动态并购支付金融契约条款设计研究：基于互惠与控制权相机配置的视角

The essence of mergers and acquisitions (M&A) deals involves distribution of control rights. When the conflict of interests happens between both sides of corporate controllers, M&A can not be effectively reached. Financial contract terms of payment in M&A, as a vehicle for realizing allocation of control rights and incentive of transaction subjects, its design is of crucial importance. This project considers the problem happens currently in our country during the process of enterprise M&A payment, such as double moral hazard, the lack of re-negotiation mechanism and exit channel, roots in both sides fail to form a reciprocity incentive mechanism to share interests and contingent transfer of control rights. Therefore, this project proposes researching on the design of financial contract terms of dynamic payment in M&A from the perspective of reciprocity and contingent allocation of control rights. This research includes: 1. the conflict of control rights, contract desgin and behavior problem of M&A partners' ； 2. the governance mechanism and efficiency analysis of the reciprocity and contingent allocation of control rights in M&A； 3. the specific design of financial contract terms of dynamic payment in M&A based on the perspective of reciprocity and contingent allocation of control rights； 4. the application of the thought of financial contract terms of dynamic payment in M&A. During the research, we will comprehensively use mathematical models, empirical analysis, case studies and experimental methods to go into the questions above.

并购交易本质涉及控制权分配，当双方控制权人的利益发生冲突时，并购难以有效达成，并购支付金融契约作为实现控制权配置和激励交易主体的载体，其设计至关重要。当前我国企业并购过程中之所以会出现双边道德风险、再谈判机制缺失和退出渠道匮乏问题，根源在于并购双方没有形成利益共享、控制权相机转移的互惠激励机制。因此，本项目提出从互惠和控制权相机配置视角研究动态的并购支付金融契约条款设计。研究的内容包括：1.控制权利益冲突、契约设计与并购双方行为问题；2.并购过程中互惠和控制权相机配置治理机制及效率分析；3. 基于互惠和控制权相机配置的动态并购支付金融契约条款具体设计；4. 动态并购支付金融契约条款的推广应用。在研究过程中，将综合运用数理模型、实证、案例及实验方法对上述内容深入研究。

良好的、动态的并购支付金融契约条款是解决我国企业并购交易主体机会主义等问题的重要手段。基于前期的理论积累，项目组提出从互惠和控制权相机配置视角去研究。项目组的主要内容和成果如下：首先，运用实证数据对控制权利益冲突、契约设计及并购双方行为问题进行了研究；在此基础上，运用调查问卷、数理模型对控制权配置问题与并购双方行为特征进行了研究；最后，综合运用模型、实证、案例分析对多元化的并购支付金融契约的激励效应进行了研究。与此同时，项目组还把研究拓展到了海外并购及上市等相关研究议题。本项目认为，兼顾双方利益诉求的“互惠型金融契约工具”应在中国本土并购市场得到广泛运用。项目组成员共发表（包括录用）5篇论文，包括4篇CSSCI源期刊论文，1篇SCI源期刊论文。