摘要
近年来,国家层面推动创业,鼓励创新,为企业发展提供了极为有利的政策环境。创业企业成立时间短,资源有限,资金需求强烈。为了在短时间内取得资金,创业企业向具有雄厚资金实力的机构投资者融资成为了一种较理想的现实选择。在融资过程中,创业企业往往处于弱势地位。融资双方为保障自身权益,往往在融资合同中引入对赌协议。利用对赌协议这一复杂的金融创新,在目前的制度背景下,有可能发生法律层面的合法性风险,企业家丧失控制权的风险,追求短期合同目标导致战略偏移风险,因金融工具性质复杂、相关准则不够具体以及财会人员经验不足导致的会计核算风险。从创业企业内部控制角度分析其存在的风险,进而提出创业企业应避免直接与机构投资者签订对赌协议、设置分阶段的调整机制、将融资合同目标与长期战略相协调、以"实质重于形式"为原则进行会计核算等一系列的应对策略,以期降低创业企业因融资而带来的相关风险,促进其健康发展。
Recent years, China promotes enterprise and encourages innovation, so it creates a political environment which is highly advantageous to enterprise development. Startups are short of resource and in great request for money, because they come into existence not long. To get money in short time, it becomes a relative idea choice that powerful institutional investors finance startups. So Valuation Adjustment Mechanism（VAM） is often introduced to guarantee the rights and interests of both sides in financing contracts.Startups usually are in a weak position in financing. In the current institution context, making use of VAM,a complex finance innovation, there may exist legal risk, the risk of enterprisers losing the right of control,the risk of strategic drift on account of pursuing short-term contract goals, the risk of accounting due to financial instruments＇ complexity, relevant rules lack of concreteness, accountants＇ lack of experience. This paper analyzes the risks in terms of startups＇ internal control, thereby proposing a series of coping strategies, including that startups should avoid signing VAM with institutional investors directly, set phased adjustment mechanism, accounting should centre on the principle of＂Substance over Form Principle＂to reduce startups＇ risks brought by financing so as to promote startups healthy development.
出处
《长春金融高等专科学校学报》
2015年第6期92-96,共5页
Journal of Changchun Finance College
关键词
创业企业
对赌协议
内部控制
风险
startups
valuation adjustment mechanism（VAM）
internal control
risk
