管理评论

管理评论 ›› 2026, Vol. 38 ›› Issue (1): 235-248.

• 运营与供应链管理 • 上一篇    

部分需求信息下风险规避型零售商对赌机制研究

邓杰1, 姚力2, 陈梦翼2, 王宇3   

  1. 1. 重庆工商大学会计学院, 重庆 400067;
    2. 重庆工商大学工商管理学院, 重庆 400067;
    3. 重庆理工大学管理学院, 重庆 400054
  • 收稿日期:2023-07-19 发布日期:2026-02-10
  • 作者简介:邓杰(通讯作者),重庆工商大学会计学院副教授,硕士生导师,博士;姚力,重庆工商大学工商管理学院硕士研究生;陈梦翼,重庆工商大学工商管理学院硕士研究生;王宇,重庆理工大学管理学院副教授,博士。
  • 基金资助:
    重庆市社会科学规划项目(2022NDQN42); 教育部人文社会科学研究规划基金项目(23YJA630018); 重庆市教委科学技术研究项目(KJQN202300848)

Research on the Valuation Adjustment Mechanism of Risk-averse Retailer under Partial Demand Information

Deng Jie1, Yao Li2, Chen Mengyi2, Wang Yu3   

  1. 1. School of Accountancy, Chongqing Technology and Business University, Chongqing 400067;
    2. School of Business Administration, Chongqing Technology and Business University, Chongqing 400067;
    3. School of Management, Chongqing University of Technology, Chongqing 400054
  • Received:2023-07-19 Published:2026-02-10

PDF (PC)

9

摘要： 在部分市场需求信息已知的条件下，研究了风险规避型零售商与私募股权投资机构(PE)之间的对赌问题。构建了基于最坏情况条件风险值(WCVaR)准则的决策模型，并通过与该模型在不对赌情况下决策、效用的对比，探讨了对赌协议在企业运营管理中的价值，揭示了零售商风险规避行为对对赌过程的影响。研究发现，对赌协议对零售商具有一定的激励作用，但会被其风险规避行为削弱激励效果。同时，存在一个临界区间，当零售商的风险规避程度处于区间内时，对赌双方更容易实现合作。此外，对赌过程中的高估值会降低零售商努力水平，高融资额则会导致过度激励，均不利于融资企业发展，而提高企业成长性、增强盈利能力才是实现对赌双赢和企业快速成长的关键。

关键词: 对赌协议, 风险规避, 部分需求信息, 最坏情况条件风险值

Abstract: Given partially available market demand information, the valuation adjustment mechanism(VAM) problem between a risk-averse retailer and a private equity investment institution(PE) is studied. This paper constructs a decision model based on the worst-case conditional value at risk(WCVaR) criterion, discusses the value of VAM in enterprise operation management by comparing with the decision and utility of the case without VAM, and reveals the impact of the retailer' risk aversion behavior on the execution process of VAM. The results show that entry into a VAM has a certain incentive effect on the retailer, but the incentive effect will be weakened by the retailer's risk aversion behavior. There exists a critical interval for the retailer's risk avoidance degree, within which it becomes easier for the investment and financing parties to cooperate. In addition, the high valuation in the process of entering into a VAM will reduce the effort level of the retailer, and high financing amount will lead to over-incentivization, both of which are not conducive to the development of financing enterprises. Enhancing the growth and profitability of enterprises is the key to achieving a win-win situation and helping enterprises to grow rapidly.

Key words: valuation adjustment mechanism, risk-averse, partial demand information, worst-case conditional value at risk