Research On Risk Prevention And Control Of VAM In Private Equity Financing

The biggest obstacle to the development of current growth enterprises is the problem of insufficient funds,and private equity financing can not only help enterprises solve the problem of capital shortage,but also provide them with professional management ideas and even help growth enterprises go public ahead of schedule.Thus,compared with other financing methods,private Equity Financing has great advantages,but high returns must be accompanied by high risks,for example,there are Information asymmetry risks in private equity financing,principal-agent risks,etc.,and these risks lead to the private equity financing of the advantages can not be brought into full play.Therefore,in order to reduce the risk brought about by private equity financing,both sides of investment and financing will often reduce the financing risk by signing a bet-on agreement,and in recent years the application of the bet-on agreement in our country has become more and more frequent,but according to the incomplete statistics of some scholars,the success probability of VAM is less than 30%,which is related to the immature research scope and depth of VAM in China.Therefore,this thesis will introduce two cases for comprehensive analysis of the VAM signed when there are problems need to pay attention to,as well as how to carry out targeted risk prevention.This thesis analyzes the cases of Anda Technology and LIUJING technology,and applies option theory,Game Theory,Information asymmetry theory,principal-agent theory and incentive theory to deal with the success and failure of gambling respectively,collect the results and process of the two cases in detail,by analyzing and contrasting the specific situation of Anda Technology and Liujing technology in the application of VAM through seven aspects: The motivation of VAM,the macro environment,the valuation of enterprises,the setting of commitment terms,the ability of the financier to fulfill the contract,the ability of management,and the influential factors of listing,finally,the risk prevention of the gambling agreement is carried out through seven aspects: whether the gambling motivation is clear,whether the enterprise is reasonably valued,whether the macro environment changes,whether the commitment terms are reasonable,whether the financing party has sufficient capacity to fulfill the contract,whether the management has operational capacity,and whether the company has listing factors,the risk of a bet is divided into pre-agreement and post-agreement dimensions based on the time axis,before signing the agreement,the financing enterprises should evaluate the feasibility and necessity of signing the bet-on agreement,the investment enterprises should evaluate the value of the financing enterprises,the investment and financing enterprises should jointly analyze the development of the market and the industry,and jointly discuss the bet-on standard reasonably,at the same time,it uses the way of repeated game,and after entering into the bet agreement,the investment and financing enterprises should establish the strategic cooperative relationship to improve the management ability of the financing enterprises,and at the same time,the financing enterprises should make the preparation for listing and reduce the risk of listing.