股权融资，你不得不懂的对赌协议

财总之前在公众号发表过一篇《股权谈判！！一文讲透股权合作的谈判重点》的文章，受到一众小财迷的热捧。

很多小财迷对里边提到的对赌机制能否讲得更加透彻一些，以防在公司签署股权融资协议时踩到一些陷阱。

财总按照对赌类型和对赌成本两个板块来详细阐述。对赌类型就是讲清楚对赌包括哪些形式。对赌代价就是讲清楚对赌输了的话，企业会承担哪些违约成本。

一、对赌类型

对赌类型一般有财务业绩、非财务业绩、上市时间要求这三种。

1、财务业绩

财务业绩对赌的意思是被投公司想做高股权估值，但是从现有的财务业绩来看评不了这么高的估值，若是想让投资人按照高估值来投资的话，投资人会要求被投公司在约定的期间内实现承诺的财务业绩，以高业绩来作为高估值的保障。

财务业绩对赌中，用的比较多的指标包括营业收入、营业收入增长率、净利润、净利润增长率。其中，用的最多的就是以“净利润”作为对赌标的。

比如：

根据股权融资协议约定，被投公司自投资年度起三个财务年度内，需分别实现净利润不低于2000万元、3000万元、4000万元。

2、非财务业绩

与财务业绩相对，对赌标的还可以是非财务业绩，包括 KPI、日活用户人数、GMV、技术研发等，这类对赌业绩指标在互联网公司特别常见。

非财务业绩跟财务业绩的主要区别是：财务业绩直接考核经营成果，是结果类指标，而非财务业绩侧重于考核经营过程，是过程类指标。

非财务业绩有种水到渠成的感觉，就是如果被投企业能够按约定实现这些非财务业绩，顺理成章也能达成财务业绩。

3、上市时间

股权投资不像债权投资，债权投资有明确的债务到期日，到期日前必须要按约清偿债务本息，实现债权投资的退出。

而股权投资是没有明确的退出时间的，因为股权投资是长期投资行为，没有到日期一说。

既然退出时间没法约定，那投资者可能就会针对退出方式约定一些条件。

股权投资的退出机制主要包括上市后退出、估值上升后退出、原始股东回购退出、靠分红逐渐退出等。目前市面上最流行的就是将被投企业做到IPO，从而在二级市场实现顺利退出，这通常也是回报倍数最高的一种退出方式。

股权投资针对上市时间的对赌一般是约定被投公司在约定时间内能否上市。

万达商管前身——万达商业五年前从港交所退市，背后的原因错综复杂。

万达集团董事长王健林早前表示，由于港股板块估值过低，自愧对不起投资人和股东，所以毅然决然地选择了退市私有化。

退市后万达商管开展轻资产运作，并准备二次上市。在二次进军港交所之前，万达商管还进行了一轮Pre-IPO融资，获得了来自碧桂园、腾讯、蚂蚁金服和PAG太盟投资集团等机构的共计约60亿美元（约合人民币384亿元）融资。

据悉，本次融资约定了万达商管的最迟上市时间，也即针对上市时间设置了对赌协议，如果无法如期上市，可能给大股东王健林造成极大的经济损失。

二、对赌代价

对赌都会有赌赢和赌输两种结果，如果赌赢了，则皆大欢喜，如果赌输了，被投公司会付出什么代价呢？

1、股份赔偿

如果被投企业未能如约完成对赌条件，投资人可能会要求被投企业的大股东廉价出售部分或全部股权。

也就是股份赔偿的对赌，可能会让创始人出局，这是最大的惩罚，相当于把自己的亲生儿子拱手让人。

2、股份回购

如果被投企业未能如约完成对赌条件，投资人可能会要求被投企业的大股东高价回购投资人手上的股份，从而投资人依然能实现安全退出。

2000年，汪小菲的母亲张兰开办了第一家俏江南餐厅，连续8年盈利。

2008年，为了快速扩张门店，张兰和鼎晖投资签订了对赌投资协议，鼎晖以2亿元换取了俏江南10%的股份，条件是如果俏江南无法在2012年前实现上市，张兰就要花高价从鼎晖手中回购股份。

4年后，因特殊原因，俏江南没有如约上市，而张兰自己又没有钱支付高额的回购款，从而触发领售权条款，鼎晖便将自己及张兰的股权比例变卖给了欧洲一家私募基金CVC，直接导致张兰的股权比例被卖到只剩下13%，最后大股东还以优化为由，把张兰从管理层中踢出局。

3、经济赔偿

如果被投企业未能如约完成对赌条件，投资人可能会要求被投企业的大股东或者被投企业支付巨额的经济补偿。

从司法判例来看，如果对赌协议要求的是由被投企业的大股东来支付经济补偿，一般约定是有效的；如果对赌协议要求的是由被投企业来支付经济补偿，可能司法不一定支持，原因是股权交易是股东之间的交易，而不是企业层面的交易，因此不能引入第三者来承担赔偿责任。

4、弱化实控权

如果被投企业未能如约完成对赌条件，投资人可能会通过增加董事会席位、更换首席执行官等手段，来弱化创始人的实控权，甚至创始人可能会因此而被迫出局。

翻译：

Financial general Manager published an article in the public number “Equity negotiations!! An article on the negotiation focus of equity cooperation”, which was warmly welcomed by many small wealth fans.

Many small wealth fans can speak more thoroughly about the gambling mechanism mentioned in it, so as to prevent some pitfalls from being stepped on when the company signs an equity financing agreement.

Financial general in accordance with the types of gambling and gambling costs of two plates to elaborate. The type of bet is to make it clear what forms of bet are included. The cost of gambling is to make clear what default costs the company will bear if it loses the bet.

First, the type of gambling

There are generally three types of betting: financial performance, non-financial performance and listing time requirements.

Financial performance

Financial performance betting means that the investee company wants to make a high equity valuation, but such a high valuation cannot be evaluated from the existing financial performance. If the investor wants to invest in accordance with the high valuation, the investor will require the investee company to achieve the promised financial performance within the agreed period and take high performance as the guarantee of high valuation.

Financial performance bet, more used indicators include operating income, operating income growth rate, net profit, net profit growth rate. Among them, the most used is to “net profit” as a bet.

For example:

According to the equity financing agreement, the investee company shall achieve a net profit of not less than 20 million yuan, 30 million yuan and 40 million yuan respectively within three financial years from the year of investment.

Non-financial performance

Compared with financial performance, the bet can also be non-financial performance, including KPI, number of daily active users, GMV, technology research and development, etc., such bet performance indicators are particularly common in Internet companies.

The main difference between non-financial performance and financial performance is that financial performance directly assesses operating results and is a results-like indicator, while non-financial performance focuses on evaluating operating processes and is a process-like indicator.

There is a sense of inevitability about non-financial performance, that if the investee can achieve these non-financial results as agreed, it will naturally achieve financial results as well.

Time to market

Equity investment is not like debt investment, debt investment has a clear debt maturity date, before the maturity must be paid off according to the agreement to realize the withdrawal of debt investment.

There is no clear exit time for equity investment, because equity investment is a long-term investment behavior, there is no date.

Since the timing of the exit cannot be agreed upon, the investor may agree on some conditions regarding the exit method.

The exit mechanism of equity investment mainly includes the exit after listing, the exit after the valuation rises, the original shareholder repurchase exit, and the gradual exit by dividend. At present, the most popular way on the market is to IPO the invested enterprise, so as to achieve a smooth exit in the secondary market, which is usually the highest return multiple of an exit way.

The bet on the listing time of equity investment is generally to agree whether the invested company can be listed within the agreed time.

The reasons behind the delisting of Wanda Commercial, its predecessor, from the Hong Kong stock exchange five years ago are complex.

Wang Jianlin, chairman of Wanda Group, said earlier that because the valuation of the Hong Kong stock market was too low, he could not afford to be ashamed of investors and shareholders, so he resolutely chose to delist and privatize.

After delisting, Wanda Commercial Management carried out asset-light operations and prepared for a secondary listing. The second move to the Hong Kong stock exchange follows a Pre-IPO round that raised about $6 billion from institutions including Country Garden, Tencent, Ant Financial and PAG Pacific Investment Group.

It is reported that the financing agreed on the latest listing time of Wanda commercial management, that is, set up a betting agreement for the listing time, if it can not be listed as scheduled, it may cause great economic losses to the major shareholder Wang Jianlin.

Second, the price of gambling

There are two kinds of gambling results: winning and losing. If the bet wins, everyone is happy. If the bet loses, what price will the invested company pay?

Share compensation

If the invested enterprise fails to fulfill the betting conditions as agreed, the investor may ask the major shareholder of the invested enterprise to sell part or all of the equity at a discount.

That is, the bet on the share compensation, which may put the founder out of business, which is the biggest punishment, equivalent to giving away his own son.

Share buybacks

If the invested enterprise fails to fulfill the betting conditions as promised, the investor may ask the major shareholder of the invested enterprise to buy back the shares held by the investor at a high price, so that the investor can still achieve a safe exit.

In 2000, Wang Xiaofei’s mother, Zhang LAN, opened the first South Beauty restaurant and made profits for eight consecutive years.

In 2008, in order to rapidly expand her stores, Ms. Zhang and CDH Investment signed a bet investment agreement, in which CDH exchanged 200 million yuan for a 10 percent stake in South Beauty, on the condition that if South Beauty could not be listed by 2012, Ms. Zhang would pay a high price to buy back the shares from CDH.

Four years later, due to special reasons, South Beauty did not go public as promised, and Zhang LAN himself did not have the money to pay the high buyback payment, thus triggering the sale rights clause, CDH sold its own and Zhang LAN’s equity ratio to a European private equity fund CVC, which directly led to Zhang LAN’s equity ratio being sold to only 13%. And finally the major shareholder also cited optimization as the reason. Kick Zhang LAN out of management.

Financial compensation

If the invested enterprise fails to fulfill the betting conditions as agreed. The investor may require the major shareholder of the invested enterprise or the invested enterprise to pay huge economic compensation.

Judging from judicial cases, if the gambling agreement requires that the major shareholder of the invested enterprise pay economic compensation, the general agreement is effective; If the gambling agreement requires that the invested enterprise pay economic compensation, the judicial support may not be possible, because the equity transaction is a transaction between shareholders, rather than a transaction at the enterprise level. So a third party cannot be introduced to bear the liability for compensation.

Weakening real control

If the invested company fails to fulfill the betting conditions as promised, investors may weaken the real control of the founder by increasing the number of board seats, replacing the chief executive officer and other means, and even the founder may be forced out.

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