The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging busines...The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant＇s studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information.展开更多
P2P network lending refers to the individual through the oJfline trading platform provided by the Business Company provides small loans to other individuals. According to the sea tree Lingyi data stalistics, as of Nov...P2P network lending refers to the individual through the oJfline trading platform provided by the Business Company provides small loans to other individuals. According to the sea tree Lingyi data stalistics, as of November 2014. China has 1371 P2P network lending company, than by the end of2013 638 over more than doubled. Since 2014,The cumulative volume of the whole network lending industry is up to 431.2 billion yuan. With the increasing social awareness in the industry, the future of the number and amount of P2P network lending companies in China will continue to grow rapidly. However, at present our P2P network credit risk management issues is serious, lacking of professional risk management personnel,who audit on the borrower＇s credit mostly limited to the upload information of borrowers. Credit rating is largely dependent on the subjective judgment of the risk control personnel and audit staff, which can not meet the requirements of the transaction participants in the loan security measures.This paper to pat the loan company were empirical research, through the logistic model to find the breach the key influence factors, to construct the borrower＇s credit risk evaluation methods, and to provide the P2P network lending risk control with specific policy recommendations.展开更多
文摘The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant＇s studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information.
文摘P2P network lending refers to the individual through the oJfline trading platform provided by the Business Company provides small loans to other individuals. According to the sea tree Lingyi data stalistics, as of November 2014. China has 1371 P2P network lending company, than by the end of2013 638 over more than doubled. Since 2014,The cumulative volume of the whole network lending industry is up to 431.2 billion yuan. With the increasing social awareness in the industry, the future of the number and amount of P2P network lending companies in China will continue to grow rapidly. However, at present our P2P network credit risk management issues is serious, lacking of professional risk management personnel,who audit on the borrower＇s credit mostly limited to the upload information of borrowers. Credit rating is largely dependent on the subjective judgment of the risk control personnel and audit staff, which can not meet the requirements of the transaction participants in the loan security measures.This paper to pat the loan company were empirical research, through the logistic model to find the breach the key influence factors, to construct the borrower＇s credit risk evaluation methods, and to provide the P2P network lending risk control with specific policy recommendations.
