上海某投资咨询公司尽职调查(-62张)课件.ppt

1、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 evaluation o

2、f 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 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 尽职调查尽职调查 Historically,focused on th

3、e 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 whether a deal or project

4、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 Understand the target or

5、 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的了解Due Diligence 尽职调查尽职

6、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 implementation.在执行过程中在执行过程中

7、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 strengths and l

8、imitations 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 DILIGENCE尽职调查的

9、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场作出假设

10、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&LIMITATIONS竞争

11、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，就该进一

12、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.Su

13、mmary 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 DETAIL

15、ED 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 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

16、 and clear?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

17、调查尽职调查 Needs 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 Inco

18、me Statement:收入报表：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？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？

19、有没有被隐藏着的？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：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 B

20、alance Sheet Assets:资产负债表资产：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

21、invoices.通过客户和发票确认应收账款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？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Du

22、e 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 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

23、Verify A/P with suppliers and versus 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 p

24、roduct ideas come from?)设计过程（产品构思从哪里来？）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

25、市场和生产情况？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？）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

26、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？）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？）

27、Waste disposal and environmental.废料处理和有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

28、尽职调查营业运作尽职调查 Managerial 管理人员管理人员 Capable in 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 Know

29、ledge and training.知识和训练知识和训练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 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 mate

30、rial available?是否有足够的资源？是否有足够的资源？Suppliers capable 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 Clea

31、r definition of what their business is?是否明对本身的生意业务有明确的定义？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？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

32、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 D

33、UE 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 coverage?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

34、？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 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

35、 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？

36、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 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 appr

37、opriate 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Co X:Technical and Operational Due Diligence China 4Consulting Days:x4Duration

38、:x weeks4Contact: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 operation

39、al and 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 expansio

40、n4Assessment of the core functions 4Risk reductionDE Global Ltd.4Project Leader:Mr.WAudit and Tracking toolsDue DiligenceX 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审查和跟踪工具Due Diligence 尽职调查尽职调查