并購重組班課件音頻-老師經典案例dd speech

并購盡職 的五條戒律盡職 外的道與術The

Five

Commandments

of

Due

Diligence

for

M&A

in

ChinaDoctrines

&

Techniques The

ChecklistQianwu,

Esq.高級Senior

Partner,

DachengLaw

Offices一、盡職的標準:不是合理，是特別合理Part

1

The

Standard

of

Due

Diligence:

Not

Reasonable

but

Extraordinarily

Reasonable."How

much

diligence

is

due?”盡職的標準是什么？The

standard

of

DD

is

reasonableness

rather

than

perfection盡調的標準是合理而非完美Black’s

Law

Dictionary,

9th:

Also

termed

reasonable

diligence《 法律字典》（第九版）：合理注意3Comparison:Standard

of

reasonableness

under

securities

law

:合理標準的參照比較Chinese

CSRC&MOJ：”Special

attention"中國

&司法部：《 從事

法律業(yè)務管理辦法》第十四條 在出具法律意見時，對與法律相關的業(yè)務事項應當履行法律專業(yè) 特別的注意義務，對其他業(yè)務事項履行普通人一般的注意義務，其制作、出具的文件不得有虛假記載、誤導性陳述或者重大遺漏?！?法》（1933）：謹慎 管理自己 時應注意的標準。Section

11(c),The

Securities

Act

of

1933“the

standard

of

reasonableness

.

.

.

requiredof

a

prudentmanin

the

management

ofhisown

property.”4The

prudentis

a

“judge”or

an

“official”:

Extraordinarily

prudent謹慎的人的標準 往往是

或者 ：異常謹慎Thinkaboutthe

preponderance

standard

for

civil

procedure想 民事 的“高度蓋然性”證明標準The

de

facto

standard:

“

reasonabledoubt

”實際的標準：超出“超出合理懷疑”工工作熱情和滿意程度CSRC:Sitevisit

Employees’

workingand

living

places/

the

passion

for

work中國

：實地走訪

工工作和生活場所、了解Conclusion:

You

cannot

be

too

prudent.結論：多么謹慎都不過分5?Limitations

of

Due

Diligence盡職 的局限性Reflection

on

famous

disastrous

DD:

NASDAQ

delisted

CN

companies著名的 性盡職 ：納斯達克摘牌中國公司NASDAQ：

20%

Listed

Chinese

companies

delisted納斯達克：20%中國上市公司摘牌Fraud

still

exist

after

the

top

professional’s

DD經過國際頂級專業(yè)機構的盡調后， 仍然存在6二、盡職 不是客戶的負擔，是客戶的機會Part

II

DD

Is

Not

Client’s

Burden,

but

OpportunityMyth

forseller

clients:

The

less,

the

better.賣方客戶的誤解：披露越少越好。Fluke

mind:

The

buyer

will

never

Know僥幸心理：買方不會發(fā)現Wrong

philosophy:

I

can

explain

then錯誤哲學：我可以屆時解釋Legal

risks:

Fraud

liability,

even

criminal

liability

(Lawyers

sometimes

co-defendants)法律風險：民事 責任、甚至刑事責任（有時 連帶）Consequence:

Trust

Erosion,

price

down,

speed

down

to

deal

failure：信任丟失、借機砍價、交易減慢直至8Truth

for

seller

clients:

The

more,

the

better賣方客戶真理：越多越好Transparency

per

se

means

value:

Who

will

intentionally

hide

excellence透明本身就意味優(yōu)質：有誰會刻意隱藏優(yōu)秀Everything

can

be

mu ore

explainable主動披露，一切都更好解釋Perfectstranger

v.

Flawed

friend完美的陌生人v.優(yōu)缺點的朋友9Disclosure

means

frankness

&

confidence主動披露意味著坦誠和信心

More

harmonious

integration更和諧的交易后整合Happy

ending:

Trust,

price

up,

speed

up,

deal

success的結局：信任、提高價格、加快交易速度和成功幾率Conclusion:

DD

is

an

opportunity,

especially

for

sellers.結論：盡職 是一個機會，尤其對賣方而言10三、不要假設任何事情：最具價值的老生常談Part

III

Assume

Nothing:

The

Most

Valuable

Cliche案例的檢驗，所有 的含義都是不確定的All

statutes

are

uncertain

until

interpreted充分研究前，不要假設自己對爭議法律的解釋是準確的Never

assume

your

construction

of

a

disputable

statues

is

accurate

before

thoroughresearch充分研究：案例研究+學術研究+多方確認Thoroughresearch:

case

study+academic

study+multiple

confirmation確認的一個示例：不同同事不同時間 確認ephone

confirmation

requirement:

different

colleagues

phone

at

different

time12簽名是親筆的嗎：中國企業(yè)家喜歡讓他人簽名Signature

al:

Chinese

entrepreneurs

like

to

have

otherssign

their

names面簽很必要Witnessed

signatures

are

needed銀行的證明是真的嗎？Bank’s

proof

true？公司的租賃物業(yè)存在嗎？The

leased

property

exists？面談的結論是真的嗎？The

site

interview

conclusion

real?13“渾水公司”風格：容易被專業(yè)忽略的原始方法The

Muddy-Water

style:

Easily

f

otten

methods

by

professionals以潛在客戶的 訪談被 公司Approach

the

company

as

apotential

customer以潛在客戶的 訪談競爭者Speak

with

competitors

as

a

potentialcustomer14四、做交易的促成者而非破壞者：創(chuàng)造性思考與建設性思考Part

IV

Be

aDeal-Maker,

Not

a

Deal

Killer:

Think

Constructively

and

Creatively?最可怕的事情是不知道不知道the

most

disastrous:

do

not

know

do

not

know拒不配合的解決方案：信息公開A

solution

for

non-cooperation

ernment:

Free

Information

Regulation合同效力解釋的一個案例A

case

about

interpretation

ofvalidityof

contact16股東錯誤出資的案例A

case

about

wrongful

contribution電子數據盡調數據庫A

virtual room

is

essential交易促成的一個法律設計：擔保\承諾\賠償\違約金條款Deal-maker’s

legal

strategy:

Guaranty

\warranty\indemnification

\liquidated

damages

Clauses17五、法律是并購法律過程的上帝而非其他Part

V

The

Law

IsThe

Lord

in

a

M&A

Legal

Procedure,

not

Others某 書記公開支持項目的A

case

about

a boss

supported

project

miscarrying某剛卸任證監(jiān)局主要 參與的項目

A

story

about

a

miscarryingproject

supported

by

a

recently

retiredSecurities

Bureausenior

leadership拒不配合的解決方案:信息公開?A

solution

for

non-cooperation堅持的重要性Perseverance

mattersernment:Free

Information

RegulationThe

belief

in

the

rule

of

law

is

more

important

than

the

rule

of

lawitself對 的信仰比 本身要重要19附件：中英文雙語一般性并購盡調

樣本Appendix:

English-Chinese

General

MA

DD

Checklist

Sample根據

的經驗和國際流行的一般版本制作Drafted

accordingto

our

experience

and

internationally

popular

version需要