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1、上海冠澍投资咨询有限公司Due Diligence 尽职调查尽职调查DE Global Limited/上海冠澍投资咨询有限公上海冠澍投资咨询有限公Lean System Design LSDBangkok,Guangzhou,ShanghaiMergers and Acquisitions 合并合并与收购与收购 Due Diligence issues in M&A transactions 并购交易中的尽职调查事宜并购交易中的尽职调查事宜Edward GwinnDE Global Limited Due Diligence 尽职调查尽职调查Study,investigation,and e
2、valuation of business opportunities 对商业机会的研究，调查和评价对商业机会的研究，调查和评价WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Due Diligence 尽职调查尽职调查Understanding everything possible about the target对目标公司的全面了解对目标公司的全面了解Many types of due diligence有很多类型的尽职调查有很多类型的尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Due Diligence 尽职调查尽职调
3、查Historically,focused on the legal and financial aspects.传统上，集中在法律和财务方面传统上，集中在法律和财务方面Attorneys,accountants,and consultants generally perform this isolated task.通常由律师，会计师和顾问执行这个独立通常由律师，会计师和顾问执行这个独立的任务的任务WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Due Diligence 尽职调查尽职调查It is a critical step in determining w
4、hether a deal or project is worth doing.它是对决定一个交易或方案是否值得进行它是对决定一个交易或方案是否值得进行的关键一步的关键一步WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Understand the industry.了解有关产业了解有关产业Understand the China market.了解中国市场了解中国市场Due Diligence 尽职调查尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Understand the competitors.了解竞争对手了解竞争对手U
5、nderstand the target or venture.了解目标公司或投资机会了解目标公司或投资机会Due Diligence 尽职调查尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Due Diligence 尽职调查尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？什么是尽职调查？Due Diligence is all about understanding everything you can about your venture.尽职调查就是尽所有可能对你的投资机会掌尽职调查就是尽所有可能对你的投资机会掌握全面的了解握全面
6、的了解Due Diligence 尽职调查尽职调查Before choosing final target,在决定最终并购目标公司之前，在决定最终并购目标公司之前，Early during negotiation process在谈判过程的早期，在谈判过程的早期，WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？什么时候进行尽职调查？Due Diligence 尽职调查尽职调查After negotiations but before final deal signed,and谈判过后但在最终协议签订之前，和谈判过后但在最终协议签订之前，和During implement
7、ation.在执行过程中在执行过程中WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？什么时候进行尽职调查？Due Diligence 尽职调查尽职调查If effective,it is a continuing process.Deal with issues as they are known.如果有效，将会是个持续性的过程。如果有效，将会是个持续性的过程。对可能出现的问题做出应对对可能出现的问题做出应对WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？什么时候进行尽职调查？Market assessment市场评估市场评估Competitor
8、 strengths and limitations竞争对手的实力与局限竞争对手的实力与局限Target assessment对并购目标公司的评估对并购目标公司的评估Due Diligence 尽职调查尽职调查MAJOR TYPES OF DUE DILIGENCE尽职调查的主要类型尽职调查的主要类型Due Diligence 尽职调查尽职调查Legal due diligence法律尽职调查法律尽职调查Financial due diligence财务尽职调查财务尽职调查Operational due diligence营业运作尽职调查营业运作尽职调查TYPES OF DUE DILIGEN
9、CE尽职调查的类型尽职调查的类型Due Diligence 尽职调查尽职调查Before making decisions about targets and structures,first understand the market.在对并购目标公司和未来公司模式做出决在对并购目标公司和未来公司模式做出决定之前，首先要了解市场定之前，首先要了解市场MARKET ASSESSMENT市场评估市场评估Due Diligence 尽职调查尽职调查Dont make assumptions based on home markets.不要以本国市场的情况对中国市场作出假不要以本国市场的情况对中国市
10、场作出假设设Is the timing right for your product or company in China?产品或公司进军中国是否合乎时宜？产品或公司进军中国是否合乎时宜？MARKET ASSESSMENT市场评估市场评估Due Diligence 尽职调查尽职调查Who are key competitors?谁是主要竞争对手？谁是主要竞争对手？What are their strengths?它们有什么实力？它们有什么实力？What are their weaknesses?它们的弱点是什么？它们的弱点是什么？COMPETITOR STRENGTHS&LIMITATION
11、S竞争对手的实力与局限竞争对手的实力与局限Due Diligence 尽职调查尽职调查What kind of“guanxi”do they have?他们有哪方面的关系？他们有哪方面的关系？Understand yourself strengths/weaknesses了解自己了解自己-强项强项/弱点弱点COMPETITOR STRENGTHS&LIMITATIONS竞争对手的实力与局限竞争对手的实力与局限Once you have selected potential targets,understand them relative to each other.一旦选出潜在目标公司，就该进
12、一步了解它们一旦选出潜在目标公司，就该进一步了解它们相对的情况。相对的情况。Due Diligence 尽职调查尽职调查TARGET ASSESSMENT目标公司评估目标公司评估For each potential target,do a company profile so good comparisons can be made.为每一个潜在目标公司做一个公司档案，能更为每一个潜在目标公司做一个公司档案，能更有效地进行比较。有效地进行比较。Due Diligence 尽职调查尽职调查TARGET ASSESSMENT目标公司评估目标公司评估Due Diligence 尽职调查尽职调查I.S
13、ummary 概况概况II.Comprehensive Analysis 深入分析深入分析III.Basic Information 基本资料基本资料IV.History Evolution 历史演变历史演变V.Organization 组织组织VI.Personnel&Site 人事人事&场地场地VII.Main Executives 主要管理人员主要管理人员VIII.Operations 营业运作营业运作IX.Finance 财务财务X.Industrial Situation 产业情况产业情况COMPANY PROFILE 公司档案公司档案Due Diligence 尽职调查尽职调查Le
14、gal Due Diligence 法律尽职调查法律尽职调查Financial Due Diligence财务尽职调查财务尽职调查WHEN GENERAL AGREEMENT IS REACHED IT IS TIME TO DO DETAILED DUE DILIGENCE大致协议达成后，就应该做详细的尽职调查大致协议达成后，就应该做详细的尽职调查Due Diligence 尽职调查尽职调查Operational Due Diligence营业运作尽职调查营业运作尽职调查WHEN GENERAL AGREEMENT IS REACHED IT IS TIME TO DO DETAILED D
15、UE DILIGENCE大致协议达成后，就应该做详细的尽职调查大致协议达成后，就应该做详细的尽职调查Due Diligence 尽职调查尽职调查Needs the assistance of Attorney需要律师的协助需要律师的协助Company documents and registration.公司文件和注册公司文件和注册Company ownership,shareholders,etc.公司拥有权，股东等公司拥有权，股东等LEGAL DUE DILIGENCE 法律评估法律评估Due Diligence 尽职调查尽职调查Assets ownership free and clea
16、r?资产拥有权是否是不受限制的？资产拥有权是否是不受限制的？Liabilities how much and to whom?负债负债-数额和债权人？数额和债权人？LEGAL DUE DILIGENCE 法律评估法律评估Due Diligence 尽职调查尽职调查Commitments contractual obligations.和约上的责任和约上的责任Legal proceedings 法律诉讼法律诉讼LEGAL DUE DILIGENCE 法律尽职调查法律尽职调查FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Needs
17、 assistance of an Accountant需要会计师的协助需要会计师的协助Income Statement收入报表收入报表FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Balance Sheet Assets资产负债表资产资产负债表资产Balance Sheet Liabilities and Taxes资产负债表负债和税额资产负债表负债和税额Balance Sheet Equity资产负债表股东收益资产负债表股东收益Due Diligence 尽职调查尽职调查Income Statement:收入报表：收入报表
18、：Do the statements have adequate backup?有足够的证据支持报表的真实性吗？有足够的证据支持报表的真实性吗？Have they been properly prepared?报表是否妥善编制？报表是否妥善编制？FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Income Statement:收入报表：收入报表：Are the costs correct?成本是否正确？成本是否正确？Has anything been hidden?有没有被隐藏着的？有没有被隐藏着的？FINANCIAL DUE
19、DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Income Statement:收入报表：收入报表：Is there questionable accounting?有没有可疑的会计问题？有没有可疑的会计问题？Do some income or expense categories look out of line?一些收入或成本类别是否有不合理的地方？一些收入或成本类别是否有不合理的地方？FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Balance Sheet Assets:资产负债表
20、资产：资产负债表资产：Fixed assets valued correctly?Depreciation?固定资产估价是否正确？折旧？固定资产估价是否正确？折旧？Accounts Receivable accurate?Current?应收账款是否准确？及时？应收账款是否准确？及时？FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Balance Sheet Assets:资产负债表资产：资产负债表资产：Verify A/R with customers and versus invoices.通过客户和发票确认应收账款通过客户
21、和发票确认应收账款Inventory good and reasonable?存货是否优良而合理？存货是否优良而合理？FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Balance Sheet Assets:资产负债表资产：资产负债表资产：Inventory valued correctly?Count.存货额是否计算正确？数清存货额是否计算正确？数清Bank statements.银行账目银行账目FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Balance S
22、heet Liabilities and Equity:资产负债表债务和股东收益资产负债表债务和股东收益Loans accurate and current?债务准确和及时？债务准确和及时？Accounts Payable accurate?Current?应付账款准确？及时？应付账款准确？及时？FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查Balance Sheet Liabilities and Equity:资产负债表债务和股东收益资产负债表债务和股东收益Verify A/P with suppliers and ver
23、sus invoices.通过供应商和发票确认应付账款通过供应商和发票确认应付账款Is Equity accurate?股东收益是否准确？股东收益是否准确？FINANCIAL DUE DILIGENCE财务尽职调查财务尽职调查Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Technical(product and research capability)技术（产品和研究实力）技术（产品和研究实力）Design Process(where do product ideas come from?)设计过程（产品构思从哪
24、里来？）设计过程（产品构思从哪里来？）Are they unique?是否独特？是否独特？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Technical(product and research capability)技术（产品和研究实力）技术（产品和研究实力）Are they outdated?是否过时？是否过时？Designed for marketability or manufacturability?是否符合市场和生产情况？是否符合市场和生产情况？Due Diligence 尽职调查尽职调查Indust
25、rial(is it capable of functioning well?)工业性的（是否能够良好运作？）工业性的（是否能够良好运作？）Equipment up-to-date,functional and capable?设备是否是新式的，功能性的和有效的？设备是否是新式的，功能性的和有效的？Employees trained and capable?员工是否经过训练兼能干？员工是否经过训练兼能干？OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Due Diligence 尽职调查尽职调查Industrial(is it capable of funct
26、ioning well?)工业性的（是否能够良好运作？）工业性的（是否能够良好运作？）Factory layout efficient?工厂布局是否有效？工厂布局是否有效？Employee safety records.员工安全纪录员工安全纪录OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Due Diligence 尽职调查尽职调查Industrial(is it capable of functioning well?)工业性的（是否能够良好运作？）工业性的（是否能够良好运作？）Waste disposal and environmental.废料处理和有
27、关环境的废料处理和有关环境的OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Managerial 管理人员管理人员How well is it managed?管理是否良好？管理是否良好？Professional managers?职业经理人？职业经理人？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Managerial 管理人员管理人员Capable in
28、 their functions?是否具备职业功能的实力？是否具备职业功能的实力？Employee relations.与员工的关系与员工的关系Efficient and effective?是否有效率和成功的？是否有效率和成功的？Due Diligence 尽职调查尽职调查Employees 员工员工Job descriptions,compensation,years of service for each employee.各员工的职能介绍，酬金，服务时期各员工的职能介绍，酬金，服务时期Knowledge and training.知识和训练知识和训练OPERATIONAL DUE DI
29、LIGENCE营业运作尽职调查营业运作尽职调查Due Diligence 尽职调查尽职调查Employees 员工员工Motivated?是否有动力？是否有动力？Labor disputes?劳工纠纷？劳工纠纷？OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Supply Chain 供应链供应链Is adequate raw material available?是否有足够的资源？是否有足够的资源？Suppliers capable
30、and reliable?供应商是否有实力和可靠？供应商是否有实力和可靠？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Supply Chain 供应链供应链Supply contracts.供应和约供应和约Pricing.价格价格etc.等等Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Marketing营销营销Clear definition of what their business is?是否明对本身的生意业务有明确的定义？是
31、否明对本身的生意业务有明确的定义？Do they know WHY their customers buy?是否知道顾客购买的原因？是否知道顾客购买的原因？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Marketing营销营销Do they have a marketing plan?是否有营销计划？是否有营销计划？How focused is the company?公司策略是否集中？公司策略是否集中？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查
32、营业运作尽职调查Marketing营销营销Pricing strategy?定价策略？定价策略？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Sales销售销售Customers who are they?顾客顾客-他们是谁？他们是谁？Sales People capable?销售人员销售人员-是否能干？是否能干？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查Sales销售销售Distribution Channels good cov
33、erage?分销管道分销管道-覆盖面是否良好？覆盖面是否良好？Market Share capable of growing?市场份额市场份额-是否能够增长？是否能够增长？etc.等等Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查IT Systems高科技系统高科技系统Computer systems current?电脑系统是否跟上时代的脚步？电脑系统是否跟上时代的脚步？What systems do they have?他们有什么系统？他们有什么系统？Due Diligence 尽职调查尽职调查OPERATIO
34、NAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查IT Systems高科技系统高科技系统How are they used?如何被使用？如何被使用？Insourced or outsourced?内部提供或者外包？内部提供或者外包？Due Diligence 尽职调查尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查营业运作尽职调查IT Systems高科技系统高科技系统Evaluation of effectiveness.对使用效率的评价对使用效率的评价Due Diligence 尽职调查尽职调查ARE YOU READY?是否已做好准备？是否已做
35、好准备？Have you checked everything about the new venture that you know about your own business?是否对新投资机会做好全面的检查？是否对新投资机会做好全面的检查？Are you prepared to go forward?是否已准备进行下一步？是否已准备进行下一步？Due Diligence 尽职调查尽职调查ARE YOU READY?是否已做好准备？是否已做好准备？Get appropriate advice and assistance.寻求合适的建议和协助寻求合适的建议和协助Be as sure as
36、 you can,then GO!充分确定之后，就进行！充分确定之后，就进行！Due Diligence 尽职调查尽职调查DE Global/LSD can assist with:DE Global/LSD 能提供以下协助：能提供以下协助：Market Assessment市场评估市场评估Competitor Strengths and Weaknesses竞争对手的强项和弱点竞争对手的强项和弱点Finding an appropriate target or structure寻找合适的目标公司或结构寻找合适的目标公司或结构Due Diligence 尽职调查尽职调查Negotiations assistance谈判协助谈判协助Financial Due Diligence management财务尽职调查管理财务尽职调查管理Operational Due Diligence营业运作尽职调查营业运作尽职调查Implementation执行执行61