合同理论视角下的对赌条款研究

发布时间：2018-01-15 18:13

本文关键词：合同理论视角下的对赌条款研究　出处：《上海交通大学》2013年博士论文　论文类型：学位论文

【摘要】：风险投资行业在中国迅速发展，对赌条款作为金融合同的一部分在中国大量使用。本文从合同理论的角度出发，说明了对赌条款并不是适合风险投资的合同条款。风险投资者使用对赌条款符合其低成本扩张的投资策略，但是使用对赌条款会降低投资的效率，导致对企业家和风险投资者激励的扭曲。企业家在扭曲的激励下会选择风险更高的资产替换行为，甚至有可能粉饰业绩来得到进一步的融资。对赌条款的英文翻译为估值调整机制，但是其进行估值调整的区间以及调整估值的方式都有问题，不能实现双方收益的最大化。相比之下，棘轮条款和可转换证券是广泛使用的估值调整工具。最后，文章指出了对赌条款对风险投资退出方式的影响。对赌条款由于可以在低估值IPO的时候对风险投资者进行补偿，，因此会让风险投资者在更低盈利能力的时候选择IPO而不是并购退出。这在一定程度上可以解释中国和美国在退出结构上的差异。为了促进风险投资在中国的发展，应该推广使用更好的融资合同，如可转换证券。
[Abstract]:The venture capital industry is developing rapidly in China. As a part of the financial contract, the gambling clause is widely used in China. This paper starts from the angle of contract theory. It shows that the wager clause is not suitable for the venture capital. The use of the wager clause is in line with the investment strategy of its low cost expansion, but the use of the wager clause will reduce the investment efficiency. This will lead to the distortion of incentives for entrepreneurs and venture capitalists. Entrepreneurs will choose the riskier asset replacement behavior under the distorted incentive. It is even possible to whitewash performance to obtain further financing. The English translation of the betting clause is called valuation adjustment mechanism, but the range of valuation adjustment and the way in which the valuation is adjusted are problematic. By contrast, ratchet clauses and convertible securities are widely used valuation adjustment tools. This paper points out the influence of the gambling clause on the exit of venture capital. The gambling clause can compensate the venture capital when the IPO is low. This will allow venture capitalists to choose IPO rather than merger and acquisition exit at a time of lower profitability. This may partly explain the differences in exit structure between China and the United States, in order to promote venture capital investment in China. Development. The use of better financing contracts, such as convertible securities, should be promoted.
【学位授予单位】：上海交通大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F830.59

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