Research on Cash Cow Business development strategy
under the Gambling Agreement:
Take company A as an example
A Dissertation Submitted for the Professional Degree of Management
Candidate：Zhou Fu
Supervisor：Prof. Zhang Xueping
School of Business Administration
Capital University of Economics and Business, Beijing, China
I
摘要
对赌协议，通常作为私募股权投资协议中的限制性商务条款而频繁出现。投融资双方签
订投资协议时，基于双方估值的偏差度就企业未来的不确定性进行对赌，在协议约定的期限
内，当融资方达到约定的对赌条件时，投资方将会给予其原股东(或管理层)对应的奖励；反
之，原股东（或管理层）会给予投资方相应的补偿
本文运用理论分析和案例分析相结合的方法，以对赌协议下的现金牛业务为研究对象，
试图解决如下三个问题：（1）有现金牛业务的融资方签订对赌协议的动机是什么？目前对
赌协议的应用明显对投资方更为有利，凭借资本的优势投资方在设置对赌条款时往往占据
优势，绝大部分风险由融资方承担。如此情况下，有现金牛业务的融资方为什么仍然要签订
对赌协议？（2）投融资双方共同保护和发展现金牛业务的必要性是什么？一般来说，现金
牛业务的运营模式和管理机制经过多年积累相对成熟，凭借其行业地位和净现金流入能力
已然估值不菲，为什么在签订对赌协议后反而要特别关注对现金牛业务的保护和发展？（3）
投融资双方在签订和执行对赌协议时应当如何保护和发展现金牛业务？现金牛业务在对赌
协议下可能面临的风险是什么，如何设计相应的发展策略来规避？
本文首先归纳总结了国内外学者从经济学角度关于对赌协议的研究成果，基于波士顿
矩阵将融资方业务线进行划分，聚焦于现金牛业务，通过内部资本市场理论、企业价值评估
理论、风险管理理论和优序融资理论来研究对赌协议下现金牛业务的发展策略
本文的研究结论是：（1）现金牛业务是投融资双方共同的价值底线，应该予以重点保
护；（2）投融资双方可以在对赌条款、企业估值、公司治理和激励机制等方面共同保护和
发展现金牛业务
关键词：对赌协议；现金牛业务；发展策略；反向性政策风险
II
Abstract
The gambling agreement appears as an general commercial clause in the investment
agreement for private equity investment. When the investment and financing parties reach the
merger and acquisition agreement, they make a gamble on the uncertainty of the future
development of the company.Within the time agreed in the agreement, When the financing
party reach the agreed standard, the investor will give its financing party proper incentives; on
the contrary, the financing party will give the investor certain compensation.
This thesis combines theoretical analysis and case studies to analyze the cash cow business
under the gambling agreement, tries to find solution for the following three questions: (1) What
is the motive for the financing party with a cash cow business to sign a gambling agreement
The gambling agreement is obviously more favorable to investors, with advantage of capital,
investors have more power when setting gambling terms, and most of the risks are borne by the
financing party. Under such situation, why financing party with cash cow business still sign the
gambling agreement (2) Why necessary for the gambling parties to jointly protect and develop
the cash cow business In general, the operation mode and management mechanism of the cash
cow business have been relatively mature after years of accumulation. With its industry status
and net cash inflow ability already valued, why should we pay special attention to protect and
develop the cash cow business after signing the gambling agreement (3) How gambling parties
protect and develop the cash cow business when signing and executing gambling agreements
What are the risks for the cash cow business under the gambling agreement and how to design
corresponding development strategies to avoid it
This thesis summarizes the research results of domestic and foreign scholars on the
gambling agreement from the perspective of economics, focuses on the theoretical background
of research method. Based on the Boston Matrix, divided the financing business line and focus
on the cash cow business. Based on the internal capital market theory, corporate value
assessment theory, risk management theory and preferential financing theory, deeply analyze
the development strategy of the cash cow business under the gambling agreement.
The research conclusions of this thesis are: (1) The cash cow business is the bottom line
for the investment and financing parties, should be protected; (2) Both sides can jointly protect
and develop the cash cow business in terms of gambling, enterprise valuation, corporate
governance and incentive mechanism.
Key words: the gambling agreement; Cash cow business; development strategy; Reverse policy
risk.。