投行尽职调查

DueDiligence尽职调查,DEGlobalLimited/上海冠澍投资咨询有限公LeanSystemDesignLSDBangkok,Guangzhou,Shanghai,MergersandAcquisitions合并与收购DueDiligenceissuesinM&Atransactions并购交易中的尽职调查事宜,EdwardGwinnDEGlobalLimited,DueDiligence尽职调查,Study,investigation,andevaluationofbusinessopportunities对商业机会的研究，调查和评价,WHATISDUEDILIGENCE?什么是尽职调查？,DueDiligence尽职调查,Understandingeverythingpossibleaboutthetarget对目标公司的全面了解Manytypesofduediligence有很多类型的尽职调查,WHATISDUEDILIGENCE?什么是尽职调查？,DueDiligence尽职调查,Historically,focusedonthelegalandfinancialaspects.传统上，集中在法律和财务方面Attorneys,accountants,andconsultantsgenerallyperformthisisolatedtask.通常由律师，会计师和顾问执行这个独立的任务,WHATISDUEDILIGENCE?什么是尽职调查？,DueDiligence尽职调查,Itisacriticalstepindeterminingwhetheradealorprojectisworthdoing.它是对决定一个交易或方案是否值得进行的关键一步,WHATISDUEDILIGENCE?什么是尽职调查？,Understandtheindustry.了解有关产业UnderstandtheChinamarket.了解中国市场,DueDiligence尽职调查,WHATISDUEDILIGENCE?什么是尽职调查？,Understandthecompetitors.了解竞争对手Understandthetargetorventure.了解目标公司或投资机会,DueDiligence尽职调查,WHATISDUEDILIGENCE?什么是尽职调查？,DueDiligence尽职调查,WHATISDUEDILIGENCE?什么是尽职调查？,DueDiligenceisallaboutunderstandingeverythingyoucanaboutyourventure.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,DueDiligence尽职调查,Beforechoosingfinaltarget,在决定最终并购目标公司之前，Earlyduringnegotiationprocess在谈判过程的早期，,WHENTODODUEDILIGENCE?什么时候进行尽职调查？,DueDiligence尽职调查,Afternegotiationsbutbeforefinaldealsigned,and谈判过后但在最终协议签订之前，和Duringimplementation.在执行过程中,WHENTODODUEDILIGENCE?什么时候进行尽职调查？,DueDiligence尽职调查,Ifeffective,itisacontinuingprocess.Dealwithissuesastheyareknown.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,WHENTODODUEDILIGENCE?什么时候进行尽职调查？,Marketassessment市场评估Competitorstrengthsandlimitations竞争对手的实力与局限Targetassessment对并购目标公司的评估,DueDiligence尽职调查,MAJORTYPESOFDUEDILIGENCE尽职调查的主要类型,DueDiligence尽职调查,Legalduediligence法律尽职调查Financialduediligence财务尽职调查Operationalduediligence营业运作尽职调查,TYPESOFDUEDILIGENCE尽职调查的类型,DueDiligence尽职调查,Beforemakingdecisionsabouttargetsandstructures,firstunderstandthemarket.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,MARKETASSESSMENT市场评估,DueDiligence尽职调查,Dontmakeassumptionsbasedonhomemarkets.不要以本国市场的情况对中国市场作出假设IsthetimingrightforyourproductorcompanyinChina?产品或公司进军中国是否合乎时宜？,MARKETASSESSMENT市场评估,DueDiligence尽职调查,Whoarekeycompetitors?谁是主要竞争对手？Whataretheirstrengths?它们有什么实力？Whataretheirweaknesses?它们的弱点是什么？,COMPETITORSTRENGTHS&LIMITATIONS竞争对手的实力与局限,DueDiligence尽职调查,Whatkindof“guanxi”dotheyhave?他们有哪方面的关系？Understandyourselfstrengths/weaknesses了解自己-强项/弱点,COMPETITORSTRENGTHS&LIMITATIONS竞争对手的实力与局限,Onceyouhaveselectedpotentialtargets,understandthemrelativetoeachother.一旦选出潜在目标公司，就该进一步了解它们相对的情况。,DueDiligence尽职调查,TARGETASSESSMENT目标公司评估,Foreachpotentialtarget,doacompanyprofilesogoodcomparisonscanbemade.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。,DueDiligence尽职调查,TARGETASSESSMENT目标公司评估,DueDiligence尽职调查,I.Summary概况II.ComprehensiveAnalysis深入分析III.BasicInformation基本资料IV.HistoryEvolution历史演变V.Organization组织VI.Personnel&Site人事&场地VII.MainExecutives主要管理人员VIII.Operations营业运作IX.Finance财务X.IndustrialSituation产业情况,COMPANYPROFILE公司档案,DueDiligence尽职调查,LegalDueDiligence法律尽职调查FinancialDueDiligence财务尽职调查,WHENGENERALAGREEMENTISREACHEDITISTIMETODODETAILEDDUEDILIGENCE大致协议达成后，就应该做详细的尽职调查,DueDiligence尽职调查,OperationalDueDiligence营业运作尽职调查,WHENGENERALAGREEMENTISREACHEDITISTIMETODODETAILEDDUEDILIGENCE大致协议达成后，就应该做详细的尽职调查,DueDiligence尽职调查,NeedstheassistanceofAttorney需要律师的协助Companydocumentsandregistration.公司文件和注册Companyownership,shareholders,etc.公司拥有权，股东等,LEGALDUEDILIGENCE法律评估,DueDiligence尽职调查,Assetsownershipfreeandclear?资产拥有权是否是不受限制的？Liabilitieshowmuchandtowhom?负债-数额和债权人？,LEGALDUEDILIGENCE法律评估,DueDiligence尽职调查,Commitmentscontractualobligations.和约上的责任Legalproceedings法律诉讼,LEGALDUEDILIGENCE法律尽职调查,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,NeedsassistanceofanAccountant需要会计师的协助IncomeStatement收入报表,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,BalanceSheetAssets资产负债表资产BalanceSheetLiabilitiesandTaxes资产负债表负债和税额BalanceSheetEquity资产负债表股东收益,DueDiligence尽职调查,IncomeStatement:收入报表：Dothestatementshaveadequatebackup?有足够的证据支持报表的真实性吗？Havetheybeenproperlyprepared?报表是否妥善编制？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,IncomeStatement:收入报表：Arethecostscorrect?成本是否正确？Hasanythingbeenhidden?有没有被隐藏着的？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,IncomeStatement:收入报表：Istherequestionableaccounting?有没有可疑的会计问题？Dosomeincomeorexpensecategorieslookoutofline?一些收入或成本类别是否有不合理的地方？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,BalanceSheetAssets:资产负债表资产：Fixedassetsvaluedcorrectly?Depreciation?固定资产估价是否正确？折旧？AccountsReceivableaccurate?Current?应收账款是否准确？及时？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,BalanceSheetAssets:资产负债表资产：VerifyA/Rwithcustomersandversusinvoices.通过客户和发票确认应收账款Inventorygoodandreasonable?存货是否优良而合理？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,BalanceSheetAssets:资产负债表资产：Inventoryvaluedcorrectly?Count.存货额是否计算正确？数清Bankstatements.银行账目,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,BalanceSheetLiabilitiesandEquity:资产负债表债务和股东收益Loansaccurateandcurrent?债务准确和及时？AccountsPayableaccurate?Current?应付账款准确？及时？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,BalanceSheetLiabilitiesandEquity:资产负债表债务和股东收益VerifyA/Pwithsuppliersandversusinvoices.通过供应商和发票确认应付账款IsEquityaccurate?股东收益是否准确？,FINANCIALDUEDILIGENCE财务尽职调查,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Technical(productandresearchcapability)技术（产品和研究实力）DesignProcess(wheredoproductideascomefrom?)设计过程（产品构思从哪里来？）Aretheyunique?是否独特？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Technical(productandresearchcapability)技术（产品和研究实力）Aretheyoutdated?是否过时？Designedformarketabilityormanufacturability?是否符合市场和生产情况？,DueDiligence尽职调查,Industrial(isitcapableoffunctioningwell?)工业性的（是否能够良好运作？）Equipmentup-to-date,functionalandcapable?设备是否是新式的，功能性的和有效的？Employeestrainedandcapable?员工是否经过训练兼能干？,OPERATIONALDUEDILIGENCE营业运作尽职调查,DueDiligence尽职调查,Industrial(isitcapableoffunctioningwell?)工业性的（是否能够良好运作？）Factorylayoutefficient?工厂布局是否有效？Employeesafetyrecords.员工安全纪录,OPERATIONALDUEDILIGENCE营业运作尽职调查,DueDiligence尽职调查,Industrial(isitcapableoffunctioningwell?)工业性的（是否能够良好运作？）Wastedisposalandenvironmental.废料处理和有关环境的,OPERATIONALDUEDILIGENCE营业运作尽职调查,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Managerial管理人员Howwellisitmanaged?管理是否良好？Professionalmanagers?职业经理人？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Managerial管理人员Capableintheirfunctions?是否具备职业功能的实力？Employeerelations.与员工的关系Efficientandeffective?是否有效率和成功的？,DueDiligence尽职调查,Employees员工Jobdescriptions,compensation,yearsofserviceforeachemployee.各员工的职能介绍，酬金，服务时期Knowledgeandtraining.知识和训练,OPERATIONALDUEDILIGENCE营业运作尽职调查,DueDiligence尽职调查,Employees员工Motivated?是否有动力？Labordisputes?劳工纠纷？,OPERATIONALDUEDILIGENCE营业运作尽职调查,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,SupplyChain供应链Isadequaterawmaterialavailable?是否有足够的资源？Supplierscapableandreliable?供应商是否有实力和可靠？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,SupplyChain供应链Supplycontracts.供应和约Pricing.价格etc.等,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Marketing营销Cleardefinitionofwhattheirbusinessis?是否明对本身的生意业务有明确的定义？DotheyknowWHYtheircustomersbuy?是否知道顾客购买的原因？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Marketing营销Dotheyhaveamarketingplan?是否有营销计划？Howfocusedisthecompany?公司策略是否集中？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Marketing营销Pricingstrategy?定价策略？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Sales销售Customerswhoarethey?顾客-他们是谁？SalesPeoplecapable?销售人员-是否能干？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,Sales销售DistributionChannelsgoodcoverage?分销管道-覆盖面是否良好？MarketSharecapableofgrowing?市场份额-是否能够增长？etc.等,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,ITSystems高科技系统Computersystemscurrent?电脑系统是否跟上时代的脚步？Whatsystemsdotheyhave?他们有什么系统？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,ITSystems高科技系统Howaretheyused?如何被使用？Insourcedoroutsourced?内部提供或者外包？,DueDiligence尽职调查,OPERATIONALDUEDILIGENCE营业运作尽职调查,ITSystems高科技系统Evaluationofeffectiveness.对使用效率的评价,DueDiligence尽职调查,AREYOUREADY?是否已做好准备？,Haveyoucheckedeverythingaboutthenewventurethatyouknowaboutyourownbusiness?是否对新投资机会做好全面的检查？Areyoupreparedtogoforward?是否已准备进行下一步？,DueDiligence尽职调查,AREYOUREADY?是否已做好准备？,Getappropriateadviceandassistance.寻求合适的建议和协助Beassureasyoucan,thenGO!充分确定之后，就进行！,DueDiligence尽职调查,DEGlobal/LSDcanassistwith:DEGlobal/LSD能提供以下协助：,MarketAssessment市场评估CompetitorStrengthsandWeaknesses竞争对手的强项和弱点Findinganappropriatetargetorstructure寻找合适的目标公司或结构,DueDiligence尽职调查,Negotiationsassistance谈判协助FinancialDueDiligencemanagement财务尽职调查管理OperationalDueDiligence营业运作尽职调查Implementation执行,DEGlobal|LeanSystemDesign,59,CoX:TechnicalandOperationalDueDiligenceChina,ConsultingDays:xDuration:xweeks,Contact:Mr.Y,Client:CoX,ProjectScale,WorkSteps&Deliverables,Preparationandassessment-formscustomizationOn-siteevaluationthroughtheapplicationofdifferentaudit-andtrackingtoolstoassesstheprocesseslikelogistics,production,purchasingetc.ObjectiveevaluationontheoperationalandtechnicalcapabilitiesofthetargetDocumentationofthefindingsSynthesizingoftheassessmentsPreparationofrecommendations,Challenges/Goals,Results,CoXisconsideringpurchasingofacompanyinChinaAssessmentofthecompanybeforefinalagreement,Supp