。第二，本文运用了委托代理理论的主要观点来剖析“对赌协议”的条款、签订过程和失败原因。
[Abstract]:This paper, referring to the previous research results, combines the case with the theory. From the perspective of principal-agent theory, this paper attempts to analyze the reasons behind the failure of domestic enterprises to participate in the "gambling agreement". This paper first analyzes a large number of domestic gambling failure cases, summarizes three common characteristics. This paper analyzes the terms of "gambling agreement", and points out that the gambling standard type of "gambling agreement" in China is unreasonable, the standard value of gambling is too high, the set of terms of gambling is out of balance, and the benefit of the agreement is obviously biased towards the investment organization. Financing enterprises face a huge risk of failure in gambling. However, why do financing companies still choose to enter into such high-risk agreements? Therefore, under the framework of principal-agent theory, this paper analyzes the signing process of unreasonable agreement by analyzing the utility expectation and behavior choice of both parties. Based on the principle of maximization of benefits, the investor formulates unreasonable terms of agreement, and the financier decides whether to accept the agreement according to the constraint of participation. There are two main reasons leading to the acceptance of unreasonable "gambling agreement" by the financing enterprises: first, the management is too optimistic about the future performance of the enterprises; second, the financing channels of the domestic growth enterprises are lacking. The innovation of this paper has two aspects. First, this paper argues that the unreasonable setting of the terms of the gambling agreement in China is not the real reason for the failure of gambling. Many domestic literatures believe that the imbalance in the setting of the gambling terms is the reason for the failure of gambling. The agreement itself is not the fundamental cause of failure. Secondly, this paper uses the principal viewpoint of principal-agent theory to analyze the terms, signing process and failure reasons of "gambling agreement".
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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