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1、Due Diligence 尽职调查,DE Global Limited / 上海冠澍投资咨询有限公Lean System Design LSDBangkok, Guangzhou, Shanghai,DE Global | Lean System Design,Mergers and Acquisitions 合并与收购 Due Diligence issues in M&A transactions 并购交易中的尽职调查事宜,Edward GwinnDE Global Limited,DE Global | Lean System Design,Due Diligence 尽职调查,Stu
2、dy, investigation, and evaluation of business opportunities 对商业机会的研究，调查和评价,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global | Lean System Design,Due Diligence 尽职调查,Understanding everything possible about the target对目标公司的全面了解Many types of due diligence有很多类型的尽职调查,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global | Lea
3、n System Design,Due Diligence 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的任务,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global | Lean System Design,Due Diligence 尽职调查,It is a crit
4、ical 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的关键一步,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global | Lean System Design,Understand the industry.了解有关产业Understand the China market.了解中国市场,Due Diligence 尽职调查,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global | Lean System Design,Un
5、derstand the competitors.了解竞争对手Understand the target or venture.了解目标公司或投资机会,Due Diligence 尽职调查,WHAT IS DUE DILIGENCE?什么是尽职调查？,DE Global | Lean System Design,Due Diligence 尽职调查,WHAT IS DUE DILIGENCE?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
6、投资机会掌握全面的了解,DE Global | Lean System Design,Due Diligence 尽职调查,Before choosing final target,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，,WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？,DE Global | Lean System Design,Due Diligence 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
7、，和During implementation.在执行过程中,WHEN TO DO DUE DILIGENCE?什么时候进行尽职调查？,DE Global | Lean System Design,Due Diligence 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。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？,DE Global | Lean System Design,Market a
8、ssessment市场评估Competitor strengths and limitations竞争对手的实力与局限Target assessment对并购目标公司的评估,Due Diligence 尽职调查,MAJOR TYPES OF DUE DILIGENCE尽职调查的主要类型,DE Global | Lean System Design,Due Diligence 尽职调查,Legal due diligence法律尽职调查Financial due diligence财务尽职调查Operational due diligence营业运作尽职调查,TYPES OF DUE DILIG
9、ENCE尽职调查的类型,DE Global | Lean System Design,Due Diligence 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定之前，首先要了解市场,MARKET ASSESSMENT市场评估,DE Global | Lean System Design,Due Diligence 尽职调查,Dont make assumptions based on home markets.不要以本国市场的情况
10、对中国市场作出假设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？,MARKET ASSESSMENT市场评估,DE Global | Lean System Design,Due Diligence 尽职调查,Who are key competitors?谁是主要竞争对手？What are their strengths?它们有什么实力？What are their weaknesses?它们的弱点是什么？,COMPETITOR STRENGTHS & LIMITATIONS竞争对手的实力与局
11、限,DE Global | Lean System Design,Due Diligence 尽职调查,What kind of “guanxi” do they have?他们有哪方面的关系？Understand yourself strengths/weaknesses了解自己-强项/弱点,COMPETITOR STRENGTHS & LIMITATIONS竞争对手的实力与局限,DE Global | Lean System Design,Once you have selected potential targets, understand them relative to each o
12、ther.一旦选出潜在目标公司，就该进一步了解它们相对的情况。,Due Diligence 尽职调查,TARGET ASSESSMENT目标公司评估,DE Global | Lean System Design,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，能更有效地进行比较。,Due Diligence 尽职调查,TARGET ASSESSMENT目标公司评估,DE Global | Lean System Design,Due Diligen
13、ce 尽职调查,I. Summary 概况II. Comprehensive Analysis 深入分析III. Basic Information 基本资料IV. History Evolution 历史演变V. Organization 组织VI. Personnel & Site 人事 & 场地VII. Main Executives 主要管理人员VIII. Operations 营业运作IX. Finance 财务X. Industrial Situation 产业情况,COMPANY PROFILE 公司档案,DE Global | Lean System Design,Due Di
14、ligence 尽职调查,Legal Due Diligence 法律尽职调查Financial Due Diligence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,DE Global | Lean System Design,Due Diligence 尽职调查,Operational Due Diligence营业运作尽职调查,WHEN GENERAL AGREEMENT IS REACHED IT IS TIME TO DO DET
15、AILED DUE DILIGENCE大致协议达成后，就应该做详细的尽职调查,DE Global | Lean System Design,Due Diligence 尽职调查,Needs the assistance of Attorney需要律师的协助Company documents and registration.公司文件和注册Company ownership, shareholders, etc.公司拥有权，股东等,LEGAL DUE DILIGENCE 法律评估,DE Global | Lean System Design,Due Diligence 尽职调查,Assets o
16、wnership free and clear?资产拥有权是否是不受限制的？Liabilities how much and to whom?负债-数额和债权人？,LEGAL DUE DILIGENCE 法律评估,DE Global | Lean System Design,Due Diligence 尽职调查,Commitments contractual obligations.和约上的责任Legal proceedings 法律诉讼,LEGAL DUE DILIGENCE 法律尽职调查,DE Global | Lean System Design,FINANCIAL DUE DILIGENCE财务尽职调查,Due Diligence 尽职调查,Needs assistance of an Accountant需要会计师的协助Income Statement收入报表,
