Due Diligence (Due Diligence) is an integral part of business investment, it is the investor in the target enterprise to reach an initial intention to cooperate with the target enterprise, the target enterprise of all matters related to the investment investigation, analysis and evaluation of a series of activities. The purpose of due diligence is to solve the problem of information asymmetry, discover the value and risk of the target enterprise, and provide the basis for investment decision-making. The scope of due diligence mainly includes business, financial and legal aspects, each of which has its focus and methods. This article will provide a comprehensive analysis of the concept, role, process, scope, methods and cases of due diligence from both theoretical and practical perspectives to help readers master the basic knowledge and skills of due diligence.

一、尽职调查的概念和作用

尽职调查（Due Diligence），又称为审慎性调查，是指投资人在与目标企业达成初步合作意向后，经协商一致，对目标企业的一切与本次投资相关的事项进行调查、分析和评估的一系列活动。尽职调查往往出现在企业的兼并收购、公开发行和其他投融资活动中。尽职调查可以分为业务尽职调查、财务尽职调查和法律尽职调查等不同类型，根据项目的具体情况，还可以涉及到市场、技术、环境、人力资源等方面。

尽职调查的主要作用是解决信息不对称的问题。在商业投资中，投资方和目标企业之间存在着信息不对称，即目标企业掌握着比投资方更多更详细的信息。这就导致了投资方在做出投资决策时存在着不确定性和风险。为了消除或减少这种信息不对称，投资方需要通过尽职调查来获取目标企业的真实、准确和完整的信息，以便对目标企业进行客观和全面的评估。

Due diligence also has the following functions:

价值发现。通过尽职调查，投资方可以了解目标企业的核心竞争力、市场地位、盈利能力、成长潜力等方面，从而确定目标企业的价值和合理价格。

风险发现。通过尽职调查，投资方可以发现目标企业存在或可能存在的各种风险，如财务风险、法律风险、市场风险、技术风险等，并提出相应的风险防范和控制措施。

Investment feasibility analysis. Through due diligence, investors can analyze whether the investment is in their own interests and expectations based on the value and risk of the target enterprise, as well as their own strategic objectives and resource conditions, and formulate appropriate transaction structures and terms.

2. the process and scope of due diligence

The due diligence process generally includes the development of an investigation plan-collecting and reviewing information-conducting on-site investigations and interviews-drafting due diligence reports-conducting internal reviews-issuing due diligence opinions and other stages. The scope of due diligence mainly includes business, financial and legal aspects, each of which has its focus and methods.

(I) Business Due Diligence

Business due diligence is the core of due diligence, which focuses on the business conditions, market conditions, competitive advantages, development strategies and other aspects of the target enterprise to assess the business value and sustainability of the target enterprise. The main contents of business due diligence include:

The basic situation of the enterprise. Including the history of the enterprise, organizational structure, management team, equity structure, association, etc.

Product/Service. Including product/service type, characteristics, quality, technical level, research and development capabilities, intellectual property protection, etc.

market situation. Including industry trends, market size, market demand, market share, market penetration, market competition pattern.

Marketing situation. Including sales channels, sales strategy, sales model, sales team, sales, gross margin, etc.

Procurement situation. Including supplier selection, supplier quality and reputation, purchase price and quantity, purchase contract and terms.

Production/Operations. Including production/operation process, production/operation capacity, production/operation cost, production/operation efficiency, production/operation risk, etc.

Financing situation. Including the target enterprise's financing history, financing needs, financing plans, financing purposes, etc.

Risk analysis. This includes the various risks that the target enterprise faces or may face, such as market risk, technology risk, policy risk, management risk, etc., and proposes corresponding risk response measures.

The main methods of business due diligence are:

Collect and review the relevant documents provided by the target enterprise, such as business plan, organization chart, equity structure chart, product introduction, market report, etc.

进行现场调查和访谈，观察目标企业的实际经营状况，与目标企业的高层管理人员和关键员工进行沟通交流，了解目标企业的战略目标和核心竞争力。

Use third-party data and information sources, such as industry associations, professional consulting agencies, online media, etc., to obtain relevant data and information on the industry and market in which the target company is located, and conduct comparative analysis and verification.

(II) Financial Due Diligence

Financial due diligence is an important part of due diligence, which focuses on the financial position and financial management level of the target enterprise to assess the financial risk and return on investment of the target enterprise. The main elements of financial due diligence include:

Financial Statement Analysis. This includes horizontal comparison and vertical analysis of the balance sheet, profit statement and cash flow statement of the target enterprise, calculation of various financial ratios, such as current ratio, quick ratio, asset-liability ratio, return on net assets, gross margin, net interest rate, etc., and assessment of the financial position and profitability of the target enterprise.

Analysis of financial forecasts. This includes forecasting and analyzing the revenue, cost, profit and cash flow of the target enterprise for the next few years, considering various possible scenarios and assumptions, and assessing the development potential and return on investment of the target enterprise.

Financial adjustment analysis. This includes making necessary adjustments to the financial statements of the target enterprise, such as eliminating non-recurring gains and losses, reflecting related transactions, reflecting goodwill impairment, etc., so that the financial statements more realistically reflect the operating conditions of the target enterprise.

Financial risk analysis. This includes the identification and assessment of various financial risks that exist or may exist in the target enterprise, such as asset-liability mismatch, cash flow shortage, bad accounts receivable, inventory backlog, tax disputes, etc., and the corresponding risk prevention and control measures.

The main methods of financial due diligence are:

Collect and review the relevant documents provided by the target enterprise, such as financial statements, audit reports, tax returns, bank statements, etc.

On-site investigation and interview, observe the actual financial management status of the target enterprise, communicate with the financial personnel and auditors of the target enterprise, and understand the financial policies and systems of the target enterprise.

利用第三方数据和信息源，如银行、税务机关、征信机构等，获取目标企业的相关数据和信息，进行对比分析和验证。

(III) Legal Due Diligence

Legal due diligence is the basis of due diligence, which focuses on the legal status and legal compliance of the target enterprise to assess the legal risks and legal liabilities of the target enterprise. The main contents of legal due diligence include:

公司法律事项。包括公司的设立登记、章程规定、股东会议、董事会议、股权转让等方面，检查公司是否合法有效地存在和运营。

合同法律事项。包括公司与客户、供应商、银行、合作伙伴等签订的各类合同及其履行情况，检查合同是否合法有效地签订和履行。

Intellectual Property Legal Matters. Including the various types of intellectual property rights owned or used by the company and their protection, and checking whether the company has infringed or been infringed on intellectual property rights.

劳动法律事项。包括公司与员工签订的劳动合同及其履行情况，以及公司为员工缴纳的社会保险和公积金等方面，检查公司是否遵守了劳动法规定。

Environmental legal matters. Including whether the company meets the requirements of environmental protection in the process of production and operation, whether there are problems with pollutant discharge or disposal, whether it is punished or litigated by environmental regulatory authorities, and check whether the company has complied with the provisions of environmental laws.

Litigation arbitration matters. This includes whether the company is involved or may be involved in various litigation or arbitration cases, as well as the causes, progress, results and effects of the cases, and examines whether the company has or may have legal disputes.

法律尽职调查的主要方法有：

Collect and review the relevant documents provided by the target enterprise, such as business license, articles of association, equity certificate, contract text, intellectual property certificate, litigation and arbitration materials, etc.

On-site investigation and interview, observe the actual legal management status of the target enterprise, communicate with the legal personnel and lawyers of the target enterprise, and understand the legal policies and systems of the target enterprise.

Use third-party data and information sources, such as industrial and commercial bureaus, intellectual property offices, courts, arbitration institutions, etc., to obtain relevant data and information of target enterprises for comparative analysis and verification.

三、尽职调查的案例

In order to better understand the practical application of due diligence, this article will introduce some specific cases of Champ Consulting Services clients. Shangpu Consulting is a company specializing in business investment consulting services, with rich due diligence experience and professional team to provide customers with efficient, professional and comprehensive due diligence services.

（一）某食品公司收购某乳制品公司

某食品公司是一家主要生产方便面、饼干等食品的上市公司，为了拓展其产品线和市场份额，计划收购某乳制品公司，该乳制品公司是一家主要生产牛奶、酸奶等乳制品的民营企业。尚普咨询受某食品公司委托，对某乳制品公司进行了全面的尽职调查。

尚普咨询在进行业务尽职调查时，发现某乳制品公司拥有较强的研发能力和品牌影响力，其产品质量和口味受到消费者的喜爱，其市场占有率和增长率均高于行业平均水平。同时，尚普咨询也发现某乳制品公司存在一些问题，如产品种类较少，缺乏差异化竞争优势；销售渠道较单一，主要依赖超市和便利店；采购成本较高，受原料价格波动的影响较大等。

尚普咨询在进行财务尽职调查时，发现某乳制品公司的财务状况良好，其营收和利润均保持了稳定的增长，其现金流充裕，其财务比率均符合行业水平。同时，尚普咨询也发现某乳制品公司存在一些问题，如存货周转率较低，导致存货积压风险；应收账款周转率较低，导致坏账风险；财务报表存在一些非经常性损益项目，需要进行相应的调整等。

尚普咨询在进行法律尽职调查时，发现某乳制品公司的法律状况合规，其公司设立登记、股权结构、合同签订履行等方面均无明显问题。同时，尚普咨询也发现某乳制品公司存在一些问题，如其知识产权保护不够完善，存在被侵犯的风险；其劳动合同签订不规范，存在被劳动仲裁的风险；其环境保护措施不到位，存在被环保部门处罚的风险等。

尚普咨询在完成尽职调查后，向某食品公司出具了尽职调查报告和意见，对某乳制品公司的价值和风险进行了详细的分析和评估，并提出了相应的建议和措施。某食品公司根据尚普咨询的报告和意见，与某乳制品公司进行了进一步的谈判和协商，最终达成了收购协议，并成功完成了收购交易。

（二）某互联网公司投资某电商平台

某互联网公司是一家主要提供搜索引擎、社交网络、在线视频等服务的上市公司，为了拓展其业务范围和市场份额，计划投资某电商平台，该电商平台是一家主要提供二手商品交易的创业公司。尚普咨询受某互联网公司委托，对某电商平台进行了全面的尽职调查。

尚普咨询在进行业务尽职调查时，发现某电商平台拥有较强的创新能力和用户粘性，其平台模式、功能设计、用户体验等方面都具有较高的优势，其用户规模和交易额均保持了快速的增长。同时，尚普咨询也发现某电商平台存在一些问题，如平台安全性不足，存在被黑客攻击或泄露用户信息的风险；平台监管力度不够，存在被卖家欺诈或售假货的风险；平台盈利模式不明确，存在难以实现盈利或持续亏损的风险等。

尚普咨询在进行财务尽职调查时，发现某电商平台的财务状况一般，其营收主要来源于广告费和佣金费，其成本主要包括技术开发费、运营维护费、推广费等。由于平台处于快速扩张阶段，其成本大大超过了营收，导致其利润为负数，其现金流也出现了缺口。同时，尚普咨询也发现某电商平台存在一些问题，如财务报表未经审计，存在一些会计处理错误或不合理之处；财务预测过于乐观，忽略了市场竞争和政策变化等不确定因素；财务管理水平较低，缺乏有效的内部控制和风险管理机制等。

尚普咨询在进行法律尽职调查时，发现某电商平台的法律状况欠佳，其公司设立登记、股权结构、合同签订履行等方面均存在一些问题。同时，尚普咨询也发现某电商平台存在一些问题，如其平台涉及到个人信息收集、商品质量保证、消费者权益保护等方面的法律规定，但其平台协议和条款并未完全遵守这些法律规定，存在被用户投诉或起诉的风险；其平台也涉及到知识产权、税务、反垄断等方面的法律规定，但其平台管理和运营并未完全符合这些法律规定，存在被权利人索赔或监管部门处罚的风险等。

尚普咨询在完成尽职调查后，向某互联网公司出具了尽职调查报告和意见，对某电商平台的价值和风险进行了详细的分析和评估，并提出了相应的建议和措施。某互联网公司根据尚普咨询的报告和意见，与某电商平台进行了进一步的谈判和协商，最终达成了投资协议，并成功完成了投资交易。

4. epilogue

尽职调查是商业投资中不可或缺的一环，它可以帮助投资方获取目标企业的真实、准确和完整的信息，发现目标企业的价值和风险，为投资决策提供依据。尽职调查的范围主要包括业务、财务和法律三个方面，每个方面都有其关注的重点和方法。尽职调查的过程一般包括制定调查计划、收集并审核资料、进行现场调查和访谈、起草尽职调查报告、进行内部复核、出具尽职调查意见等几个阶段。尽职调查的案例可以帮助我们更好地理解尽职调查的实际应用和价值。