西安建筑科技大学大学专业学位硕士论文
OAK公司在对赌投资中的风险管理研究
——以投资CQR公司项目为例
专业：工商管理
硕士生：宋启敬
指导教师：张志霞
摘要
近年来，我国的投融资市场随着经济的增长而蓬勃发展，对赌协议因势利导
由国外引入国内，并且其运用呈增长之势。然而对赌协议在我国法律上并不完善，
市场应用也不成熟，在使用过程中伴随着大量风险。如何控制风险，有效运用对
赌协议，成为很重要的研究课题。
本文以OAK公司对赌投资CQR公司项目的风险管理为研究主题。首先,通过
文献分析法对对赌投资理论及其相关的风险管理理论进行综述。其次,通过文献
阅读法对我国对赌协议的经典实践案例的分析结合OAK公司对赌投资CQR公司项
目近况及工业机器人行业现状，识别并出本项目中存在的相关风险因素，确定了
包含投资前期、投资中期、投资后期的二级指标和全面调查风险、估值风险、业
绩目标风险、管理风险、法律风险等三级指标的风险评价体系。再次，运用层次
分析法和模糊综合评价法进行风险评价，得出估值风险、法律保障风险等是最主
要的风险因素。最后针对关键性风险指标，提出不同阶段的风险控制策略，具体
包括投资前期应提高调查的全面性和准确性，投资中期谈判采用重置法估值、设
定弹性指标、规范合同条款的方法，投资后期通过管理层更换，管理制度变更，
法律有效保障等措施，以保障投资方OAK公司的经济利益。
通过OAK公司对赌投资CQR公司项目的风险管理研究，尽量减少投融资企业
的信息不对称导致风险过大的影响，指导企业在实践过程中规避及化解投资风
险，让对赌协议的运用更加清晰化、规范化。本研究成果对于同类企业控制对赌
投资风险有一定的参考价值。
关键词：对赌协议；风险评价；风险管理；层次分析法
西安建筑科技大学大学专业学位硕士论文
Research on Risk Management of OAK Company in
Valuation Adjustment Mechanism——Take Investment in
CQR Company Project as an Example
Specialty:Master of Business Administration
Name: SongQingjing
Instructor:ZhangZhixia
Abstract
China's investment and financing marketing is booming and vigorous with the
economic growth, in the recent few years, and the Valuation Adjustment Mechanism
(VAM) has been introduced into China from abroad and applied in a growing trend.
However, the law is not perfect, the market application is not mature, in the process of
use accompanied by a lot of risks.The Valuation Adjustment Mechanism(VAM) need
to use validly and regulate the risk, it has turn into a very significant research subject.
The research subject is the risk management of OAK company invest to CQR
companyproject.Firstly,summarizesthenotionoftheValuationAdjustment
Mechanism(VAM) knowledge and correlative risk management knowledge through
literature analysis.Secondly,through literature reading method,the empirical research
is carried out on the actual projects of Valuation Adjustment Mechanism(VAM) in
China.On this basis combined with the recent project status of OAK Company invest
to CQR company project and the current situation of the industrial robot industry to
comprehensively find the relevant risk points existing in this project.Determining the
risk index evaluation system, which includes the first-level index of the early stage of
investment, the middle stage of investment and the late stage of investment, as well as
thesecond-levelindexofcomprehensiveinvestigationrisk,valuationrisk,
performance target risk, management risk and legal risk.Then using the method of
Analytic Hierarchy Process(AHP) and Fuzzycomprehensive evaluation, it is
concluded that the valuation risk and the legal guarantee risk are the most important
risk factors.The last, according to the key indicators, the paper puts forward different
西安建筑科技大学大学专业学位硕士论文
phases of risk control strategy, the early stage ofthe investment improve the
comprehensiveness and accuracy of survey, the middle stage of the investment
negotiations the reset method valuation, set elastic index method, standardization of
the terms of the contract, the late stage of the investment through change management,
management system changes, the legal guarantee of effective measures, such as to
safeguard the interests of the investors OAK company.
Through the research of risk management of OAK company's investment in
CQR company's project,minimize the impact of excessive risk caused by information
asymmetry of investment and financing enterprises, and help enterprises avoid and
dissolve investment risks in the process of practical application, so as to make the
applicationofValuationAdjustmentMechanism(VAM)clearerandmore
standardized.The results of thisstudy have certain reference valuefor similar
enterprises to control the risk of gambling investment.
Keywords:ValuationAdjustment
Mechanism;
Risk
Evaluation;
Risk
Management;Analytic Hierarchy Process