管理评论

›› 2018, Vol. 30 ›› Issue (9): 23-37.

• 经济与金融管理 • 上一篇    下一篇

“对赌第一案”的报童模型分析

邓杰, 于辉   

  1. 重庆大学经济与工商管理学院, 重庆 400030
  • 收稿日期:2016-05-17 出版日期:2018-09-28 发布日期:2018-09-29
  • 通讯作者: 于辉(通讯作者),重庆大学经济与工商管理学院教授,博士生导师,博士。
  • 作者简介:邓杰,重庆大学经济与工商管理学院博士研究生。
  • 基金资助:

    国家自然科学基金项目（71571024）；教育部人文社会科学研究规划基金（15YJA630058；14YJA630087）。

Analysis of “the First Case of Valuation Adjustment Mechanism” under Newsvendor Model

Deng Jie, Yu Hui   

  1. School of Economics and Business Administration, Chongqing University, Chongqing 400030
  • Received:2016-05-17 Online:2018-09-28 Published:2018-09-29

PDF (PC)

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摘要：

在我国对赌第一案——海富投资案的审判中，投资方与融资企业签订的对赌协议因"脱离了公司的经营业绩，有损公司及公司债权人的利益"而被最高人民法院判定无效。本文参照对赌第一案的对赌方式，建立了私募股权投资机构与企业对赌的报童模型，在供应链的视角下，探讨了投融资双方对赌时业绩目标的设置问题。发现了同时有利于投融资双方能促进双方合作的"协作绩效区间"，并进一步分析了影响该区间的主要因素。为科学的设置对赌业绩目标提供了理论基础。

关键词: 对赌协议, 业绩目标, 协作绩效区间, 报童模型

Abstract:

In the trial of the first case of Valuation Adjustment Mechanism (VAM)-Haifu investment case in China, the valuation ad-justment mechanism entered into between the investor and financing company was ruled invalid on the ground that it is beyond the company's operating capacity, and will damage the interests of the company and its creditors. This paper refers to the mechanism designed in The First Case of VAM, and establishes a newsvendor model which contains a VAM between the private equity (PE) and the financing company. It studies the setting problem of the performance objective in a VAM under the supply chain perspective. And it discovers a "Cooperation Performance Interval" which benefits both the PE and the financing company and could promote bilateral cooperation. Meanwhile, the main factors affecting this interval is also analyzed. This paper provides a theoretical basis for scientific setting of the per-formance objective.

Key words: valuation adjustment mechanism, performance objective, cooperation performance interval, newsvendor model