目前中国民营企业IPO明显出现了堰塞湖现象、经营环境的恶化也使得很多民营企业越来越倾向于向外国投资者出售企业的控股权。与此同时，很多跨国企业目前也正在加大在中国的战略布局，早期的绿地投资模式已经难以跟上快速扩张的步伐，因此直接并购中国境内比较成熟的民营企业成为了众多跨国企业迅速占领中国市场的最佳选择。

然而，文化差异、并购准备不充分、市场环境恶劣等等都可能导致外资并购民营企业的最终失败。因此，如何衡量与控制并购中出现的问题，我们需要从并购的战略制定与流程的合理性两方面去作充分的考量。

At present, Chinese Private Enterprises’ IPO significantly appears Lake Phenomenon, the worse business environment has made a lot of private enterprises incline to sell enterprise holding right to foreign investors. At the same time, many multinational companies are expanding the Chinese strategic layout, the early green-land investment model has been difficult to to catch up with the rapid-expanded step, so direct acquisition of Chinese domestic mature private enterprises have become the best choice to quickly occupy the Chinese market for many multinational companies.

However, cultural differences, un-fully prepared mergers, the worse market environment may lead to the failed private M&A for foreign enterprise. Therefore, how to measure and control the problem in M&A, we need to make the full consideration on the two aspects of strategic formulation and process in M&A.

课程对象 Audience Target:

外商投资企业、外向型中资、民营企业、私募资本、金融机构等单位的负责人、总经理、财务总监、法律总监等，具有境内并购需求的企业负责人、总经理、财务总监、法律总监等。

Foreign enterprise, export-oriented enterprise, private enterprise, private capital, financial agent’s responsible person, GM, FD, Legal director etc., the enterprise responsible person, GM, FD, Legal director who need the domestic M&A.

课程收益 Course Benefits：

l  利用有利的宏观经济政策及地域差异优势，助力企业战略调整及外资并购的成功

Make use of the favorable macroeconomic policy and regional difference and advantage to help on the enterprise strategy adjustment and the success of foreign M&A

l  了解外资并购的主要步骤以及并购中可能存在的风险

Understand the possible risk of M&A and the main steps of M&A

l  从战略、财务、法务、谈判、人力资源、文化等全方位把握外资并购的核心流程及重点环节

Grasp the core process and key link of foreign capital M&A from strategy, finance, legal, negotiation, HR and culture.

l  提示并购各环节的主要风险与隐藏的陷阱，将风险的防控落于实处

Suggest the main risk and hidden traps in M&A links, put the risk prevention and control in practice.

l  从经典案例与经验分享中获取价值与灵感

Learn from the classical case study

一、宏观环境的挑战

The macro-economical environment’s challenge

1.      经济周期

Economical circle

1)     对外企的中国战略的调整

The Chinese strategic adjustment on foreign enterprise

2)     外企本土化的定位与并购规划的影响

The position of foreign enterprise’s localization and the influence of M&A plan

3)     民企的压力与发展

The private enterprise’s pressure and development

2.      中国并购市场的特点

The characteristics of Chinese M&A market

1)     中国企业的并购现状

The Chinese enterprise’s M&A status

2)     国企、民企、外企在并购领域的竞争

The competition of state-owned enterprise, private enterprise and foreign enterprise in M&A area

3)     外资在中国并购的特点

Foreign enterprise M&A characteristics in China

4)     中国特色的并购重组动机

Chinese M&A motivation

5)     民企管理层的心态

The private management leaders’ mentality

6)     民企生存与战略退出

The private survival and strategic exit

7)     民企对外企作协同效应的期望

The private enterprise’s expectation on foreign enterprise’s synergistic effect

二、     企业并购的具体步骤

The concrete steps of enterprise M&A

1.      内部和外部团队阶段性角色

The internal and external team stage role

2.      并购管理流程的中外差别

The difference between Chinese and foreign M&A management process

1)     战略并购的中外有别

The difference between Chinese and foreign strategic M&A

2)     风险意识的不同

The difference of risk awareness

3)     并购过程管理的差异

The difference in M&A process management

3.      并购战略与目标的制定

The M&A strategy and the target set

1)     寻找合适的目标企业

Seek for the private target enterprise

2)     地域性经济与文化的差别

The difference between regional economic and culture

3)     并购规划的期望

The expectation of M&A plan

4.      破冰接触需要注意的问题

Pay attention to the problem in ice break

5.      非约束性意向阶段的挑战

Non-binding intentional stage challenge.

6.      尽职调查

Due diligence

1)     准备工作

Preparation work

2)     现场管理

Site management

3)     双方团队的管理

The team management

7.      法律谈判阶段的注意事项

Pay attention to the matters in the stage of legal negotiation

1)     交易架构

Transaction structure

2)     潜在法律风险

Potential legal risk

8.      整合工作

Integration work

1)     管理架构与人力资源

Management frame and Human Resource

2)     企业文化整合

The enterprise cultural integration

9.      各阶段的风险防范

The risk prevention and control in every stage

1)     并购中企的风险

The enterprise risk in M&A

2)     对于战略、财务、法律、HR等领域的风险控制

The risk control on strategy, finance, legal, HR etc..

三、        企业财务分析与估值

The enterprise finance analysis and valuation

1.     财务分析

Financial analysis

1)     企业会计报表的风险

The risk of enterprise accounting reports

2)     中外企业对财务数据的误读

Misread of financial statements of Chinese and Foreign enterprise

3)     控制民企的财务数据风险

Control the private enterprise’s financial statements risk

2.      并购估值

M&A valuation

1)     民企对各类估值看法和运用

The private enterprise’s vies and use on all kinds of valuation

2)     交易架构等其他因素对估值的影响

Transaction framework and other factors’influence on valuation

3)     价格谈判的注意事项

Pay attention to the matters in price negotiation

四、     并购文化因素的重大影响

The major influence of M&A cultural factors

1.      文化因素的概念与分类

The concept and classification of cultural factors

2.      各个层面的体现和影响的范围

The scope of each level reflect and influence

3.      从目标的寻找到整合看文化因素对并购流程各个环节的影响

See the cultural factors’ influence on M&A process from the objective-seek to integrate

五、     并购案例的具体分析

The detailed analysis on M&A cases

1.      国内外企业并购包括卡特比勒、Diageo、万达、联想等收购案例

The domestic and abroad M&A includes caterpillar, Diageo, Wanda, Lenovo etc. M&A cases

2.      包括讲师个人并购操作案例分享

Including the trainer’s individual M&A practical case sharing

更多详情，请联系：Chris Lin | Tel: 86-21-6142 1635*8002 | Mob: 86-136 3652 7143 | Email: chris.lin@wisdomrockcorp.com