Risk Prevention And Control Analysis Of The Valuation Adjustment Mechanism In The U9 Game Acquisition

The gambling agreement is also known as the valuation adjustment mechanism.It can help the investment institution adjust the valuation bias of the target company to protect its own interests,promote the transaction,and encourage the development of the target company.For the above reasons,the gambling agreement is very common in the investment field and is widely used.Generally,the gambling agreement can be divided into two types,namely,a capital increase gambling agreement and an asset or equity acquisition gambling agreement.The gambling agreement in China's capital market has not yet formed a norm,and its application is not mature.Therefore,the thesis selected the acquisition case of U9 Game,which is one of the listed companies.In this case,the target company successfully completed the gambling,but after the expiration of the gambling execution period,it incurred huge losses.This case is of typical significance in the current high-value M&A market.The thesis analyzes the design and risk status of the gambling agreement by studying the theory of gambling agreement and enterprise valuation and risk management.In view of the risk of valuation accuracy and management behavior risk of the gambling agreement,the thesis attempts to use the economic value added method to re-evaluate the target enterprise,and uses the Du Pont financial analysis system to analyze the performance impact of the target company's management behavior.In the writing of the thesis,the author tries to accurately identify the risk of the gambling agreement and propose corresponding risk prevention measures to explore the impact of the investment and financing enterprises on the development of the enterprise.Based on the conclusions of the case study,the author will provide suggestions and inspirations from improving the accuracy of corporate valuation,setting reasonable performance commitment targets,and enhancing the constraints of investors on the management behavior of target companies.The thesis hopes to promote the management of the company to understand and apply the gambling agreement through vivid and realistic case studies,and to achieve a win-win situation for both investment and financing companies.It also promotes the improvement of the transaction structure in the M&A practice,with a view to improving the efficiency of post-merger integration and achieving the goal of maximizing corporate value.