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SunFaith CI Newsletter Topic: Due Diligence Dated: issue 2 of 2010 |
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Due
Diligence Check Due diligence can be classified into many types by different corporate operations. It can either be due diligence check prior to the establishment of business partnership or due diligence carried out upon the target of merger and acquisition. Due diligence of different types differ from each other in check method and stress. Taking due diligence during M&A for example, the following list the contents that might be included: -
Main body and stakeholders of
the target company; -
The fixed assets, equipments as
well as property of the target company; -
Intangible assets of the target
company like IP right; -
The signing and fulfillment of
some important contracts; -
The liabilities, claims and
warranty relations of the target company; -
Human resource and potential
labor risk; -
Environmental exposure; -
Tax payment; -
Safety assessment of the
management hardware of the target company; -
Lawsuits and arbitration
related to the target company. Since the result of due diligence check is of great significance
for transaction structuring design, transaction price fixing as well as
transaction risk prevention. In addition to the traditional means in which
merging side sends financial auditors to the target company for auditing and
the target company provides with relevant information, it is vital to invite
professional business investigation company to carry out in-depth
investigation. Recommended
1. The First Due Diligence Standard Issued The first of these published standards is "Standard Due Diligence Processes." In development since 1999, this is the foundation standard which provides the underlying basis that standardizes all due diligence processes. [Read More] 2. PricewaterhouseCoopers: Full Due Diligence is Essential to
Overseas Acquisition “According to the statistics,
70%-80% of the acquisition actions have not reached the expected result,
which leads to the higher acquisition cost than expected. The main reason is
that the acquiring firm pays excessive attention to the advantage to be
brought by the acquisition asset and the wishful thinking for making the deal
in certain extent reduces the chances of risk consideration.” Said Phil
Rivett, Head of Auditing Department Global Financial Services, PwC. [Read More] 3. Foreign Media Reported A CITIC Securities (600030.SH)
transferred equity of China AMC to a US Funds Company, becoming the emerging
market focus. Reuters News Agency quoted the well-informed source that T.
Rowe Price Group, Inc. was conferring upon the acquisition of part of the
China AMC stock ownership. The due diligence check had been conducted in
advance. [Read More] |
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尽职调查 尽职调查一般根据企业的经营行为分为多种，有在建立起合作关系前的尽职调查，有企业进行并购过程中对于并购对象进行的尽职调查，不同种类的尽职调查在操作方法、调查重点都有所不同。 以公司收购兼并中的尽职调查为例，一般会包含下列的几项内容： -
目标公司的主体状况及股东状况 -
目标公司的不动产及设备、财产 -
目标公司所拥有的知识产权等隐性资产 -
目标公司的某些重要合同的签署及履行情况 -
目标公司的债务、债权与担保关系 -
人力资源及潜在的劳资风险 -
税务缴付情况 -
目标公司管理硬件的安全性评估 -
目标公司牵涉的法律诉讼或者仲裁事件 由于尽职调查的结果对于设计交易结构、确定交易价格、防范交易风险具有十分重要的意义。因此除传统的由并购方派遣财务审计人员对目标公司的财务等进行审计以及由目标公司主动提供相关信息外，请专业的商业调查公司对目标公司进行深入调查也是非常必要的环节。 延伸阅读 1.
第一部尽职调查标准 第一部尽职调查标准《尽职调查程序标准》于1999年出台，该标准作为基础文件对尽职调查程序步骤进行规范。 [阅读全文] “根据有关统计，70%-80%的收购结果没有达到收购方的预期效果，导致收购成本过高，主要原因是收购方过于关注收购资产的优点，对达成交易很渴望，而忽视了对风险的考虑。” 普华永道全球金融服务审计部主管合伙人菲尔•里韦特（Phil Rivett）说。[阅读全文] 中信证券(600030.SH)转让旗下华夏基金股权成市场焦点。路透社援引两位消息人士的话称，美国T Rowe Price金融集团正与中信证券洽谈受让华夏基金部分股权，相关的尽职调查已经完成。 [阅读全文] |
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SunFaith China Ltd. Add： Zip： 200010 Tel：+86-21-6334-3636 Fax：+86-21-6334-3066 Email：Sandy_Cui@sunfaith.com Website：www.sunfaith.com |
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