摘要
为提升企业在市场中的竞争力，不少企业会在并购过程中运用对赌协议。从投资方角
度来看，在并购过程中运用一份对赌协议可以使投资方在投资过程中避免投资错误所造成
的风险，并能有效地防止操作者进行短期的套利，并且大部分对赌协议的运用都会提升企
业短期经营效益,企业也会为了长久有效经营及长期发展能够得到保护将对赌协议设置对
赌期限，一般为三至五年；从融资需求方看来，采用对赌协议可以增加并购交易的定价，
还可以达到溢价并购效果，另外为了完成并购对赌绩效，会有效提升企业内部工作效率，
完善企业运行结构，甚至可能会推进企业进行改革，最终会实现企业收益最大化、结构最
优化。
本文选取浙江世纪华通集团股份有限公司对赌并购盛跃网络科技（上海）有限公司的
案例，通过具体分析企业进行对赌协议的过程、前后财务绩效以及非财务绩效等得出结论，
再进行总结得到在并购过程中如何更好运用对赌协议、怎样使并购方有效达成并购目标等
建议。具体来讲，通过对案例动因进行分析，可知世纪华通对盛跃网络的收购，主要是出
于公司自身的转型发展，例如扩大市场份额、增强自身竞争力等；通过对世纪华通并购前
后相应财务指标及非财务指标的变化情况分析，可以得知对于并购企业世纪华通来说，除
高额的并购支付金额导致偿债能力恶化外，其他短期财务指标优化明显，在同行业市场的
表现也显著提高，虽后期发展劲头下降，但整体优于并购前。以上世纪华通对赌并购盛跃
网络的案例分析结论，对类似游戏行业中轻资产企业在运用对赌协议进行并购的行为有一
定的参考借鉴的意义。
关键词：
对赌协议；世纪华通；企业并购
I

Abstract
As many companies want to enhance their competitiveness in their industry, more and
more enterprises will choose the behavior of merger and acquisition for enterprise expansion,
By using the business behavior of mergers and acquisitions, companies can usually achieve
better and faster development goals. At the same time, many companies use valuation
adjustment mechanism in the process of mergers and acquisitions. Among them, many
companies use valuation adjustment mechanism in the process of mergers and acquisitions. For
investors, choosing valuation adjustment mechanism can avoid the risks caused by investment
mistakes, and can also effectively avoid short-term arbitrage behavior of operators. In order to
protect the long-term effective operation and long-term development, the enterprise will also set
the gambling period for the valuation adjustment mechanism, which is generally three to five
years. In financing the demand point of view, the protocol can increase the mergers and
acquisitions pricing, can also achieve premium mergers and acquisitions effect, in addition to
complete the merger and acquisition performance, can effectively improve enterprise internal
work efficiency, improve the enterprise operation structure, and may even promote enterprise
reform, will ultimately maximize profits, the structure optimization.
Based on the specific case of Zhejiang Century Huatong Group Co.,Ltd and Shengyue
Network Technology (Shanghai) Co.,Ltd, this paper analyzes what is the matching bet merger
and acquisition, how enterprises carry out the matching bet merger and acquisition, and through
the case, we can get how to make good use of the matching bet agreement in the specific case to
make the investment and financing parties get the results they want. Specifically, through the
analysis of the motivation of the case, it is found that the motivation of acquisition of Shenyang
Entertainment is mainly from the perspective of the company's own transformation and
development, to expand market share and enhance its own competitiveness. Through the
analysis of the changes of the corresponding financial indicators and non-financial indicators
before and after the merger, it can be concluded that the short-term financial indicators of
astonishing are obviously optimized and its performance in the same industry market is
significantly improved, but the latter is insufficient and the debt paying ability deteriorates due
to the influence of large amount of merger and acquisition. The conclusion of the case analysis
II
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