对赌协议在成长性民企的融资实践运用

发布时间：2018-05-04 03:04

本文选题：成长性民营企业 + 风险资本　；参考：《西南财经大学》2011年硕士论文

【摘要】：成立于1999年,原注册资本为100万的蒙牛乳业,2004年在香港交易所上市并取得巨大成功,获得IPO融资额13.49亿港元,IPO后流通市值约40亿港元。而成立于2001年,原注册资本为800万美元的无锡尚德,2005年成功登陆纽约交易所,获得IPO融资额4亿美元,IPO后流通市值高达30.67亿美元。两家企业的高速发展引起了人们极大的兴趣。研究发现,两家企业发展的背后与海外风险资本有着千丝万缕的联系,而其和海外风险资本签订的名为对赌协议的融资合约则被业内认为是其高速发展的背后推手。而随后在中国的资本市场上,对赌协议一时风起云涌,国内一大批在各行业细分市场有影响力的企业纷纷与海外风险资本签订对赌协议,如太子奶,飞鹤乳业,碧桂园等。观其结果,太子奶与摩根斯丹利对赌导致其掌门人李途纯失去领导地位,永乐和摩根斯丹利对赌导致其被国美苦情收购,永乐原董事长陈晓则进入国美担任总经理,而碧桂园则需要向海外投行支付资金。于是一时之间成也对赌,失也对赌,对赌协议一词在中国资本市场上开始火热。分析研究相关的中国企业和海外风险资本对赌的实例,发现参与对赌的融资方多是成长性民营企业,而投资方多是著名的海外风险资本,如摩根斯丹利,高盛,龙科等,从目前的结果来看,中国民企失败的案例较多。一、研究目的本文研究的目的在于分析对赌协议这一资源配置方式的运作机制,包括其原则,具体工具和组织形式以及当前在中国成长性民企中的实践特点。期望这一机制能高效推动我国成长性民企成长壮大为有世界影响力的企业,为解决中小企业融资难的问题提供启示。二、主要内容于是本文根据这一现象展开研究,分析对赌协议这一融资机制在成长性民企的实践运用,各章的主要安排如下。导论主要针对本文的研究背景,研究目的,研究思路,预期贡献展开写作。近年来中国资本市场上中国成长性民营企业和海外风险资本频频签订对赌协议,一部分企业取得巨大成功,如无锡尚德,蒙牛乳业之流；而另一部份企业则损失惨重,如太子奶和永乐。业内对对赌协议比较陌生,对其运作机制和作用有极大的兴趣。在这样的研究背景下,本文试图分析在具体的实践中,对赌协议设计围绕的核心究竟是什么。于是本文首先分别研究中国对赌协议实践运用的主体,中国的成长性民企和海外风险资本,在此基础上进一步研究对赌协议,并通过高新行业案例——无锡尚德和传统行业——蒙牛乳业对赌的案例以求更深入的剖析对赌协议的运作机制,最后本文得出对赌协议的设计核心是企业当前赖以实现高收益的高风险因子,如无锡尚德的成功海外上市和蒙牛的牛根生的领导能力。最后本文总结了对赌协议当前在中国运用的实践特征。第二章为理论分析,为本文的分析构建理论平台。对赌协议作为一种融资合约的安排,其产生与代理理论息息相关,其特征和期权极为相似,其实践中的操作体现不完全合约的精神。于是本章着重研究对赌协议背后体现的代理理论,期权理论以及不完全合约理论。第三章分析对赌协议在中国成长性民营企业实践运用的主体,包括中国的成长性民营企业的融资需求以及风险资本的性质。研究对赌协议在中国成长性民企的融资实践运用的前提是中国成长性民企存在特定的融资需求。首先分析中国的成长性民企,指出民企的生命周期和成长期民企的财务特征,得出当前成长性民企内源融资无门,急需外源融资。然后具体分析中国成长性民营企业融资难的三个方面的原因。中国成长性民营企业的融资需求大。中国进入新世纪后经济快速发展,与西方成熟的经济体增长速度放缓不同,中国经济长年保持高增长率,从经济的发展周期来看,中国的经济正处于由粗放型向节约型,从世界工厂到世界品牌转变的阶段,而身处于其中的民营企业有巨大的发展机会,一大批企业具备相当潜能的民营企业渴望突破当前的规模,实现超越式发展,正是在这样的旺盛需求下,基于以下三个原因,中国成长性民企的融资尤为艰难。从社会因素讲,长期以来计划经济体制的影响依然存在,民企的社会地位相对较低。从经济因素来讲,当前中国仍处于投资驱动型的经济增长方式。从体制方面来讲,政府的投资压抑了私人投资,通过信贷提供的货币则往往难以为民营企业所利用。民营企业的融资特征表现为高风险高收益。改革开放以来,市场经济迅速发展,身处其中的民营经济有巨大的发展机会。民营企业整体上表现为一种欣欣向荣的状态,民营经济一定程度上是市场经济的代表,代表着灵活高效的资源配置,从市场中竞争中发展壮大的民营企业往往具有极高的盈利能力,而另一方面,民营企业自身往往具有较大的风险因素,而对于有超越式发展需求的民营企业而言,其面临的不确定性问题更大更多,其风险更甚,故中国民营企业的融资需求特征表现高风险高收益。接着本文展开对对赌协议运用的另一主体——风险资本的研究。对赌协议作为一种融资合约安排,其参与的主体包括中国的成长性民营企业和风险资本。在每一宗融资活动中,是中国成长性民营企业和风险资本两方的市场力量博弈最后达成对赌协议中具体的条款设置。深刻的理解风险资本的性质是了解对赌协议具体实践运用的基础。与中国民营企业的高风险高收益的融资需求对应,风险资本是风险偏好型的资本,渴望通过高风险溢价获得高收益。与传统资本不同,风险资本是一种集财务资本,人力资本,声誉资本为一体的复合资本。其高素质的人力资本决定其可以很大程度上通过有效的设计对赌协议合约控制投资活动过程中的风险从而获得较高风险溢价。第四章分析了对赌协议。对赌协议是中国成长性民营企业和风险资本融资的合约安排。对赌协议是资源配置的高级方式,通过对赌协议,资本和实业高效结合,产生巨大的推力。对赌协议又称估值调整机制(VAM valuation adjustment mechanism),是在投融资活动中根据企业价值的变化相机分配现金流权和控制权。一般的思路是,在融资的初期,控制权一般赋予投资方从而约束和激励企业经营,在企业经营不利时投资方能控制企业从而迅速采取对其有利的处理方式保障其收益；在企业的经营达到协议的约定的时候,将控制权更多的赋予企业,以激励企业经营；反之,控制权依然把握在投资方手。对赌协议为了实现相机分配控制权以实现约束和激励功能,在具体的实践运用中采用多种制度设计,包括相应的证券工具和具体的条款设计。其中典型工具包括可转换证券和浮动股权比例。本章系统的介绍了对赌协议的内涵,类型,详细分析了对赌协议的产生根源,实践操作中的基本原则合具体的工具运用和制度设计。指出对赌协议是一种根据资金供给方和需求方的市场力量博弈结果得出具体制度设计的合约安排,在这一中安排中,相关的工具和条款可以更具市场力量灵活复制和拆分。最后,本章介绍了中国资本市场上两种常见的对赌协议,以对冲风险为目的的对赌协议,其代表为中信泰富等一批央企签订复杂金融衍生品,这些复杂的金融衍生品即为对赌协议；以企业成长发展为目的的对赌协议则是本文的分析主体,以实现企业发展壮大的对赌协议。第五章运用案例分析对赌协议在中国成长性民企的融资实践运用。本章以两个运用对赌协议后获得高速发展的企业——无锡尚德和蒙牛乳业为例展开分析。两个案例中,无锡尚德和蒙牛乳业都是以上市作为自身超越式发展的一个阶段性目标,然后围绕这个目标,双方制定了海外红筹股上市的战略,展开一系列的资本运作,而对赌协议则和这一系列的资本运作密不可分。在两个案例中,一方面,对赌协议融到的资金主要是用于资本运作的目标,如无锡尚德需要资金支持收购国有股份,蒙牛乳业用于实业发展(最后也是谋求上市的目标)；另一方面,对赌协议的相关条款设计就是资本运作的某一环节,如无锡尚德案例中对赌协议约定无锡尚德成功上市后则之前对赌协议的相关约定作废,蒙牛乳业第二轮对赌中可转换证券的债转股然后高抛的计划也是以蒙牛上市为前提。本章最后总结对比了两个案例,.指出对赌协议之所以可以运用到高新技术企业和传统企业,根源在于两者在该发展阶段都具有高风险和高收益型性,同时对赌协议的一大重要特征是可以根据具体的市场力量分拆和复制,故风险资本针对无锡尚德和蒙牛乳业的不同风险特征设计了具体的对赌协议,而对赌协议设计的核心则是两个案例中能够带来高收益的高风险因子,如无锡尚德实现海外上市的目标,蒙牛乳业牛根生的领导力,两个案例的对赌协议都对此作出了精心的设计,以确保项目的发展方向合意。最后,本文着重分析了案例中对赌协议中运用的典型工具和机制,包括浮动股权比例,可转换证券以及联合投资等,分析了这些工具在整个融资活动中是如何发挥作用。第六章总结了本文对对赌协议的思考。对赌协议在我国资本市场的流行和当前我国的经济环境息息相关,而很大一部份参与对赌的中国企业失败的原因和经济环境也联系密切。当前中国的对赌协议运用具有以业绩为赌注,股权为筹码的实践特征。在中国的IPO市场,由于《公司法》要求上市企业股权稳定,证监会目前严禁参与股权对赌的企业IPO,但是对赌协议这一机制的重大作用依然不容置疑,当前央行研究在中小企业中发行可转换债正是对赌协议的精神的运用。最后本文对中国民企运用对赌协议给出了相关的建议。三、主要贡献与不足本文力图揭示对赌协议的运作机制,思考其对中国成长性民企的融资实践意义。具体主要表现在以下几点： (1)对赌协议兴起和运行结果和经济环境相关。不同于西方的成熟经济发展体,中国当前的经济发展速度极快,已成为世界第二大经济体,身处其中的民企有巨大的发展机会,融资需求旺盛；而长期以来的体制影响,中国民企一直面临融资难的问题。巨大的融资需求,不通畅的融资渠道以及民企自身较大的不确定性,是对赌协议这一灵活的,处理高度不确定性的融资机制在中国资本市场兴起的原因。对赌协议的的关键环节是估值,估值则和市场的形势息息相关。对形势的错误判断将导致对赌的失败。在金融危机前,一部分企业在高速发展的前景下错误的估计了形势,签订对赌协议制定了较高的业绩目标,但金融危机的发生导致其根本无法完成目标。金融危机后,一大批房地产产业出现对赌危机就是该原因。 (2)对赌协议设计的核心是能带来高收益的高风险因子。对赌协议产生的原因在于解决高度不确定性。从其产生根源看,其似乎天然的和具有高风险高收益特征的高新企业相关。而在实践中,有大量的零售业,乳业等传统行业参加对赌,其原因在于在当时的条件下,处于传统行业的企业有高速发展的契机。如对于蒙牛乳业来说,是牛根生的领导能力,对于飞鹤乳业来说,是三鹿事件给其在奶粉行业带来的发展机遇。而对赌协议则是根据这些不同的风险因子,在实践中对这些风险因子加以约束和激励,确保在有效控制高风险因子的同时能分享其高风险溢价。 (3)对赌双方博弈的关键点是估值。一个合理的估值是对赌成功的重要影响因素。融资方的企业的估值参考的因素是市场的同期企业水平,自己的利润回报,以及对企业潜力的一个评估；企业对自身的估值的参考因素是自身判断的发展潜力,投资者的利润回报。企业可能为了争取资金过高估计发展潜力,而投资者则需要通过制度设计挤出水分；投资者可能有过高的利润回报要求,融资者需要讨价还价。双方博弈的关键点是估值,而决定估值的因素则是市场上融资需求方和供给方的市场力量对比。 (4)人力资本是对赌协议中控制权相机转移的重要影响因素。传统的融资理论中,控制权和所有权通常是对应的。但在对赌协议中,在投资初期风险资本往往拥有大量的所有权但是不拥有绝对控制权,这是风险资本对企业人力资本的认可。在投资的后期,控制权相机转移依赖的是业绩,而业绩本质上也是由企业的人力资本决定。文中的不足主要是以下两点 (1)对赌协议作为一种高风险的融资机制,是否过度开发了企业的潜力,损害企业的成长性。由于对赌协议是最近几年中国资本市场上的新事物,判断其是否影响其未来成长性缺乏相应的数据来源。 (2)本文使用案例分析方法,使用逻辑推理的定性判断方式,但缺乏相关的实证的支持,本文的结论是否能适用所有的中国民营企业的对赌案例需要实证的进一步支持。
[Abstract]:Founded in 1999, the original registered capital was 1 million of Mengniu Dairy industry. It was listed on the Hongkong exchange in 2004 and made a great success. The amount of IPO financing was HK $1 billion 349 million. The market value of IPO was about HK $4 billion. In 2001, the original registered capital was 8 million dollars in Wuxi Suntech, and the New York exchange was successfully landed in 2005, and IPO financing amount was 400 million. The market capitalization of the US dollar, IPO, is up to $3 billion 67 million. The rapid development of the two companies has aroused great interest. The study found that the development of the two companies has an inextricable link with overseas venture capital, and the financing contract, signed with overseas venture capital, is considered to be a high-speed development in the industry. And then in China's capital market, there was a surge in the gambling agreement in China's capital market. A large number of enterprises with influential market segments in various industries have signed the betting agreements with overseas venture capital, such as Taizi milk, flying crane dairy, bassia garden and so on. Pure loss of leadership, Yongle and Morgan Stanley led to the purchase of Gome by wager, and Yongle original chairman Chen Xiaoze entered Gome as general manager, while bassia garden needed to pay funds to overseas investment banks.
This paper analyzes and studies the related cases of Chinese enterprises and overseas venture capital on gambling, and finds that most of the financing parties involved in gambling are growing private enterprises, and most of the investors are famous overseas venture capital, such as Morgan Stanley, Goldman Sachs and dragon, and so on. From the present results, there are many cases of failure of Chinese private enterprises.
First, the purpose of the study
The purpose of this study is to analyze the operating mechanism of the allocation of resources, including its principles, specific tools and organizational forms, and the practical characteristics of the current growing private enterprises in China. It is expected that this mechanism can effectively promote the growth of China's growing private enterprises as a world influential enterprise and to solve the small and medium-sized enterprises. The problem of industry financing difficult to provide inspiration.
Two, the main content
Therefore, based on this phenomenon, this paper studies and analyzes the practice of the financing mechanism of gambling agreement in the growth of private enterprises. The main arrangements of each chapter are as follows.
The introduction mainly aims at the research background, research purpose, research ideas and expected contribution to write. In recent years, Chinese private enterprises and overseas venture capital have signed the gambling agreements frequently in China's capital market. Some enterprises have made great success, such as Wuxi Suntech, Mengniu Dairy stream, and the other part of the enterprises are miserably lost. Heavy, such as Tai Zi's milk and Yongle. The industry is very strange to the gambling agreement, and has great interest in its operating mechanism and role. Under this background, this article tries to analyze what is the core of the design of the betting protocol in the concrete practice. The growth of private enterprises and overseas venture capital, on this basis, further research on the gambling agreement, and through the high-tech industry case - Wuxi Suntech and the traditional industry - Mengniu Dairy in order to make a more in-depth analysis of the operation mechanism of the gambling agreement. Finally, this article draws a conclusion that the core of the design of the gambling agreement is the current Lai Yishi. The high risk factors, such as the successful overseas listing of Wuxi Suntech and the leadership ability of Niu Gensheng of Mengniu, are at the end of this paper. Finally, this paper summarizes the practical characteristics of the application of the betting agreement in China.
The second chapter is the theoretical analysis, which is the theoretical platform for the analysis of this article. As a financing contract arrangement, the production of gambling agreement is closely related to the agency theory, its characteristics and options are very similar. The practice in practice embodies the spirit of incomplete contract. So this chapter focuses on the agency theory behind the gambling agreement, options Theory and incomplete contract theory.
The third chapter analyzes the main body of the practice of the gambling agreement in China's growing private enterprises, including the financing needs and the nature of the venture capital in China's growing private enterprises.
The premise of the application of gambling agreement in China's growing private enterprise financing practice is the existence of specific financing needs in Chinese growing private enterprises. First, it analyzes the growing private enterprises in China, points out the life cycle of the private enterprises and the financial characteristics of the private enterprises in the growth period, and draws a conclusion that the endogenous financing of the current growing private enterprises is in urgent need of foreign financing. This paper analyzes the three reasons for the financing difficulties of Chinese growing private enterprises. The financing needs of Chinese growing private enterprises are large. China's economic rapid development after entering the new century is different from the slow growth rate of western mature economies. China's economy has maintained a high growth rate for a long period of time. From the perspective of economic development, China's economy is in the right place. In the period from extensive to economizing, from the world factory to the world brand, private enterprises in which they are in it have great opportunities for development. A large number of private enterprises with considerable potential are eager to break through the current scale and achieve transcendental development. It is under such strong demand that China is based on the following three reasons. In terms of social factors, the influence of the planned economic system still exists for a long time, and the social status of the private enterprises is relatively low. From the economic factor, the current China is still in an investment driven economic growth mode. From the institutional aspect, the government's investment has suppressed private investment and provided through credit. Money is often difficult to use for private enterprises. The financing characteristics of private enterprises are high risk and high income. Since the reform and opening up, the market economy has developed rapidly, and the private economy in it has great opportunities for development. The private enterprise is shown to be a thriving state on the whole, and the private economy is a market economy to a certain extent. The representative, representing the flexible and efficient allocation of resources, the private enterprises, which are developing from the market competition, often have high profitability. On the other hand, private enterprises themselves often have greater risk factors, and for private enterprises with transcendental development demand, the uncertainty is more and more. The risk is even more, so the financing demand characteristics of Chinese private enterprises are characterized by high risk and high return.
Then this article launches the research on the venture capital, another main body of the application of the betting agreement. As a financing contract arrangement, the main body of the gambling agreement is China's growing private enterprises and venture capital. In each of the financing activities, the market forces of China's growing private enterprises and the two parties of venture capital are the best. A profound understanding of the nature of the venture capital is the basis of understanding the practical application of the betting agreement. It corresponds to the high risk and high income financing needs of Chinese private enterprises, and the venture capital is a risk preference capital, which is eager to gain high returns through high risk premium. Venture capital is a compound capital which integrates financial capital, human capital and reputation capital. Its high quality human capital determines that it can obtain high risk overprice by controlling the risk of investment activities in a large extent through effective design of the betting agreement contract.
The fourth chapter analyzes the betting agreement. The betting agreement is the contract arrangement of the Chinese growing private enterprises and the venture capital financing. The betting agreement is the advanced mode of resource allocation. By combining the gambling agreement and the efficient combination of capital and industry, the bet agreement is also called the VAM valuation adjustment mechanism, which is also called the valuation and adjusting mechanism. In the investment and financing activities, the cash flow rights and control rights are allocated according to the change of the value of the enterprise. The general idea is that in the early stage of the financing, the right of control is generally given to the investor to restrain and encourage the enterprise to operate. When the operation of the enterprise reaches the agreement of the agreement, the right of control is given more to the enterprise to encourage the enterprise to operate. On the other hand, the control right is still held in the investor's hand. In order to realize the control of the distribution of the camera in order to realize the control of the camera, a variety of system designs are adopted in the practical application, including the corresponding certificate. Voucher tools and specific terms are designed. The typical tools include convertible securities and floating stock ratio. This chapter systematically introduces the connotation and type of the betting agreement, analyzes the origin of the gambling agreement, the basic principles in practice and the system design. The market power game between the gold supplier and the demand side results in the contract arrangement of the specific system design. In this arrangement, the relevant tools and terms can be more flexible and dismantled by the market force. Finally, this chapter introduces two common gambling agreements in China's capital market, which are aimed at hedging the risk. The representative has signed complex financial derivatives for a group of central enterprises such as CITIC Tai Fu, these complex financial derivatives are the betting agreement, and the betting agreement, which aims at the growth and development of the enterprise, is the main body of this article, in order to realize the betting agreement of the enterprise's development and expansion.
The fifth chapter applies case analysis to the practice of financing practice of gambling agreement in China's growing private enterprises. In this chapter, we take two enterprises which have obtained high-speed development after the gambling agreement - Wuxi Suntech and Mengniu Dairy Industry as an example. In the two cases, both Wuxi Suntech and Mengniu Dairy industry are listed as one of their own transcendental development. In two cases, in the two case, the funds for the betting agreement are mainly used for capital operation, such as the Wuxi Suntech needs funds. With the acquisition of state-owned shares, Mengniu Dairy industry is used for industrial development (and finally the goal of seeking to go to the market); on the other hand, the design of the relevant provisions of the gambling agreement is a part of the capital operation, such as the Wuxi Suntech case agreement that Wuxi Suntech has successfully listed the relevant agreement on the gambling agreement after the successful listing of the gambling agreement, and the Mengniu Dairy Industry The plan of the debt transfer stock of convertible securities in two wheelset and then the plan of high throwing is also based on the listing of Mengniu. Finally, this chapter summarizes and compares two cases, and points out that the reason why the betting agreement can be applied to high and new technology enterprises and traditional enterprises lies in both high risk and high profitability at the stage of development and the association of gambling. One of the most important features of the discussion is that it can be separated and replicated according to specific market forces, so the venture capital has designed a specific gambling agreement on the different risk characteristics of Wuxi Suntech and Mengniu Dairy industry, and the core of the design of the betting protocol is the high risk factor which can bring high returns in the two cases, such as Wuxi Suntech. The goal of the city, the leadership of Mengniu Dairy cattle, the two cases of the betting agreement has been carefully designed to ensure that the direction of the development of the project is satisfactory. Finally, this paper focuses on the analysis of the typical tools and mechanisms used in the case of gambling, including the floating share rights, convertible securities and joint investment, and so on. How do these tools play a role in financing activities?
The sixth chapter summarizes the consideration of the betting agreement. The gambling agreement is closely related to the current economic environment of our country's capital market and the current economic environment of our country, and a large part of the Chinese enterprises are involved in the failure of the gambling and the economic environment is closely related. In the IPO market of China, because the company law requires equity stability of listed companies, the securities and Futures Commission is currently strict.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F276.5

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