投资尽调是投资者在决定是否投资某个项目或企业之前，对其进行全面、深入、客观的分析和评估的过程。投资尽调的目的是为了降低投资风险，提高投资回报，以及发现潜在的增值机会。投资尽调涉及多个方面，如财务、法律、市场、技术、管理等，其中最核心的是对商业模式和竞争力的评估。商业模式是指企业如何创造、传递和获取价值的逻辑，竞争力是指企业相对于竞争对手在市场上的优势和地位。本文将从以下四个方面探讨如何评估商业模式和竞争力：一是确定评估标准和方法；二是分析行业环境和趋势；三是识别商业模式的优劣势和风险；四是衡量竞争力的来源和持续性。本文还将结合尚普咨询服务客户的具体案例，展示投资尽调的实践应用。

一、确定评估标准和方法

评估商业模式和竞争力的第一步是确定评估标准和方法。评估标准是指用来衡量商业模式和竞争力的指标或维度，评估方法是指用来收集、分析和呈现数据和信息的工具或框架。评估标准和方法应该根据投资者的目标、偏好和需求来选择，同时也要考虑被投资对象的特点、行业特性和数据可得性。

A commonly used evaluation criterion is**价值主张**, the unique value or solution that the business provides to its customers. The value proposition can be measured from the following aspects: first, customer demand, that is, what kind of problems the enterprise has solved or what kind of wishes the customer has met; second, product or service characteristics, that is, what kind of products or services the enterprise provides to meet customer needs; third, differentiation advantage, that is, what unique advantages or innovations the enterprise has compared with its competitors; fourth, revenue model, that is, how the business generates revenue or profit from its customers.

A commonly used evaluation method is**Business Model Canvas**, a graphical tool consisting of nine components to describe, analyze, and design business models. The nine components are: value proposition, customer segment, channel, customer relationship, revenue stream, key resources, key activities, key partners and cost structure. The business model canvas can help investors clearly understand the business logic of the investee and discover its potential advantages or risks.

2. analysis of the industry environment and trends

The second step in evaluating the business model and competitiveness is to analyze the industry environment and trends. The industry environment refers to the external factors that affect the operation and development of enterprises, such as market size, growth rate, competitive landscape, supply chain, regulations and policies. Industry trends refer to changes or evolutions in the industry environment, such as technological innovation, consumer demand, social culture, and environmental climate. The purpose of analyzing the industry environment and trends is to identify opportunities and threats to business models and competitiveness, as well as to assess their sustainability and adaptability.

A common analytical method is the Porter Five Forces model, which is an analytical framework consisting of five components to assess the degree of competition and profitability of the industry. These five components are: intra-industry competition, the threat of potential entrants, the threat of substitutes, the bargaining power of suppliers and the bargaining power of buyers. Porter's Five Forces model can help investors determine whether the industry in which the investee is invested is attractive and its relative position in the industry.

3. identify the strengths, weaknesses and risks of the business model

The third step in assessing business models and competitiveness is to identify the strengths, weaknesses and risks of the business model. Strengths and weaknesses are the strengths or weaknesses of a business model relative to competitors or industry standards, and risk is the uncertainty or challenges that a business model may face. The purpose of identifying the strengths, weaknesses and risks of a business model is to assess its ability to create and capture value, and to predict its future performance and development potential.

A commonly used identification method isSWOTanalysis, an analytical tool consisting of four components to assess the internal strengths and weaknesses of the business model (Strengths and Weaknesses）和外部机会威胁（Opportunities and Threats）。SWOT分析可以帮助投资者发现被投资对象的核心竞争力，以及制定相应的战略或行动计划。

四、衡量竞争力的来源和持续性

The fourth step in assessing business models and competitiveness is to measure the source and persistence of competitiveness. Source refers to the underlying causes or drivers of competitiveness, and sustainability refers to the likelihood or ease with which competitiveness is maintained or enhanced. The purpose of measuring the source and sustainability of competitiveness is to assess its stability and superiority relative to competitors or changes in the industry, as well as to anticipate its future impact and value.

一种常用的衡量方法是VRIOAnalysis, an analytical framework consisting of four components, is used to assess whether an enterprise's resources or capabilities have a competitive advantage. These four components are: value (Value）、稀缺性（Rarity), non-replicability (Inimitability) and organizations (Organization）。VRIO分析可以帮助投资者判断被投资对象是否拥有可持续的核心竞争力，以及如何利用其资源或能力来实现战略目标。

Conclusion

This paper discusses how to evaluate business models and competitiveness from four aspects, namely, to determine the evaluation criteria and methods, to analyze the industry environment and trends, to identify the advantages and disadvantages and risks of business models, and to measure the source and sustainability of competitiveness. This paper also shows the practical application of investment due diligence in combination with the specific case of the clients of Shangpu consulting service. The purpose of this paper is to provide investors with a reference framework for evaluating business models and competitiveness, and to help them make more informed and effective investment decisions.

Case analysis

In order to better illustrate the evaluation methods and ideas of this paper, this section will use the example of a new energy vehicle company served by Shangpu Consulting as an example for a brief case study. The company is an innovative company focusing on electric vehicles and autonomous driving technology. It has independently developed core technologies and patents. It has launched a number of high-performance, high-high quality, and high-intelligence electric vehicle products in domestic and foreign markets, and has won A number of industry awards and user recognition. The company is seeking a round of financing to expand production scale, increase market share, accelerate technological innovation and enhance brand influence.

一、确定评估标准和方法

根据投资者的需求和偏好，以及被投资对象的特点和行业特性，本案选择了以下两个评估标准和方法：

-Value proposition: used to evaluate what unique value or solution the business offers to customers, as well as its differentiation and revenue model relative to competitors.

-Business model canvas: used to describe, analyze and design the business model of the enterprise and to discover its potential advantages or risks.

2. analysis of the industry environment and trends

根据波特五力模型，本案对该企业所处的新能源汽车行业进行了以下分析：

- 行业内部竞争：该行业竞争程度较高，主要竞争对手包括传统汽车厂商、其他新能源汽车厂商、共享出行平台等。竞争因素包括产品性能、品牌形象、价格策略、渠道覆盖、服务质量等。

-Threat of potential entrants: The industry has high barriers to entry, mainly due to the need for large capital investment, technological innovation, policy support, etc. However, with the promotion of technological progress, market demand, environmental awareness and other factors, the industry is still likely to attract more new entrants, especially innovative enterprises from the Internet, electronics or other fields.

- 替代品的威胁：该行业替代品较少，主要包括传统燃油汽车、公共交通工具等。但随着消费者对于环保、节能、智能等方面的需求增加，以及新能源汽车价格下降、性能提升等因素的影响，该行业替代品的威胁将逐渐减弱。

-Supplier bargaining power: Suppliers in this industry have strong bargaining power, mainly because the supply of key components and raw materials (such as batteries, chips, etc.) required for new energy vehicles is relatively tight, and the technology content is high, which is difficult to replace. Therefore, suppliers in this industry have a greater influence on the cost, quality, and efficiency of new energy vehicle manufacturers.

- 买方的议价能力：该行业买方议价能力较弱，主要因为新能源汽车市场需求旺盛，且产品差异化程度较高，难以比较。因此，该行业的买方对于新能源汽车厂商的价格、品牌、服务等方面有较小的影响力。

To sum up, the industry has a certain attraction, but also faces a lot of challenges and changes. The enterprise needs to constantly innovate and optimize its business model and competitiveness to adapt to the industry environment and trends.

3. identify the strengths, weaknesses and risks of the business model

AccordingSWOT分析，本案对该企业的商业模式进行了以下识别：

- 优势：该企业拥有自主研发的核心技术和专利，如电池管理系统、自动驾驶系统等，提供了高性能、高品质、高智能的电动汽车产品，满足了客户对于环保、节能、舒适、安全等方面的需求。该企业还拥有强大的品牌影响力和忠诚度，通过线上线下相结合的渠道和服务模式，建立了稳固的客户关系和口碑。

- 劣势：该企业面临着较高的成本压力和资金需求，如零部件采购、生产设备、研发投入等，导致了其产品价格相对较高，难以覆盖更广泛的市场和客户。该企业还面临着较大的技术风险和法律风险，如电池安全性、自动驾驶合规性等，可能影响其产品质量和信誉。

- 机会：该企业可以利用其技术优势和品牌优势，开发更多的创新型产品和服务，如智能网联汽车、无人驾驶出行平台等，以满足客户对于更高层次的需求和体验。该企业还可以利用其渠道优势和服务优势，扩大其市场份额和覆盖范围，如进入更多的国内外市场、建立更多的销售网点和充电站等。

- 威胁：该企业需要应对来自多方面的竞争压力，如传统汽车厂商转型新能源汽车、其他新能源汽车厂商提升产品性能和品牌形象、共享出行平台降低出行成本等。该企业还需要应对来自多方面的变化挑战，如技术进步带来的更新换代、消费需求带来的个性化定制、社会文化带来的消费观念变化等。

综上所述，该企业具有一定的价值创造能力和价值捕获能力，但也存在着不少的不确定性或挑战。该企业需要不断地优化和完善其商业模式和竞争力，以应对内部优劣势和外部机会威胁。

四、衡量竞争力的来源和持续性

AccordingVRIO分析，本案对该企业的竞争力进行了以下衡量：

- 价值：该企业具有较高的价值，因为其提供了符合客户需求和期望的产品和服务，以及相对于竞争对手的差异化优势和收益模式。

- 稀缺性：该企业具有一定的稀缺性，因为其拥有自主研发的核心技术和专利，以及强大的品牌影响力和忠诚度，这些都是难以被其他企业轻易复制或模仿的。

- 不可复制性：该企业具有较高的不可复制性，因为其拥有多年的技术积累和创新能力，以及独特的企业文化和组织能力，这些都是难以被其他企业轻易模拟或超越的。

- 组织：该企业具有较好的组织，因为其能够有效地利用其资源和能力来实现其战略目标和愿景，以及适应市场变化和客户需求。

综上所述，该企业具有可持续的核心竞争力，因为其拥有价值、稀缺性、不可复制性和组织四个要素。该企业需要不断地保持和增强其竞争力，以实现其长期发展和成功。