危机救助投资中的价值创造模式:价值发现、价值实现与价值捕获——基于10个救助投资的案例分析

Value Creation Patterns in Bailout:Value Discovery,Value Realization,and Value Capture-A Multi-Case Study Based on 10 Bailout Investments

救助危机企业有助于恢复市场微观主体活力,防范系统性风险传染,保持金融和社会稳定。本文基于10个典型案例开展编码研究,探究危机救助投资的价值创造模式和特征。研究发现,救助投资的价值创造有三类环节:价值发现环节,危机企业获得救助的必要条件是无畸变决策行为、所有权关系明晰,充分条件是具有价值来源;价值实现环节,危机救助人需提供两笔资金,理清债务债权关系并提供营运资本;价值捕获环节,通过在交易合约中设置下行威胁且控制关键资源能力,应对危机企业的行为风险。危机救助人综合精细化识别与发掘企业价值和谨慎的价值保障特点。本文总结了市场化危机救助的微观实现机制,对社会机构救助危机企业具有实践意义。

Bailout helps to revitalize micro-entities in the market,prevent systemic risk contagion,and maintain financial and social stability.Based on 10 typical cases,this paper conducts coding research to explore the value creation patterns and characteristics of bailouts.The study finds that there are three steps of value creation in bailouts.For value discovery steps,non-aberrant decision-making behavior and clarity of ownership relationships are necessary conditions for financially distressed companies to be bailed out while being valuable is a sufficient condition.For value realization steps,crisis rescuers need to provide two funds to settle debts and to provide working capital.For value capture steps,rescuers deal with the behavioral risks of crisis enterprises by setting downside threats in transaction contracts and controlling critical resource capabilities.Bailouts parties comprehensively identify and explore the characteristics of enterprise value and prudential value.This paper summarizes the micro-realization mechanism of market-oriented bailouts,which has practical significance for social institutions to rescue financially distressed companies.