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接下来我们重点看一下市场法
Next we will focus on the market law

市场法的基本原理是
The basic principle of market law is to

利用市场上同样或者类似资产的近期交易价格
use the direct or comparative analysis of the recent transaction prices

经过直接比较或者差异分析来估测资产价值的
of the same or similar assets on the market to

各种评估技术方法的总称
estimate the value of assets

俗话说货比三家
As the saying goes, shop around

我们在购物的时候
When we are shopping,

我们总是会找到几家不同的商家
we will always find several different businesses,

看他们的这个产品的价格、产品的质量
seeing the difference in their product price,

性能上面有什么差异
product quality and performance,

最后再来决定购买哪一款产品
and finally decide which product to buy

这个其实就很好的反映了市场法的基本的原理
This actually reflects the basic principles of market law

市场法的这个理论依据
The theoretical basis of market law

是经济学中的替代原理
is the alternative principle in economics

所谓的替代原理就是任何的经济主体
The so-called alternative principle is that any economic entity

都是谋求以最小的代价取得最大的利润
seeks to achieve maximum profit at the least cost

这也会导致在市场上面功能、效用均等的这些物品
This will also lead to the same price and functionality of

或者服务他们的价格也应该要保持一致
these items or services in the market

任何一种方法它的应用都是有前提条件的
The application of any method is precondition

市场法主要有两大应用前提
Market law mainly has two major application prerequisites

第一个前提是要有一个活跃公平的市场
The first premise is to have an active and fair market

大家注意一下这句话有两个关键词
Everyone notices that there are two keywords in this sentence

第一要有一个活跃的市场
First, there must be an active market

那么它的交易不能说只是少量的交易
Then its trade can't be said to be just a small amount of trades

交易应当是很频繁的
Trading should be very frequent

对于企业价值的评估
For evaluation of corporate value,

随着我们国家市场经济活动越来越多
with the increasing market economic activities in our country,

包括企业上市、企业改制
some activities such as corporate listing, corporate restructuring,

并购重组这样的一些活动
mergers and acquisitions

我们的这个市场是非常活跃的
Our market is very active

第二个条件是所谓的这个公平
The second condition is the so-called fairness

怎么理解公平？
How to understand fairness?

公平主要是指这个市场的价格是公平的
Fairness mainly means that the price of this market is fair

我们也必须要注意这么几点
We must also pay attention to these points

第一所谓的公平它是指这个买卖双方
The first so-called fairness means that both buyers and sellers

他们都是理性的 都是明白人
are rational and understand people

所谓的理性对买方来说
The so-called rationality, for the buyer,

我们肯定都是希望买到物美价廉的商品 对吧？
We definitely want to buy good quality and cheap goods, right?

那么对于卖方来说
So for the seller,

肯定希望以一个相对合理的一个价格
they definitely want to sell its products at

把它的产品能够把它卖出去
a relatively reasonable price

第二点就是买卖双方
The second point is that buyers and sellers

他们要有充分的时间来讨价还价
must have sufficient time to bargain

对买方来说
For the buyer,

它要有足够的时间去进行一个比较，去询价
there must be enough time for them to compare and ask for an inquiry

那么对于卖方来说
For the seller,

它能够进行适当的宣传
they can carry out proper publicity

采取一些合适的一些营销手段
and adopt some suitable marketing methods

第三方面
In the third aspect,

他们的交易必须是自愿的
their transactions must be voluntary,

没有任何强迫和欺诈的一些因素
without any factors of coercion and fraud

不是一种强买强卖的一种行为
not a strong buy and sell behavior

最后一点就是市场法
The last point is the market law

所谓的这个公平市场价
The so-called fair market price

它要有一个比较完善成熟的交易市场
must have a relatively mature trading market

要有足够多的买主和卖主
there must be enough buyers and sellers,

你不能只是少量的买主和卖出
not just a small number of buyers and sellers

少量的买主和卖主的话
With a small number of buyers and sellers

他们的交易难免会带有这种偶然性
their transactions will inevitably be accidental

市场法的第二个前提
The second premise of market law

主要是关于参照物的选取
is mainly about the selection of reference objects

我们要去进行比较
We are going to compare them

那要选择参照物
Then when chooaing the reference object,

对参照物有相应的要求
there are corresponding requirement for the reference object

那么对参照物有数量上的要求
Quantitative requirements

通常来讲
Generally speaking,

我们要选择三个或者三个以上的参照物
we have to choose three or more reference objects

因为你只选择一个参照物的话
Because if only one reference is selected

它的价格如果不合理
and if the price is unreasonable,

会影响最终的评估结果
it will affect the final evaluation result

时间上的要求是说参照物的交易时间
The time requirement is that the trading time of the reference object

最好在半年内成交
must be sold within half a year

这个就涉及到资产评估的时效性
This involves the timeliness of asset valuation

如果说参照物成交的这个时间
If the time of the reference transaction

和评估时点隔得太远的话
is too far apart from the evaluation time,

那你的评估报告可能就是无效的
then your assessment report may be invalid

最后一方面这也是很难的一方面
The last aspect is also difficult

就是说参照物和被评估的企业
References and companies being evaluated

一定要具有可比性
must be comparable

对于一个企业来说
For a company

可比性主要是体现在
the comparability is mainly reflected in the fact that

他们所处的行业必须是相同的
the industry in which they are located must be the same

这个行业有可能分类太大
This industry may have too much classification

我们有时候尽可能地选择细分的行业
It should choose the industry to be subdivided as much as possible

还要考虑这个参照企业与被评估企业
and also consider the status of the referenced enterprise and

他们的地位，他们的经营管理的模式
the evaluated enterprise, the mode of business management

他们的财务的状况
and the state of finance

也应该是不相上下的
should also be comparable

这样，评估出来结果才是比较合理的
In this way, the result of the evaluation is reasonable

对于企业来说寻找具有可比性的参照物
For companies, finding a comparable

是我们碰到的这个很大的一个难题
reference is a big problem

第一我们国家目前没有一个共享的数据库
First, our country does not currently have a shared database

另外一方面
On the other hand, the difference between

企业与企业之间差异确实太大
enterprises and enterprises is indeed too great

但是我们一定要注意
But we must pay attention to this premise

这个前提条件必须要充分的考虑
must be fully considered

那么我们了解了市场法的基本的原理
After understanding the basic principles of market law

应用的前提条件以后
and the preconditions for application

我们再来看市场法用于
It is easier to look at the basic formula of market law

企业价值评估的基本的公式就比较容易了
for enterprise value assessment

那我们看这个公式，左边的这个公式
Look at this formula on the left,

被评估企业的价值
the value of the evaluated enterprise is equal to

比上参照企业的价值
the value of the referenced enterprise

等于被评估企业的可比指标
which is equal to the comparable index of the evaluated enterprise

比上参照企业的可比指标
compared with the comparable indicator of the referenced enterprise

大家一定要注意
It is important to note that

这个分子都是关于被评估企业
this molecule is about the company being evaluated

这也就意味着被评估企业价值
This means that the ratio of the value of the evaluated company

与参照企业的价值的比值
to the value of the reference company is consistent with

和他们的可比指标的比值是保持一致的
the ratio of their comparable indicators

我们在选择可比指标的时候
When choosing comparable indicators

一定要选择那些对企业价值
we must choose comparable indicators that

有重要影响的可比指标
have a significant impact on the value of the company

右边这个公式也可以帮我们
The formula on the right can help us understand

去理解这个市场法的基本的原理
the basic principles of market law

我们看到这个V1等于V2乘以这个X1比上X2
We see that V1 is equal to V2 multiplied by X1 divided by X2

那么这个X1比上X2
X1 divided by X2 is the comparable indicator

它是被评估企业的可比指标
of the evaluated company divided by the comparable

比上参照企业的可比指标
indicator of the reference company

那我们可以把这一部分理解成修正系数
We can understand this part as a correction factor

也就是说被评估企业的价值是在
That is to say, the value of the evaluated company

参照企业价值的基础上面进行修正进行调整得到的
is corrected and adjusted based on the value of the enterprise

这个公式我们还可以写成
This formula can also be written as

最右边的这一种表现形式
the rightmost form of this expression

V1等于X1乘以V2除以X2
V1 is equal to X1 multiplied by V2, divided by X2

那么V2除以X2
Then dividing V2 by X2 is actually

实际上是这个参照企业的价值
a comparable indicator of the value of this reference company

比上参照企业的可比指标
compared to the reference company

我们有大量的财务指标
We have a lot of financial indicators

其实就是以这种形式来呈现出来的
presented in this form

比如说我们的市盈率的指标
For example, price-earnings ratio indicators

市销率这样的一些指标
market-to-sales ratio indicators, etc

那么通过前面的公式我们就可以了解到
We can understand through the previous formula,

市场法用于企业价值评估
the key to market valuation for enterprise value

它的关键在于可比指标的选择
assessment is the choice of comparable indicators

可比指标的选择应该
The choice of comparable indicators

与企业的价值直接相关
should be directly related to the value of the company

我们既可以选择常见的财务指标
We can choose common financial indicators,

包括市盈率 市销率
including price-earnings ratio, market-to-sales ratio

市现率
and market rate

那么也可以采用一些非财务指标
Some non-financial indicators can also be used

因为
Because

尤其是对于互联网企业
especially for Internet companies

我们前面讲到过
As we said before

它的财务状况可能很糟糕
its financial situation may be bad

但是它的价值可能不菲
but its value may be high

所以我们这种情况下面
So in this case,

就必须要考虑一些非财务的指标
some non-financial indicators must be considered

比如说互联网企业它的客户规模
For example, the size of customers of Internet companies

比如说他的网站的流量
and the traffic of websites

这些都是非常重要的一些因素
These are some of the most important factors

但是我们也可以在这个证券市场上面
But we can also find some listed companies

去寻找与被评估企业具有可比性的
in the securities market that are comparable to

一些上市企业进行比较
the companies being evaluated

比如说我们直接采用这个市盈率
For example, we can directly use the price-earnings ratio

乘以这个企业它的利润
multiplied by the company's profits

那么也可以得到这个被评估企业的价值
and we can also get the value of this evaluated company

那我们这里有两个这个例题
Here are two examples

大家可以简单看一下
you can simply look at it

第一个题
The first question

某个被评估企业
the annual profit of an evaluated

那么它的年利润是900万元
company is 9 million yuan

评估的时候
At the time of evaluation,

这个市场上面同类的
the average price-earnings ratio of similar enterprises

企业平均市盈率是30倍
in this market is 30 times

那我们就可以很快地评估出
Then we can quickly assess the value of this enterprise

这个企业的价值为900万元乘以30
is 9 million yuan multiplied by 30

那不就等于2.7个亿
equal to 2.7 billion

我们也可以看第二个例题
We can also look at the second example

某个互联网企业他的年销售额是一个亿
The annual sales of an Internet company is 100 million

而同类企业它的市销率为1.5
And the market share of similar enterprises is 1.5

那么也就是说同类企业它的这个市场价格
That is to say, the ratio between market price

与它的这个销售额之间的比值为1.5
and sales of similar companies is 1.5

那么这样的话
Then we can quickly calculate the value

我们就可以快速的去计算出
of the evaluated company

被评估企业的价值为1.5个亿
which is 150 million

好，那我们这一部分内容就讲到这里
Ok, then this part of our content is here

谢谢大家
Thank you all