In the afternoon on Nov. 28^th, a session about M&A and Private Equity was held in 403, PHBS. Professor Seungjoon Oh hosted the session. Mr. Jae Hyuk Hwang from the Carlyle Group attended as an honored guest. During the 90 minutes session, two groups of students presented their work in M&A proposal and firm valuation. Mr. Jae Hyuk Hwang gave valuable advice on their work and shared his experience and understanding of M&A and Private Equity.

11月28日下午，一场关于并购 (M&A) 和私募股权融资 (Private Equity) 的讲座在汇丰商学院403举行。本次讲座由Seungjoon Oh教授主持，凯雷集团的Jae Hyuk Hwang先生作为嘉宾出席，Hwang先生分享了自己的工作经历和对于M&A、PE的理解，并对两组学生以并购提议和公司估值为主题的展示提出指导意见。

图1：Seungjoon Oh教授主持讲座

At the beginning of the session, Mr. Jae Hyuk Hwang shared his studying and working experience. Mr. Hwang graduated from the University of Pennsylvania with a Bachelor's degree in Economics. After his first job at Korea Asset Pricing & Korea Ratings Co., Mr. Hwang worked in M&A group in J.P. Morgan as a sector specialist in heavy industry. Then, he joined the Carlyle Group, one of the top three Private Equity firm in the world, and is now responsible for investing and acquiring assets in Korea.

讲座开始，Jae Hyuk Hwang先生分享了自己的学习和工作经历。Hwang先生毕业于宾夕法尼亚大学，取得经济学学士学位。现任凯雷投资集团亚洲增长基金的高级投资顾问，负责首尔地区的收购和战略投资。在加入凯雷之前，Hwang先生曾就职于韩国资产定价及评级公司；曾任摩根大通香港投资银行部的分析师，主持亚太地区的并购、股权和债权交易。

图2：Jae Hyuk Hwang先生分享自己的经历

Mr. Hwang mentioned that interpersonal relationship is the most critical element in M&A process. Good reputation and people’s perception is very important. Mr. Hwang also introduced Private Equity Investment by three processes— buying, running and selling. In order to acquire a company, one need to have business network and do complicated works such as negotiation, firm valuation and contracts. Selling is more complicated compared with buying, since it needs to deal with multiple parties. PE companies have to use right strategy to create competitive attractions. Finally, running is most difficult part. Since PE companies may not be experts in running a company in a specific industry; they might use different approaches to add value to operation.

Jae Hyuk Hwang先生提到，人际关系是并购过程中最重要的因素，在工作中建立良好的形象和声誉非常重要。Hwang先生还介绍了PE的投资、管理、退出的过程。收购公司需要商业人脉和完成协商、估值等复杂工作；退出阶段涉及与多方的协商接触，PE公司需要通过战略创造对潜在买家的竞争与吸引力。最后，管理运营是PE投资中最困难的部分，由于PE公司可能并不是某个特定行业的专家，常常会通过各种方式辅助提升投资公司的价值。

图3：Jae Hyuk Hwang先生分享对M&A、PE的理解

In the case presentation part, the first case study on GRUPPO CAMPARI is presented by students from Professor Oh’s M&A class. The presenter gives M&A proposals based on analysis of the industry, firm and potential targets, listed market and family reasons why the proposal is feasible. Mr. Hwang commented that LV& Hermes dispute and previous transactions may be a good reference when considering the M&A proposal. Further, students should also pay attention to how heavy is asset in the company and explaining their growth assumption with more detailed information. Mr. Hwang added that that for public listed company, confidentiality and legal problem is also important in real transactions.

之后进行的是两组学生的小组成果展示。第一组关于GRUPPO CAMPARI的展示由来自Seungjoon Oh教授M&A课程中的学生小组。他们基于对行业、公司和潜在收购对象的分析提出并购提案并给出可行性原因。Jae Hyuk Hwang 先生建议小组参考LV和Hermes的案例和公司的历史并购作出分析，同时还要关注公司的资产占比，用数据和信息支撑公司增长率的假设。Hwang先生还提到，在现实并购交易中，上市公司信息的保密性和法律问题也非常重要。

图4：第一组并购案例学生展示

图5：Hwang 先生点评

The second case study on NetEase, Inc. is presented by the wining team of PHBS in the CFA Institute Research Challenge. The team Walkers looked into the Internet industry and carefully analyzed the different segments of the company. Using DCF and multiple valuation methods, they valued the firm and gave their recommendations accordingly. Mr. Hwang commented that two keywords are missing: one is catalyst, which can give audience additional information to value the firm; the second is unstable cash flow, under which circumstance DCF is invalid. Instead, multiple valuation seems to be more reasonable. Meanwhile, the report should also take comparable companies like Tencent into consideration. 

接下来的网易公司估值分析案例由CFA Institute Research Challenge 中在汇丰商学院拔得头筹的Walkers小组展示。小组成员通过行业概览，公司概览，公司业务分析等，运用折现现金流法 (DCF) 以及比率估值法 (Multiple Valuation) 进行了公司估值，并对公司进行了敏感性分析和财务比率分析。Jae Hyuk Hwang 先生对小组的报告提出了两个改进建议。一是在基于股价反应全部公开信息的情况下估值就应该多考虑“催化剂”的存在；二是网易公司的游戏等部门的现金流是不稳定的，假定永久的现金流增长率并不合理，因此DCF法估算出来的价值是偏离真实价值的。这种情况下应考虑比率估值法，同时与同类公司如腾讯等进行比较。

图6：第二组估值案例学生展示

图7：Hwang 先生点评

In the Q&A session, Mr. Hwang compared the difference working rationale to do M&A as a banker in the investment bank and as an investor in the private equity. As a sophisticated investor, he mentioned that due diligence is one of the most important efforts in finding the target firm.

在Q&A环节中，Hwang先生从自身经历出发回答了投行和私募工作的异同点。作为一位资深的投资人，他同时也强调“尽职调查”是PE投资者最重要的功课之一。

图8：Hwang先生与学生深入交流

Professor Seungjoon Oh wrapped up this event by sharing his feelings: as a 10-year-friend of Mr. Hwang, the virtue he learned from Hwang is that you should never be satisfied with what you’ve achieved, and you need to jump out of your comfort zone and then, you can embrace more possibilities.

Seungjoon Oh教授在活动最后分享了自己的感受：作为Hwang先生十几年的朋友，他从Hwang身上学到的最重要的一点就是永远不要满足于现状，勇于跳出自己的舒适区，拥抱更多的可能性。与诸君共勉。

图9：Jae Hyuk Hwang先生、Seungjoon Oh教授与CBA合影

（供稿：北京大学商业银行协会；编辑：金晓月）