并购过程中的对赌协议分析——以蓝色光标系列并购案为例-analysis of the gambling agreement in the process of merger and acquisition - taking blue cursor series merger case as an example.docx

摘 要近年来，随着对赌协议在国内资本市场的尝试，对赌协议开始成为国内企业并购的手 段之一。对赌协议因能降低并购方的风险而受到企业家的追捧，但是纵观国内企业对赌并 购的案例，融资方总是输多赢少，主要还是因为企业对对赌协议的认识不够，过分依赖对 赌协议。因此，认识对赌协议的利弊是国内企业成功运用对赌协议的首要问题。研究对赌 协议的利弊，有利于企业家深入理解对赌协议运行机制，在运用对赌协议时合理设置对赌 条款，规避负面作用，最大限度的发挥对赌协议的作用，这也正是本文写作的目的。本文共分为两部分：第一部分是案例介绍，重点介绍并购方蓝色光标与被并购方思恩 客和博思瀚扬的基本情况以及并购过程和动机。第二部分是案例分析，在阐述了对赌协议 的相关理论后，本章重点分析蓝色光标在并购思恩客和博思瀚扬过程中使用对赌协议产生 的结果，进而总结对赌协议在并购过程中对并购双方产生的利弊。其有利方面在于：（1） 降低并购方因信息不对称带来的风险；（2）推动并购双方利益增长：首先，被并购方简便 的获得了大额资金；其次，鞭策激励被并购方努力实现业绩目标；第三，并购双方利益捆 绑，一荣俱荣。其弊端在于：（1）对赌协议可能导致并购双方短期行为；（2）由于企业未 来业绩的不确定性，业绩目标设定有失衡的风险；（3）一损俱损，一旦被并购企业无法实 现业绩目标，并购双方都会蒙受损失。最后，本文从并购双方的角度提出了应用对赌协议 的几点建议供其他企业借鉴。关键词：对赌协议，企业并购，业绩目标，利弊IAbstractIn recent years, with the attempt to valuation adjustment mechanism (VAM) in the domestic capital market, it has become one of the means of domestic mergers and acquisitions. Due to reduce the risk of mergers and acquisitions, VAM is popular with the entrepreneurs. But according to observing the case of domestic mergers and acquisitions, there are more losers than winners. The main reason is that the entrepreneurs have not enough cognize on VAM and rely on it excessively. Therefore, understanding the advantages and disadvantages of VAM is the first problem to successful application of VAM. Researching the VAM is propitious to gaining insight into the operating mechanism and setting reasonable goals, then maximizes the advantages of VAM. Thats where this article aims to help.This article is divided into two parts: The first part is about the background and the process of the case. The second part is about the case analysis, after introduction of the relevant theory, this chapter focuses on stating the effects of VAM in the process of mergers and acquisitions, with the example of Blue Focus merge SNK and Bo Si Han Yang strategy agency. Then summarize the pros and cons of VAM. The merits are: 1.Reduce the risk of merger due to the information asymmetry; 2.Promote the profit of each participant of MA. First, the lenders of MA received la