尽职调查报告的格式和要点

1、上海冠澍投资咨询有限公司 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 LSD Bangkok, Guangzhou, Shanghai Mergers 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 Gwinn DE Global Limited 授课：XXX 1 Due Diligence 尽职调查尽职调查 Stud

2、y, investigation, and evaluation of 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？ 授课：XXX 2 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？

3、授课：XXX 3 Due Diligence 尽职调查尽职调查 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？ 授课：XXX 4 Due Dilige

4、nce 尽职调查尽职调查 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？ 授课：XXX 5 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

5、DUE DILIGENCE? 什么是尽职调查？什么是尽职调查？ 授课：XXX 6 Understand the competitors. 了解竞争对手了解竞争对手 Understand the target or 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？ 授课：XXX 7 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

6、 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 授课：XXX 8 Due Diligence 尽职调查尽职调查 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？ 授课

7、：XXX 9 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 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？ 授课：XXX 10 Due Diligence 尽职调查尽职调查 If effective, it is a continuing process. Deal with issues as they

8、 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？ 授课：XXX 11 Market assessment 市场评估市场评估 Competitor strengths and limitations 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 DILIG

9、ENCE 尽职调查的主要类型尽职调查的主要类型 授课：XXX 12 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 尽职调查的类型尽职调查的类型 授课：XXX 13 Due Diligence 尽职调查尽职调查 Before making decisions about targets and structures, first

10、 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 授课：XXX 14 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

11、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 授课：XXX 15 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 竞争对手的实力与局限竞争对手的实力与局限 授课：XXX 16 Due Diligence 尽职调查尽职调

12、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 授课：XXX 17 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一旦选出潜在目标公司，就该

13、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 授课：XXX 18 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 授课：XXX 19 Due Diligenc

14、e 尽职调查尽职调查 I. Summary 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

15、PROFILE 公司档案公司档案 授课：XXX 20 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 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 授课：XXX 21 Due Diligence 尽职调查尽职调查 Operational Due Diligence 营业运作尽职调查

16、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大致协议达成后，就应该做详细的尽职调查 授课：XXX 22 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

17、等公司拥有权，股东等 LEGAL DUE DILIGENCE 法律评估法律评估 授课：XXX 23 Due Diligence 尽职调查尽职调查 Assets ownership free 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 授课：XXX 24 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

18、 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 授课：XXX 25 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 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 授课：XXX 26 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

19、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 授课：XXX 27 Due Diligence 尽职调查尽职调查 Income 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？ F

20、INANCIAL DUE DILIGENCE 财务尽职调查财务尽职调查 授课：XXX 28 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？有没有被隐藏着的？ FINANCIAL DUE DILIGENCE 财务尽职调查财务尽职调查 授课：XXX 29 Due Diligence 尽职调查尽职调查 Income Statement: 收入报表：收入报表： Is there questionabl

21、e 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 授课：XXX 30 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： Fixed assets valued correctly? Depreciation? 固定资产估价是否正确？折旧？固

22、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 授课：XXX 31 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 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

23、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 授课：XXX 32 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 授课：XXX 33 Due Diligence 尽职调查尽职调查 Balance Sheet Liabilit

24、ies 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 授课：XXX 34 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 Verify A/P with supplier

25、s 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 授课：XXX 35 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 prod

26、uct 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？ 授课：XXX 36 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 manufacturabilit

27、y? 是否符合市场和生产情况？是否符合市场和生产情况？ 授课：XXX 37 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 DILIG

28、ENCE 营业运作尽职调查营业运作尽职调查 授课：XXX 38 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？） 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 授课：XXX 39 Due Diligence 尽职调查尽职调查 Industr

29、ial (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？） 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 授课：XXX 40 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

30、否良好？ Professional managers? 职业经理人？职业经理人？ 授课：XXX 41 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 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？ 授课：XXX 42 Due Diligence 尽职调查尽职调

31、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 Knowledge 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 授课：XXX 43 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？ OPERA

32、TIONAL DUE DILIGENCE 营业运作尽职调查营业运作尽职调查 授课：XXX 44 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 material 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？ 授课：XXX 45 Due Diligence 尽职调查尽职调查 OPERATIONAL DUE DILIG

33、ENCE 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 授课：XXX 46 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 Clear 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?

34、是否知道顾客购买的原因？是否知道顾客购买的原因？ 授课：XXX 47 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？公司策略是否集中？ 授课：XXX 48 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

35、销 Pricing strategy? 定价策略？定价策略？ 授课：XXX 49 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？ 授课：XXX 50 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 Distributio

36、n 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 授课：XXX 51 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？ What systems do they have? 他

37、们有什么系统？他们有什么系统？ 授课：XXX 52 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？ 授课：XXX 53 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 o

38、f effectiveness. 对使用效率的评价对使用效率的评价 授课：XXX 54 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？ 授课：XXX 55 Due Diligence

39、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？ 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！ 授课：XXX 56 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 a

40、nd Weaknesses 竞争对手的强项和弱点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寻找合适的目标公司或结构 授课：XXX 57 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 授课：XXX 58 Co X:

41、Technical and Operational Due Diligence China 4Consulting Days: x 4Duration: x weeks 4Contact: Mr. Y Client: Co XProject Scale Work Steps & Deliverables 4Preparation and assessment-forms customization 4On-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 technical capabilities of the target 4Documentation of the fin