XX咨詢公司盡職調(diào)查雙語講解ppt課件

1、Due Diligence 盡職調(diào)查Mergers and Acquisitions 合并與收買 Due Diligence issues in M&A transactions 并購買賣中的盡職調(diào)查事宜Edward GwinnDE Global Limited Due Diligence 盡職調(diào)查Study, investigation, and evaluation of business opportunities 對(duì)商業(yè)時(shí)機(jī)的研討，調(diào)查和評(píng)價(jià)WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due Diligence 盡職調(diào)查Understanding everything

2、possible about the target對(duì)目的公司的全面了解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Historically, focused on the legal and financial aspects. 傳統(tǒng)上，集中在法律和財(cái)務(wù)方面Attorneys, accountants, and consultants generally perform this isolated task. 通常由律師，會(huì)計(jì)師和顧問執(zhí)行這個(gè)獨(dú)立的義務(wù)WHAT IS D

3、UE DILIGENCE?什么是盡職調(diào)查？Due Diligence 盡職調(diào)查It is a critical step in determining whether a deal or project is worth doing.它是對(duì)決議一個(gè)買賣或方案能否值得進(jìn)展的關(guān)鍵一步WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Understand the industry.了解有關(guān)產(chǎn)業(yè)Understand the China market.了解中國(guó)市場(chǎng)Due Diligence 盡職調(diào)查WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Understand the com

4、petitors.了解競(jìng)爭(zhēng)對(duì)手Understand the target or venture.了解目的公司或投資時(shí)機(jī)Due Diligence 盡職調(diào)查WHAT IS DUE DILIGENCE?什么是盡職調(diào)查？Due 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)查就是盡一切能夠?qū)λ耐顿Y時(shí)機(jī)掌握全面的了解Due Diligence 盡職調(diào)查Before choosing final t

5、arget,在決議最終并購目的公司之前，Early during negotiation process在談判過程的早期，WHEN TO DO DUE DILIGENCE?什么時(shí)候進(jìn)展盡職調(diào)查？Due Diligence 盡職調(diào)查After negotiations but before final deal signed, and談判過后但在最終協(xié)議簽署之前，和During implementation.在執(zhí)行過程中WHEN TO DO DUE DILIGENCE?什么時(shí)候進(jìn)展盡職調(diào)查？Due Diligence 盡職調(diào)查If effective, it is a continuing pr

6、ocess. Deal with issues as they are known.假設(shè)有效，將會(huì)是個(gè)繼續(xù)性的過程。對(duì)能夠出現(xiàn)的問題做出應(yīng)對(duì)WHEN TO DO DUE DILIGENCE?什么時(shí)候進(jìn)展盡職調(diào)查？Market assessment市場(chǎng)評(píng)價(jià)Competitor strengths and limitations競(jìng)爭(zhēng)對(duì)手的實(shí)力與局限Target assessment對(duì)并購目的公司的評(píng)價(jià)Due Diligence 盡職調(diào)查MAJOR TYPES OF DUE DILIGENCE盡職調(diào)查的主要類型Due Diligence 盡職調(diào)查L(zhǎng)egal due diligence法律盡職調(diào)查Fi

7、nancial due diligence財(cái)務(wù)盡職調(diào)查Operational due diligence營(yíng)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Before making decisions about targets and structures, first understand the market.在對(duì)并購目的公司和未來公司方式做出決議之前，首先要了解市場(chǎng)MARKET ASSESSMENT市場(chǎng)評(píng)價(jià)Due Diligence 盡職調(diào)查Dont make assumptions based on home markets

8、.不要以本國(guó)市場(chǎng)的情況對(duì)中國(guó)市場(chǎng)作出假設(shè)Is the timing right for your product or company in China?產(chǎn)品或公司進(jìn)軍中國(guó)能否符合時(shí)宜？MARKET ASSESSMENT市場(chǎng)評(píng)價(jià)Due Diligence 盡職調(diào)查Who are key competitors?誰是主要競(jìng)爭(zhēng)對(duì)手？What are their strengths?它們有什么實(shí)力？What are their weaknesses?它們的弱點(diǎn)是什么？COMPETITOR STRENGTHS & LIMITATIONS競(jìng)爭(zhēng)對(duì)手的實(shí)力與局限D(zhuǎn)ue Diligence 盡職調(diào)查What

9、kind of “guanxi do they have?他們有哪方面的關(guān)系？Understand yourself strengths/weaknesses了解本人-強(qiáng)項(xiàng)/弱點(diǎn)COMPETITOR STRENGTHS & LIMITATIONS競(jìng)爭(zhēng)對(duì)手的實(shí)力與局限Once you have selected potential targets, understand them relative to each other.一旦選出潛在目的公司，就該進(jìn)一步了解它們相對(duì)的情況。Due Diligence 盡職調(diào)查TARGET ASSESSMENT目的公司評(píng)價(jià)For each potential

10、target, do a company profile so good comparisons can be made.為每一個(gè)潛在目的公司做一個(gè)公司檔案，能更有效地進(jìn)展比較。Due Diligence 盡職調(diào)查TARGET ASSESSMENT目的公司評(píng)價(jià)Due Diligence 盡職調(diào)查I. Summary 概略II. Comprehensive Analysis 深化分析III. Basic Information 根本資料IV. History Evolution 歷史演化V. Organization 組織VI. Personnel & Site 人事 & 場(chǎng)地VII. Main

11、 Executives 主要管理人員VIII. Operations 營(yíng)業(yè)運(yùn)作IX. Finance 財(cái)務(wù)X. Industrial Situation 產(chǎn)業(yè)情況COMPANY PROFILE 公司檔案Due Diligence 盡職調(diào)查L(zhǎng)egal Due Diligence 法律盡職調(diào)查Financial Due Diligence財(cái)務(wù)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

12、Diligence營(yíng)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Needs the assistance of Attorney需求律師的協(xié)助Company documents and registration.公司文件和注冊(cè)Company ownership, shareholders, etc.公司擁有權(quán)，股東等LEGAL DUE DILIGENCE 法律評(píng)價(jià)Due Diligence 盡職調(diào)查Asse

13、ts ownership free and clear?資產(chǎn)擁有權(quán)能否是不受限制的？Liabilities how much and to whom?負(fù)債-數(shù)額和債務(wù)人？LEGAL DUE DILIGENCE 法律評(píng)價(jià)Due 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FINANCIAL DUE DILIGENCE財(cái)務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Needs assistance of an Accountant需求會(huì)

14、計(jì)師的協(xié)助Income Statement收入報(bào)表FINANCIAL DUE DILIGENCE財(cái)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Due Diligence 盡職調(diào)查Income Statement:收入報(bào)表：Do the statements have adequate backup?有足夠的證據(jù)支持報(bào)表的真實(shí)性嗎？Have they been properly prepared

15、?報(bào)表能否妥善編制？FINANCIAL DUE DILIGENCE財(cái)務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Income Statement:收入報(bào)表：Are the costs correct?本錢能否正確？Has anything been hidden?有沒有被隱藏著的？FINANCIAL DUE DILIGENCE財(cái)務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Income Statement:收入報(bào)表：Is there questionable accounting?有沒有可疑的會(huì)計(jì)問題？Do some income or expense categories look out

16、 of line?一些收入或本錢類別能否有不合理的地方？FINANCIAL DUE DILIGENCE財(cái)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)：Fixed assets valued correctly? Depreciation?固定資產(chǎn)估價(jià)能否正確？折舊？Accounts Receivable accurate? Current?應(yīng)收賬款能否準(zhǔn)確？及時(shí)？FINANCIAL DUE DILIGENCE財(cái)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)：Verify A/R w

17、ith customers and versus invoices.經(jīng)過客戶和發(fā)票確認(rèn)應(yīng)收賬款I(lǐng)nventory good and reasonable? 存貨能否優(yōu)良而合理？FINANCIAL DUE DILIGENCE財(cái)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)：Inventory valued correctly? Count.存貨額能否計(jì)算正確？數(shù)清Bank statements.銀行賬目FINANCIAL DUE DILIGENCE財(cái)務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查Balance Sheet Liabiliti

18、es 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(shí)？Accounts Payable accurate? Current?應(yīng)付賬款準(zhǔn)確？及時(shí)？FINANCIAL DUE DILIGENCE財(cái)務(wù)盡職調(diào)查Due 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.經(jīng)過供應(yīng)商和發(fā)票確認(rèn)應(yīng)付賬款I(lǐng)s Equity accurate?股東收益能否準(zhǔn)確？FINANCIAL

19、DUE DILIGENCE財(cái)務(wù)盡職調(diào)查Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Technical (product and research capability)技術(shù)產(chǎn)品和研討實(shí)力Design Process (where do product ideas come from?)設(shè)計(jì)過程產(chǎn)品構(gòu)思從哪里來？Are they unique?能否獨(dú)特？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Technical (product and research capability)

20、技術(shù)產(chǎn)品和研討實(shí)力Are they outdated?能否過時(shí)？Designed for marketability or manufacturability?能否符合市場(chǎng)和消費(fèi)情況？Due Diligence 盡職調(diào)查Industrial (is it capable of functioning well?)工業(yè)性的能否可以良好運(yùn)作？Equipment up-to-date, functional and capable?設(shè)備能否是新式的，功能性的和有效的？Employees trained and capable?員工能否經(jīng)過訓(xùn)練兼能干？OPERATIONAL DUE DILIGENCE

21、營(yíng)業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Industrial (is it capable of functioning well?)工業(yè)性的能否可以良好運(yùn)作？Factory layout efficient?工廠規(guī)劃能否有效？Employee safety records.員工平安紀(jì)錄OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Industrial (is it capable of functioning well?)工業(yè)性的能否可以良好運(yùn)作？Waste disposal and environmental.廢料處置和有

22、關(guān)環(huán)境的OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Managerial 管理人員How well is it managed?管理能否良好？Professional managers?職業(yè)經(jīng)理人？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Managerial 管理人員Capable in their functions?能否具備職業(yè)功能的實(shí)力？Employee relations.與員工的關(guān)系Efficient

23、 and effective?能否有效率和勝利的？Due Diligence 盡職調(diào)查Employees 員工Job descriptions, compensation, years of service for each employee.各員工的職能引見，酬金，效力時(shí)期Knowledge and training.知識(shí)和訓(xùn)練OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Due Diligence 盡職調(diào)查Employees 員工Motivated?能否有動(dòng)力？Labor disputes?勞工糾紛？OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Du

24、e Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Supply Chain 供應(yīng)鏈Is adequate raw material available?能否有足夠的資源？Suppliers capable and reliable?供應(yīng)商能否有實(shí)力和可靠？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)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(jià)錢etc.等Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)

25、運(yùn)作盡職調(diào)查Marketing營(yíng)銷Clear definition of what their business is?能否明對(duì)本身的生意業(yè)務(wù)有明確的定義？Do they know WHY their customers buy?能否知道顧客購買的緣由？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Marketing營(yíng)銷Do they have a marketing plan?能否有營(yíng)銷方案？How focused is the company?公司戰(zhàn)略能否集中？Due Diligence 盡職調(diào)查OPERATIONAL DUE DIL

26、IGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Marketing營(yíng)銷Pricing strategy?定價(jià)戰(zhàn)略？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)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-能否能干？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查Sales銷售Distribution Channels good coverage?分銷管道-覆蓋面能否良好？Market Share capable of gr

27、owing?市場(chǎng)份額-能否可以增長(zhǎng)？etc. 等Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)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)能否跟上時(shí)代的腳步？What systems do they have?他們有什么系統(tǒng)？Due Diligence 盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查IT Systems高科技系統(tǒng)How are they used?如何被運(yùn)用？Insourced or outsourced?內(nèi)部提供或者外包？Due Diligence

28、盡職調(diào)查OPERATIONAL DUE DILIGENCE營(yíng)業(yè)運(yùn)作盡職調(diào)查IT Systems高科技系統(tǒng)Evaluation of effectiveness.對(duì)運(yùn)用效率的評(píng)價(jià)Due Diligence 盡職調(diào)查ARE YOU READY? 能否已做好預(yù)備？Have you checked everything about the new venture that you know about your own business?能否對(duì)新投資時(shí)機(jī)做好全面的檢查？Are you prepared to go forward?能否已預(yù)備進(jìn)展下一步？Due Diligence 盡職調(diào)查ARE YOU

29、 READY? 能否已做好預(yù)備？Get appropriate advice and assistance.尋求適宜的建議和協(xié)助Be as sure as you can, then GO!充分確定之后，就進(jìn)展！Due 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(chǎng)評(píng)價(jià)Competitor Strengths and Weaknesses競(jìng)爭(zhēng)對(duì)手的強(qiáng)項(xiàng)和弱點(diǎn)Finding an appropriate target or structure尋覓適宜的目的公司或構(gòu)造Due

30、Diligence 盡職調(diào)查Negotiations assistance談判協(xié)助Financial Due Diligence management財(cái)務(wù)盡職調(diào)查管理Operational Due Diligence營(yíng)業(yè)運(yùn)作盡職調(diào)查Implementation執(zhí)行59Co X: Technical and Operational Due Diligence China Consulting Days: xDuration: x weeksContact: Mr. YClient: Co XProject ScaleWork Steps & DeliverablesPreparation and

31、 assessment-forms customizationOn-site evaluation through the application of different audit- and tracking tools to assess the processes like logistics, production, purchasing etc.Objective evaluation on the operational and technical capabilities of the targetDocumentation of the findingsSynthesizing of the assessmentsPreparation of recommendationsChallenges / GoalsResultsCo X is considering purchasing of acompany in ChinaAssessment of the company be