碧桂园私募股权融资中对赌协议风险控制研究

Abstract

In recent years,more and more enterprises tend to choose private equity to finance.In order to reduce the risk of investment,investors often need to adopt the valuation adjustment mechanism with the financing enterprises.Objectively speaking,the application of the valuation adjustment mechanism is also due to the difficulty of making a correct judgment on the actual situation of the future development of the enterprise.Therefore,it is necessary to adjust the initial investment amount according to the actual performance that the future operation of the enterprise may produce,and further delimit the interests boundary of the two parties.Generally speaking,the professional literacy of private equity investment is strong,which can often seize the opportunity for the enterprise to be in urgent need of funds,adopt the valuation adjustment mechanism which is more beneficial to the investor,such as the price of the equity transfer of the enterprise,etc.,and how to control the risk better in private equity financing based on the disadvantaged position of the financing enterprise?In the face of this discussion,this paper will conduct a case study on the valuation adjustment mechanism in private equity financing from the perspective of the financing side.

Country Garden provides10%of Guangdong's houses every year.After the listing in April 2007,the speed of expansion in the whole country has accelerated,and continue to copy its business model to the new market.So it is inevitable that there will be insufficient liquidity.In addition to the debt pressure that China Bank of Hongkong is about to expire,Country Garden decided to raise$1billion500million in debt financing in October2007,but the debt financing was not realized because of the impact of the financial crisis.In this case,in order to repay the debt which is about to expire,Country Garden chooses private equity financing and accepts the valuation adjustment mechanism.In fact,in order to carry out private equity financing,Country Garden may have the risk of blind adopting of the valuation adjustment mechanism or the high standard of the valuation adjustment mechanism，and there may be the risk that the standard of the valuation adjustment mechanism can not be realized or the irrational expansion of the enterprise. In addition,the short-term behavior of the managers,the short-term behavior of the investors and the loss of the right of enterprise control may exist.The risk factors analysis in the valuation adjustment mechanism of private equity financing of Country Garden is the core of the full text.

In view of the above risks,by summarizing the risk control measures taken by Country Garden,we find that Country Garden has a better control over the risk of the loss of corporate control,and has further risk control measures after the acceptance of the valuation adjustment mechanism.Thus,we can make suggestions on the risk control measures that can be taken by the enterprise at the stage before adopting the valuation adjustment mechanism and at the stage of adopting the valuation adjustment mechanism.Specifically,before accepting the valuation

adjustment mechanism,the financing enterprise should carefully consider whether it have to choose the way of private equity financing in assessing the necessity of the application of the valuation adjustment mechanism,and accurately measure the strength of the enterprise itself,that is,rationally estimate the potential and risk bearing capacity of the enterprise.When applying the valuation adjustment mechanism,the financing enterprise should reasonably set up the index of valuation adjustment mechanism.If Country Garden have to adopt the valuation adjustment mechanism,it should set up more reasonable standards and chips of the valuation adjustment mechanism,in order to prevent the short-term behavior of the management and avoid increasing the irrational expansion of the enterprise.The financing enterprise also should adopt the form of repeated game,and set exclusions and stop loss clauses in the valuation adjustment mechanism. Key words:Country Garden,private equity financing,Value Adjustment Mechanism,risk

摘要..................................................................................................................................................I Abstract...............................................................................................................................................II 第一章绪论 (1)

1.1研究背景和意义 (1)

1.1.1研究背景 (1)

1.1.2研究意义 (2)

1.2主要内容及框架 (2)

1.3本文的主要创新点和不足之处 (4)

第二章文献综述 (6)

2.1私募股权融资研究 (6)

2.2对赌协议的应用研究 (7)

2.3文献简评 (8)

第三章私募股权融资中对赌协议及其风险理论分析 (9)

3.1私募股权融资的内涵与发展现状 (9)

3.1.1私募股权融资的内涵 (9)

3.1.2私募股权融资的发展现状 (10)

3.2对赌协议的内涵 (12)

3.2.1对赌协议的理论基础 (12)

3.2.2对赌协议的三大要素 (13)

3.3私募股权融资中对赌协议的必要性与运用现状 (16)

3.3.1对赌协议能解决双方信息不对称 (16)

3.3.2对赌协议能促进企业高速发展并有效激励企业管理层 (16)

3.3.3运用对赌协议的必要性小结 (18)

3.3.4私募股权融资中对赌协议的运用现状 (18)

3.4私募股权融资中对赌协议的风险 (19)

3.4.1盲目签对赌协议 (20)

3.4.2对赌标准过高 (21)

3.4.3对赌标准无法实现 (21)

3.4.4加剧企业非理性发展 (23)

3.4.5投资者短期行为 (24)

3.4.6企业控制权流失 (25)

第四章碧桂园签订对赌协议背景及基本情况分析 (26)

4.1碧桂园简介 (26)

4.2引入私募股权历程 (27)

4.3对赌协议适用性 (27)

4.4对赌协议内容 (28)

4.4.1可转换债券协议 (28)

4.4.2对赌协议 (31)

第五章、碧桂园私募股权融资中对赌协议的风险分析及风险控制 (33)

5.1风险分析 (33)

5.1.1碧桂园盲目签订对赌协议 (33)

5.1.2碧桂园对赌标准过高 (35)

5.1.3碧桂园对赌标准无法实现 (39)

5.1.4加剧碧桂园非理性扩张 (44)

5.1.5碧桂园管理层的短期行为 (45)

5.1.6投资方的短期行为 (45)

5.1.7碧桂园控制权流失 (46)

5.1.8风险分析小结 (47)

5.2建议采取的风险控制措施 (47)

5.2.1碧桂园已采取的风险控制措施 (48)

5.2.2对赌协议签订之前的风险控制建议 (48)

5.2.3对赌协议签订之时的风险控制建议 (49)

第六章结论和展望 (52)

6.1研究结论与启示 (52)

6.1.1研究结论 (52)

6.1.2启示 (53)

6.2未来研究展望 (54)

参考文献 (55)

致谢 (59)

作者简介 (60)