企业并购中运用对赌协议的风险及应对策略研究

发布时间：2018-10-26 08:54

【摘要】：近年来,随着我国产业结构调整步伐的不断加快,企业并购活动日益活跃,上市公司并购重组的数量和规模都在飞速增长。在并购活动中目标企业价值的确定至关重要,然而由于信息不对称、未来效益不确定性等因素的存在,如何科学合理的确定企业估值一直困扰着理论与实务界,而对赌协议的产生就源于这种估值困境。对赌协议即估值调整机制,它基于企业未来经营情况的不确定性对并购时的原定估值进行调整,有降低估值泡沫、激励管理层、提高公司质量等作用。据统计,目前对赌协议在我国上市公司并购中的使用率已高达80%以上,但是随着对赌协议承诺期限的临近,未能达标事件频繁爆发,诉讼纠纷等事端层出不穷。对赌协议开始凸显出助推高估值、经营短视、财务造假等弊端。可见,对赌协议是一把双刃剑,分析企业并购中运用对赌协议的潜在风险并提出相应的应对策略是十分急切和必要的。本文通过理论与案例研究,首先,阐述了对赌协议的内涵和理论基础并进行了风险分析,即明确了对赌协议作为一种估值调整机制,在企业并购中运用于应对信息不对称和未来不确定性,有降低目标企业估值风险、激励管理层等作用,但对赌协议的运用却可能会带来放松前期调查、扭曲估值定价、阻碍并购整合、经营行为短视和协议难以履行等方面的风险。随后,本文以金利科技和上海绿新的两起典型并购案为例,具体分析了在企业并购中运用对赌协议可能产生的风险。最后,在借鉴中西方先进观点和结合我国实际情况的基础上提出了三个方面的应对策略,即在战略层面上,使用者应当首先考虑对赌协议的适用性,相比来说,信息不对称程度较大、并购整合较不急迫的多元化并购比较适合使用对赌协议。当决定使用对赌协议时,使用者必须明确对赌协议的正确运用应当是建立在谨慎尽调和合理估值的基础之上,将对赌协议作为企业并购的另一重保障而非放松并购前期工作的替代品。在运用过程中,交易双方应当合理设定对赌协议,谨慎考虑对赌标准设计、对赌模式选择、对赌责任划分等内容。同时,收购方也应当加强对目标企业对赌期间的监管,通过派出董事、财务总监、审计小组等方式,在不影响目标企业正常经营的前提下保持对目标企业应有的管控。在法律监管方面,建议司法机关尽早完善我国的相关法律制度,以确保矛盾纷争能够及时顺利的解决,同时也期望相关监管机构能够加强对对赌协议信息披露及完成情况的监督检查,并对相关中介机构实施责任追究,以期为我国上市公司在并购中顺利运用对赌协议提供帮助。
[Abstract]:In recent years, with the accelerating pace of industrial structure adjustment in China, M & A activities of enterprises are becoming more and more active, and the number and scale of M & A of listed companies are increasing rapidly. It is very important to determine the value of the target enterprise in the M & A activities. However, due to the information asymmetry and the uncertainty of the future benefit, how to determine the enterprise valuation scientifically and reasonably has been puzzling the theoretical and practical circles. The creation of a gambling agreement stems from this valuation dilemma. Based on the uncertainty of the future operation of the enterprise, it adjusts the original valuation of the merger and acquisition, which can reduce the valuation bubble, stimulate the management, and improve the quality of the company. According to statistics, the utilization rate of gambling agreements in M & A of listed companies in our country is as high as 80% at present. However, with the approaching of the commitment period of gambling agreements, the failure to meet the standards frequently erupts, and litigation disputes emerge in endlessly. Gambling agreement began to highlight the driving up of valuation, management shortsightedness, financial fraud and other drawbacks. Therefore, it is urgent and necessary to analyze the potential risks of gambling agreements in M & A and put forward corresponding countermeasures. In this paper, through the theory and case study, firstly, the connotation and theoretical basis of the gambling agreement are expounded and the risk analysis is carried out, that is, the gambling agreement is defined as a valuation adjustment mechanism. It is used to deal with information asymmetry and future uncertainty in M & A, which can reduce the risk of target enterprise valuation and motivate management, but the application of gambling agreement may lead to relaxation of pre-investigation and distortion of valuation pricing. Obstacles to merger and acquisition integration, short-sighted business practices and difficult to implement agreements and other risks. Then, taking Jinli Science and Technology and Shanghai Green's two typical mergers and acquisitions as examples, this paper analyzes the possible risks arising from the use of gambling agreements in enterprise mergers and acquisitions. Finally, on the basis of drawing lessons from the advanced viewpoints of China and the west and combining the actual situation of our country, this paper puts forward three countermeasures, that is, at the strategic level, the user should first consider the applicability of the gambling agreement. The information asymmetry degree is large, the merger and acquisition integration is less urgent diversification M & A is more suitable to use the gambling agreement. When deciding to use a bet agreement, the user must make it clear that the correct use of the agreement should be based on careful reconciliation of reasonable valuations. Bet on the agreement as another guarantee of M & A, rather than as a substitute for loosening the pre-M & A work. In the course of application, the two parties should set up the gambling agreement reasonably, carefully consider the design of the standard of gambling, the choice of gambling mode, the division of the liability of gambling, and so on. At the same time, the acquirer should also strengthen the supervision of the target enterprise during the gambling period, by sending the director, the chief financial officer, the audit group and so on, to maintain the proper control and control of the target enterprise without affecting the normal operation of the target enterprise. In terms of legal supervision, it is suggested that the judiciary should improve the relevant legal system of our country as soon as possible in order to ensure that contradictions and disputes can be resolved in a timely and smooth manner. At the same time, it is expected that the relevant regulators can strengthen the supervision and inspection of information disclosure and completion of gambling agreements, and investigate the liability of relevant intermediary organizations, in order to provide help for the successful use of gambling agreements in mergers and acquisitions of listed companies in China.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275

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