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论文编号：	5384
作者编号：	2120112782
上传时间：	2013/6/7 9:46:48
中文题目：	风险投资暨私募投资中对赌协议研究
英文题目：	A Research of Valuation Adjustment Mechanism on Venture Capital and Private Equity Investment
指导老师：	黄福广
中文关键字：	对赌协议，风险投资，私募投资，委托代理
英文关键字：	Value Adjustment Mechanism，Venture Capital，Private Equity，principal-agent
中文摘要：	风险投资暨私募投资在推动我国企业融资及创新过程中起到了至关重要的作用，尤其在解决科技型、创新性小微企业存在的融资难问题方面，风险投资暨私募投资起到了难以取代的作用，为我国经济发展做出了重要的贡献。但我们也应该看到，因为该部分直接融资类金融业务在我国起步较晚，虽然发展较快，仍然存在许多问题亟待解决。主要表现在投资企业在投资过程中的专业性较差，投资过程中对企业的了解不够全面等问题，因此在后期出现投资风险可能性较大，加之投融资双方对企业的估值、企业未来的成长性及在企业信息占有上的不对称性，导致极易出现委托代理问题。为了消除双方之间的分歧，以便达成投资协议，双方倾向于在投融资协议中加入对赌条款，即投资方与企业的实际控制人或管理者签订一系列的以未来业绩或上市时间为基准的企业价值调整机制。时至今日，对赌协议已成为风险投资和私募投资协议中的重要条款。本文以风险投资和私募投资中的对赌协议为研究对象，文章首先就对赌协议概念、对赌协议签署双方的基本特点及对赌协议产生的理论基础给出了概述，在此基础上，文章对其触发条件、运作机制进行了说明。本文的核心部分则从经济学的角度对对赌协议产生的原因进行了简要的分析，并采用数学模型对其设定条件及有效性进行了分析，指出对赌协议在促进投融资双方对接，解决委托代理问题中的激励与约束问题上起到了积极的作用。最后，本文基于我国第一起涉及对赌协议有效性的案件——苏州海富诉甘肃世恒案件进行分析，通过对案件的整体回顾、经济学分析，得出现阶段对赌协议在我国企业投融资中所处的现实情况并就对赌协议未来在国内的发展提供了可供参考的意见。
英文摘要：	Venture Capital & Private Equity are playing a very important role in corporate finance and innovation, especially in solving scientific and technological innovation of small enterprises existed financing difficulties, the Venture Capital & Private Equity has played an Irreplaceable role in China's economic development and has made important contributions. But we should also see that as part of the direct financing, it started late in China, though rapid development, there are still many problems to be solved. Mainly because the investment firm is not professional in the investment, such as the investment and financing business valuation, future growth and the possession of enterprise information asymmetry, Investors and entrepreneur usual have principal-agent problem But In the process of Venture Capital & Private Equity investment, Investors and entrepreneur usual have principal-agent problem. In order to eliminate the differences between the parties, the two sides tend to use the terms of the Value Adjustment Mechanism(VAM) which based on business performance or the deadline of IPO to solve the problem. Today the VAM has become an important term of the venture capital and private equity investment agreement. In this paper, the object of study is the Value Adjustment Mechanism(VAM) in Venture capital and Private Equity investments, at first the author gave the concept of VAM, the characteristics of the investment and the corporate、and the theoretical of the VAM at first, then gave of the causes of the VAM from the point of economics besides an effectiveness analysis through a Mathematical model in order to point the important role in the entrepreneurs incentives and constraints. At last, by the litigation of Suzhou Haifu and Gansu Shiheng, the article gave the development and the outlook of VAM in China's development.
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