Earnout机制本土化应用探析

Localization application analysis of earnout mechanism

近年来我国并购市场中广泛应用对赌协议这一并购支付方案,引发了种种商誉减值、业绩变脸问题。为解决这一并购难题,通过分析Earnout机制的相关理论支撑及作用,研究神开股份收购杭州丰禾的具体案例,探讨Earnout机制在我国情境下的具体应用情况,分析其中存在的问题并提出建议。

In recent years,the M&A payment scheme of VAM agreement has been widely used in China’s M&A market,which has caused a variety of goodwill impairment and performance face problems.In order to solve this M&A problem,through the analysis of the relevant theoretical support and mechanism of the earnout mechanism,in-depth study of the specific case of Shenkai’s acquisition of Hangzhou Fenghe,exploring the specific application of the earnout mechanism in China’s situation,analyzing the problems existing therein and making suggestions.