Video在线视频

大家好，我是文豪
Hello everyone, I am Hao Wen

今天我们一起来探讨互联网企业估值的原理
Today we will discuss the principles of valuation of Internet companies

我们将分四个部分来进行探讨
We will discuss it in four parts

第一就是互联网企业的本质特征
The first is the essential characteristics of Internet companies

然后我们再来讨论 互联网企业的估值原理
then we will discuss the valuation principles of Internet companies

第三我们要讨论互联网企业的生命周期
the third is to discuss the life cycle of Internet companies

最后是互联网企业的价值源泉
finally the value source of Internet companies

首先我们来看一下互联网企业的本质特征
First, let's look at the essential characteristics of Internet companies

在讨论互联网企业的本质特征前
Before discussing the essential characteristics of Internet companies

我们需要先了解一下什么是企业？
we need to first understand what is a business?

可能我们大家对企业都很熟悉
Maybe we are all familiar with the company

我们每天生活当中都会接触企业
we will be in contact with the company every day

但是从经济学的角度，到底什么是企业呢？
But from the perspective of economics, what exactly is a business?

实际上是很多理论研究的热点
In fact, it is a hot topic in many theoretical studies

因为我们看到不同的企业
Because we see different companies

它呈现出很大的不同，企业的盈利能力有很大的差别
it shows a big difference, and the profitability of the company is very different

早期关于企业的理论
The early theory of business

是从盈利的角度，把企业当做一个以盈利为目的的
was to treat the enterprise as a profit-oriented economic organization

利用各种生产要素来提供产品和服务的经济组织
that uses various production factors to provide products and services

企业能够自主经营，自负盈亏，而且独立核算
Enterprises can operate on their own, they are responsible for their own profits and losses

我们把它叫做盈利组织论
We call it profit organization theory

盈利组织论基本上
The profit organization theory basically

描述了一些企业的基本特点
describes the basic characteristics of some enterprises

但是为什么企业的盈利会有很大差别呢？
but why is the profit of the company different?

经济学的进一步研究发现
Further research in economics found that

企业是各种生产要素所有者之间
companies are a collection of agreements

以及他们和顾客、供应商之间等等
signed between various production factor owners and between them

签署的一系列的协议的集合
and customers, suppliers, and so on

这些协议无论是有形的协议还是无形的（协议）
Whether these agreements are tangible agreements or intangible (agreements)

他们会影响到企业的盈利能力
they affect the profitability of the company

现实当中我们通常会看到在同样一个行业
In reality, we usually see that in the same industry

这些企业可能有类似的生产要素、人员规模、生产厂房、生产设备
these companies may have similar production factors, personal scale, production plants, production equipment

但是这些企业的盈利能力存在很大差别
but the profitability of these enterprises is very different

他们的员工在这些企业表现出不同的积极性
Their employees show different enthusiasm in these companies

企业与供应商或者与其他利益相关者之间的关系可能不同
The relationship between the company and the supplier or other stakeholders may be different

这些都会影响到企业的盈利能力
which will affect the profitability of the company

这背后就是因为企业构建的一系列的契约的差异
Behind this is the difference

这种契约的激励和约束机制的差异
between the incentives and constraints of such a contract

我们把它称之为企业的契约组织论
We call it the contractual organization of the enterprise

第三个理论称之为无形资产论
The third theory is called intangible assets theory

早期的企业
In the early days of the enterprise

我们看到的资产是以土地、设备、房屋等有形资产为主
the assets we saw were mainly tangible assets such as land, equipment, and houses

今天的企业我们看到它有大量的无形资产
Today's enterprise we see that it has a large number of intangible assets

这种无形资产表现在
This intangible asset shows a huge difference between

企业的市场价值与企业的有形资产价值之间存在一个巨大的差额
the market value of the enterprise and the value of the tangible assets of the enterprise

为什么产生这样的差额？
Why is there such a difference?

它背后是这些企业的无形资产的差异
Behind it is the difference in intangible assets of these companies

所以无形资产论强调企业是消耗有形资产
intangible assets theory emphasizes that an enterprise consumes tangible assets

形成和累积无形资产
forms and accumulates intangible assets

从而持续创造价值的经济组织
thus continues to create value

因为形成和累积的无形资产的差异
Because of the differences in the formation and accumulation of intangible assets

使得企业持续创造价值的能力产生差异
the ability of companies to continuously create value is different

从而带来价值不同
resulting in different values

第四类，我们把它叫做生态系统论
In the fourth category, we call it the ecosystem theory

特别是互联网出现以后
Especially after the emergence of the Internet

我们发现很多企业依托互联网
e found that many companies rely on the Internet

形成了一个产业生态，或者企业生态
form an industrial ecology or corporate ecology

企业就像生物一样
An enterprise, like a creature

不再是一个独立的市场主体
is no longer an independent market entity

而是直接或间接地依赖市场当中别的企业或者组织而存在
but exists directly or indirectly depending on other organizations in the market

这种相互依赖形成了一种有规律的组合，形成了一种生态系统
This interdependence forms a regular combination that forms an ecosystem

企业依赖于这种生态系统，向市场提供产品和服务
Enterprises rely on this ecosystem to provide products and services to the market

这种生态系统的运作使得企业
The operation of this ecosystem

具有了与他独立存在所不同的经营效果和价值
have different business effects and values from its independent existence

所以我们把它称之为企业生态系统论
So we call it the enterprise ecosystem theory

上述四种理论
The above four theories

也是人们关于企业认识的不断演进
are also the continuous evolution of people's understanding of enterprises

是从不同的角度，对企业的本质
they are an explanation of the nature of enterprises or the differences of enterprises from different angles

或企业差异的一种解释
or the differences of enterprises from different angles

那么互联网企业是什么呢？
So what is an Internet company?

首先它是企业
First of all, it is a business

它也具有我们上述这四种理论所描述的特征
it also has the characteristics described by our four theories above

互联网企业
as internet companies

它一定又是与传统的企业具有某种不同的特征
it must have different characteristics from traditional enterprises

首先我们来看一看
First, let's take a look at

国家的官方机构对互联网企业的定义
the definition of Internet companies by the official institutions of the state

中国互联网协会和工信部
China Internet Society and the Ministry of Industry and Information Technology

每年会发布中国互联网企业的统计报告
will publish annually statistical reports on Chinese Internet companies

在这个报告中
In this report

纳入统计的互联网企业有一个明确的界定
Internet companies that incorporate statistics have a clear definition

就是这些企业是持有工业和信息化部颁发的
these enterprises are hold the value-added telecommunications business license

增值电信业务经营许可证的企业
issued by the Ministry of Industry and Information Technology

它通常经营以下业务
It usually operates the following services

第一是互联网信息服务业务
the first is the Internet information service business

第二是互联网接入服务业务
the second is the Internet access service business

第三是互联网数据中心业务
the third is the Internet data center business

第四是在线数据处理和交易处理业务
the fourth is the online data processing and transaction processing business

一个互联网企业往往经营上述某一种或者多种业务
An Internet company often operates one or more of the above-mentioned businesses

并且他们的营业收入主要是通过互联网来实现的
and their operating income is mainly realized through the Internet

这是中国互联网协会和工业信息化部
This definition made by the Internet Society of China and the Ministry of Industry and Information Technology

在统计互联网企业的时候做出的界定
in the statistics of Internet companies

互联网企业是指互联网和相关服务企业
Internet companies refer to the Internet and related service companies

从报告的统计数据当中
From the statistics of the report

我们也可以发现，互联网企业的业务收入中
we can also find that the income of information services accounts

信息服务的收入规模占到超过90%的比重
for more than 90% of the business income of Internet companies

同时还有网络接入服务，也占了2%的比重
At the same time, there are network access services, which also account for 2%

那么在这里面，从这个数据里面我们可以看出
In this case, we can see from this data that

在工信部和中国互联网企业协会关于互联网企业的定义里面
in the definition of Internet companies which mentioned above

主要是指提供信息服务的这种互联网企业
it mainly refers to such Internet companies that provide information services

这是官方的一个界定
This is an official definition

但现实当中互联网企业的范围可能要远远的超出这样的界定
But in reality, the scope of Internet companies may be far beyond this definition

那到底什么样的企业是互联网企业，直到今天
In the end, what kind of enterprise is an Internet company, still today

这没有一个大家公认的，或是统一的定义
there is no one that is universally recognized or unified

但是从我们观察到的互联网企业
But from the Internet companies we observe

它往往反映出一些共同的特征
it often reflects some common characteristics

我们需要去抓住它的本质特征是什么？
What do we need to grasp the essential characteristics of it?

我们认为，互联网企业应当是指利用互联网提供产品和服务
We believe that Internet companies should use the Internet to provide products and services

并且把产品和服务的核心流程放到互联网上
put the core processes of products and services on the Internet

这样的企业称之为互联网企业
Such enterprises are called Internet companies

它的本质是利用互联网的网络特性
Its essence is to use the network characteristics of the Internet

构建平台或者生态来开展业务
build a platform or ecology to conduct business

主要业务收入是通过互联网实现的
and the main business income is realized through the Internet

如果离开了互联网，企业仍然可以获得主要收入
If you leave the Internet, you can still get the main income

那这样的企业只能称之为与互联网关联的企业
Such a company can only be called a company connected to the Internet

或者是利用了互联网的企业，它不能称之为互联网企业
or a company that uses the Internet. It cannot be called an Internet company

因为离开互联网它仍然存在，仍然可以获得主要的收入
Because it leaves the Internet, it still exists and still earns major income

而互联网企业是利用互联网构建了协同网络
Internet companies use the Internet to build a collaborative network

并且利用网络的方式来完成业务的协同分工和合作
and use the network to complete the division of labor

从而创造收入
and cooperation of the business to generate revenue

这样的企业才能称之为互联网企业
Such enterprises can be called Internet companies

这是我们讲到的互联网企业的本质特征
This is the essential feature of the Internet companies we talked about

互联网企业，它的商业模式也是依赖于互联网的特性的
Internet companies' business model is dependent on the characteristics of the Internet

关于互联网的特性
Regarding the characteristics of the Internet

阿里巴巴的曾鸣曾经解释，说互联网就是有三大特性
Zeng Ming of Alibaba once explained that the Internet has three characteristics

连接、互动和网络
connection, interaction and network

互联网企业的商业模式，往往也是依赖这三个特性
The business model of Internet companies often relies on these three characteristics

第一它有连接效应
First, it has a connection effect

互联网企业的商业模式
The business model of an Internet enterprise

它能够实现企业与用户、用户与用户
which enables enterprises and users, users and users

甚至企业与供应商、用户与供应商之间，通过网络进行连接
even enterprises and suppliers, users and suppliers to connect through the network

第二就是互动效应
The second is the interactive effect

企业与用户、用户与用户之间不仅仅通过网络连接
Enterprises and users, users and users are not only connected through the network

而且要形成互动
but also form an interaction

信息的流动和沟通不是单向的，而是双向的
The flow and communication of information are not one-way, but two-way

甚至网状的，这是互动效应
even mesh, which is an interactive effect

利用这种互动效应，设计了新的商业模式
Using this interactive effect, a new business model was designed

比如传统的企业
For example, in a traditional enterprise

可能用户只是产品和服务的接受方
the user may simply be the recipient of the product and service

在互联网企业中，用户和企业是一种高频的互动
In Internet companies, users and businesses are high-frequency interactions

甚至是实时的这种互动。它会带来新的商业模式创新
even real-time interactions. It will bring new business model innovations

第三个就是网络效应
The third is the network effect

就是互联网企业，它的商业模式具有非常显着的网络效应
It is an Internet company whose business model has a significant network effect

一个用户获取的价值，取决于其他用户的规模
The value a user gets depends on the size of other users

这是互联网企业商业模式当中一个典型的特征
This is a typical feature of the Internet business model

在现实当中，我们可以看到
In reality, we can see that

比方说新浪、网易、搜狐，这样的传统的互联网企业
for example, traditional Internet companies such as Sina, NetEase, and Sohu

通过网络连接与用户形成了社交生态
have formed a social ecology with users through network connections

我们讲到BAT企业，阿里、腾讯、百度
We talked about BAT companies, Alibaba, Tencent, Baidu

还有一些我们近期的互联网新贵，比方说美团、滴滴等等
and some of our recent Internet upstarts, such as the US group, Didi and so on

我们去观察这样一类企业
When we look at such a type of enterprise

它与传统的企业有非常明显的差异
They have a very obvious difference from traditional enterprises

就是他们是依赖于互联网来构建了平台和生态来开展这种经营
they rely on the Internet to build a platform and ecology to carry out such operations

好，这是关于什么是互联网企业?它的本质特征是什么？
Ok, this is about what is an internet business? What is its essential feature?

我们今天就讨论到这里
That's all for today's class.