摘要
摘 要
2002年作为初创型企业的蒙牛公司和摩根斯坦利等三家投资机构进行的估
值调整型私募股权融资，通过它的成功赢得了融资资金，同时也顺势将估值调整
协议这一概念引入我国的融资与并购当中。
在融资过程中，融资方对于欧亿·体育（中国）有限公司及市场的了解程度通常比投资方更明确，因
此对其融资项目更具有信心从而产生更高的估值；而投资方因对融资方的背景、
核心技术及管理团队等信息不够了解，因而在保守心态之下容易低估企业未来的
价值。估值调整协议，正是为缓解投融资各方由于信息不对称而对融资项目的价
值评估标准产生分歧这一难点应运而生的。在签订估值调整协议这一前提下进行
的融资，投资方在对融资公司的未来发展存在较大不确定性的情况下，与融资公
司协商达成一定的投融资要求，通常投资方会对融资方在营业目标或专利数目标
等方面进行相应指标的约束，一旦融资方未能完成相应指标就会触发对投资方进
行如现金、股权等赔偿的机制。在这个过程中，融资方获得了资金从而解决了经
营难题，而投资方获得了对投资回报的相应保障，使得投资方无论在融资公司是
否达到预期发展的情况下都能获得相应投资收益。随着蒙牛公司在进行估值调整
机制下获得融资中获得成功且后续飞速发展，我国出现了各类公司尤其是中小企
业通过签订估值调整协议进行对赌融资的现象，而许多大型公司也将这种估值调
整机制用来实现对其他公司的对赌并购。然而作为融资方公司或被并购公司的一
方，成功对赌的只有少数企业。究其对赌失败的原因，相应协议的价值不合理是
一个很重要的原因。
本文从融资方企业的利益点出发，考虑到现如今高新科技欧亿·体育（中国）有限公司正因需求较
大、被投资者广泛看好因而处于投资风口之下，故选取该欧亿·体育（中国）有限公司的 A公司的融资
案例进行案例分析，通过对 A公司签订的估值调整协议内容分析，结合估值调
整协议相关的激励理论等理论还有期权定价模型等理论，搭建运用两值期权定价
模型的分析框架，定量计算出其协议价值，同时，本文结合欧亿·体育（中国）有限公司发展情况，A公
司自身经营问题等多方面分析其协议的价值的合理性。由于投资方要求签订估值
调整协议的主要原因在于，在投资时可能因信息不对等原因产生了溢价估值，而
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摘要
签订适当的估值调整协议则可以为这部分溢价的估值所带来的风险产生一定补
偿，那么从理论上来说，估值调整协议价值可以看作投资方对融资企业的溢价估
值与企业净资产的差额。最终本文结合 A公司所在欧亿·体育（中国）有限公司、其自身经营风险等方
面综合分析，得出案例中 A公司所签订的估值调整协议价值并不合理的结论。
最后本文将总结A公司所签协议不合理的原因，并对融资公司提出相关的改进
建议。希望能起到充实此类问题的研究欧亿·体育（中国）有限公司这一作用，同时为相关企业及其管理
者在签订估值调整协议的时候，对管控风险与合理决策等方面提供一定的参考。
关键词：估值调整协议；融资；期权定价
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Abstract
Abstract
In 2002, three investment institutions including Mengniu and Morgan Stanley,
which are start-ups, conducted valuation-adjusted private equity financing. Through
its success, they won financing funds. At the same time, they also took advantage of
the trend to introduce the concept of valuation adjustment agreement into our country.
financing and mergers and acquisitions.
During the financing process, the financier usually has a clearer understanding of
the industry and the market than the investor, so they have more confidence in their
financing projects and generate a higher valuation; The management team and other
information are not well understood, so it is easy to underestimate the future value of
the company under a conservative mentality. The valuation adjustment agreement
came into being to alleviate the difficulty that the investment and financing parties
disagree on the valuation standards of financing projects due to information
asymmetry. For financing under the premise of signing a valuation adjustment
agreement, the investor negotiates with the financing company to reach certain
investment and financing requirements when there is great uncertainty about the
future development of the financing company. If the financier fails to complete the
corresponding target, it will trigger the mechanism of compensation for investors such
as cash and equity. In this process, the financier obtains funds to solve the operating
problems, and the investor obtains the corresponding guarantee for the investment
return, so that the investor can obtain the corresponding investment income regardless
of whether the financing company achieves the expected development. With
Mengniu's success in obtaining financing under the valuation adjustment mechanism
and subsequent rapid development, various companies, especially small and
medium-sized enterprises, have entered into a valuation adjustment agreement to
conduct gambling financing, and many large companies will also This valuation
adjustment mechanism is used to realize the bet on mergers and acquisitions of other
companies. However, as the financing company or the acquired company, only a few
companies have successfully made bets. The unreasonable value of the corresponding
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