投行尽职调查

上海冠澍投资咨询有限公司DueDiligence尽职调查DEGlobalLimited/上海冠澍投资咨询有限公LeanSystemDesignLSDBangkok,Guangzhou,ShanghaiDEGlobal|LeanSystemDesignMergersandAcquisitions合并与收购DueDiligenceissuesinM&Atransactions并购交易中的尽职调查事宜EdwardGwinnDEGlobalLimitedDEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesign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？DEGlobal|LeanSystemDesign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？DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesignDueDiligence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？DEGlobal|LeanSystemDesign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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence尽职调查Don’tmakeassumptionsbasedonhomemarkets.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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence尽职调查Whatkindof“guanxi”dotheyhave?他们有哪方面的关系？Understandyourself–strengths/weaknesses了解自己-强项/弱点COMPETITORSTRENGTHS&LIMITATIONS竞争对手的实力与局限DEGlobal|LeanSystemDesignOnceyouhaveselectedpotentialtargets,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DEGlobal|LeanSystemDesignForeachpotentialtarget,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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence尽职调查Assetsownershipfreeandclear?资产拥有权是否是不受限制的？Liabilities–howmuchandtowhom?负债-数额和债权人？LEGALDUEDILIGENCE法律评估DEGlobal|LeanSystemDesignDueDiligence尽职调查Commitments–contractualobligations.和约上的责任Legalproceedings法律诉讼LEGALDUEDILIGENCE法律尽职调查DEGlobal|LeanSystemDesignFINANCIALDUEDILIGENCE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DEGlobal|LeanSystemDesignFINANCIALDUEDILIGENCE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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence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DEGlobal|LeanSystemDesignDueDiligence尽职调查IncomeStatement:收入报表：Istherequestionableaccounting?有没有可疑的会计问题？Dosomeincomeorexpensecategorieslookou