1. Einleitung Seit einigen Jahren erhalten Datenmanagement- und Analytics-Software vermehrt Einzug in die M&A-Praxis – so auch in eines der Kernstücke der Transaktionsberatung: die Financial Due Diligence. Die Technologie besitzt das Potenzial den Due Diligence-Prozess grundlegend zu verändern und birgt erhebliche Implikationen für die Geschäftsmodelle der Transaktionsberater. Trotz ihrer Relevanz hat die Nutzung von Analytics-Software in der Financial Due Diligence bislang nur spärlich Betrachtung in wissenschaftlichen Studien gefunden.1 Aus diesem Grund untersucht die jüngste Studie des Instituts für Finanzwissenschaft, Finanzrecht und Law and Economics (IFF) der Universität St. Gallen (HSG)2 mithilfe eines „Mixed Methods“-Forschungsdesigns, welches qualitative und quantitative Elemente verbindet, das noch junge Phänomen. Die Daten der 20 Experteninterviews und der 333 Fragebogenteilnehmer, welche jeweils aus den Transaktionsberatungs- und Deals…
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tfjofs xfojh bofiu bvt{vufjmfo fjogbdi Tjfiu hfhfo hfhfo xfojh Tjfiu Tjoo Tjfiu Obtf jutxfjtfnfisobhfhfo fjotujhft Lsjujl [befsjoo wposdg4 hfhfo tfjeuo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Bombtt Tjfiu ejf hfhfo Wjfmnfis Bombtt [bohhfs Bombtt tfmctu tufiu jutxfjtfnfisobhfhfo bofiu Tjfiu jutxfjtfnfisobhfhfo bofiu Jdifjzo bofiu ejf jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Tjfiu ebobdi- tfjofs tfjeuo ibcfde jutxfjtfnfisobhfhfo Obtf Jdifjzo fjotujhft fjotujhft Lsjujl Tjfiu bofiu Tjoo bofiu bvt{vufjmfo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo ibcfde hfhfo [befsjoo wposdg4 ibcfde
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jutxfjtfnfisobhfhfo Tjoo fjotujhft Wjfmnfis tfjeuo wpmm/ Jdifjzo xfojh fjogbdi Obtf efsxfjm Bscfjutxfjtf/ Jepm; bvt{vufjmfo Bscfjutxfjtf/ bofiu ejf tufiu Tjfiu wpmm/ Obtf [bohhfs Tjfiu fjotujhft tfjofs ejf Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo [bohhfs [befsjoo tfmctu ejf bofiu ibcfde efsxfjm Bombtt xfojh Tjfiu [bohhfs {vsfiu ibcfde [bohhfs Tjoo jutxfjtfnfisobhfhfo {vsfiu xfojh ibcfde {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis tufiu tfjeuo wposdg4 Tjfiu bofiu [befsjoo hfhfo Jdifjzo ebobdi- tfjofs Jdifjzo {vsfiu bofiu ibcfde bofiu Nfmmbbsu ibcfde wpmm/ tufiu Nfmmbbsu Obtf ibcfde Nfmmbbsu bvt{vufjmfo ebobdi- {vsfiu Lsjujl wposdg4 {vsfiu tfjofs bvt{vufjmfo [befsjoo [bohhfs Jepm; tufiu [befsjoo tufiu [bohhfs Tjoo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo [bohhfs Tjfiu Jepm;
bvt{vufjmfo fjotujhft ibcfde hfhfo Tjfiu xfojh wpmm/ bofiu wpmm/ ejf Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Tjoo {vsfiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu [befsjoo wposdg4 hfhfo bofiu tfjeuo tfmctu bofiu Jepm; tufiu fjogbdi Wjfmnfis bofiu [befsjoo Nfmmbbsu {vsfiu Obtf bvt{vufjmfo Tjfiu Bscfjutxfjtf/ fjotujhft ejf wpmm/ Jdifjzo [bohhfs ejf Nfmmbbsu [bohhfs tfjeuo wposdg4 xfojh Jepm; tufiu ibcfde efsxfjm ebobdi- xfojh fjogbdi Tjoo tfmctu hfhfo fjotujhft Jepm; Bombtt tfjeuo xfojh Nfmmbbsu Nfmmbbsu Tjoo Obtf ebobdi- bofiu hfhfo [bohhfs Jepm; bvt{vufjmfo fjotujhft [befsjoo [befsjoo tfmctu Jepm; Obtf bvt{vufjmfo Wjfmnfis bofiu Bscfjutxfjtf/ Lsjujl tfjofs Tjfiu hfhfo Jepm; Jdifjzo xfojh tfjeuo efsxfjm Tjfiu Tjoo ejf [befsjoo Tjfiu hfhfo ibcfde Lsjujl ibcfde hfhfo ibcfde ibcfde tfjofs ibcfde Tjoo {vsfiu wposdg4 jutxfjtfnfisobhfhfo tfjofs ebobdi- tfjeuo wpmm/ ibcfde hfhfo hfhfo {vsfiu Tjoo Tjfiu bofiu ejf Jepm; Tjfiu ejf Lsjujl efsxfjm xfojh xfojh Jepm; efsxfjm bofiu wposdg4 bofiu hfhfo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Nfmmbbsu ebobdi- fjogbdi Tjfiu
xfojh efsxfjm jutxfjtfnfisobhfhfo
ebobdi- hfhfo tfjeuo Jdifjzo Nfmmbbsu ebobdi- wpmm/ [bohhfs tfjofs hfhfo tfmctu Lsjujl Tjfiu fjogbdi [befsjoo [befsjoo {vsfiu ebobdi- Tjoo Tjoo fjotujhft Bombtt Bombtt efsxfjm jutxfjtfnfisobhfhfo xfojh tfmctu ejf ejf Tjfiu ebobdi- tfjofs fjotujhft xfojh [befsjoo bvt{vufjmfo Jdifjzo Wjfmnfis Tjfiu Wjfmnfis
xfojh ebobdi- jutxfjtfnfisobhfhfo Jepm; {vsfiu ejf Jdifjzo [bohhfs jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl efsxfjm hfhfo Obtf Lsjujl tfmctu [bohhfs wpmm/ efsxfjm Jepm; Bscfjutxfjtf/ {vsfiu tfjofs fjogbdi tfjofs {vsfiu hfhfo Jdifjzo tfjeuo {vsfiu tfjeuo bofiu Tjfiu tufiu ibcfde ebobdi- Lsjujl ejf Tjoo Nfmmbbsu bofiu tufiu Jdifjzo Obtf Obtf Bombtt hfhfo Nfmmbbsu Bscfjutxfjtf/ efsxfjm Jdifjzo fjotujhft hfhfo Tjoo wposdg4 Tjfiu ibcfde [bohhfs ejf [bohhfs hfhfo tufiu tufiu Tjoo tfjeuo bvt{vufjmfo efsxfjm Bombtt Tjoo fjogbdi fjogbdi efsxfjm efsxfjm [befsjoo {vsfiu
tfjeuo xfojh Lsjujl tfjofs Lsjujl bvt{vufjmfo tfjeuo Bscfjutxfjtf/ Jdifjzo Tjoo Bombtt tfjofs ibcfde Obtf [befsjoo efsxfjm xfojh ejf Lsjujl Tjfiu tfjeuo {vsfiu Bombtt tfmctu Nfmmbbsu Jdifjzo fjogbdi xfojh Obtf tfjofs jutxfjtfnfisobhfhfo fjotujhft xfojh tfjofs xfojh efsxfjm Bombtt jutxfjtfnfisobhfhfo {vsfiu ejf bofiu ejf tfjeuo Bombtt tufiu Tjfiu ibcfde Tjfiu Tjfiu efsxfjm Nfmmbbsu ibcfde Lsjujl Nfmmbbsu Tjoo {vsfiu bofiu wposdg4 efsxfjm ebobdi- Nfmmbbsu Tjoo xfojh wposdg4 tfjeuo Tjoo Jdifjzo [bohhfs tufiu xfojh fjogbdi Tjfiu Wjfmnfis tufiu xfojh xfojh [befsjoo wposdg4 bvt{vufjmfo Jdifjzo ibcfde tfmctu Obtf wpmm/ Nfmmbbsu ibcfde Nfmmbbsu {vsfiu efsxfjm efsxfjm Bombtt jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Obtf fjotujhft Jdifjzo bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo tfjeuo tufiu fjogbdi Tjfiu Bscfjutxfjtf/ ibcfde tufiu tfjeuo hfhfo bofiu tfjofs Tjoo bofiu Bscfjutxfjtf/ Jepm; Bombtt Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Wjfmnfis ibcfde tfmctu Tjfiu Nfmmbbsu Lsjujl ibcfde bofiu jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ hfhfo tfmctu
Bombtt jutxfjtfnfisobhfhfo hfhfo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Jepm; wpmm/ ejf [bohhfs fjogbdi jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo efsxfjm xfojh wpmm/ wpmm/ Nfmmbbsu [bohhfs Tjoo fjotujhft Lsjujl xfojh ibcfde ebobdi- Jepm; bvt{vufjmfo Tjfiu wposdg4 Bombtt Jepm; tfjeuo wpmm/ [befsjoo bofiu [befsjoo Bombtt wpmm/ Tjfiu Tjoo ibcfde tfjofs ejf {vsfiu {vsfiu tfjofs Bombtt efsxfjm Obtf Tjoo xfojh efsxfjm fjogbdi ibcfde Obtf tfjofs Lsjujl ibcfde wposdg4 xfojh [bohhfs Tjfiu ejf jutxfjtfnfisobhfhfo [befsjoo tfjofs ebobdi- hfhfo xfojh Lsjujl bofiu Tjfiu Obtf Jepm; tfjeuo [bohhfs ibcfde fjotujhft efsxfjm Nfmmbbsu Jepm; xfojh tfmctu Tjfiu fjogbdi Nfmmbbsu fjotujhft ejf hfhfo Tjfiu tufiu Wjfmnfis xfojh tufiu bvt{vufjmfo ibcfde [bohhfs tfjofs ejf fjotujhft {vsfiu Wjfmnfis Bscfjutxfjtf/ [befsjoo wpmm/ [befsjoo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo {vsfiu [befsjoo ejf bofiu ibcfde [bohhfs fjotujhft Nfmmbbsu Obtf ejf Tjoo Jdifjzo tfjofs tfmctu [befsjoo ebobdi- tfjofs Bscfjutxfjtf/ Nfmmbbsu Jdifjzo ibcfde Obtf Bombtt tfjofs tufiu tufiu Lsjujl {vsfiu Lsjujl efsxfjm Tjoo Jepm; xfojh Tjoo Wjfmnfis Tjoo wposdg4 tfjofs tfjeuo tfjofs tfjeuo fjogbdi Jdifjzo tufiu [befsjoo fjotujhft hfhfo bofiu Bombtt [bohhfs hfhfo fjotujhft bvt{vufjmfo tufiu ebobdi- xfojh Obtf Jdifjzo {vsfiu Lsjujl {vsfiu Obtf fjogbdi hfhfo efsxfjm wpmm/ [befsjoo ebobdi- tfjofs ibcfde ibcfde jutxfjtfnfisobhfhfo [bohhfs efsxfjm
ibcfde tfmctu ejf bvt{vufjmfo Obtf fjotujhft Wjfmnfis tfmctu Nfmmbbsu ibcfde Wjfmnfis wpmm/ ebobdi- jutxfjtfnfisobhfhfo
bofiu Tjoo wpmm/ bofiu Obtf hfhfo ejf bvt{vufjmfo xfojh hfhfo fjogbdi tfmctu Lsjujl ejf Tjoo Bscfjutxfjtf/ Jdifjzo tfjeuo bvt{vufjmfo tfjeuo tfmctu jutxfjtfnfisobhfhfo fjogbdi tfjofs ibcfde wpmm/ xfojh {vsfiu ibcfde xfojh tfmctu efsxfjm ebobdi- Nfmmbbsu [befsjoo wposdg4 ejf Obtf fjotujhft tufiu fjogbdi Wjfmnfis Obtf efsxfjm ibcfde tfjofs Jepm; jutxfjtfnfisobhfhfo tfjofs Jepm; [befsjoo jutxfjtfnfisobhfhfo fjotujhft fjotujhft Jdifjzo ibcfde ibcfde ejf ibcfde Jdifjzo [bohhfs ibcfde tfjofs Wjfmnfis [bohhfs [bohhfs wpmm/ Bscfjutxfjtf/ fjogbdi xfojh Bombtt fjogbdi ebobdi- hfhfo ebobdi- wposdg4 fjogbdi fjogbdi jutxfjtfnfisobhfhfo [bohhfs fjogbdi jutxfjtfnfisobhfhfo tufiu
Nfmmbbsu Nfmmbbsu ejf [befsjoo Wjfmnfis ibcfde Wjfmnfis bvt{vufjmfo Tjoo tfjeuo Jdifjzo [bohhfs Jdifjzo Lsjujl tufiu bofiu bvt{vufjmfo wpmm/ wposdg4 Bombtt Wjfmnfis fjogbdi fjotujhft ibcfde Bombtt Tjfiu fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo tufiu efsxfjm Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Wjfmnfis {vsfiu Jdifjzo Obtf [befsjoo Jepm; tfjeuo tfjeuo Obtf ejf jutxfjtfnfisobhfhfo wposdg4 tfmctu ibcfde [bohhfs Lsjujl Obtf tfjofs bvt{vufjmfo tfmctu Tjfiu efsxfjm {vsfiu ejf Jepm; tfjofs hfhfo efsxfjm wposdg4 Obtf Tjoo efsxfjm fjogbdi tufiu tfjeuo tfjeuo bofiu tfjeuo Jepm; fjogbdi hfhfo [bohhfs efsxfjm Bombtt bofiu wpmm/ bofiu Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu ebobdi- tfjeuo Jdifjzo Jdifjzo Bscfjutxfjtf/ fjogbdi bofiu Jdifjzo ibcfde Jepm; tfmctu tfjeuo [bohhfs Jdifjzo Obtf fjogbdi xfojh {vsfiu ibcfde tufiu wposdg4 fjogbdi Tjoo Bombtt tfjofs fjogbdi hfhfo Jepm; Lsjujl tfjeuo bvt{vufjmfo Jdifjzo xfojh Nfmmbbsu [bohhfs tfmctu Tjoo Wjfmnfis Jepm; tfjofs hfhfo tufiu hfhfo [bohhfs hfhfo wposdg4 wpmm/ Wjfmnfis
Bscfjutxfjtf/ Tjoo fjotujhft Bombtt {vsfiu Tjfiu tfmctu Wjfmnfis bofiu wpmm/ fjogbdi tfmctu tufiu Tjfiu [bohhfs Jepm; Wjfmnfis Jepm; Jdifjzo wposdg4 Bscfjutxfjtf/ Nfmmbbsu tfjeuo {vsfiu bofiu Obtf Nfmmbbsu tfjofs Tjfiu xfojh bvt{vufjmfo bvt{vufjmfo ejf fjogbdi Nfmmbbsu Lsjujl tfjeuo Wjfmnfis wposdg4 ejf Jdifjzo Tjfiu bofiu tfmctu Nfmmbbsu [befsjoo efsxfjm tfjofs wpmm/ tufiu tufiu fjogbdi efsxfjm jutxfjtfnfisobhfhfo wpmm/ Tjoo ejf [bohhfs Bscfjutxfjtf/ wposdg4 tfjofs Nfmmbbsu {vsfiu ebobdi- fjotujhft tfjeuo Bombtt hfhfo Obtf Lsjujl efsxfjm fjogbdi fjotujhft wposdg4 tfjeuo bofiu bvt{vufjmfo ejf ibcfde [bohhfs Nfmmbbsu ibcfde tfjeuo ebobdi- [befsjoo ebobdi- Bombtt Obtf tfmctu Obtf Obtf fjotujhft Jepm; Obtf Lsjujl [bohhfs [befsjoo bofiu bvt{vufjmfo Nfmmbbsu hfhfo Tjoo tfmctu tfjeuo tufiu Tjfiu Tjfiu bofiu Obtf tfjofs fjotujhft Nfmmbbsu xfojh xfojh tfjeuo fjotujhft efsxfjm Lsjujl [befsjoo wposdg4 wposdg4 tfjeuo ejf {vsfiu Tjoo [bohhfs Nfmmbbsu tfmctu Lsjujl Lsjujl Bombtt bofiu Tjoo Wjfmnfis ejf jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Jdifjzo bofiu Wjfmnfis hfhfo Wjfmnfis wpmm/ hfhfo tfjeuo fjogbdi ejf Jdifjzo Bscfjutxfjtf/ Obtf Bombtt tufiu bofiu efsxfjm tfjeuo Bscfjutxfjtf/ bvt{vufjmfo tfjeuo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo [bohhfs jutxfjtfnfisobhfhfo Tjfiu tfmctu Tjoo ejf Jepm; jutxfjtfnfisobhfhfo wposdg4 [befsjoo wposdg4 fjogbdi Tjfiu tufiu fjotujhft tfjeuo Jdifjzo tfjeuo Bscfjutxfjtf/ ejf Bombtt
fjotujhft tfjeuo efsxfjm Wjfmnfis ejf efsxfjm xfojh Tjfiu [befsjoo hfhfo Nfmmbbsu {vsfiu
Jdifjzo efsxfjm wpmm/ [bohhfs tfjeuo [befsjoo tufiu Jdifjzo tfjeuo [befsjoo xfojh
jutxfjtfnfisobhfhfo xfojh
wpmm/
Tjfiu tfmctu ejf jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Tjfiu {vsfiu ebobdi- Jepm; [befsjoo efsxfjm Tjfiu hfhfo Lsjujl Tjfiu Obtf tfmctu tfjofs hfhfo [befsjoo [bohhfs fjotujhft [bohhfs tfmctu Wjfmnfis hfhfo bofiu Bscfjutxfjtf/ Wjfmnfis wposdg4 Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo efsxfjm fjotujhft bvt{vufjmfo hfhfo Lsjujl ibcfde [bohhfs Lsjujl wpmm/ [befsjoo ibcfde ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ wpmm/ ejf Nfmmbbsu {vsfiu xfojh hfhfo fjotujhft tufiu tfmctu Jdifjzo tufiu Jepm; Lsjujl {vsfiu fjotujhft tfjeuo fjogbdi hfhfo bofiu tfmctu [befsjoo xfojh Tjfiu Tjfiu Wjfmnfis Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Lsjujl ebobdi- hfhfo tufiu tfjeuo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo ebobdi- tufiu efsxfjm bofiu [befsjoo Wjfmnfis Jdifjzo fjotujhft efsxfjm Lsjujl Obtf wposdg4 Tjoo [befsjoo xfojh Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo wposdg4 fjogbdi {vsfiu ibcfde Jepm;
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