摘要近几年来，在我国成长型民营企业面临融资问题的大环境下，越来越多的成长型民企试图借助国外资本的力量，为企业发展寻求更广阔的空间。于是，对赌协议作为一种创新的融资方式开始出现在中国的资本市场。66410

对赌协议是投资方和融资方出于企业未来的不确定性，设计的一种为保障各自利益的制度。然而，由于缺乏风险意识和专业的金融知识，融资方往往要面对较大的风险和挑战。因此，融资方在运用对赌协议时应认真考虑各种因素，权衡利弊，实现对赌协议的高效运用。

本文首先分析对赌协议这一融资方式的理论基础及其运作机制，包括其涵义，要素以及当前在中国成长型民企中的实践特点。其次采用案例分析的方法分析对赌协议在成长型民企的融资实践运用情况，在总结各种理论和经验的基础上提出自己的一些看法，最终给出我国成长型民企在运用对赌协议时应该考虑的因素以及提供相应的建议。

毕业论文关键词  成长型民营企业  国际投资机构  对赌协议  蒙牛乳业 永乐家电

Title  Valuation Adjustment Mechanism for Developing Private Enterprise Financing                               

Abstract

In recent years, a large number of Chinese developing private enterprises are in urgent need of funds to enjoy a broad prospect. However, the lack of effective ways to improve private enterprises’ financing processes blocks the development of then directly. Therefore, some developing private enterprises make cooperation with Overseas Securities investment by signing a VAM agreement with them.

The valuation adjustment mechanism is an agreement between the enterprise and the investor. As the lack of risk awareness and professional knowledge of finance, developing private enterprises generally have to face huge risk. This paper based on the situation of VAM in developing private enterprises, taking both theoretical and practical analysis on VAM.

In the first place, the paper introduces the theoretical basis and the operating mechanism of VAM. Point out the meaning, elements and the practical characteristics of VAM. In the second place, the paper analyzes VAM through the methods of case analysis and comparative study. Finally, the author summarizes the factors that should be considered while using VAM and makes some suggestions for these developing private enterprises.

Keywords: developing private corporation  overseas securities investment   valuation adjustment mechanism  China Mengniu Dairy Holdings  Yongle Holdings Co.Ltd

目录

1  绪论 1

1.1  选题背景及意义 1

1.2  研究思路及方法 2

2  对赌协议概述 4

2.1  对赌协议的内涵 4

2.2  对赌协议的要素 4

3  理论基础及文献综述 7

3.1  对赌协议的相关理论 7

3.2  文献综述 9

4 对赌协议在成长型民企中应用的必要性及其运行机制 12

4.1  成长期企业的阶段特征 12

4.2  对赌协议在成长型民企中应用的必要性 12

4.3  对赌协议在成长型民企中的运行机制及特点