Video在线视频

同学们好
Hello Everyone

今天我们探讨一个问题
Today we are discussing a question

这个问题是跟互联网企业股东价值的评价
This question is an evaluation of the value of shareholders of Internet companies

内在价值的评价
Evaluation of intrinsic value

以及中国创业板的演进规律高度相关
And the evolution of the China Growth Enterprise Market is highly correlated

课程大概涉及到四个方面的内容
The course probably covers four aspects

第一个方面就跟创业股东的价值变化规律有关
The first aspect is related to the changing law of the value of the entrepreneurial shareholders

第二个方面就跟企业它在演化过程当中
The second aspect is related to the enterprise, which is in the process of evolution

内在价值的分析和评估有关
Analysis of intrinsic value and assessment

第三个就是对创业板无形资产的评价发现和价值指数的构建有关
The third is the evaluation of the GEM intangible assets and the construction of the value index

第四个就是我们想把创业板当中的一个非常细分的领域
The fourth is that we want to focus on a very subdivided field in the GEM

就互联网板块做一个简析
A brief analysis to the Internet sector

下面我们讲第一部分
Below we talk about the first part

就是关于创业股东的价值变化及其评估
It is about the change of value of entrepreneurial shareholders and its evaluation

大家都知道
everybody knows

目前中美贸易战对中国企业的创新有不同的认知
At present, the Sino-US trade war has different perceptions of Chinese enterprises' innovation

有的人认为在过去几十年当中
Some people think that in the past few decades

中国的企业没有有价值的创新
Chinese companies have no valuable innovation

有的人则认为中国的企业在大量的领域
Some people think that many Chinese companies are

在大量的技术上已经出现了领先世界的创新
Leading the world in innovation in a large number of technologies

我觉得这两种判断或多或少都有失偏颇
I think these two judgments are more or less biased

但是可以肯定的是
But what is certain is

中国在过去40年改革开放过程当中
China’s reform and opening up process over the past 40 years

在一些特别的领域当中
In some special areas

确确实实出现了一些有价值的创新
There are indeed some valuable innovations

我把这些创新归纳为四点
I have summarized these innovations into four categories

第一，就是与军事工业相关的创新
The first is innovation related to the military industry

我把这种创新叫做逼出来的创新
I call this innovation the innovation that is forced out

以“两弹一星”、中国航母为代表
Represented by “two bombs and one star”, and Chinese aircraft carrier

第二就是所谓的等出来的创新
The second is the so-called innovation that wait out

就是国外的技术在发展到一定阶段的时候
When foreign technologies develop to certain stages

他遭遇天花板，他需要寻求新的市场
They encountered the ceiling and they needed to find a new market

于是乎，外国的技术和中国的市场
Therefore, the foreign technologies and the Chinese market

他们发生碰撞，于是乎在中国的建筑领域
They collided, so that innovation came out in the field of architecture in China

在中国的汽车制造领域就出现了
And in the field of automobile manufacturing in China

以桥、以路、以车为代表的系列创新
A series of innovations represented by bridges, roads and cars

第三块创新，我把它叫做争出来的创新
The third innovation, I call it innovation that competed out

这与大量的科技型中小企业有关
This is related to a large number of technology-based SMEs

其典型代表就是中国创业板当中的企业
It’s typical representative is the enterprises on the Growth Enterprise Market of China

第四块就是我讲到的网出来的创新
The fourth is the innovation which I call Innovation out of Internet

那么我觉得互联网领域在过去几十年当中有了长足的发展
I think the Internet field has grown considerably over the past few decades

中国的互联网需求是全球演进最快的
China's Internet demand is the fastest one in the world

是规模最大的，又是由需求引发出来的创新
It is the largest and the most innovative market that has arisen from demand

导致了越来越多的互联网企业的出现
Leading to the emergence of large amounts of Internet companies in China

判断互联网企业的价值
To judge the value of Internet companies

其实非常重要的一点就是互联网股东的价值
In fact, a very important point is the value of Internet shareholders

我把企业的创业活动归纳为两点
I have summarized the entrepreneurial activities of internet companies into two kinds

第一点就是天才创业
The first kind is genius entrepreneurship

第二点就是专才创业
The second kind is professional tenant entrepreneurship

互联网企业，大量的都是专才创业
Internet companies, a large number of entrepreneurs are professional tenant entrepreneurs

所以研究这一类企业股东价值的变化
Therefore, to study the changes in the value of this kind of shareholders

我觉得非常重要
I think it is very important

所以在这一部分当中
In this part

我们将就股东的无形资产的披露
We will disclose the intangible assets of shareholders

企业股东的价值变化
Changes in the value of corporate shareholders

以及在创业成长、成熟和转型阶段当中的
And in the stages of entrepreneurial growth, maturity and transformation

企业不同契约的估价，我们做一些介绍
We make some introductions to the valuation of different contracts of the company

首先，我们可以看一看，以企业演进的轨迹来看
First of all, we can take a look at the trajectory of enterprise evolution

我们可以发现企业在组织形式、资金来源
We can find the organization in the form of organization, funding sources

治理方式和产业约束 以及风险的防范方面有不同的选择
There are different options for governance and industry constraints and risk prevention

总的来看，原子企业、合伙企业
In general, atomic companies and partnerships companies

和有限公司代表了组织形式的演进
And limited companies represent the evolution of organizational form

个体资本、团队资本和社会资本
Individual capital, team capital, and social capital

代表了资本来源的变化
Represent changes in the source of capital

集权管理、分权管理
Centralized management, decentralized management

和授权管理代表了治理方式的变化
And authorization management represent a change in governance

同时我们也可以看到不同的企业的这种组织形式
At the same time, we can also see this kind of organization of different companies

资金构建和治理方式有极强的产业差异
There are strong industrial differences in the way funds are constructed and governed

比方说我们讲到的生活服务
For example, the life service we mentioned

通常以个体企业为主
Usually based on self-employed business

我们讲到的专业服务 通常是以合伙企业为主
The professional services mentioned are usually based on partnerships

我们讲到的现代制造 通常会以所谓的有限公司为主
The modern manufacturing mentioned is usually based on so-called limited companies

总的来看，公司制的出现
In general, the emergence of corporate systems

它实际上是用有限责任替代了无限责任
It actually replaces unlimited liability with limited liability

因而这一种形式成为了今天全球企业的主体
Therefore, this form has become the mainstream of today's global enterprises

同时我们可以看到，在新的形势下
At the same time, we can see that in the new situation

我们会发现线上线下、战略联盟以及企业集群等等
We will find online and offline, strategic alliances and firm clusters, so on and so forth

成为企业商业模式创新的一个非常重要的选择
Become a very important choice for business model innovation

当我们去研究股东的价值变化的时候
When we study the value changes of shareholders

其实我们经常就要问
In fact, we often have to ask

股东建立的这个企业 到底是一个什么组织？
What kind of organization is this company established by shareholders?

简单的讲
In short

关于企业的组织至少有三种认知
There are at least three kinds of viewpoints about the organization of a business

比方说有人会说企业是一个盈利组织
For example, someone would say that a firm is a profit organization

有人说企业是一个契约组织
Some people say that a firm is a contract organization

也有人说企业是一个消耗有形资产
It is also said that a firm is an organization that consumes tangible assets

形成无形资产的组织
And forms intangible assets

那不同的观点就有不同的解读
Different views have different explanations

当我们说企业是一个盈利组织的时候
When we say that the firm is a profitable organization

我觉得非常重要的一点就是要反复去问企业三个问题
I think it is very important to ask the company three questions repeatedly

即有什么？挣什么？值什么？
What does it have? What to earn? What is the value?

当我们说企业有什么的时候
When we say what the company has

我们经常会去看企业有一个资产负债表
We often check the balance sheet of the firm

这张表告诉我们所谓的资产、负债和权益
This table tells us about the so-called assets, liabilities and equities

其实今天的会计报表并不能够
In fact, today’s accounting statements are not able to

系统、全面、真实地去揭示企业的资产负债和权益
Systematically, comprehensively and truly disclose the firm assets， liabilities and equities

所以接着，我们就要去问
So then, we will have to ask

在负债表以外，我们还应该问企业什么？
Beyond the balance sheet, what should we ask the firm?

负债表没有告诉我们的企业挣什么
The balance sheet does not tell us what the firm earn

而我们说企业挣什么？
And when we talk about what the frim earn?

通常会去看企业的结构
Usually we have a look to the structure of the firm

企业的制度和企业在发展过程当中
To see whether the enterprise system and the process of development

是否赢得人心
can gain trust from stakeholders or not

而这些东西似乎在资产负债表上看不见摸不着
And these points seem to be invisible on the balance sheet

但是它对企业的发展是至关重要
But it is vital to the development of the business

当然企业在发展的过程当中
Of course, in the process of development

他会有各种各样的需要
Will have all kinds of needs

比方说绩效的评价
For example, the evaluation of performance

比方说股权的解构，比方说IPO
For example, the destruction of equity, such as IPO

所有这些大家都会去研究一个很重要的问题
In terms of these, people will study a very important question

就是企业值多少
That is, the value of the firm

而企业值多少跟什么有关
And what is the value of the firm?

跟惯性有关，跟比较有关，跟预期有关
It’s highly related to the firms inertia, to comparison, and to expectations

关于企业的第二种解释
The second explanation about the firm

其实就是讲企业是一个契约组织
In fact, it is said that the firm is a contract organization

这种观点认为，企业是生产要素的所有者
This view holds that the enterprise is the owner of the production factor

为实现各自的目标，比方说股东为了赚钱
In order to achieve their goals, for example, shareholders in order to make profits

员工需要有工资
Employees need to have salary

债权人需要有回报
Creditors need to have returns

所以这一些要素的所有者
Therefore the owners of these factors

根据市场的规则
According to the rules of market

形成契约 并由这个契约所规定的组织
Form the contracts and the organization that is regulated by those contracts

我们就叫做企业
We call this firms

那么从计划经济到市场经济
Then, from the planned economy to the market economy

我们需要市场主体
We need market players

形成由契约精神保障的信用关系
Form a credit relationship guaranteed by the spirit of the contract

这种信用关系至关重要
This credit relationship is crucial

而这种信信用关系
And this kind of credit relationship

主要是看企业的双方和多方
Depends on both sides and multiple parties of the firm

对契约的尊崇和对契约的遵守的情况
The respects for the contract and the abidance to the contract

所以我们把这一类契约归为四大类
We have classified the contracts into four categories

第一就是企业与股东的协议
The first is the agreement between the company and the shareholders

我们叫投资协议
We call it the investment agreement

第二，企业与员工的协议
Second, the agreement between the company and the employees

我们叫劳动合约
We call it labor contracts

第三，企业与客户的合约
Third, the contract between the company and the customers

我们叫销售合同
We call it sales contracts

第四，我们说企业与银行的合约
Fourth, the contract between the company and the bank

我们叫借贷合约
We call it loan contracts

所有这些合约 它的权利和义务都是需要遵从的
All of these contracts have their rights and obligations to be followed

由这些合约带来的权利
The rights brought by these contracts

其实是企业的重要组成部分
are actually important parts of the firm