浅谈盈利补偿协议与对赌协议的区别

发布时间：2018-03-20 12:08

本文选题：上市公司　切入点：融资协议　出处：《财务与会计》2013年01期 　论文类型：期刊论文

【摘要】：正对于盈利补偿协议和对赌协议,目前国内相关的制度文件中没有给出明确的定义。笔者认为,盈利补偿协议是在定向增发中,由上市公司和盈利承诺方签订的,以注入上市公司的交易标的资产或上市公司的经营业绩承诺的完成情况为依据,通过股份或现金支付来调整上市公司和盈利承诺方之间经济利益的契约。对赌协议是指投资方与融资方签订,从属于投融资协议,以融资方未来一定年度的事项承诺为基础,旨在根据事项承诺完成情况对融资方企业估值进行调整的一种合意机制、一种财务工具和双赢互利的制度安排。可以看出,盈利补偿协议具有对赌协议的某些特点,但是两者也有较明显的区别。
[Abstract]:As for the profit compensation agreement and the gambling agreement, there is no clear definition in the relevant domestic system documents. The author thinks that the profit compensation agreement is signed by the listed company and the profit promise party in the directional additional offering. On the basis of the completion of the assets that are the subject of the transaction injected into the listed company or the performance commitments of the listed company, A contract for adjusting the economic interests between a listed company and a profit-making party through share or cash payments. A gambling agreement refers to an agreement between the investor and the financier, subordinate to the investment and financing agreement, and based on the financial party's commitment to events for a given year in the future. An agreed mechanism, a financial instrument and a win-win and mutually beneficial institutional arrangement aimed at adjusting the valuation of the financier's enterprise based on the completion of the event commitment... It can be seen that the profit compensation agreement has certain characteristics of the gambling agreement, But there is also a clear difference between the two.
【作者单位】：中国东方资产管理公司;中国电信股份有限公司北京分公司;航天科工财务公司;中国航空工业经济技术研究院财务管理部;
【基金】：财政部全国会计领军〈后备〉人才培训班重点科研课题〈2011QY009〉的阶段性成果
【分类号】：F233

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