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所以这里就出现一个观点，什么观点？
So here is a point of view, what is that?

就是资产到底是什么？
That is, what are assets?

法学、经济学和会计学
According to Law, Economics and Accounting

对企业资产的定义有自己的解读
There are quite different definitions about corporate assets

资产评估在这个领域当中
Asset valuation in this area

大家经常谈到的 就是他说企业资产是什么东西
What people often talk about corporate assets

企业的资产是
The assets of the company are

企业在生产经营活动当中
The rights In the production and operation activities of enterprises

为了谋取未来利益而需要的权利
To gain future benefits

它可以是一簇权利
Which can be a bundle of rights

它也可以是一项权利
Which can also be a single right

所以 关于企业资产的权利说
So，the rights viewpoints of corporate assets

它更多的是关注企业的性质
It is more about the nature of the firm

企业的结构，企业的限制
Corporate structure, corporate restrictions

和企业权力的瑕疵
And the power of corporate power

所以当我们去谈资产的时候
When we talk about assets

其实有一种非常重要的概念
There is actually a very important concept

这个概念叫无形资产
It is called intangible assets

而这种无形资产如果跟企业的定义联系在一起
And if this intangible asset is associated with the definition of the firm

那就是一种说法，什么说法？企业是什么？
That is the same viewpoint, about，what is a firm?

企业是以消耗有形资产为投入
Firms are modern forms of organization that consumes tangible assets as inputs

以无形资产为产出的一种现代的组织形式
And produces intangible assets

可以说企业是消耗有形资产
It can be concluded that firms consume tangible assets

进而形成无形资产的经济组织
Then form an economic organization of intangible assets

在这一个过程当中，极其重要的就是大家要看到
In this process, it is extremely important that

我们反复去强调说企业的核心竞争能力
We repeatedly emphasize the core competitiveness of firms

那企业的核心力竞争能力
The core competitiveness of the firm

其实不是看得见摸得着的有形资产
In fact, it is not a tangible asset that can be seen or touched

它的稀缺资源、难以模仿、无法替代的三大要素
It’s actually three elements that are scarce resources, difficult to imitate and cannot be replaced

其实都是跟intangible assets（无形资产）高度关联的
In fact, they are all highly related to intangible assets

所以在这个地方
On this point

我们就不得不去研究
We have to study

创业股东在创业的过程当中
the entrepreneurial shareholders in the process of starting a business

到底依据什么创业
What is the basis for starting a business?

创业的动因和来源是什么？
What are the motivations and sources of entrepreneurship?

所以我们就认为在互联网领域当中大量的创业
We regard that the majority of entrepreneurship in the Internet field

都是专才创业 大量的创业股东
are professional tenants. And large number of entrepreneurial shareholders

要么是有技术的特长，要么有市场销售的特长
Either have technical expertise, or have marketing expertise

要么有专业管理的特长
or have professional management expertise

所以我们认为这些专业人士走到一起的创业
These professional tenants come together to start a business

是互联网企业的创业主体
They are the mainstream of internet companies’ entrepreneurships in China

所以在这个过程当中
In the process

我们不得不研究这一些主体的基本特征
We have to study the primary characteristics of these actors

所以我们认为
In our opinions

这些创业股东大概有三大特征
These entrepreneurial shareholders probably have three characteristics

第一就是他的无形资产具有异质性
The first is that their intangible assets are heterogeneity

他有别人没有
They have something that other don’t have

第二，它有专有性
Second, the assetsis occupied monopoly

他们对这些无形资产具有权力的完整性和独占性
Their power for the intangible assets are integrity and exclusivity.

第三，这种无形资产具有稀缺性
Third, the intangible assets are very scarce

也就是说在这个领域当中
In other words, in this field

他们有了从无到有
They have the capabilities to grow from zero to 1

从弱到强的研发能力和拓展能力
They have the R&D capabilities and marketing capabilities from weak to strong

所以当我们去研究互联网创业的过程当中
So，when we study the process of internet entrepreneurship

我觉得我们不得不研究它的四个阶段
I think we have to study the four stages

在这四个阶段当中
In these four stages

我们需要观察
We need to observe

创业股东的无形资产的价值变动
Change in the value of intangible assets of entrepreneurial shareholders

就他拥有的无形资产的价值变动
With regard to the changes in the value of the intangible assets he owns

以及他创造的公司的
And the company he created

无形资产和公司价值的变动
Changes in intangible assets and company values

我觉得这个变化的规律是极其重要的
I think the principles of this change is extremely important

我们认为这个周期大概可以分为四个阶段
We believe that this cycle can be roughly divided into four phases

第一个阶段我们叫做创业期或者叫初创期
In the first stage, we call it the start-up period

这个时候其实我们认为
At this time, actually we think

创业它要求股东具有
Entrepreneurship requires shareholders to have

资源专业化的优势
The advantage of resource specialization

也就是说创业股东之间
In other words, between the entrepreneurial shareholders

具有互补性和超前性
they are complementary and forward-looking

也就是在技术、关系和能力上
That is, in terms of technology, relationships, and abilities

它们要彼此有某种特色
They have to have a certain characteristic of each other

进而构成互补
In turn, they complement each other

所以在这个过程当中
So in the process

我们觉得初创期的企业
We feel that the startup company

股东坐在一起
Shareholders sit together

他们经常要讨论和面对的一个问题
They often have to discuss and face a problem

就是股东价值的判断
Which is the judgment of shareholder ‘s value

就股东的价值来分配公司的股权
Allocate the company's equity in terms of the value of the shareholders

这就是互联网创业期的
This is in the Internet startup period

价值评估的一个客观需求
An objective requirement for value assessment

第二个阶段就是成长期
The second stage is the growth period

在成长期当中
In the growth period

我们可以看到创业股东
We can see the entrepreneurial shareholders

不得不把它的无形资产让渡出来
Have to transfer their intangible assets

变成公司资产
into company assets

所以我们把这个过程叫做
We call this process

创业股东无形资产的公司化过程
The corporatization process of intangible assets of entrepreneurial shareholders

分离的由各个股东所拥有的无形资产
Separated intangible assets owned by individual shareholders

在公司化过程当中
In the process of corporatization

必须变成公司的产品
Must become a company's products

公司的市场和公司的核心团队
The company's market and the company's core team

在这一个过程当中，创业股东必须构成团队
In this process, the entrepreneurial shareholders must unify into a team

他们这个团队的有效性
The effectiveness of the team

和战斗力决定了企业的生死存亡
And fighting power of the team determine the survival of the company

在这两个阶段当中
In these two stages

你不得不看到早期个人的无形资产占有很高的比重
You will see personal intangible assets occupied a high proportion in the early days

通过一个阶段的发展
Through a stage of development

个人的无形资产会出现下降的趋势
Personal intangible assets will show a downward trend

因为有新人进来
Because there are new people coming in

因为有公司发展
Because of company development

而老人加新人构建的公司产品
The company intangible assets that formed by the company products

和市场形成的公司无形资产
and the markets that created by entrepreneurs and new employees。

随着公司的发展
with the company development

它会逐渐的提高和逐渐的增强
It will gradually increase and strengthen

所以我们给大家一个图
Let‘s look at this picture

我们可以发现企业进入所谓成熟期以后
We can find that after the company enters the so-called maturity period

它会出现一些变化
It will show some changes

那么这个变化通常
This change usually

有一部分企业希望把无形资产有效资本化
Some companies want to effectively capitalize intangible assets

所以我们就可以看到一些独角兽企业
That’s what we call unicorn companies

需要去IPO
They need to go to IPO

或者是需要通过资本市场完成资产的重组
Or need to accomplish the assets restructuring via capital markets

进而出现所谓的个人无形资产
So there comes the situation of personal intangible assets

和公司无形资产资本化
And the capitalization of company intangible assets

和商业化的格局
And the pattern of commercialization

在这个过程当中
In the process

有一部分的创业股东就完成了所谓的战略退出
Some of the entrepreneurial shareholders completed the so-called strategic exit

但是我们不得不看到
But we have to see

通过资本市场完成
Completed through the capital market

所谓无形资产资本化过程的
The so-called capitalization process of intangible assets

在很大程度上是小概率事件
To a large extent，it is a small probability event

成千上万的大量的互联网企业
Thousands of Internet companies

在发展到一定阶段以后
After a certain period of development

它可能就遇到天花板
They may encounter the ceiling

在这个时候就出现了两种可能性
There are two possibilities at this time

第一种可能性
First possibility

进入天花板的公司或触及天花板的公司
Companies entering the ceiling or companies that touch the ceiling

它就会完成公司的转型
They will complete the transformation of the company

让所谓的新来的专业人士
Let the so-called newcomers

核心团队与创业股东分享公司的利益
The core team shares the company's interests with the entrepreneurial shareholders

还有一种情况，就是没有完成转型
Another possibility is that when the transformation is not completed

没有完成转型，其结果是什么？
What is the result?

其结果公司可能会出现沉淀弱者
As a result, the weak survives

淘汰精英的格局
While the elites out of games

所以我们就认为
Therefore we think

基于成熟期的企业需要IPO
Company IPOs based on maturity require corporate valuation

和资产重组的企业需要评估
And assets restructuring companies require corporate valuation

与此同时进入转轨期的
At the same time, companies that in the transition period

为了吸引和稳定公司核心团队的公司
In order to attract and stabilize the company's core team

它也需要评估
They also require corporate valuation

那后者更多评估的是这些团队
The latter is more about the valuation of the team members

这些后来专业人士所拥有的价值
The value that these later professional tenants have

以及对公司的贡献
And their contribution to the company

关于创业阶段
Regarding the stage of entrepreneurship

我们觉得如果说契约是锁定权力
We feel that if the contract is to lock power

权力需要评估
The power requires valuation

我们觉得在创业阶段
We feel that in the startup stage

最重要的契约就是出资协议
The most important contract is the funding agreement

因此出资协议
Therefore, the funding agreement

它会界定各个股东之间的权利和责任
It defines the rights and responsibilities of individual shareholders

因而在这一个阶段
At this stage

假设我们要评估所谓的互联网企业
Suppose we want to evaluate the so-called Internet companies

其实是评估互联网创业股东的价值
In fact, it is to evaluate the value of Internet entrepreneurs

这里依然是三个问题，有什么？挣什么？值什么？
There are still three questions to ask. What is it? What to earn? What is the value?

我们说在这一个阶段，有什么？
We said that at this stage, what is it?

主要是指创业股东个人的
Mainly refers to the individual shareholder

技术、关系和能力
Their technology, social networks and capabilities

挣什么？
What to earn?

是这几个创业股东的梦想
Is the dream of these entrepreneurial shareholders

他们希望用先进的产品
They want to make advanced products

去锁定所谓的关键的客户
To lock the so-called key customers

进而完成一个企业从无到有
And then complete a business zero to one

从小到大的形象
From small to large

而至于在这个地方值多少
As for the value in this place

更多的是讲个人的业绩
More about personal performance

个人的机会成本和股东之间的信任程度
The opportunity cost of individuals and the level of trust among shareholders

所以在创业阶段
So that at the start-up stage

我们认为这个股东价值的评估
We believe that this shareholder value assessment

大概要关注四个方面的内容
is primarily related four aspects

第一就是定价的基础
The first is the basis of pricing

我们觉得定价的基础就是在这个创业的阶段
We feel that the basis of pricing is at this stage of entrepreneurship

创业股东是否已经累积了稀缺的经济资源
Whether entrepreneurial shareholders have accumulated scarce economic resources

我们通常指股东所拥有的无形资产
Which we usually refer to intangible assets owned by shareholders

第二，就是是不是已经签订了协议？
Second, whether an agreement has been assigned or not?

那么这一种所谓的出资协议能要求
The so-called funding agreement can require

以股权的比例来确定创业股东的价值
The value of the shareholders’ equity determined by the proportion of equity

所以从某种意义上来讲
In a sense

这个时候的评估不是用货币来衡量股东的价值
The assessment at this time is not measured by currency with the value of shareholders

而是用股权的多少来衡量股东的价值
Instead, we use the amount of equity to measure the value of shareholders

所以我们把这个价值形式叫相对价值
We call this value form the relative value

而定价的条件，这个定价是基于博弈
And the pricing conditions is based on the game

定价的条件
Pricing conditions

在创业期间它是基于
in the startup period

彼此长期认知形成的信任
It is based on trust that has long been recognized by each other

因而它需要效率
So it needs efficiency

所以通常来讲，在创业阶段
Usually speaking, at the start-up stage

创业股东一定要有基于共同利益的博弈
Entrepreneurial shareholders must have a game based on common interests

在这个过程当中，共同利益至关重要
In this process, common interests are essential

所以创业通常与血缘和业缘相关
So entrepreneurship is usually related to blood and business

这是我们对创业板这一个招股说明书的资料统计
This is our statistics on Chinese GEM prospectus

通过这个统计大家能够发现
Through this statistic, we can find out

大量的创业是基于自然人
The majority entrepreneurships are based on natural people

大量的创业是基于血缘和业缘
the majority entrepreneurships are based on blood and business

第二个阶段叫成长阶段
The second phase is called the growth phase

成长阶段刚才我们已经讲过了
Which we have already talked about

它通常是已经构成了公司
It usually constitutes a company

公司已经在运行，所以同样是三个问题
The company is already running, so there are three issues as well

在这个阶段当中，我们通常会发现
In this phase, we usually find that

当这一个公司有了定型的产品
When this company has a stereotyped product

有了部分的客户，有了初始的形象
With some customers, with an initial image

当她希望去争得品牌效应
When she wants to win the brand effect

市场定位和经营绩效的时候
the market position and operating performance

一定会有投资者关注他们
There are always investors paying attention to them

对于这一些高成长的
For some of these high growth

并且有获利潜力的企业
And companies with profit potential

这些所谓的投资机构通常会分析
Those so-called investment institutions usually analyze

业务类型、竞争能力和行业预期
The business model, competitiveness capability and industrial expectations

所以双方会签订一个所谓的对赌协议
So that the two sides will sign a so-called valuation adjustment mechanism (VAM)

所以在这个地方，同样也是评价过程当中的四个条件
In this place, there are also four conditions in the evaluation process

我想在这个过程当中
In my opinion，

非常重要的一点就是对赌协议的定价基础
It’s a very important point in terms of the pricing basis for VAM

而我认为对赌协议的定价基础
And I think the pricing basis for VAM

是公司的核心竞争能力已经形成
It is the core competitiveness of the company that has been formed

他的技术已经演进为产品
The technology has evolved into a product

产品已经取得了市场
The product has already achieved the market

而市场的风险已经可以预判
And the risk of the market is already predictable

这是第一点
This is the first point

第二点这个对赌协议
The second point of this VAM

其实是一个双方博弈的结果
In fact, it is the result of a game between the two sides

他一定是创业团队
It must be a startup team

与所谓的PE和VC
With the so-called PE and VC

在对现行结构和未来预期的判断基础之上
Based on the judgment of the current structure and future expectations

尤其是对核心团队能力
Especially for core team capabilities

和所谓的稳定性的讨价还价的基础之上
Based on the so-called stability of bargaining

所决定的一个投资价值
The value of an investment determined

那这个定价的条件
That pricing conditions

也就是对赌协议所要求的条件
are exactly the conditions required for the VAM

一定是团队稳定加绩效承诺
Must be team stability plus performance commitment

定价的途径
Pricing approach

通常都是风投机构通过专业测度来主导
It is usually the VCs that are dominated by professional measures

或许需要专业的评估机构
Maybe a professional assessment agency is needed

或许不需要专业的评估机构
or maybe not

下面我讲第三点
Let me talk about the third point

我想关于这个创业公司的评估
I want to evaluate this startup firms

尤其是互联网创业公司的评估
Especially the evaluation of Internet startups

当它经过了若干年的演进
When they have evolved over the years

进入成熟阶段的时候
When they enter the mature stage

它会面对一个协议
They will face an agreement

这个协议我们叫招股说明书
This agreement is called a prospectus

招股说明书其实就是
The prospectus is actually

向资本市场展示自己的能力
Show their ability to the capital market

自己的业绩和自己的梦想
Their own performance and their dreams

那么在通过招股说明书
Then through the prospectus

在资本市场上去展示自己的时候
When they show themselves in the capital market

这个招股说明书
This prospectus

其实也是要讲三个问题
In fact, it is also necessary to talk about three issues

有什么?挣什么?值多少？
What is it? What to earn? What is the value?

它有什么 通常这一个要IPO的企业
What does it usually mean for an enterprise that wants an IPO

它一定是品牌已经确定
It must be that the brand has been determined

市场相对领先，绩效相当突出
The market is relatively leading and the performance is quite outstanding

所以这个时候
At this time

他才有能力去资本市场展现自己
It‘s capable to show himself on the capital market

挣是什么？
What is earning?

无非是要通过
Is nothing more than passing

招股说明实现一个梦想公司上市
The prospectus shows that a dream company is listed

获取某种垄断利益
Get some kind of monopoly interest

然后获取资金
Then get the funds

构建持续创新的条件
Build the conditions for continuous innovation

我觉得关于IPO的评估已经相当成熟
I think the assessment of IPO is quite mature

我左边有一个图，这个图可以告诉大家
I have a picture on the left, this picture can tell everyone

IPO的时候
When IPO

我们事实上是要建立一个三维模型
We are actually building a 3D model

这个三维模型跟历史惯性
This three-dimensional model is correlated to historical inertia

现行结构和未来预期高度相关
The current structure and the future expectations are highly related

所以在这个过程当中
In the process

我们讲到的招股说明书和公司定价
The prospectus and company pricing we talked about

在IPO的条件下，大概也是四个条件
Under the conditions of IPO, there are probably four conditions

我们觉得定价的基础
We feel the basis of pricing

就是公司应该成为细分市场的领袖
should be that the company has become leader on the market segment

而协议的功能其实
And the function of the agreement is actually

是要通过协议释放公司的无形资产
To releases the company’s intangible assets through an agreement

让大家能够知道资产负债表未能揭示
Let everyone know that the balance sheet has not been revealed

但客观存在的获利能力在哪里
But where is the objective profitability?

第三点就是定价的条件
The third point is the condition of pricing

那在这个过程当中
In the process

IPO能否成功
Whether the IPO can succeed

它取决于公开市场
It depends on the open market

是否承认和接受公司的价值
Whether people recognize and accept the value of the company

第四点就是定价的机制
The fourth point is the pricing mechanism

根据中国资产评估的有关规定
According to the relevant provisions of the China Assets Assessment

公司上市评估应该是由
The company's listing evaluation should be

独立第三方的专业评估出具
A professional evaluation by an independent third party

持之有理，言之有据的所谓的评估报告
A well-founded, so-called assessment report

那么第四个阶段也是最后一个阶段
Then the fourth and final stage

也是绝大部分的创业板
It is also the vast majority of the GEM

当中的互联网公司
Among the Internet companies

或者是互联网企业所面对的一种现象
Or a phenomenon faced by Internet companies

就是股权激励协议
Equity incentive agreement

和创业股东利益的分享
Sharing with the interests of entrepreneurial shareholders

关于这一点，其实非常重要，也就是说我们不得不承认
In this regard, it is very important, that is to say we have to admit that

随着这个企业的发展，假设它不能上市
As the company develops, it is assumed that it cannot be listed

它已经做大了
It has grown bigger

那么公司一定会随着创业股东心态和年龄的变化
Then the company will change with the mentality and age of the entrepreneurial shareholders

包括能力的变化产生变化
Including changes in capabilities

新人和老人的关系会越来越突出
The relationship between newcomers and the elderly will become more and more complex

所以我们不得不承认
Which we have to admit

在这个过程当中
In the process

公司的无形资产开始出现了无形的私有化
The company’s intangible assets began to appear invisible privatization

企业的核心人员已经或多或少掌握了
The core personnel of the enterprise have more or less mastered

公司的核心资源或者是能力
The company's core resources and capabilities

而公司发展到一定阶段和一定规模之后
After the company develops to a certain stage and a certain scale

我们会发现授权经营成为公司管理的新常态
We will find that authorized operations become the new normal of corporate management

所以老股东和新团队之间
between the old shareholders and the new team

其实已经开始存在了所谓的信息不对称
In fact, there has been a so-called information asymmetry

我们还不得不承认
We have to admit that

在公司发展的过程当中
In the process of company development

新老交替是事业能否成功的关键
The new and old alternation is the key to the success of the business

所以你如果要求企业有可持续的竞争力和创造力
So if you ask companies to have sustainable competitiveness and creativity

那么新老之间的交替就必须正常的完成
Then the alternation between old and new must be completed normally

那怎么完成新老交替呢？
How do you complete the new and old exchanges?

我觉得很重要的一点就是
I think the important point is

要掌握核心资源的公司新的员工
New employees of the company to master core resources

新的团队
The new team

能够分享股东的权益，股东的利益
They are able to share the rights and the interests of shareholders

所以未来在很多的互联网创业企业当中
So in the future, among many Internet startups

他们一定会签订一个协议
They will definitely sign an agreement

这个协议我们就叫做股权激励协议
This agreement is called the equity incentive agreement

资产评估必须为这一类协议服务
Asset evaluation must serve this type of agreement

那么当我们去签订这一类协议的时候
When we go to sign this type of agreement

第一，它的定价基础
First, its pricing base

其实就是职业经理团队
In fact, it is the professional manager team

已经形成了隐形的无形资产
Has formed invisible intangible assets

这是对价的前提和基础
This is the premise and basis of the consideration

第二，就是议价的功能
Second, it is the function of bargaining

也就是在这个过程当中
That is, in the process

创业股东和公司的关键团队之间
Between the startup shareholder and the company's key team

需要达成一个协议
Need to reach an agreement

通过股东利益的分享
Through the sharing of shareholder interests

去激发职业团队的潜能
To motivate the potential of a professional team

我们或多或少也可以把这理解为
We can understand this more or less as

是一种剩余索取权的分享
It is a sharing of residual claims

第三，就是定价的条件
Third, it is the condition of pricing

其实在这个过程当中
In fact, in the process

其实是老股东或者是
Actually an old shareholder or

创业股东要基于各种情境
Entrepreneur shareholders are based on a variety of situations

去发现已经掌握核心资源的
To discover those who have mastered the core resources

职业团队的贡献
The contribution of the professional team

可以有各种各样的指标和各种各样的方法
Can have a variety of indicators and a variety of methods

去确定他们的权利和责任
To determine their rights and responsibilities

那么对价的形式，它是多种多样的
Then in the form of consideration, it is diverse

它可以是通过公司股东以折扣
It can be discounted through company shareholders

以期权等为代表的这样一些方式
Such ways as represented by options, etc.

来决定所谓的公司的发展和股权的分配
To determine the so-called company development and equity distribution