Earnout在资源型企业跨境并购中的创新应用——基于洛阳钼业并购FMDRC的案例研究

Innovative Application of Earnout in Cross-border M&A of Resource-based Enterprises:A Case Study Based on the Acquisition of FMDRC by Luoyang Molybdenum

通过选取洛阳钼业并购FMDRC事件作为研究对象,研究了Earnout在资源型企业并购中的应用前提、方式和结果。结果表明,Earnout在资源型企业的并购过程中是一种将“差额收益共享”作为核心范畴的议价工具。其应用路径是以并购双方在交易定价方面的分歧为起点,通过设置触发难度不同的条款对预期收益进行提前分配,将合同对价重新定义为一段上下限可控、能够同时反映双方期望的定价区间,从而暂时搁置双方基于议价的定价分歧。进一步分析发现,与主流应用场景相比,不同的风险构成、协议内容的后续作用等因素是导致Earnout应用前提、方式以及结果发生改变的主要原因。研究结果拓展了Earnout的应用场景,以期为商业实务提供参考与启发。

This paper selects the acquisition of FMDRC by Luoyang Molybdenum as the research object,and studies the application premise,method and result of Earnout in the M&A of resource-based enterprises.The results show that Earnout is a bargaining tool that regards“differential revenue sharing”as the core category in the M&A process of resource-based companies.Its application path is based on the differences in asset pricing between the two parties of the M&A as a starting point by setting terms with different trigger difficulties to distribute the expected income in advance,and redefining the contract consideration as a pricing range with controllable upper and lower limits that reflects the expectations of both parties,thereby setting aside the pricing differences between the two parties for the time being.Further analyses find that compared with the mainstream application scenarios,such factors as the completely different risk composition and the follow-up role of the protocol content are the main reasons for the changes in its application premise,method and results.The research results of this paper expand the application scenarios of Earnout,and provide reference and inspiration for its specific application in business practice.