随着中国经济的发展及资本市场环境的成熟，国内股权投资活动近 10 年来日益活 跃，对 IT 和互联网行业的投资又是股权投资活动中最为活跃的部分。通过准确地调查 分析企业的历史财务状况以及发展趋势，投资方才能以合理的估值对企业进行投资，降 低因信息不对称而造成投资失败的风险。在此背景下，研究如何有针对性地对互联网企 业开展财务尽职调查工作，符合了当下股权投资实践活动的现实需求。 本文首先介绍了国内互联网行业股权投资的持续火热的市场背景，对学者们在财务 尽职调查、互联网企业审计风险、大数据技术在审计的应用等相关文献的研究现状进行 了综述，指出研究针对互联网行业的财务尽职调查适用方法的意义。进而将 DH 公司对 JL 公司开展财务尽职调查实际案例的过程，按照准备阶段、实施阶段和分析判断阶段， 分别介绍了 DH 公司尽调分析的关键内容和方法，以及介绍了尽调小组的调研结论和 DH 公司投委会表决暂缓投资的讨论结果，从 JL 公司后续在资本市场的表现来看，DH 公司对投资风险和价值的判断基本准确。其次结合案例，从商业模式以及财务方面两个 维度分析互联网企业的特性，在此基础上，结合案例对互联网公司财务尽职调查各个工 作阶段的问题及原因进行了分析，接着从收入和成本两个角度，对案例中 DH 公司在这 两个方面分析执行了哪些程序，采用什么方法和逻辑，如何得出分析的结果进行了剖析， 也结合文献资料等研究提出了改进措施并得出启示。 关键词：财务尽职调查；互联网公司；收入分析；成本分析；股权投资II Abstract With the development of China’s economy and capital market, domestic equity investment has become increasingly active in the past 10 years, and investment in IT and Internet industry is the most active part of equity investment activities. By accurately investigating and analyzing the company’s historical financial status and growth trend, investors can invest in a company at a reasonable value, thus reduce the risk of investment failure caused by information asymmetry. Under this situation, the study on how to carry out targeted financial due diligence on Internet enterprises meets the current practical needs of equity investment activities. Firstly, the article introduces the current status of equity investment in China’s internet industry, summarizes a series of latest research on financial due diligence, audit risk of internet company and the application of big data technology in auditing, then emphasize the significance of studying the practical ways of financial due diligence on internet company. Secondly, the case of due diligence of DH Company on JL Company is illustrated by the stages of Preparation, Implementation, and Analysis and Decision-Making, which includes the key content and methods of DH Company’s due diligence analysis, the research conclusion and the decision of ‘Investment Suspended’ made by the Investment Committee. This is justified in terms of investment risks and values by JL Company’s performance later in the capital market. Furthermore, the article analyzes the business model and financials of internet companies. Based on this discussion, it concludes the most significant tasks that should be included in financial due diligence on internet companies. It keeps on explaining the procedures, methodologies and logics DH Company used for both income and cost analysis, and how they reached the decision. Lastly, combining the findings from other research, the article provides ways to improve the current system and suggestions. Key words: Financial due diligence; Internet company; Revenue analysis;Cost analysis; Equity investmentIII 目 录 摘要.........................................................................................................................................I Abstract...................................................................................................................................... II 第一章 绪论...............................................................................................................................1 1.1 研究背景和意义..............................................................................................................1 1.2 文献综述..........................................................................................................................3 1.2.1 关于财务尽职调查的相关研究...............................................................................3 1.2.2 互联网企业股权投资的相关研究...........................................................................4 1.3 研究方法和内容..............................................................................................................6 1.3.1 研究方法...................................................................................................................6 1.3.2 研究内容...................................................................................................................6 第二章 案例正文.......................................................................................................................8 2.1 案例背景..........................................................................................................................8 2.1.1 投资方 DH 公司介绍...............................................................................................8 2.1.2 融资方 JL 公司介绍.................................................................................................8 2.1.3 DH 公司的投资动机及投资流程...........................................................................12 2.2 DH 对 JL 公司财务尽职调查各个阶段的工作内容....................................................14 2.2.1 DH 对 JL 公司调查准备阶段的工作内容.............................................................14 2.2.2 DH 对 JL 公司调查实施阶段的工作内容.............................................................15 2.2.3 DH 对 JL 公司分析报告撰写阶段的工作内容.....................................................17 2.3 DH 公司尽职调查结论及投委会审议结果..................................................................21 2.3.1 业务及行业尽调分析结论.....................................................................................21 2.3.2 JL 公司的投资价值及风险.....................................................................................22 2.3.3 投委会审议结论.....................................................................................................24 2.4 本章小结........................................................................................................................24 第三章 案例分析.....................................................................................................................25 3.1 互联网企业商业模式及财务方面特性分析................................................................25 3.1.1 互联网企业商业模式特性.....................................................................................25 3.1.2 互联网企业财务方面的特性.................................................................................26IV 3.2 DH 公司对 JL 互联网公司财务尽职调查中遇到问题的分析....................................27 3.2.1 财务尽职调查准备阶段遇到问题分析.................................................................27 3.2.2 财务尽职调查实施阶段遇到问题分析.................................................................28 3.3 DH 公司对 JL 公司收入分析的主要程序及改进措施分析........................................30 3.3.1 DH 公司对 JL 公司收入分析的主要程序分析.....................................................30 3.3.2 DH 公司对 JL 公司收入分析方法的改进措施.....................................................37 3.4 DH 公司对 JL 公司成本分析的主要程序及改进措施分析........................................40 3.4.1 DH 公司对 JL 公司成本分析的主要程序分析.....................................................40 3.4.2 DH 公司对 JL 公司成本分析方法的改进措施.....................................................42 3.5 本章小结........................................................................................................................44 第四章 案例启示.....................................................................................................................45 4.1 结合互联网企业特性识别关注重点是财务尽