一、危机识别

危机识别是指在投资尽调过程中，及时发现并确认存在或潜在的危机情况，以便采取相应的措施。危机识别的关键是要有敏锐的观察力和判断力，以及充分的信息收集和分析能力。在实际操作中，可以通过以下几种方式来识别危机：

Conduct a comprehensive background investigation of the target enterprise or project, including its history, organizational structure, equity relationship, main business, financial situation, market position, competitive advantage, legal risk, etc., to understand its basic situation and potential problems.

Verify and review the information provided by the target enterprise or project, including its financial statements, contract documents, license materials, market data, etc., to check its authenticity and compliance, and to find possible defects or hidden dangers.

对目标企业或项目进行现场考察和访谈，包括其生产经营场所、设备设施、员工队伍、管理制度、客户供应商等，以观察其实际运行状况和内外部关系，并与提供的信息进行对比和分析。

对目标企业或项目所处的行业环境和市场趋势进行深入研究，包括其行业规模、增长率、竞争格局、政策法规等，以评估其发展前景和潜在风险。

案例一：某私募基金计划对一家新能源汽车企业进行股权投资，委托尚普咨询进行投资尽调。在背景调查阶段，尚普咨询发现，该企业虽然声称已经拥有多项自主研发的核心技术和专利，但在国家知识产权局的网站上并未查询到相关记录，而且其研发团队的人员构成和学历背景也不符合其宣传的水平。在信息核实阶段，尚普咨询发现，该企业提供的财务报表存在多处异常，如收入和利润的大幅增长与成本和费用的低水平不匹配，存货和应收账款的高额与销售和回款的低效率不符合，资产负债表中的长期借款和应付票据与现金流量表中的借款还款和票据支付不一致等。在现场考察和访谈阶段，尚普咨询发现，该企业的生产车间空荡荡的，设备设施陈旧落后，员工数量和素质低下，管理混乱无序，客户供应商关系薄弱不稳，与其提供的信息大相径庭。在行业研究阶段，尚普咨询发现，该企业所处的新能源汽车行业竞争激烈，政策法规变化频繁，市场需求不确定，技术更新迭代快速，对企业的综合实力和创新能力要求很高。综合以上各方面的发现，尚普咨询判断，该企业存在严重的信息不透明和数据造假的危机情况，并及时向委托方报告了尽调结果和风险提示。

二、危机评估

Crisis assessment refers to the analysis and judgment of identified crisis situations in the process of investment due diligence to determine the extent of their impact on investment decisions and possible consequences. The purpose of crisis assessment is to prioritize crisis situations so that appropriate measures can be taken. The criteria for crisis assessment are to consider the nature, scope, extent, cause, impact and other factors of the crisis situation. In practice, the crisis can be assessed in several ways:

对危机情况进行定性分析，即根据其性质将其分为不同的类型，如信息类、数据类、法律类、竞争类等，并根据其原因将其分为内部原因或外部原因，并根据其影响将其分为直接影响或间接影响。

对危机情况进行定量分析，即根据其范围和程度将其分为不同的等级，如轻微、一般、严重、极严重等，并根据其可能造成的损失或风险将其量化为具体的数值或比例。

对危机情况进行综合评价，即根据定性分析和定量分析的结果将其综合考虑，并结合投资者的目标、策略、风险偏好等因素将其归纳为可接受、可调整、可转移或不可接受等类别。

案例二：某房地产开发商计划对一家酒店管理公司进行并购投资，委托尚普咨询进行投资尽调。在信息核实阶段，尚普咨询发现，该公司在某地区经营了一家酒店管理公司进行并购投资，委托尚普咨询进行投资尽调。在信息核实阶段，尚普咨询发现，该公司在某地区经营了多家酒店，但其中一家酒店的土地使用权证和建设用地规划许可证存在缺失和过期的问题，导致该酒店的合法性和安全性受到威胁。在危机评估阶段，尚普咨询进行了如下分析：

定性分析：该危机情况属于法律类危机，是由外部原因造成的，对投资者的直接影响是可能导致该酒店被查封或拆除，对投资者的间接影响是可能影响该公司的品牌形象和市场信誉。

定量分析：该危机情况属于严重等级，根据该酒店的营业收入和利润率，以及该地区的土地价格和拆迁补偿标准，估算出该危机情况可能造成的损失或风险为约5000万元人民币。

综合评价：该危机情况属于不可接受类别，因为其可能造成的损失或风险超过了投资者的风险承受能力和预期收益，并且其解决难度较大，需要与相关部门和当事人进行协商和沟通。

三、危机处理

危机处理是指在投资尽调过程中，对已经评估出来的危机情况采取相应的措施，以消除或减轻其对投资决策的不利影响。危机处理的原则是要根据危机情况的类别、等级和评价，选择合适的处理方式和方法，并及时执行和跟进。在实际操作中，可以通过以下几种方式来处理危机：

Acceptable categories of crisis situations can be ignored or tolerated, I .e., they are not intervened or changed, but rather used as a consideration in investment decisions and the losses or risks they may entail are borne to a reasonable extent.

Adjustable categories of crisis situations can be modified or optimized by making necessary adjustments or improvements to improve their compliance or efficiency and to reduce their possible losses or risks within a controllable range.

Crisis situations in the transferable category can be transferred or diversified, I .e., transferred to a third party or spread to multiple parties, to mitigate their concentrated impact on investment decisions and to share their potential losses or risks to an acceptable extent.

Unacceptable types of crisis situations can be abandoned or terminated by abandoning the intention to invest in the target enterprise or project or terminating the investment due diligence process and withdrawing the resources and funds invested in a timely manner.

Case 3: A pharmaceutical company plans to make a strategic investment in a biotechnology company and entrusts Champ Consulting to make the investment due diligence. During the on-site inspection and interview stage, Shangpu Consulting found that the company's core technology is a new anti-cancer therapy based on gene editing, but the technology is still in the clinical trial stage and has not yet been approved by the National Medical Products Administration. The ethical and legal issues involved in the technology are also controversial. During the crisis assessment phase, Champ Consulting conducted the following analysis:

Qualitative analysis: the crisis situation belongs to the data and legal crisis, which is caused by internal reasons. The direct impact on investors is that the technology can not be approved or banned, and the indirect impact on investors is that it may affect the company's core competitiveness and market prospects.

Quantitative analysis: the crisis situation belongs to the extremely serious level, according to the research and development costs and expected benefits of the technology, as well as the approval process and standards of the State Drug Administration, it is estimated that the possible losses or risks caused by the crisis situation are about.1billion yuan.

综合评价：该危机情况属于不可接受类别，因为其可能造成的损失或风险远远超过了投资者的风险承受能力和预期收益，并且其解决难度较大，需要与相关部门和专家进行沟通和协调。

在危机处理阶段，尚普咨询建议投资者放弃对该公司的投资意向，并及时终止投资尽调过程。

4. crisis prevention

危机预防是指在投资尽调过程中，通过制定和执行一系列的规范和措施，以避免或减少危机情况的发生或发展。危机预防的重点是要建立和完善一个有效的风险管理体系，包括风险识别、风险评估、风险控制、风险监测等环节。在实际操作中，可以通过以下几种方式来预防危机：

制定合理的投资尽调计划和方案，明确投资目标、策略、范围、标准、流程、时间、资源等要素，并根据实际情况进行动态调整和优化。

Establish a professional investment due diligence team and mechanism, select personnel with relevant experience and abilities to form a team, and clarify their respective responsibilities, authority, tasks, communication methods, etc., and regularly report, exchange, and evaluate.

采用多元的投资尽调方法和工具，结合目标企业或项目的特点和需求，运用多种数据来源、信息渠道、分析方法、评价模型等，以提高投资尽调的全面性和准确性。

Establish an effective investment due diligence supervision and feedback mechanism, timely discover, record, report and deal with problems or abnormal situations in the process of investment due diligence, and make improvements and improvements according to the feedback results.

案例四：某电子商务企业计划对一家物流服务公司进行战略合作投资，委托尚普咨询进行投资尽调。为了预防可能出现的危机情况，尚普咨询采取了如下措施：

A detailed investment due diligence plan and program has been formulated, including a comprehensive due diligence on the financial, operational, technical, market and legal aspects of the target company, and has been flexibly adjusted and optimized according to the requirements of investors and the feedback of the target company.

A professional investment due diligence team and mechanism has been established, with the senior partner of Shangpu Consulting as the project leader, from market research, investment consulting,IPO咨询等部门选派了具有丰富经验和专业能力的人员组成团队，并明确了各自的职责、权限、任务、沟通方式等，并定期进行汇报、交流、评估等。

采用了多元的投资尽调方法和工具，结合目标公司的特点和需求，运用了多种数据来源、信息渠道、分析方法、评价模型等，如通过国家统计局、工商局、税务局等官方数据平台获取目标公司的基本信息和财务数据，通过网络搜索、行业报告、专家访谈等方式获取目标公司的市场情况和竞争优势，通过财务分析、估值分析、敏感性分析等方法评估目标公司的经营状况和投资价值，通过SWOTanalysis,PESTAnalysis, five-force analysis and other models to analyze the target company's internal and external environment and potential risks, etc., in order to improve the comprehensiveness and accuracy of investment due diligence.

建立了有效的投资尽调监督和反馈机制，对投资尽调过程中出现的问题或异常情况进行及时发现、记录、报告、处理，并根据反馈结果进行改进和完善。例如，在信息核实阶段，发现目标公司在某地区存在一笔未结清的税务纠纷，及时向项目负责人报告，并与目标公司沟通，要求其提供相关证明材料，并对其影响进行评估，并向投资者反馈，并根据投资者的意见进行处理。

通过以上措施，尚普咨询成功地完成了对目标公司的投资尽调，并为投资者提供了专业的投资建议和风险提示。

5. epilogue

Investment due diligence is an important means of investment risk control, but in the process of investment due diligence, various crisis situations may be encountered, which may affect investors' judgment and decision-making, and even lead to investment failure. Therefore, investors need a set of effective crisis response strategies and a professional crisis response team to detect, handle and resolve crisis situations in a timely manner to ensure the smooth progress of investment due diligence and the realization of investment goals. This paper analyzes the crisis response methods and techniques of investment due diligence from the four aspects of crisis identification, crisis assessment, crisis management and crisis prevention, combined with the specific cases of Shangpu consulting service clients. I hope this article can help and inspire investors.