1、上海冠澍投资咨询有限公司Due Diligence 尽职调查DE Global Limited / 上海冠澍投资咨询有限公Lean System Design LSDBangkok, Guangzhou, ShanghaiMergers and Acquisitions 合并与收购 Due Diligence issues in M&A transactions 并购交易中的尽职调查事宜Edward GwinnDE Global Limited Due Diligence 尽职调查 Study, investigation, and evaluation of business opportu
2、nities 对商业机会的研究，调查和评价WHAT IS DUE DILIGENCE?什么是尽职调查？Due Diligence 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WHAT IS DUE DILIGENCE?什么是尽职调查？Due Diligence 尽职调查 Historically, focused on the legal and financial aspects. 传统上，集中在法律和财务方
3、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的任务WHAT IS DUE DILIGENCE?什么是尽职调查？Due Diligence 尽职调查 It is a critical step in determining whether 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的关键一步WHAT IS DUE DILIGENCE?什么是尽职调查？ Understand the in
4、dustry. 了解有关产业 Understand the China market. 了解中国市场Due Diligence 尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？ Understand the competitors. 了解竞争对手 Understand the target or venture. 了解目标公司或投资机会Due Diligence 尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？Due Diligence 尽职调查WHAT IS DUE DILIGENCE?什么是尽职调查？Due Diligence is all abou
5、t 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握全面的了解Due Diligence 尽职调查 Before choosing final target, 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，WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？Due Diligence 尽职调查 After negotiations but before final deal signed, and 谈判过后但在最
6、终协议签订之前，和 During implementation. 在执行过程中WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？Due Diligence 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。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？ Market assessment 市场评估 Competitor strengths and limitations 竞争对手的
7、实力与局限 Target assessment 对并购目标公司的评估Due Diligence 尽职调查MAJOR TYPES OF DUE DILIGENCE尽职调查的主要类型Due Diligence 尽职调查 Legal due diligence 法律尽职调查 Financial due diligence 财务尽职调查 Operational due diligence 营业运作尽职调查TYPES OF DUE DILIGENCE尽职调查的类型Due Diligence 尽职调查 Before making decisions about targets and structures
8、, first understand the market. 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MARKET ASSESSMENT市场评估Due Diligence 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？MARKET ASSESSMENT市场评估Due Diligence 尽职调查 Who are key competito
9、rs? 谁是主要竞争对手？ What are their strengths? 它们有什么实力？ What are their weaknesses? 它们的弱点是什么？COMPETITOR STRENGTHS & LIMITATIONS竞争对手的实力与局限Due Diligence 尽职调查 What kind of “guanxi” do they have? 他们有哪方面的关系？ Understand yourself strengths/weaknesses 了解自己-强项/弱点COMPETITOR STRENGTHS & LIMITATIONS竞争对手的实力与局限Once you h
10、ave selected potential targets, understand them relative to each other.一旦选出潜在目标公司，就该进一步了解它们相对的情况。Due Diligence 尽职调查TARGET ASSESSMENT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，能更有效地进行比较。Due Diligence 尽职调查TARGET ASSESSMENT目标公司评估Due Diligence
11、 尽职调查I. Summary 概况II. Comprehensive Analysis 深入分析III. Basic Information 基本资料IV. History Evolution 历史演变V. Organization 组织VI. Personnel & Site 人事 & 场地VII. Main Executives 主要管理人员VIII. Operations 营业运作IX. Finance 财务X. Industrial Situation 产业情况COMPANY PROFILE 公司档案Due Diligence 尽职调查 Legal Due Diligence 法律尽
12、职调查 Financial Due Diligence 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Due Diligence 尽职调查 Operational Due Diligence 营业运作尽职调查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Due Diligence 尽职调查 Needs the
13、assistance of Attorney 需要律师的协助 Company documents and registration. 公司文件和注册 Company ownership, shareholders, etc. 公司拥有权，股东等LEGAL DUE DILIGENCE 法律评估Due Diligence 尽职调查 Assets ownership free and clear? 资产拥有权是否是不受限制的？ Liabilities how much and to whom? 负债-数额和债权人？LEGAL DUE DILIGENCE 法律评估Due Diligence 尽职调查
14、Commitments contractual obligations. 和约上的责任 Legal proceedings 法律诉讼LEGAL DUE DILIGENCE 法律尽职调查FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Needs assistance of an Accountant 需要会计师的协助 Income Statement 收入报表FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Balance Sheet Assets 资产负债表资产 Balance Sheet Liabi
15、lities and Taxes 资产负债表负债和税额 Balance Sheet Equity 资产负债表股东收益Due Diligence 尽职调查 Income Statement: 收入报表： Do the statements have adequate backup? 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？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Income Statement: 收入报表： Are the costs correct? 成本是否
16、正确？ Has anything been hidden? 有没有被隐藏着的？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Income Statement: 收入报表： Is there questionable accounting? 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？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Balance Sheet Assets:
17、 资产负债表资产： Fixed assets valued correctly? Depreciation? 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？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Balance Sheet Assets: 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 Inventory good and reasonable? 存货是否优良而合
18、理？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Balance Sheet Assets: 资产负债表资产： Inventory valued correctly? Count. 存货额是否计算正确？数清 Bank statements. 银行账目FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Balance Sheet Liabilities and Equity: 资产负债表债务和股东收益 Loans accurate and current? 债务准确和及时？ Accounts Payab
19、le accurate? Current? 应付账款准确？及时？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查 Balance Sheet Liabilities and Equity: 资产负债表债务和股东收益 Verify A/P with suppliers and versus invoices. 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？FINANCIAL DUE DILIGENCE财务尽职调查Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职
20、调查 Technical (product and research capability) 技术（产品和研究实力） Design Process (where do product ideas come from?) 设计过程（产品构思从哪里来？） Are they unique? 是否独特？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Technical (product and research capability) 技术（产品和研究实力） Are they outdated? 是否过时？ Designed for market
21、ability or manufacturability? 是否符合市场和生产情况？Due Diligence 尽职调查 Industrial (is it capable of functioning well?) 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？ Employees trained and capable? 员工是否经过训练兼能干？OPERATIONAL DUE DILIGENCE营业运作尽职调查Due Diligence 尽职调查 Industrial (is
22、it capable of functioning well?) 工业性的（是否能够良好运作？） Factory layout efficient? 工厂布局是否有效？ Employee safety records. 员工安全纪录OPERATIONAL DUE DILIGENCE营业运作尽职调查Due Diligence 尽职调查 Industrial (is it capable of functioning well?) 工业性的（是否能够良好运作？） Waste disposal and environmental. 废料处理和有关环境的OPERATIONAL DUE DILIGENC
23、E营业运作尽职调查Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Managerial 管理人员 How well is it managed? 管理是否良好？ Professional managers? 职业经理人？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Managerial 管理人员 Capable in their functions? 是否具备职业功能的实力？ Employee relations. 与员工的关系 Efficient and effective? 是
24、否有效率和成功的？Due Diligence 尽职调查 Employees 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 Knowledge and training. 知识和训练OPERATIONAL DUE DILIGENCE营业运作尽职调查Due Diligence 尽职调查 Employees 员工 Motivated? 是否有动力？ Labor disputes? 劳工纠纷？OPERATIONAL DUE DILIGENCE营业运作尽职调查Due Dili
25、gence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Supply Chain 供应链 Is adequate raw material available? 是否有足够的资源？ Suppliers capable and reliable? 供应商是否有实力和可靠？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Supply Chain 供应链 Supply contracts. 供应和约 Pricing. 价格 etc.等Due Diligence 尽职调查OPERATIONAL DUE DILIGE
26、NCE营业运作尽职调查 Marketing 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？ Do they know WHY their customers buy? 是否知道顾客购买的原因？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Marketing 营销 Do they have a marketing plan? 是否有营销计划？ How focused is the company? 公司策略是否集中？Due Diligence 尽职调查OP
27、ERATIONAL DUE DILIGENCE营业运作尽职调查 Marketing 营销 Pricing strategy? 定价策略？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Sales 销售 Customers who are they? 顾客-他们是谁？ Sales People capable? 销售人员-是否能干？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 Sales 销售 Distribution Channels good coverage? 分销管道-覆盖面
28、是否良好？ Market Share capable of growing? 市场份额-是否能够增长？ etc. 等Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 IT Systems 高科技系统 Computer systems current? 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？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 IT Systems 高科技系统 How are they used? 如何被使用？ In
29、sourced or outsourced? 内部提供或者外包？Due Diligence 尽职调查OPERATIONAL DUE DILIGENCE营业运作尽职调查 IT Systems 高科技系统 Evaluation of effectiveness. 对使用效率的评价Due Diligence 尽职调查ARE YOU READY? 是否已做好准备？ 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？ Are you prepar
30、ed to go forward? 是否已准备进行下一步？Due Diligence 尽职调查ARE YOU READY? 是否已做好准备？ Get appropriate advice and assistance. 寻求合适的建议和协助 Be as sure as you can, then GO! 充分确定之后，就进行！Due Diligence 尽职调查DE Global/LSD can assist with:DE Global/LSD 能提供以下协助： Market Assessment 市场评估 Competitor Strengths and Weaknesses 竞争对手的强
31、项和弱点 Finding an appropriate target or structure 寻找合适的目标公司或结构Due Diligence 尽职调查 Negotiations assistance 谈判协助 Financial Due Diligence management 财务尽职调查管理 Operational Due Diligence 营业运作尽职调查 Implementation 执行Co X: Technical and Operational Due Diligence China 4Consulting Days: x4Duration: x weeks4Contac
32、t: Mr. YClient: Co XProject ScaleWork Steps & Deliverables4Preparation and assessment-forms customization4On-site evaluation through the application of different audit- and tracking tools to assess the processes like logistics, production, purchasing etc.4Objective evaluation on the operational and
33、technical capabilities of the target4Documentation of the findings4Synthesizing of the assessments4Preparation of recommendationsChallenges / GoalsResults4Co X is considering purchasing of acompany in China4Assessment of the company before final agreement4Support of goal for a regional expansion4Ass
34、essment of the core functions 4Risk reductionDE Global Ltd.4Project Leader: Mr. WAudit and Tracking toolsDue Diligence59X 公司：中国技术和营业运作尽职调查 4咨询天数：x4时期：x 星期4联系人：Y先生客户： X 公司方案规模工作步骤和可交付的4准备和评估-制定表格4在场评估，使用不同审查和跟踪工具评估物流，生产和购买等过程4对目标公司进行客观性的技术和营业运作尽职调查4把调查结果记录在文档4综合评估4准备建议挑战/目标成果4X公司考虑收购中国一家公司4在最终协议达成前评估
35、公司4支持区域性扩展的目标4对主要职能的评估4减低风险DE Global Ltd.4方案领导：W 先生审查和跟踪工具Due Diligence 尽职调查60619、静夜四无，荒居旧。四月-21四月-21Monday, April 05, 202110、雨中黄叶，灯下白人。03:50:5503:50:5503:504/5/2021 3:50:55 AM11、以我独沈久，愧君相。四月-2103:50:5503:50Apr-2105-Apr-2112、故人江海，几度隔山川。03:50:5503:50:5503:50Monday, April 05, 202113、乍翻疑梦，相悲各年。四月-21四月-
36、2103:50:5503:50:55April 05, 202114、他生白，旧国青山。05 四月 20213:50:55 上午03:50:55四月-2115、比不了得就不比，得不到的就不要。四月 213:50 上午四月-2103:50April 05, 202116、行出成果，工作出富。2021/4/5 3:50:5503:50:5505 April 202117、做前，能 四周；做，你只能或者最好沿着以脚起点的射向前。3:50:55 上午3:50 上午03:50:55四月-219、没有失，只有停止成功！。四月-21四月-21Monday, April 05, 202110、很多事情努力了未
37、必有果，但是不努力却什么改也没有。03:50:5503:50:5503:504/5/2021 3:50:55 AM11、成功就是日复一日那一点点小小努力的累。四月-2103:50:5503:50Apr-2105-Apr-2112、世成事，不求其 ，留一份不足，可得无限完美。03:50:5503:50:5503:50Monday, April 05, 202113、不知香寺，数里入云峰。四月-21四月-2103:50:5503:50:55April 05, 202114、意志强的人能把世界放在手中像泥一任意揉捏。05 四月 20213:50:55 上午03:50:55四月-2115、楚塞三湘接，
38、九派通。四月 213:50 上午四月-2103:50April 05, 202116、少年十五二十，步行得胡。2021/4/5 3:50:5503:50:5505 April 202117、空山新雨后，天气晚来秋。3:50:55 上午3:50 上午03:50:55四月-219、柳散和，青山澹吾。四月-21四月-21Monday, April 05, 202110、一切好如同和去最杰出的人。03:50:5503:50:5503:504/5/2021 3:50:55 AM11、越是没有本的就越加自命不凡。四月-2103:50:5503:50Apr-2105-Apr-2112、越是无能的人，越喜挑剔
39、人的儿。03:50:5503:50:5503:50Monday, April 05, 202113、知人者智，自知者明。人者有力，自者强。四月-21四月-2103:50:5503:50:55April 05, 202114、意志强的人能把世界放在手中像泥一任意揉捏。05 四月 20213:50:55 上午03:50:55四月-2115、最具挑性的挑莫于提升自我。四月 213:50 上午四月-2103:50April 05, 202116、余生活要有意，不要越。2021/4/5 3:50:5503:50:5505 April 202117、一个人即使已登上峰，也仍要自强不息。3:50:55 上午3:50 上午03:50:55四月-21MOMODA POWERPOINTLorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce id urna blandit, eleifend nulla ac, fringilla purus. Nulla iaculis tempor felis ut cursus. 感谢您的下载观看家告
