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ChinaMergers&AcquisitionsPlaybookYourreferenceguidetoplanningandexecutingdeals2011editionFinancialAdvisoryContents2Foreword3Executivesummary51.Deloitte'sM&ALifecycle82.M&Astrategydevelopment82.1M&Astrategyplanning2.1.1Understandingcorporateobjectives2.1.2DevelopinganM&Astrategy2.1.3M&Aalternatives2.1.4Financingoptions2.1.5Divestmentstrategy2.1.6Selectingleadadvisors182.2Preliminaryresearchofpotentialacquisitioncandidates2.2.1Developingtheacquisitioncandidatepool2.2.2Sourcingpotentialacquisitioncandidates192.3Financialassessmentofthebuyer213.Targetscreening213.1Targetscreeningprocess3.1.1Definingscreeningcriteria3.1.2Collectingtargetdata3.1.3Prioritisingtargets243.2Initialduediligence3.2.1Synergyopportunities263.3Valuation3.3.1Valuationofbusinessentity3.3.1.1Financialmodeling3.3.1.2Valuationapproaches3.3.1.3Purchasepriceallocation3.3.1.4Valuationchallenges3.3.2Valuationoffinancialinstruments3.3.2.1Financialinstrumentsoncompany'sbalancesheet3.3.2.2Commonvaluationrequirementsforfinancialinstruments3.3.2.3Challengesinvaluingfinancialinstruments363.4Approvalprocessandtargetapproachstrategy3.4.1Approvalstrategy3.4.2Targetapproachstrategy373.5Initialdealstructuring404.Transactionexecution424.1Financial,taxandlegalduediligence4.1.1Financialduediligence4.1.2Taxduediligence4.1.3Legalduediligence464.2Businessduediligence4.2.1Integrityduediligence4.2.2Commercial(market)duediligence4.2.3Operationalduediligence4.2.4InformationTechnologyduediligence4.2.5HumanResourcesduediligence534.3Internalcontrolsduediligence4.3.1Performinganinternalcontrolsduediligence4.3.2Otherconsiderationsrelatedtointernalcontrols574.4Negotiations4.4.1Roleoftheleadadvisor4.4.2Formsofnegotiations4.4.3Financingstructure4.4.4Pricingstrategy4.4.5Synergiesandpost-acquisitionissues4.4.6Purchasepriceadjustmentmechanisms614.5Regulatoryconsiderations624.6Financingconsiderationsforforeigninvestors4.6.1Debt-to-equityratio4.6.2Loans4.6.3Foreignexchangerestriction/profitrepatriation4.6.4Debtpushdown644.7Dealstructuring4.7.1Overview4.7.2PRCM&Aenterpriseincometaxframework4.7.3Taxstructuring4.7.4Exitstrategies764.8Implementation805.Integrationandreorganisation805.1Integrationplanningandstrategy5.1.1Theimportanceofintegration5.1.2Theoverallintegrationapproach965.2Financeandadministrationintegration5.2.1Redesigningfinancialmanagementandbudgetingprocesses5.2.2Re-engineeringfinancial,accounting,andtax-relatedprocesses5.2.3Financialsharedservices5.2.4Executingthefinancialintegrationplan5.2.5Engagingexternalserviceproviders995.3Humanresourcesintegration5.3.1GuidingprinciplesforHRmergerintegration5.3.2ExecutingHRintegration1025.4InformationTechnologyintegration5.4.1GuidingprinciplesforITintegration5.4.2ITintegration5.4.3CultureandcommunicationintheITdepartment1055.5Supplychainmanagement5.5.1Keyareasoffocusforthesupplychainintegrationteam5.5.2Executingsupplychainintegration1065.6Post-acquisitionbusinessprocessesandinternalcontrolsintegration5.6.1Improvingdeficienciesininternalcontrols5.6.2Establishingproperlevelsofauthority5.6.3Integratingbusinessprocessesandinternalcontrols5.6.4Establishingmonitoringcontrols1125.7Intellectualpropertyrightsprotectionandmanagement1125.8Ongoingcompliance5.8.1Tax-relatedcomplianceobligations5.8.2Internalcontrols-relatedcomplianceobligations122Acronymreferencelist124Appendices1251.AdministrativeMeasuresonStrategicInvestmentinListedCompaniesbyForeignInvestors1322.ProvisiononMergerandDivisionofForeignInvestmentEnterprises1423.RulesonMergersandAcquisitionsofDomesticCompaniesbyForeignInvestors1574.MeasuresfortheAdministrationoftheTakeoverofListedCompanies183ContactsChinaMergers&AcquisitionsPlaybookYourreferenceguidetoplanningandexecutingdeals12ForewordThefiveyearssincewefirstlaunchedourM&APlaybookin2006havecertainlybeenmomentous.Fewthen,wouldhavebeenabletoforecastboththenear-collapseoftheglobaleconomyandtheincreasingpresenceChinawouldcometoplayontheworld-stage.Nonetheless,thisispreciselywhathasoccurredandthecountry'sM&Amarketshavesurgedasaresult,withinboundinvestmentsintoChinaoverthepastfourquarters(H22010-H12011)remainingconsistentwithdealvolumesattheheightofthe2007buyoutboom,andoutboundacquisitionsmorethandoublingoverthesametwoperiods.ThisescalationinChineseM&Aactivityhasmeantthatbuy-andsell-sideparties,aswellasthegovernment,havebecomemoresophisticatedintheirapproachtodeal-making,withtheauthoritiesdoingmuchinrecentyearstoformulateclearM&Aregulatoryandtaxationframeworkswithintheirwiderremit.Nowhereisthismoreevidentthaninthegovernment'srecent12thFiveYearPlanpolicy,whichhighlightstheneedfor'high-quality'growth,basedonasustainable,domesticconsumer-driveneconomydrivennotonlybylocalcapital,butalsooverseasfinancingandtechnicalknowledge.Atthesametime,theplanencourageslocalbusinessesto'goabroad'asitlookstoencouragethepaceofdevelopmentathomeviaexpansionoverseas.Inordertoachievethesegoalstothefullest,beingpreparedandutilisingpriordeal-makingexperienceremainskey.AChineseproverbsuggeststhatyoudigthewellbeforeyouarethirsty.Ifaninvestorfamiliarisesandprepares
本文标题:德勤并购手册
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