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 [转帖] 海外企业在中国做企业收购要注意什么？ |
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[转帖] 海外企业在中国做企业收购要注意什么？ -- tutu - (456 Byte) 2007-1-11 周四, 16:12 (3615 reads) |
tutu
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作者：tutu 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Don't Get it wrong!!
My high line additions would be:
1) Do you have a previous relationship with the facility you are purchasing?
- If yes, DD is much easier (especially if you are their primary customer)
- If no, invest in market research, accounting, and legal DD teams to make sure you are buying into the right company, that your buy strategy has a strong foundation, and that your interests are protected through out negotiation and closing
2) Is this firm a SOE or joint stock company?
- If yes, then underlying asset valuation and ownership issues will exist
- If yes, then HR (pension, over employment, management sophistication, etc) should be a big focus
3) Does your investment go beyond a financial investment?
- IP leaks here, and depending on the industry you may find competitive products that look similar to yours on the market. It is not always sinister, but be very careful as you risk training up managers who will be headhunted and/or open their own shops.
4) Are the conditions right for an acquisition?
- There have been a lot of regulatory changes recently, and there is a definite change in China's willingness to accept any and all investment.
- Perform benefit vs. risk analysis
5) If the company is bringing to the deal promises of "future expansion", make sure you investigate historical/current sales using accounting firm and perform a BI study of largest customers to make sure they are happy
6) Make sure you are buying for the right reasons and you choose the right location.
- If your acquisition is to build a domestic China sales market, do not buy a company that has 100% export sales.
- Invest in a region that has been overlooked historically as governments in those areas will be more supportive and provide better service (however, be prepared for delays if the investment infrastructure is still immature)
In the end, the best piece of advice is to invest in due diligence and the service providers of due diligence. While our advice ba<x>sed on the ground experience in helping companies invest and manage operations in China, we are not able to, but also do your research ahead of time as well to understand the true market conditions, pla<x>yers, and trends.
In my previous company we were on the backend of deals and often the last service provider needed before a deal was chopped. I was always surprised by how little the buyers really understood about the company and many discounted benefits risks. Deals can go bad, but more often that not they do not need to. There is a lot of focus and blame on Chinese companies for failed deals, but a lot of times foreign companies will enter into deals without understanding the deal, the risks, the motives of the partner, and a number of other things that are critical to the success of the deal
Take your time in selecting the target, bring in the consultants/ accountants/ lawyers, and execute the deal on your terms..
There is never "the company" or "the deal". don't be afraid to walk away if it is going bad.... because it won't get better and it can get a lot worse.
Hope that helps.
不要走错路! 中国将增加高线:1)你有你先前与设备采购? -如果有的话,是非常容易丈量(尤其如果你是他们的主要客户)如果不是, 投资于市场研究、会计、法律、丈量队做到你买权公司 你买策略是有坚实基础, 而你的利益得到保障,通过谈判和闭幕2)这是一个国有企业或股份制公司? -如果有,则基本资产估价和所有权问题存在,如果是的话,人力资源(退休金 超过就业、管理先进等),应重点3大)贵投资超越了金融投资? -庆泄这里 依靠产业和拳头产品,你可以找到你相近的看场. 它并非总是险恶, 但要小心,因为你可能会挖角你培训好的管理人员和/或他们除去开自己的公司. 4)对所收购的条件? -有很多新的监管近日 并有一定的变化,中国愿意接受任何和所有的投资. -效益与风险分析演出五)公司引进这项交易的承诺"未来扩张" 让你了解历史/目前销售和使用会计事务所进行学习最大客户必使他们乐于六)为使你买权的理由,而你选好位置. 要收购有中国国内市场销售的国内公司, 不要依赖于百分之百外销的公司. 投资区域也被忽略,因为政府在这些领域的历史将会更加支持和提供更好的服务(不过, 如果延误准备投资基建还很不成熟)结束, 最好的忠告是投资商的服务和尽职尽责. 而基于地面咨询公司投资和管理经验,帮助中国开展业务, 我们不能、 而且你们提前完成科研及市场状况的真实了解,球员和趋势. 我以前对我们公司的交易和后端服务提供商往往需要在最后一笔交易被袭击. 我总是有点惊讶,怎么买真正明白了不少折扣公司利益的风险. 交易可以坏,但他们往往不认为不需要. 有许多重点和失败归咎于中国公司交易、 但很多时候外国公司将进入无了解这项交易涉及的风险, 动机的伙伴 和其他一些事情成功的关键是你慢慢挑选交易对象、 引进顾问/会计师/律师、执行协议条款你.. 有没有"公司"或"交易". 不要怕走开: 如果是走 它不会变得更好,因为它可以得到很大差距. 希望这些有所帮助.
作者：tutu 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
上一次由tutu于2007-1-11 周四, 20:26修改，总共修改了2次
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 [转帖] 海外企业在中国做企业收购要注意什么？ -- tutu - (456 Byte) 2007-1-11 周四, 16:12 (3615 reads) - [转帖回复] 走对每一步（里面的中文翻译凑合着看吧） -- tutu - (4058 Byte) 2007-1-11 周四, 16:21 (612 reads)
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