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【速搜问答】尽职调查是什么

问答 admin 1个月前 (06-19) 41次浏览 已收录 0个评论

汉英对照:
Chinese-English Translation:

尽职调查指在收购过程中收购者对目标公司的资产和负债情况、经营和财务情况、法律关系以及目标企业所面临的机会与潜在的风险进行的一系列调查。是企业收购兼并程序中最重要的环节之一,也是收购运作过程中重要的风险防范工具。

Due diligence refers to a series of investigations conducted by the purchaser on the assets and liabilities, operation and financial situation, legal relationship, opportunities and potential risks faced by the target company in the acquisition process. It is one of the most important links in the process of merger and acquisition, and also an important risk prevention tool in the process of merger and acquisition.

尽职调查亦译“审慎调查”。指在收购过程中收购者对目标公司的资产和负债情况、经营和财务情况、法律关系以及目标企业所面临的机会与潜在的风险进行的一系列调查。是企业收购兼并程序中最重要的环节之一,也是收购运作过程中重要的风险防范工具。调查过程中通常利用管理、财务、税务方面的专业经验与专家资源,形成独立观点,用以评价并购优劣,作为管理层决策支持。调查不仅限于审查历史的财务状况,更着重于协助并购方合理地预期未来,也发生于风险投资和企业公开上市前期工作中。

Due diligence is also translated as “prudent investigation”. It refers to a series of investigations conducted by the purchaser on the assets and liabilities, operation and financial situation, legal relationship, opportunities and potential risks faced by the target company in the process of acquisition. It is one of the most important links in the process of merger and acquisition, and also an important risk prevention tool in the process of merger and acquisition. In the process of investigation, professional experience and expert resources in management, finance and taxation are usually used to form independent views, which are used to evaluate the advantages and disadvantages of M & A as decision support of management. The investigation is not only limited to reviewing the historical financial situation, but also focuses on assisting the acquirer to reasonably anticipate the future. It also takes place in the pre work of venture capital and public listing.

尽职调查的目的是使买方尽可能地发现有关他们要购买的股份或资产的全部情况。从买方的角度来说,尽职调查也就是风险管理。对买方和他们的融资者来说,并购本身存在着各种各样的风险,诸如,目标公司过去财务账册的准确性;并购以后目标公司的主要员工、供应商和顾客是否会继续留下来;是否存在任何可能导致目标公司运营或财务运作分崩离析的任何义务。因而,买方有必要通过实施尽职调查来补救买卖双方在信息获知上的不平衡。一旦通过尽职调查明确了存在哪些风险和法律问题,买卖双方便可以就相关风险和义务应由哪方承担进行谈判,同时买方可以决定在何种条件下继续进行收购活动。

The purpose of due diligence is to enable buyers to find out as much as possible about all the information about the shares or assets they want to buy. From the buyer’s point of view, due diligence is also risk management. For buyers and their financiers, M & A itself has various risks, such as the accuracy of the target company’s past financial books; Whether the main employees, suppliers and customers of the target company will continue to stay after the merger and acquisition; Whether there are any obligations that may cause the target company’s operation or financial operation to fall apart. Therefore, it is necessary for the buyer to implement due diligence to remedy the imbalance of information acquisition between the buyer and the seller. Once the risks and legal issues are identified through due diligence, the buyer and the seller can negotiate on which party should bear the relevant risks and obligations, and the buyer can decide under what conditions to continue the acquisition activities.

尽职调查阶段投资人对创业者的商业模式、产品、商业计划书、定位等进行最终的确认,以便达到完美。尽职调查是为了双方的互相了解,以便于两者之间在未来更好的合作和发展。

In the due diligence stage, investors confirm the entrepreneur’s business model, products, business plan, positioning and so on, so as to achieve perfection. Due diligence is for the mutual understanding of both parties, so as to facilitate better cooperation and development between them in the future.

以下是投资人在尽职调查中所关注的几个方面:

The following are the aspects that investors pay attention to in due diligence:

1.团队是否强大、是否健康

1. Is the team strong and healthy

如果创业团队比较小,天使投资人可能会约见每个成员。天使投资人会调查每位团队成员的智力、忠诚度、优点、弱点、团队合作和管理风格等。一个功能不健全的团队,或者在关键位置上有一个老爱唱反调的人都会影响到融资成功。

If the entrepreneurial team is small, angel investors may meet each member. Angel investors will investigate the intelligence, loyalty, strengths, weaknesses, teamwork and management style of each team member. A dysfunctional team, or a person who always likes to disagree in a key position, will affect the success of financing.

2.产品或服务的准备

2. Preparation of products or services

技术上的调查通常是从工程技术人员和产品营销人员身上开始的。天使投资人会评估创业公司创业的进程,也会评估产品。创业者所有的准备目标是要让天使投资人对宣称的产品所具有的功能和质量达到百分之百的满意,整个团队和研发过程还要保证产品将来能实现。最后,天使投资人还需要确认知识产权保护和状态。

Technical investigation usually starts from engineering and technical personnel and product marketing personnel. Angel investors will evaluate the process of the start-up company and the products. All the preparation goals of entrepreneurs are to make the angel investors 100% satisfied with the function and quality of the declared products, and the whole team and R & D process should ensure that the products can be realized in the future. Finally, angel investors need to confirm the protection and status of intellectual property rights.

3.市场需求和大小的确认

3. Confirmation of market demand and size

一个优秀的天使投资人可以从很多方面帮助创业公司,但是不能保证用户一定会买创业公司的产品。天使投资人会从创业者给的市场人群参考表中找一些潜在的客户,跟他们谈话,了解市场情况。天使投资人也会联系他们人际关系中的技术高手和业内人士。不经历验证的痛苦,就没有成功的交易。

An excellent angel investor can help start-ups in many ways, but it can’t guarantee that users will buy their products. Angel investors will find some potential customers from the market crowd reference table given by entrepreneurs, talk with them and understand the market situation. Angel investors will also contact their technical experts and industry insiders in their interpersonal relationship. Without the pain of verification, there is no successful transaction.

4.可持续的竞争优势

4. Sustainable competitive advantage

如果天使投资人找出了事先没有预想到的竞争,而创业者却忘了提及,那么这就是一次死亡之吻。天使投资人要通过行业分析来确认创业者所拥有的差异确实是独一无二的,未来没有潜在的竞争者。

If angel investors find out the unexpected competition, but entrepreneurs forget to mention it, then it is a kiss of death. Angel investors need to confirm through industry analysis that the differences owned by entrepreneurs are indeed unique, and there are no potential competitors in the future.

5.公司和财务状况

5. Company and financial status

创业公司的财务和公司确定的里程碑完成的怎么样了?天使投资人会查验创业公司之前已有的融资和股权情况,做一份精确的市场投资表。创始人的信用差、还有未了结的官司、没有偿付能力都会增加融资失败的风险。

How are the start-up company’s financial and company determined milestones completed? Angel investors will check the existing financing and equity of the start-up company, and make an accurate market investment table. The founder’s poor credit, unsettled lawsuits and solvency will increase the risk of financing failure.


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