上海某投資咨詢公司盡職調(diào)查(-62張)課件

1、Due Diligence 盡職調(diào)查DE Global Limited / 上海冠澍投資咨詢有限公Lean System Design LSDBangkok, Guangzhou, ShanghaiDue Diligence 盡職調(diào)查DE Global LiMergers and Acquisitions 合并與收購 Due Diligence issues in M&A transactions 并購交易中的盡職調(diào)查事宜Edward GwinnDE Global Limited Mergers and Acquisitions 合并與Due Diligence 盡職調(diào)查Study, inve

2、stigation, and evaluation of business opportunities 對商業(yè)機(jī)會的研究，調(diào)查和評價WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due Diligence 盡職調(diào)查Study, invesDue Diligence 盡職調(diào)查Understanding everything possible about the target對目標(biāo)公司的全面了解Many types of due diligence有很多類型的盡職調(diào)查WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due Diligence 盡職調(diào)查Understandi

3、nDue Diligence 盡職調(diào)查Historically, focused on the legal and financial aspects. 傳統(tǒng)上，集中在法律和財務(wù)方面Attorneys, accountants, and consultants generally perform this isolated task. 通常由律師，會計師和顧問執(zhí)行這個獨(dú)立的任務(wù)WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due Diligence 盡職調(diào)查HistoricallyDue Diligence 盡職調(diào)查It is a critical step in determi

4、ning whether a deal or project is worth doing.它是對決定一個交易或方案是否值得進(jìn)行的關(guān)鍵一步WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due Diligence 盡職調(diào)查It is a critUnderstand the industry.了解有關(guān)產(chǎn)業(yè)Understand the China market.了解中國市場Due Diligence 盡職調(diào)查WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Understand the industry.Due DiUnderstand the competitors.了解

5、競爭對手Understand the target or venture.了解目標(biāo)公司或投資機(jī)會Due Diligence 盡職調(diào)查WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Understand the competitors.DueDue Diligence 盡職調(diào)查WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due Diligence is all about understanding everything you can about your venture.盡職調(diào)查就是盡所有可能對你的投資機(jī)會掌握全面的了解Due Diligence 盡職調(diào)查WHAT

6、 IS DUE Due Diligence 盡職調(diào)查Before choosing final target,在決定最終并購目標(biāo)公司之前，Early during negotiation process在談判過程的早期，WHEN TO DO DUE DILIGENCE?什么時候進(jìn)行盡職調(diào)查？Due Diligence 盡職調(diào)查Before choosDue Diligence 盡職調(diào)查After negotiations but before final deal signed, and談判過后但在最終協(xié)議簽訂之前，和During implementation.在執(zhí)行過程中WHEN TO DO

7、 DUE DILIGENCE?什么時候進(jìn)行盡職調(diào)查？Due Diligence 盡職調(diào)查After negotiDue Diligence 盡職調(diào)查If effective, it is a continuing process. Deal with issues as they are known.如果有效，將會是個持續(xù)性的過程。對可能出現(xiàn)的問題做出應(yīng)對WHEN TO DO DUE DILIGENCE?什么時候進(jìn)行盡職調(diào)查？Due Diligence 盡職調(diào)查If effectiveMarket assessment市場評估Competitor strengths and limitatio

8、ns競爭對手的實力與局限Target assessment對并購目標(biāo)公司的評估Due Diligence 盡職調(diào)查MAJOR TYPES OF DUE DILIGENCE盡職調(diào)查的主要類型Market assessmentDue DiligenceDue Diligence 盡職調(diào)查Legal due diligence法律盡職調(diào)查Financial due diligence財務(wù)盡職調(diào)查Operational due diligence營業(yè)運(yùn)作盡職調(diào)查TYPES OF DUE DILIGENCE盡職調(diào)查的類型Due Diligence 盡職調(diào)查Legal due diDue Diligenc

9、e 盡職調(diào)查Before making decisions about targets and structures, first understand the market.在對并購目標(biāo)公司和未來公司模式做出決定之前，首先要了解市場MARKET ASSESSMENT市場評估Due Diligence 盡職調(diào)查Before makinDue Diligence 盡職調(diào)查Dont make assumptions based on home markets.不要以本國市場的情況對中國市場作出假設(shè)Is the timing right for your product or company in

10、China?產(chǎn)品或公司進(jìn)軍中國是否合乎時宜？MARKET ASSESSMENT市場評估Due Diligence 盡職調(diào)查Dont make aDue Diligence 盡職調(diào)查Who are key competitors?誰是主要競爭對手？What are their strengths?它們有什么實力？What are their weaknesses?它們的弱點(diǎn)是什么？COMPETITOR STRENGTHS & LIMITATIONS競爭對手的實力與局限D(zhuǎn)ue Diligence 盡職調(diào)查Who are key Due Diligence 盡職調(diào)查What kind of “gua

11、nxi” do they have?他們有哪方面的關(guān)系？Understand yourself strengths/weaknesses了解自己-強(qiáng)項/弱點(diǎn)COMPETITOR STRENGTHS & LIMITATIONS競爭對手的實力與局限D(zhuǎn)ue Diligence 盡職調(diào)查What kind ofOnce you have selected potential targets, understand them relative to each other.一旦選出潛在目標(biāo)公司，就該進(jìn)一步了解它們相對的情況。Due Diligence 盡職調(diào)查TARGET ASSESSMENT目標(biāo)公司評估

12、Once you have selected potentiFor each potential target, do a company profile so good comparisons can be made.為每一個潛在目標(biāo)公司做一個公司檔案，能更有效地進(jìn)行比較。Due Diligence 盡職調(diào)查TARGET ASSESSMENT目標(biāo)公司評估For each potential target, do Due Diligence 盡職調(diào)查I. Summary 概況II. Comprehensive Analysis 深入分析III. Basic Information 基本資料IV

13、. History Evolution 歷史演變V. Organization 組織VI. Personnel & Site 人事 & 場地VII. Main Executives 主要管理人員VIII. Operations 營業(yè)運(yùn)作IX. Finance 財務(wù)X. Industrial Situation 產(chǎn)業(yè)情況COMPANY PROFILE 公司檔案Due Diligence 盡職調(diào)查I. SummaryDue Diligence 盡職調(diào)查Legal Due Diligence 法律盡職調(diào)查Financial Due Diligence財務(wù)盡職調(diào)查WHEN GENERAL AGREEM

14、ENT IS REACHED IT IS TIME TO DO DETAILED DUE DILIGENCE大致協(xié)議達(dá)成后，就應(yīng)該做詳細(xì)的盡職調(diào)查Due Diligence 盡職調(diào)查Legal Due DiDue Diligence 盡職調(diào)查Operational Due Diligence營業(yè)運(yùn)作盡職調(diào)查WHEN GENERAL AGREEMENT IS REACHED IT IS TIME TO DO DETAILED DUE DILIGENCE大致協(xié)議達(dá)成后，就應(yīng)該做詳細(xì)的盡職調(diào)查Due Diligence 盡職調(diào)查Operational Due Diligence 盡職調(diào)查Needs

15、the assistance of Attorney需要律師的協(xié)助Company documents and registration.公司文件和注冊Company ownership, shareholders, etc.公司擁有權(quán)，股東等LEGAL DUE DILIGENCE 法律評估Due Diligence 盡職調(diào)查Needs the asDue Diligence 盡職調(diào)查Assets ownership free and clear?資產(chǎn)擁有權(quán)是否是不受限制的？Liabilities how much and to whom?負(fù)債-數(shù)額和債權(quán)人？LEGAL DUE DILIGENC

16、E 法律評估Due Diligence 盡職調(diào)查Assets ownerDue Diligence 盡職調(diào)查Commitments contractual obligations.和約上的責(zé)任Legal proceedings 法律訴訟LEGAL DUE DILIGENCE 法律盡職調(diào)查Due Diligence 盡職調(diào)查Commitments FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Needs assistance of an Accountant需要會計師的協(xié)助Income Statement收入報表FINANCIAL DUE DILI

17、GENCEDue DilFINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance Sheet Assets資產(chǎn)負(fù)債表資產(chǎn)Balance Sheet Liabilities and Taxes資產(chǎn)負(fù)債表負(fù)債和稅額Balance Sheet Equity資產(chǎn)負(fù)債表股東收益FINANCIAL DUE DILIGENCEDue DilDue Diligence 盡職調(diào)查Income Statement:收入報表：Do the statements have adequate backup?有足夠的證據(jù)支持報表的真實性嗎？Have they been

18、properly prepared?報表是否妥善編制？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Income StateDue Diligence 盡職調(diào)查Income Statement:收入報表：Are the costs correct?成本是否正確？Has anything been hidden?有沒有被隱藏著的？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Income StateDue Diligence 盡職調(diào)查Income Statement:收入報表：Is there que

19、stionable accounting?有沒有可疑的會計問題？Do some income or expense categories look out of line?一些收入或成本類別是否有不合理的地方？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Income StateDue Diligence 盡職調(diào)查Balance Sheet Assets:資產(chǎn)負(fù)債表資產(chǎn)：Fixed assets valued correctly? Depreciation?固定資產(chǎn)估價是否正確？折舊？Accounts Receivable accurate? C

20、urrent?應(yīng)收賬款是否準(zhǔn)確？及時？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance SheeDue Diligence 盡職調(diào)查Balance Sheet Assets:資產(chǎn)負(fù)債表資產(chǎn)：Verify A/R with customers and versus invoices.通過客戶和發(fā)票確認(rèn)應(yīng)收賬款I(lǐng)nventory good and reasonable? 存貨是否優(yōu)良而合理？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance SheeDue Diligence 盡職

21、調(diào)查Balance Sheet Assets:資產(chǎn)負(fù)債表資產(chǎn)：Inventory valued correctly? Count.存貨額是否計算正確？數(shù)清Bank statements.銀行賬目FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance SheeDue Diligence 盡職調(diào)查Balance Sheet Liabilities and Equity:資產(chǎn)負(fù)債表債務(wù)和股東收益Loans accurate and current?債務(wù)準(zhǔn)確和及時？Accounts Payable accurate? Current?應(yīng)付賬款準(zhǔn)確？

22、及時？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance SheeDue Diligence 盡職調(diào)查Balance Sheet Liabilities and Equity:資產(chǎn)負(fù)債表債務(wù)和股東收益Verify A/P with suppliers and versus invoices.通過供應(yīng)商和發(fā)票確認(rèn)應(yīng)付賬款I(lǐng)s Equity accurate?股東收益是否準(zhǔn)確？FINANCIAL DUE DILIGENCE財務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance SheeDue Diligence 盡職調(diào)查OPERAT

23、IONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Technical (product and research capability)技術(shù)（產(chǎn)品和研究實力）Design Process (where do product ideas come from?)設(shè)計過程（產(chǎn)品構(gòu)思從哪里來？）Are they unique?是否獨(dú)特？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Technical (product and research capability)技術(shù)（產(chǎn)品和研究實

24、力）Are they outdated?是否過時？Designed for marketability or manufacturability?是否符合市場和生產(chǎn)情況？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查Industrial (is it capable of functioning well?)工業(yè)性的（是否能夠良好運(yùn)作？）Equipment up-to-date, functional and capable?設(shè)備是否是新式的，功能性的和有效的？Employees trained and capable?員工是否經(jīng)過訓(xùn)練兼能干？

25、OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Industrial (Due Diligence 盡職調(diào)查Industrial (is it capable of functioning well?)工業(yè)性的（是否能夠良好運(yùn)作？）Factory layout efficient?工廠布局是否有效？Employee safety records.員工安全紀(jì)錄OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Industrial (Due Diligence 盡職調(diào)查Industrial (

26、is it capable of functioning well?)工業(yè)性的（是否能夠良好運(yùn)作？）Waste disposal and environmental.廢料處理和有關(guān)環(huán)境的OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Industrial (Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Managerial 管理人員How well is it managed?管理是否良好？Professional managers?職業(yè)經(jīng)理人？Due Diligence 盡職調(diào)查OP

27、ERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Managerial 管理人員Capable in their functions?是否具備職業(yè)功能的實力？Employee relations.與員工的關(guān)系Efficient and effective?是否有效率和成功的？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查Employees 員工Job descriptions, compensation, years of service for each employee

28、.各員工的職能介紹，酬金，服務(wù)時期Knowledge and training.知識和訓(xùn)練OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Employees 員工Due Diligence 盡職調(diào)查Employees 員工Motivated?是否有動力？Labor disputes?勞工糾紛？OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Employees 員工Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Supply Chain

29、 供應(yīng)鏈Is adequate raw material available?是否有足夠的資源？Suppliers capable and reliable?供應(yīng)商是否有實力和可靠？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Supply Chain 供應(yīng)鏈Supply contracts.供應(yīng)和約Pricing.價格etc.等Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)

30、作盡職調(diào)查Marketing營銷Clear definition of what their business is?是否明對本身的生意業(yè)務(wù)有明確的定義？Do they know WHY their customers buy?是否知道顧客購買的原因？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Marketing營銷Do they have a marketing plan?是否有營銷計劃？How focused is the company?公司策略是否集中？Due Dili

31、gence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Marketing營銷Pricing strategy?定價策略？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Sales銷售Customers who are they?顧客-他們是誰？Sales People capable?銷售人員-是否能干？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence

32、盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查Sales銷售Distribution Channels good coverage?分銷管道-覆蓋面是否良好？Market Share capable of growing?市場份額-是否能夠增長？etc. 等Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查IT Systems高科技系統(tǒng)Computer systems current?電腦系統(tǒng)是否跟上時代的腳步？What systems do they h

33、ave?他們有什么系統(tǒng)？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查IT Systems高科技系統(tǒng)How are they used?如何被使用？Insourced or outsourced?內(nèi)部提供或者外包？Due Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營業(yè)運(yùn)作盡職調(diào)查IT Systems高科技系統(tǒng)Evaluation of effectiveness.對使用效率的評價Due

34、 Diligence 盡職調(diào)查OPERATIONAL Due Diligence 盡職調(diào)查ARE YOU READY? 是否已做好準(zhǔn)備？Have you checked everything about the new venture that you know about your own business?是否對新投資機(jī)會做好全面的檢查？Are you prepared to go forward?是否已準(zhǔn)備進(jìn)行下一步？Due Diligence 盡職調(diào)查ARE YOU READDue Diligence 盡職調(diào)查ARE YOU READY? 是否已做好準(zhǔn)備？Get appropriate

35、 advice and assistance.尋求合適的建議和協(xié)助Be as sure as you can, then GO!充分確定之后，就進(jìn)行！Due Diligence 盡職調(diào)查ARE YOU READDue Diligence 盡職調(diào)查DE Global/LSD can assist with:DE Global/LSD 能提供以下協(xié)助：Market Assessment市場評估Competitor Strengths and Weaknesses競爭對手的強(qiáng)項和弱點(diǎn)Finding an appropriate target or structure尋找合適的目標(biāo)公司或結(jié)構(gòu)Due Diligence 盡職調(diào)查DE Global/LSDue Diligence 盡職調(diào)查Negotiations assistance談判協(xié)助Financial Due Diligence management財務(wù)盡職調(diào)查管理Operational Due Diligence營業(yè)運(yùn)作盡職調(diào)查Implementation執(zhí)行Due Dilig