本文關(guān)鍵詞：合同理論視角下的對(duì)賭條款研究　出處：《上海交通大學(xué)》2013年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 合同理論 風(fēng)險(xiǎn)投資 對(duì)賭條款 機(jī)制設(shè)計(jì)

【摘要】：風(fēng)險(xiǎn)投資行業(yè)在中國(guó)迅速發(fā)展，對(duì)賭條款作為金融合同的一部分在中國(guó)大量使用。本文從合同理論的角度出發(fā)，說(shuō)明了對(duì)賭條款并不是適合風(fēng)險(xiǎn)投資的合同條款。風(fēng)險(xiǎn)投資者使用對(duì)賭條款符合其低成本擴(kuò)張的投資策略，但是使用對(duì)賭條款會(huì)降低投資的效率，導(dǎo)致對(duì)企業(yè)家和風(fēng)險(xiǎn)投資者激勵(lì)的扭曲。企業(yè)家在扭曲的激勵(lì)下會(huì)選擇風(fēng)險(xiǎn)更高的資產(chǎn)替換行為，甚至有可能粉飾業(yè)績(jī)來(lái)得到進(jìn)一步的融資。對(duì)賭條款的英文翻譯為估值調(diào)整機(jī)制，但是其進(jìn)行估值調(diào)整的區(qū)間以及調(diào)整估值的方式都有問(wèn)題，不能實(shí)現(xiàn)雙方收益的最大化。相比之下，棘輪條款和可轉(zhuǎn)換證券是廣泛使用的估值調(diào)整工具。最后，文章指出了對(duì)賭條款對(duì)風(fēng)險(xiǎn)投資退出方式的影響。對(duì)賭條款由于可以在低估值IPO的時(shí)候?qū)︼L(fēng)險(xiǎn)投資者進(jìn)行補(bǔ)償，，因此會(huì)讓風(fēng)險(xiǎn)投資者在更低盈利能力的時(shí)候選擇IPO而不是并購(gòu)?fù)顺�。這在一定程度上可以解釋中國(guó)和美國(guó)在退出結(jié)構(gòu)上的差異。為了促進(jìn)風(fēng)險(xiǎn)投資在中國(guó)的發(fā)展，應(yīng)該推廣使用更好的融資合同，如可轉(zhuǎn)換證券。
[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.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F830.59

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 張波;費(fèi)一文;黃培清;;“對(duì)賭協(xié)議”的經(jīng)濟(jì)學(xué)研究[J];上海管理科學(xué);2009年01期

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