企业并购中的对赌协议：应用、分析与启示--以蓝色光标并购精准阳光为例
Valuation Adjustment Mechanism in M&A: Application, Analysis and Enlightenment
对赌协议作为一种创新的契约形式，在越来越多的企业并购交易中得到运用。2014年11月最新制定颁布的《上市公司重大资产重组管理办法》明确要求，上市公司采用收益法对拟购买的资产进行定价时，必须与交易对方签署对赌协议。在企业并购中，投资者借助对赌协议，可以有效提高并购效率，降低并购整合失败风险。基于此，以蓝色光标并购精准阳光为例，全面分析了对赌协议的结构设计及应用效果；并对企业如何成功运用对赌协议，提出了相应的建议。
s a creative form of contract, the valuation adjustment mechanism is applied in M&A for many companies. Measures for Administration of Material Assets Reorganization of Listed Companies, which were adopted on November, 2014, required that listed companies must sign VAM with counterparty when pricing the assets. In M&A, the use of VAM can improve the efficiency and reduce the risk of failure. Based on the case of Blue Focus merged Accurate Sun, thoroughly analyze the structural design of VAM and its effects. Some suggestions are proposed in this paper in order to explain how to use VAM successfully.
黄微平、周彤
财政、金融
对赌协议并购业绩补偿承诺
valuation adjustment mechanismM&Aperformance compensation commitment
黄微平,周彤.企业并购中的对赌协议：应用、分析与启示--以蓝色光标并购精准阳光为例[EB/OL].(2016-03-29)[2025-08-18].http://www.paper.edu.cn/releasepaper/content/201603-413.点此复制
评论