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1、摘要在我国经济高速发展的背景下，我国涌现了一大批具有高成长性的企业。与传统企业不一样，这些企业更多地和资木市场进行接触。在它们的发展过程中，其发展资金来源往往不局限于银行等传统渠道,而更多地以风险投资、定向增发、上市等形式来募集资金。在风险投资中，对赌协议是一个具有代表性的金融工具，因此针对对赌协议进行研究有利于企业和投资银行更好地进行风险投资。本文以蒙牛乳业和摩根士丹利之间的对赌协议、恒大地产和美林证券等投资银行之间的对赌协议作为切入点，以信息不对称理论作为对赌协议的理论基础，对这两份对赌协议Z间的对赌必要性、对赌协议的形式、对赌协议的风险、对赌协议的效果这四个方面进行分析，认
2、为企业选择和投资银行签订对赌协议时，必须要加快发展主业、扩大销售渠道和利用先进的管理经验；而投资银行在和企业签订对赌协议时，必须设立合理的对赌指标并将宏观经济环境纳入考虑因素中。尖键词：对赌协议，信息不对称，公司治理，风险投资，投资银行AbstractAlongwiththeeconomicaldevelopmentofChina,moreandmoreenterprisescangrowthupwithhighspeed.Comparewiththetraditionalenterprises,thesenew-generationenterprisesarewillingto
3、acquirefundfromvariouschannels,includingventurecapitals(VC),privateequities(PE),bonds,angelinvestmentsandsoon.However,informationasymmetryisverycommonandinevitableduringtheseinvestments.Ononehand,entrepreneurshaveadvantagesofinformationthanownersofinvestmentbanks,meansentrepreneurscandecideho
4、wtooperatetheirenterprisesandlong-termstrategies,eventheycanmanipulatefinancialreportstodeceivetheirinvestors;Ontheotherhand,ownersofinvestmentbankshavebetterunderstandingabouttheirpolicesofinvestments.Tosolvetheinformationasymmetry,theyusuallywillsignupaprotocolasvaluationadjustmentmechanism
5、(VAM)asachanneltocommunicatebetter.ThisessayisintendtoresearchVAMandprovidesuggestions.Thisessayisbasedontwovaluationadjustmentmechanisms:theVAMbetweenMengniuDairyandMorganStanleyandtheVAMbetweenEvergrandeandMerrillLynch.Thetheoryofthisessayisinformationasymmetry.Iwouldliketoconductmycomparis
6、onfromfouraspects:thenecessarilyofVAM,theformatsofVAM,therisksofVAM,andtheeffectsofVAM.BasicontheanalyzeImade,IwouldliketosuggesttheenterpriseswhichwanttosignupVAMwithinvestmentbankshouldfocusonthedevelopmentofitsmainbusinessandexpanditschannelsofsales,aswellasutilizeadvancedexperienceofmanag
7、ement.AstothoseinvestmentbankswhowanttosignupVAMwithenterprises,theyshouldnotonlysetupreasonabletargets,butalsotakemacro-economicalenvironmentintoconsideration.Keywords:Valuationadjustmentmechanism,Informationasymmetry,Corporationgovernance,V
