尽职调查－投行讲座(1).ppt

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1、DE Global|Lean System Design,Mergers 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,DE Global|Lean System Design,Due Diligence 尽职调查,Study,investigation,and evaluation of business opportunities 对商业机会的研究，调查和评价,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global|Lean System Design,Du

2、e Diligence 尽职调查,Understanding everything possible about the target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？,DE Global|Lean System Design,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面Attorneys,accountants,and consultant

3、s 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？,DE Global|Lean System Design,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？,DE Global|Lean System Desig

4、n,Understand the industry.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？,DE Global|Lean System Design,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？,DE Global|Lean System Desi

5、gn,Due Diligence 尽职调查,WHAT IS DUE DILIGENCE?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握全面的了解,DE Global|Lean System Design,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 D

6、O DUE DILIGENCE?什么时候进行尽职调查？,DE Global|Lean System Design,Due Diligence 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During implementation.在执行过程中,WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？,DE Global|Lean System Design,Due Diligence 尽职调查,If effective,it is a continuing process.Dea

7、l 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？,DE Global|Lean System Design,Market assessment市场评估Competitor strengths and limitations竞争对手的实力与局限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,DE Global|Lean System

8、 Design,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,DE Global|Lean System Design,Due Diligence 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定之前，首先要了

9、解市场,MARKET ASSESSMENT市场评估,DE Global|Lean System Design,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,DE Global|Lean System Design,Due Diligence 尽职调查,Who are key competi

10、tors?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,DE Global|Lean System Design,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

11、竞争对手的实力与局限,DE Global|Lean System Design,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,DE Global|Lean System Design,For each potential target,do a company profile so good comparisons can be made.为每

12、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,DE Global|Lean System Design,Due Diligence 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.

13、Finance 财务X.Industrial Situation 产业情况,COMPANY PROFILE 公司档案,DE Global|Lean System Design,Due Diligence 尽职调查,Legal Due Diligence 法律尽职调查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,DE Global|Lean System Design,Due Diligence 尽

14、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,DE Global|Lean System Design,Due Diligence 尽职调查,Needs the 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

15、，股东等,LEGAL DUE DILIGENCE 法律评估,DE Global|Lean System Design,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,DE Global|Lean System Design,Due Diligence 尽职调查,Commitments contractual obligations.和约上的责任Legal proceedings

16、 法律诉讼,LEGAL DUE DILIGENCE 法律尽职调查,DE Global|Lean System Design,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,DE Global|Lean System Design,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 Liabilit

17、ies and Taxes资产负债表负债和税额Balance Sheet Equity资产负债表股东收益,DE Global|Lean System Design,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,DE Global|Lean System Design,Due Diligence 尽职调查,I

18、ncome Statement:收入报表：Are the costs correct?成本是否正确？Has anything been hidden?有没有被隐藏着的？,FINANCIAL DUE DILIGENCE财务尽职调查,DE Global|Lean System Design,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

19、方？,FINANCIAL DUE DILIGENCE财务尽职调查,DE Global|Lean System Design,Due Diligence 尽职调查,Balance Sheet Assets: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,DE Global|Lean System Design,Due Diligence 尽职调查,Balan

20、ce 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?存货是否优良而合理？,FINANCIAL DUE DILIGENCE财务尽职调查,DE Global|Lean System Design,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,FIN

21、ANCIAL DUE DILIGENCE财务尽职调查,DE Global|Lean System Design,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 Payable accurate?Current?应付账款准确？及时？,FINANCIAL DUE DILIGENCE财务尽职调查,DE Global|Lean System Design,Due Diligence 尽职调查,Balance Sheet Liab

22、ilities 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,DE Global|Lean System Design,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）Design Process(

23、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？,DE Global|Lean System Design,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 marketability or manufacturability?是否符合市场和生产情况？,DE Global|

24、Lean System Design,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,DE Global|Lean System Design,Due Diligence 尽职调查,Industrial(is

25、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,DE Global|Lean System Design,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,O

26、PERATIONAL DUE DILIGENCE营业运作尽职调查,DE Global|Lean System Design,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？,DE Global|Lean System Design,Due Diligence 尽职调查,OPERATIONAL DUE DILIGENCE营业运作尽职调查,Managerial 管理人员Capable in the

27、ir functions?是否具备职业功能的实力？Employee relations.与员工的关系Efficient and effective?是否有效率和成功的？,DE Global|Lean System Design,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,DE Global|L

28、ean System Design,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,DE Global|Lean System Design,Due Diligence 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

29、力和可靠？,DE Global|Lean System Design,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,DE Global|Lean System Design,Due Diligence 尽职调查,OPERATIONAL DUE DILIGENCE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 th

30、ey know WHY their customers buy?是否知道顾客购买的原因？,DE Global|Lean System Design,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？,DE Global|Lean System Design,Due Diligence 尽职调查,OPERATIONAL DUE DILIGENCE营业运作尽职调查,Marke

31、ting营销Pricing strategy?定价策略？,DE Global|Lean System Design,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？,DE Global|Lean System Design,Due Diligence 尽职调查,OPERATIONAL DUE DILIGENCE营业运作尽职调查,Sales销售Distribution Channels good cov

32、erage?分销管道-覆盖面是否良好？Market Share capable of growing?市场份额-是否能够增长？etc.等,DE Global|Lean System Design,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？,DE Global|Lean System Design,Due Diligence 尽职调查,OPERATIONAL

33、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？Insourced or outsourced?内部提供或者外包？,DE Global|Lean System Design,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,DE Global|Lean System Design,Due Diligence 尽职调查,ARE YOU READY?是否已做好准备？,

34、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 prepared to go forward?是否已准备进行下一步？,DE Global|Lean System Design,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

35、之后，就进行！,DE Global|Lean System Design,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竞争对手的强项和弱点Finding an appropriate target or structure寻找合适的目标公司或结构,DE Global|Lean System Design,Due Diligence 尽职调查,Negotiations assistanc

36、e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,DE Global|Lean System Design,58,Co X:Technical and Operational Due Diligence China,Consulting Days:xDuration:x weeks,Contact:Mr.Y,Client:Co X,Project Scale,Work Steps&Deliverables,Preparation and assessm

37、ent-forms customizationOn-site evaluation through the application of different audit-and tracking tools to assess the processes like logistics,production,purchasing etc.Objective evaluation on the operational and technical capabilities of the targetDocumentation of the findingsSynthesizing of the as

38、sessmentsPreparation of recommendations,Challenges/Goals,Results,Co X is considering purchasing of acompany in ChinaAssessment of the company before final agreement,Support of goal for a regional expansionAssessment of the core functions Risk reduction,DE Global Ltd.,Project Leader:Mr.W,Audit and Tr

39、acking tools,Due Diligence,DE Global|Lean System Design,59,X 公司：中国技术和营业运作尽职调查,咨询天数：x时期：x 星期,联系人：Y先生,客户：X 公司,方案规模,工作步骤和可交付的,准备和评估-制定表格在场评估，使用不同审查和跟踪工具评估物流，生产和购买等过程对目标公司进行客观性的技术和营业运作尽职调查把调查结果记录在文档综合评估准备建议,挑战/目标,成果,X公司考虑收购中国一家公司在最终协议达成前评估公司,支持区域性扩展的目标对主要职能的评估减低风险,DE Global Ltd.,方案领导：W 先生,审查和跟踪工具,Due Diligence 尽职调查,