Module I: Buy-Side Financial Due Diligence

模块一：买方财务尽职调查

Core Issues / 核心议题: Earnings Quality (盈利质量) · Deal Pricing (交易定价) · Risk Mitigation (风险缓释)
Protecting your investment before signing.
签约前保护您的投资。

• Quality of Earnings (QoE) / 盈利质量分析: Analyzing sustainability and recurrence of EBITDA/Net Income. Identifying non-recurring items, related party transactions, and accounting anomalies.
• 分析EBITDA/净利润的可持续性与复发性。识别非经常性项目、关联方交易及会计异常。
• Normalized Working Capital / 常态化营运资金: Calculating the historical average to set the peg, ensuring you don’t overpay for bloated inventory or receivables at closing.
• 计算历史平均值以设定基准，确保您不会在交割时为虚高的库存或应收账款买单。
• Debt & Debt-like Items / 债务与类债务项目: Uncovering hidden liabilities (e.g., pension deficits, litigation, environmental obligations) that should be deducted from equity value.
• 揭示应从股权价值中扣除的隐性负债（如养老金缺口、诉讼、环保义务）。
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Module II: Sell-Side Due Diligence (Vendor DD)

模块二：卖方尽职调查（VDD）

Core Issues / 核心议题: Value Defense (价值捍卫) · Process Acceleration (流程加速) · Management Preparation (管理层准备)
Taking control of the exit narrative.
掌握退出叙事的主动权。

• Pre-emptive Issue Resolution / 预先解决问题: Identifying and resolving potential deal-breakers or red flags before buyers find them.
• 在买方发现之前，识别并解决潜在的交易破坏因素或红旗警示。
• Investment Teaser Support / 投资盲调支持: Preparing a credible financial story that highlights value drivers and growth potential.
• 准备可信的财务故事，突显价值驱动因素与增长潜力。
• Data Room Preparation / 数据室准备: Ensuring financial data is clean, organized, and ready for rigorous buyer scrutiny.
• 确保财务数据清洗完毕、井井有条，经得起买方的严格审查。
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Module III: Carve-Out & Separation DD

模块三：剥离与独立运营尽调

Core Issues / 核心议题:* Stand-Alone Costs (独立成本) · Shared Services (共享服务) · Transition Support (过渡支持)
Defining the true cost of independence.
定义独立的真实成本。**

• Cost Allocation Analysis / 成本分摊分析: Analyzing shared services (HR, IT, Finance) to determine the true cost structure of the carved-out entity.
• 分析共享服务（HR, IT, 财务），确定被剥离实体的真实成本结构。
• **Transition Service Agreement (TSA) Scope / 过渡服务协议范围:* Defining the services the parent will provide post-close and estimating their fair market cost.
• 定义母公司交割后将提供的服务范围，并估算其公允市场成本。
• Stranded Costs / 搁置成本: Identifying costs that remain with the seller or need to be absorbed by the target.
• 识别留在卖方或需由目标公司承担的成本。
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Module IV: Commercial & Synergy Validation

模块四：商业与协同效应验证

Core Issues / 核心议题: Market Sizing (市场规模) · Top-Line Validation (营收验证) · Synergy Quantification (协同量化)
Bridging financial and strategic due diligence.
连接财务与战略尽职调查。

• Revenue Bridge & Driver Analysis / 营收桥梁与驱动分析: Validating top-line growth assumptions by volume, price, and mix.
• 通过销量、价格和组合验证营收增长的假设。
• Market & Competitor Benchmarking / 市场与竞对对标: Validating the target’s market position against industry peers.
• 对标行业同行，验证目标公司的市场地位。
• Synergy & Dis-synergy Quantification / 协同与负协同量化: Stress-testing cost and revenue synergy assumptions to prevent overpayment.
• 压力测试成本与营收协同假设，防止溢价支付。