本文選題：私募股權(quán)融資　切入點(diǎn)：對(duì)賭協(xié)議　出處：《安徽工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：對(duì)賭協(xié)議,通常又被人們叫做“估值調(diào)整機(jī)制”,一般是作為投資企業(yè)在對(duì)融資企業(yè)進(jìn)行股權(quán)投資中出現(xiàn)頻率很高的一項(xiàng)補(bǔ)充協(xié)議,以確保融資企業(yè)不管是達(dá)成規(guī)定業(yè)績,還是達(dá)不到規(guī)定業(yè)績的情況下,投資方的利益都能夠不受損失。這其實(shí)也就是對(duì)賭協(xié)議的內(nèi)涵所在:如果融資企業(yè)在得到融資方的資金之后,在規(guī)定的時(shí)間內(nèi)沒有達(dá)到雙方約定的諸如上市時(shí)間、凈利潤、增長率等等經(jīng)營業(yè)績目標(biāo),那么投資方可以要求融資方以一定價(jià)格回購股份和直接經(jīng)濟(jì)補(bǔ)償?shù)葋肀ＷC自己的利益不受損害;而如果融資方在雙方約定的時(shí)間內(nèi)完成了業(yè)績承諾,那么投資方一般會(huì)給予融資企業(yè)一定的獎(jiǎng)勵(lì),包括追加投資、給高管一定的現(xiàn)金獎(jiǎng)勵(lì)等。對(duì)賭協(xié)議在我國首次出現(xiàn)是在2004年,那個(gè)時(shí)候,蒙牛乳業(yè)處于剛剛起步的階段,公司的進(jìn)一步發(fā)展需要大量的資金,為了獲得摩根斯丹利及其他兩家投資機(jī)構(gòu)的資金支持,蒙牛與它們簽訂了一份對(duì)賭協(xié)議,而這份對(duì)賭協(xié)議的結(jié)果是,蒙牛乳業(yè)利用獲得的資金,引入優(yōu)質(zhì)奶牛,加強(qiáng)生產(chǎn)線建設(shè),以高品質(zhì)的產(chǎn)品打開了廣闊的市場(chǎng),最終以超過規(guī)定業(yè)績的三倍傲人成績獲得了對(duì)賭協(xié)議的成功,蒙牛也從此處于我國乳業(yè)的最前列。此后,“對(duì)賭協(xié)議”頻繁出現(xiàn)在中國資本市場(chǎng)上。但與企業(yè)家們的瘋狂對(duì)賭所相反的是,對(duì)賭協(xié)議帶來的并不都是成功,筆者通過列舉比較知名的對(duì)賭案例,發(fā)現(xiàn)對(duì)賭失敗的比例高達(dá)69%,如此高的失敗率卻依舊阻擋不了融資方對(duì)資金的需求,對(duì)賭協(xié)議在我國特別是新三板市場(chǎng)上仍然廣泛存在。本文第一部分為研究背景與研究意義介紹等內(nèi)容,起到統(tǒng)領(lǐng)全文的作用。文章第二部分為案例分析背景介紹,首先從國內(nèi)外研究現(xiàn)狀與文獻(xiàn)綜述方面對(duì)“對(duì)賭協(xié)議”這一概念的研究情況進(jìn)行分類概括,然后介紹了我國企業(yè)在私募股權(quán)中簽訂對(duì)賭協(xié)議的現(xiàn)狀,分析對(duì)賭過程中存在的一些問題以及產(chǎn)生這些問題的原因,從總體上認(rèn)識(shí)對(duì)賭協(xié)議,為下文的案例分析打下基礎(chǔ)。第三部分為案例分析部分,文章選取新疆火炬燃?xì)夤煞萦邢薰咀鳛榈湫推髽I(yè),希望通過分析得出其對(duì)賭成功的相關(guān)經(jīng)驗(yàn)。首先從對(duì)賭雙方的相關(guān)背景介紹展開,然后分析新疆火炬進(jìn)行對(duì)賭的原因和對(duì)賭條款設(shè)定的多重博弈,繼而采用因子分析法,選取同行業(yè)其他上市公司為樣本數(shù)據(jù),并對(duì)新疆火炬與樣本企業(yè)之間的經(jīng)營狀況進(jìn)行評(píng)價(jià)、比較及得分排名,得出新疆火炬在盈利能力與償債能力方面表現(xiàn)突出的結(jié)論,最后分析天然氣行業(yè)的發(fā)展現(xiàn)狀和政府的政策導(dǎo)向,說明良好的行業(yè)發(fā)展前景與政府的政策支持也是新疆火炬對(duì)賭成功的重要影響因素。本文第四部分為結(jié)論與相關(guān)建議,總結(jié)了影響新疆火炬對(duì)賭成功的關(guān)鍵因素,并從政府與融資企業(yè)兩個(gè)角度提出相應(yīng)的合理化建議。
[Abstract]:Gambling agreements, often referred to as the "valuation adjustment mechanism," are often used as a supplement to the high frequency of investment firms' equity investments in financing enterprises to ensure that financing companies, whether they achieve specified performance, If they fail to achieve the required performance, the interests of the investors can be protected from loss. This is the essence of the gambling agreement: if the financing company receives the financing party's funds, Failing to reach the mutually agreed operating performance targets such as listing time, net profit, growth rate, etc., within the specified time frame, Then the investor may ask the financier to buy back the shares at a certain price and direct economic compensation to ensure that his interests will not be harmed; and if the financier completes the performance commitment within a time agreed by both parties, Well, the investors generally give certain rewards to financing enterprises, including additional investment and certain cash rewards to senior executives. The gambling agreement first appeared in China in 2004, when Mengniu dairy industry was just in its infancy. The further development of the company required a lot of money, and in order to get the money from Morgan Stanley and two other investment institutions, Mengniu signed a gambling agreement with them, and the result of this gambling agreement was, The Mengniu dairy industry used the funds obtained, introduced high-quality cows, strengthened production line construction, opened up a broad market with high-quality products, and finally achieved the success of the gambling agreement with a score of three times more than the prescribed performance. Mengniu has also been at the forefront of China's dairy industry since then. Since then, "gambling agreements" have frequently appeared in China's capital markets. But contrary to the crazy bets by entrepreneurs, gambling agreements have not all brought success. By enumerating well-known gambling cases, the author finds that the proportion of failure in gambling is as high as 69%, but such a high failure rate still cannot stop the financing parties' demand for funds. The gambling agreement still exists widely in our country, especially in the new third board market. The first part of this paper is the introduction of the research background and the significance of the research, which plays a leading role in the full text. The second part of the article is a case analysis background introduction. Firstly, this paper classifies and summarizes the concept of "gambling agreement" from domestic and foreign research status and literature review, and then introduces the status quo of gambling agreement signed by Chinese enterprises in private equity. This paper analyzes some problems existing in the process of gambling and the reasons for these problems, and makes a general understanding of the gambling agreement, which lays the foundation for the case analysis below. The third part is the case analysis part. This article selects Xinjiang Torch Gas Co., Ltd. as a typical enterprise, hoping to get the relevant experience of its gambling success through analysis. Then it analyzes the reason of the torch gambling in Xinjiang and the multi-game of the gambling clause, and then adopts factor analysis method to select other listed companies in the same industry as the sample data. By evaluating, comparing and ranking the operating conditions between Xinjiang Torch and sample enterprises, the paper draws the conclusion that Xinjiang Torch has outstanding performance in terms of profitability and solvency. Finally, the paper analyzes the development situation of natural gas industry and the policy direction of the government, and explains that good industry development prospects and government policy support are also the important factors influencing the success of torch gambling in Xinjiang. Part 4th of this paper is the conclusion and relevant suggestions. This paper summarizes the key factors that affect the success of torch gambling in Xinjiang, and puts forward some reasonable suggestions from the angle of government and financing enterprises.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.24;F275

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