Due Diligence 尽职调查

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

2. 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 Gwinn DE Global Limited DE Global | Lean System Design

3. WHAT IS DUE DILIGENCE? 什么是尽职调查？ Due Diligence尽职调查 • Study, investigation, and evaluation of business opportunities • 对商业机会的研究，调查和评价 DE Global | Lean System Design

4. WHAT IS DUE DILIGENCE? 什么是尽职调查？ 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 DE Global | Lean System Design

5. WHAT IS DUE DILIGENCE? 什么是尽职调查？ 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 DE Global | Lean System Design

6. WHAT IS DUE DILIGENCE? 什么是尽职调查？ Due Diligence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的关键一步 DE Global | Lean System Design

7. WHAT IS DUE DILIGENCE? 什么是尽职调查？ Due Diligence尽职调查 • Understand the industry. • 了解有关产业 • Understand the China market. • 了解中国市场 DE Global | Lean System Design

8. WHAT IS DUE DILIGENCE? 什么是尽职调查？ Due Diligence 尽职调查 • Understand the competitors. • 了解竞争对手 • Understand the target or venture. • 了解目标公司或投资机会 DE Global | Lean System Design

9. WHAT IS DUE DILIGENCE? 什么是尽职调查？ Due Diligence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投资机会掌握全面的了解 DE Global | Lean System Design

10. WHEN TO DO DUE DILIGENCE? 什么时候进行尽职调查？ 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， DE Global | Lean System Design

11. WHEN TO DO DUE DILIGENCE? 什么时候进行尽职调查？ 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，和 • During implementation. • 在执行过程中 DE Global | Lean System Design

12. WHEN TO DO DUE DILIGENCE? 什么时候进行尽职调查？ 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 DE Global | Lean System Design

13. MAJOR TYPES OF DUE DILIGENCE 尽职调查的主要类型 Due Diligence尽职调查 • Market assessment • 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 DE Global | Lean System Design

14. TYPES OF DUE DILIGENCE 尽职调查的类型 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 DE Global | Lean System Design

15. MARKET ASSESSMENT 市场评估 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 DE Global | Lean System Design

16. MARKET ASSESSMENT 市场评估 Due Diligence尽职调查 • Don’t make assumptions based on home markets. • 不要以本国市场的情况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？ DE Global | Lean System Design

17. COMPETITOR STRENGTHS & LIMITATIONS 竞争对手的实力与局限 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？ DE Global | Lean System Design

18. COMPETITOR STRENGTHS & LIMITATIONS 竞争对手的实力与局限 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 DE Global | Lean System Design

19. TARGET ASSESSMENT 目标公司评估 Due Diligence尽职调查 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相对的情况。 DE Global | Lean System Design

20. TARGET ASSESSMENT 目标公司评估 Due Diligence尽职调查 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。 DE Global | Lean System Design

21. COMPANY PROFILE公司档案 Due Diligence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 DE Global | Lean System Design

22. 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 Due Diligence尽职调查 • Legal Due Diligence • 法律尽职调查 • Financial Due Diligence • 财务尽职调查 DE Global | Lean System Design

23. 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 Due Diligence尽职调查 • Operational Due Diligence • 营业运作尽职调查 DE Global | Lean System Design

24. LEGAL DUE DILIGENCE 法律评估 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 DE Global | Lean System Design

25. LEGAL DUE DILIGENCE 法律评估 Due Diligence尽职调查 • Assets ownership 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？ DE Global | Lean System Design

26. LEGAL DUE DILIGENCE 法律尽职调查 Due Diligence尽职调查 • Commitments – contractual obligations. • 和约上的责任 • Legal proceedings • 法律诉讼 DE Global | Lean System Design

27. 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 DE Global | Lean System Design

28. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Balance Sheet Assets • 资产负债表资产 • Balance Sheet Liabilities and Taxes • 资产负债表负债和税额 • Balance Sheet Equity • 资产负债表股东收益 DE Global | Lean System Design

29. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Income Statement: • 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？ • Have they been properly prepared? • 报表是否妥善编制？ DE Global | Lean System Design

30. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Income Statement: • 收入报表： • Are the costs correct? • 成本是否正确？ • Has anything been hidden? • 有没有被隐藏着的？ DE Global | Lean System Design

31. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Income Statement: • 收入报表： • Is there questionable accounting? • 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？ DE Global | Lean System Design

32. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Balance Sheet Assets: • 资产负债表资产： • Fixed assets valued correctly? Depreciation? • 固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？ DE Global | Lean System Design

33. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Balance Sheet Assets: • 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 • Inventory good and reasonable? • 存货是否优良而合理？ DE Global | Lean System Design

34. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Balance Sheet Assets: • 资产负债表资产： • Inventory valued correctly? Count. • 存货额是否计算正确？数清 • Bank statements. • 银行账目 DE Global | Lean System Design

35. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Balance Sheet Liabilities and Equity: • 资产负债表债务和股东收益 • Loans accurate and current? • 债务准确和及时？ • Accounts Payable accurate? Current? • 应付账款准确？及时？ DE Global | Lean System Design

36. FINANCIAL DUE DILIGENCE 财务尽职调查 Due Diligence尽职调查 • Balance Sheet Liabilities and Equity: • 资产负债表债务和股东收益 • Verify A/P with suppliers and versus invoices. • 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？ DE Global | Lean System Design

37. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Technical (product and research capability) • 技术（产品和研究实力） • Design Process (where do product ideas come from?) • 设计过程（产品构思从哪里来？） • Are they unique? • 是否独特？ DE Global | Lean System Design

38. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Technical (product and research capability) • 技术（产品和研究实力） • Are they outdated? • 是否过时？ • Designed for marketability or manufacturability? • 是否符合市场和生产情况？ DE Global | Lean System Design

39. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Industrial (is it capable of functioning well?) • 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？ • Employees trained and capable? • 员工是否经过训练兼能干？ DE Global | Lean System Design

40. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Industrial (is it capable of functioning well?) • 工业性的（是否能够良好运作？） • Factory layout efficient? • 工厂布局是否有效？ • Employee safety records. • 员工安全纪录 DE Global | Lean System Design

41. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Industrial (is it capable of functioning well?) • 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 DE Global | Lean System Design

42. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Managerial 管理人员 • How well is it managed? • 管理是否良好？ • Professional managers? • 职业经理人？ DE Global | Lean System Design

43. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Managerial 管理人员 • Capable in their functions? • 是否具备职业功能的实力？ • Employee relations. • 与员工的关系 • Efficient and effective? • 是否有效率和成功的？ DE Global | Lean System Design

44. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Employees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 • Knowledge and training. • 知识和训练 DE Global | Lean System Design

45. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Employees员工 • Motivated? • 是否有动力？ • Labor disputes? • 劳工纠纷？ DE Global | Lean System Design

46. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Supply Chain • 供应链 • Is adequate raw material available? • 是否有足够的资源？ • Suppliers capable and reliable? • 供应商是否有实力和可靠？ DE Global | Lean System Design

47. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Supply Chain • 供应链 • Supply contracts. • 供应和约 • Pricing. • 价格 • etc.等 DE Global | Lean System Design

48. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Marketing • 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？ • Do they know WHY their customers buy? • 是否知道顾客购买的原因？ DE Global | Lean System Design

49. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Marketing • 营销 • Do they have a marketing plan? • 是否有营销计划？ • How focused is the company? • 公司策略是否集中？ DE Global | Lean System Design

50. OPERATIONAL DUE DILIGENCE 营业运作尽职调查 Due Diligence尽职调查 • Marketing • 营销 • Pricing strategy? • 定价策略？ DE Global | Lean System Design