Video在线视频

首先，我们一起来学习一下导论部分
First, let's take a look at the introductory section

——《互联网企业估值的背景》
"Background of Internet Enterprise Valuation."

在这一部分，我们要分为六个小节
We divide this part into six sections

一起来学习和理解
to learn what is the essence of

互联网时代的本质到底是什么
the Internet age

分析一下互联网企业跟传统的企业相比而言
to analyze the difference

到底有什么不同
between Internet companies and traditional enterprises

然后我们通过对中外互联网企业估值
Then we compare and analyze the valuation of

的比较和分析
Chinese and foreign Internet companies

来探讨为什么中国的很多互联网企业
to explore why many Internet companies in China

喜欢到境外去上市
like to list overseas

第四个部分我们要学习的是
The fourth part we are going to learn

阿里巴巴公司的估值
the valuation of Alibaba

以及它的发展和演变
and its development and evolution

第五个部分，我们通过对谷歌公司
In the fifth part

市值变化
we will understand how Internet companies can achieve rapid growth

来理解在这个新的时代
in this new era through the instance of

互联网企业到底如何实现快速的成长
the Google’s changing market value

第六个部分，就是结合新的时代需求
The sixth part is to discuss

来分析一下互联网企业估值
the new challenges

到底有哪些新的挑战
new opportunities of

面临哪些新的问题
Internet companies’ valuation

又有哪些新的机遇
under new era demand

说到互联网时代
When it comes to the Internet age

很多人头脑中一下子就会闪现出来的是
we will suddenly think about BATJ

这些企业的创始人
the founders of BATJ

或者说这些企业家
or these entrepreneurs

比如说马云、马化腾、李彦宏
such as Ma Yun, Ma Huateng, and Li Yanhong

其实在我们讨论互联网企业的时候
In fact, when we discuss Internet companies

首先我们可能需要问几个问题
we may need to ask a few questions in the beginning

第一个就是我们为什么要开这门课
he first one is why do we have to open this course

开这门课的宗旨到底是什么
What is the purpose of this course

第二个问题
The second question

对于在线的学习者而言
for our online learners is

我们怎么样来学习这门课
how do we learn this course

有哪些方法可以跟大家来参考和借鉴
Is there any effective methods？

第三个问题就是怎么样更好地理解这个互联网时代
The third question is how to understand more about this Internet age?

首先，我们要做一下很小的一个调查
First of all, let's do a small survey

就是你每天用电脑和手机大概多长时间
How long does it take you to use your computer and mobile phone every day

请你大概地想一想
Please think about it for a moment

实际上根据中国网信中心发布的研究报告
In fact, according to the research report released by

在2014年的时候
China Internet Network Center in 2014

咱们中国的消费者平均每天用手机
the average time for Chinese consumers

或者是个人电脑上网的时间
to use the mobile phone or personal computer

就已经接近6个小时
to access the Internet is nearly 6 hours

而且我们中国网民的用户数量
Moreover, the number of Chinese netizens

到2017年年底已经达到了7.7亿人次
has reached 770 million by the end of 2017

中国所有的网站数量加起来有533万个
The total number of websites in China is 5.33 million

这些数量在全世界的互联网普及过程中
These quantities may be very leading in the process of Internet popularization around the world

可能都是非常领先的，非常规模庞大的
and they are very large

特别要提到的是现在人们用来上网的平台
In particular, the platform that people used to access the Internet

越来越多的不再是个人电脑
is now no longer a personal computer

而是手机或者是其他的终端
but a mobile phone or other terminals

根据中国网信中心发布的最新的统计报告
According to the latest statistical report released by the China Internet Network Center

现在我们的国人用手机来上网的比例
the proportion of our people using mobile phones to access the Internet

已经高达97.5%
has reached 97.5%

那你想想你每天是不是这样呢
Think about whether you are like this every day

你现在还会去通过阅读报纸来获取新闻信息吗
Do you still go to the newspaper to get news information

估计很少了吧
I guess not

每天你所做的事情就是用手机来刷一下
What you do every day is to

各种新闻的客户端来获取最新的资讯
use the mobile phone to get the latest information

如今你还会通过写信的方式去跟亲朋好友联络吗
And now we no longer write letters to contact friends and family

估计也很少了
I guess not

因为E-mail也好
Because E-mail

各种社交的网站和平台也好
social networking sites

给我们提供了前所未有的社交的体验
provide us with an unprecedented social experience

所以互联网给我们带来的改变
The changes that the Internet has brought us

不仅仅只是在比如说获取资讯
are not just about getting information

或者是社交网络方面
or social networking

事实上，现在人们上网的地点
In fact, there are some changes

也在发生越来越多的变化
in the places where people go online now

过去可能大家受制于这个网络的端口
In the past, people may be subject to

或者是上网的这些基础设施比较多的
the port of this network

是在家里或者工作场所上网
they surf online at home or at work

但是现在数据显示
But now the data shows

越来越多的人是在车上或者是在上班的路上
that more and more people go online

或者是在有wifi覆盖的一些公共场所
in the car or on the way to work

比如说咖啡厅或者是机场、车站等等这些地方
or in some public places with WIFI,

来实现他上网，完成他的工作
such as cafes or airports, stations

或者社交需求
to satisfy their work or social demand

最近几年有大量的著作
In recent years, there have been a large number of books that

为我们揭示了互联网时代应该具有的一些特点
have revealed some of the characteristics that the Internet era should have

比如说《第三次工业革命》、《大数据时代》
"The Third Industrial Revolution", "The Big Data Era"

《3D打印》、《创客》等等
"3D Printing", "Creator", etc.

那么，这些著作所揭示的未来的社会形态
The future social forms revealed by these works

其实或多或少，都是建立在我们现在所说的
are actually more or less based on

互联网时代这个基础之上
what we now called Internet age

在我们的生活中，互联网跟各个行业相接触
In our real lives, the Internet has been in contact with various industries

已经产生了很多的颠覆和变革
and it has produced a lot of subversives and changes

比如说现在我们出行，很少带现金了
For example, we are now traveling with very little cash

有了支付宝和微信支付
With Alipay and WeChat payment

几乎你就不用再拿钱包出行了
you don’t have to take a wallet anymore.

互联网跟医疗相结合
The combination of the Internet and medical care

产生了爱康网、卫宁软件等创新
has produced innovations such as Aikang.com and Weining Software

使得我们比如说不出门就能挂号
which allows us to register，

不出门，就能获得必要的一些医疗服务和咨询
without going out, and to obtain the necessary medical services and consulting needs

互联网跟教育相加出现了——慕课
Internet and education have emerged -- MOOC

这就是我们现在正在做的事
this is what we are doing now

还有比如说VIPKID
and for example

就是一个少儿英语一对一的在线服务
VIPKID is a one-on-one online English teaching for children

那么它也颠覆了传统的英语培训市场
it also subverts the traditional English training market

互联网跟出行相整合
The Internet has been integrated with travel

出现了滴滴打车、摩拜单车，以前我们出行要打车要到处去问人
with Uber and Mobike in your phone

那么现在手机在手，只要有移动互联网
as long as there is a mobile Internet

我们就可以实现自己出行的个性化需求
we can realize the personalized needs of our travel

互联网跟电子商务的结合就更不用说了
Not to mention the combination of the Internet and e-commerce

中国人现在每一年在天猫、京东以及各大电商平台上的
the Chinese are now spending more and more

消费越来越高，以至于我们中国创造了一个新的节日
on T-mall, JD.com and major e-commerce platforms every year

叫做“双11”或者“618”
so we have created some online shopping festival in China called " Double 11" and "618"

互联网跟旅游相结合
The combination of the Internet and tourism

产生了包括携程网、去哪儿、马蜂窝等等
has produced new travel experiences

这些新的旅游体验
including C-trip, Where to go and so on

它使我们的出行，变得前所未有的便利
they have made our travels easier than ever

互联网跟团购相结合
The combination of the Internet and group purchases

产生了像美团、拼多多等互联网企业
has produced Internet companies such as Meituan and Pinduoduo

我们可以享受
we can enjoy the personalized service

在这个快速增长的工业化时代
that brings cheap and good experience

通过互联网，带来价廉物美体验的个性化服务
through the Internet in this fast-growing industrial era

除此以外，还有互联网跟制造业相加产生了
In addition, the Internet and the manufacturing industry

包括小米，还有工业（富联）、宁德（时代）等
have combined to produce new production models

硬件和软件相结合
including Xiaomi, industrial Fulian, Ningde Times

制造业和生态圈相融合的、新的生产的模式
The integration of manufacturing and ecosystem

它颠覆了传统的制造业的大规模流水线生产模式
has subverted the large-scale production line of traditional manufacturing

使我们产生了无限新的可能
which has created us with infinite new possibilities

这些变化你正在经历，你正在看见
These changes you are experiencing

你正在发现
you are seeing, you are discovering

事实上通过很多的研究
In fact, through a lot of research

我们发现在过去的20年里
we have found that in the past 20 years

互联网在很多领域里面已经产生了深刻的变革
the Internet has undergone profound changes in many fields

尤其是在消费业领域里面
especially in the consumer industry

它在企业相关的一些业务环节
which is also deeply developed

也在产生比较深刻的变革
in some business-related links

但是范围还没有那么广
The scope is not so wide

而在包括信息安全、安保、国防、教育、医疗
and the changes brought about by the Internet have just begun

以及政府监管，和政策思考等层面上
on the level of information security, national defense

互联网所带来的变革，才刚刚开始
education, medical care, policy development and government regulation

以美国为例，我们来看一下互联网
Take the United States as an example

是怎么样改变美国人的住房交通
Let's take a look at how the Internet changed

和食宿的消费习惯
Americans' housing and accommodation habits

在过去的几年里面
In the past few years

有统计数据显示
statistics show that

美国人平均每一年花费在住房上的开支
the average American spends on housing every year is $17,000

是17000美元，大约占到他们全部开支的1/3
which is about one-third of their total expenses

然后他们用在交通上面的支出，是9000美元
Then they spend $9,000 on transportation

大约占到他们全部开支的18%
about 18% of their total expenses

然后用在食物上的支出，一年大约是7000美元
and spend on food is about $7,000 a year

过去，大家就要去开着车也好
In the past, everyone was going to drive a car

用其他的交通工具也好
or use other means of transportation

到处去找哪有合适的房子
to find a suitable house

哪里能够到达他想去的目的地
to get to the destination he wants to go

哪里能够买到他想买的蔬菜、水果、粮食
to buy the vegetables, fruits and food he wants to buy

彻底地改变和颠覆了
these consumption habits
But now the Internet has completely changed and subverted

彻底地改变和颠覆了
these consumption habits

比如说，在住宿的领域里面
For example, in the field of accommodation

产生了一个非常有名的互联网企业
there is a very famous Internet company

叫做Airbnb
called Airbnb

这家企业可能没有一间自己的酒店
This company may not have a hotel of its own

但它已经把全世界的民宿和酒店联系起来
but it has connected the world's home-stays and hotels

变成了世界上最大的一家酒店企业
to become the largest hotel company in the world

通过Airbnb，很多美国人就发现
Through Airbnb, many Americans have found that

我可以不用自己开车出去找房子
they don’t need to drive out to find a house

或者通过房屋中介找房子
or find a house through a house agent

我可以只在这个手机终端上找一找
but can find it on this mobile phone terminal

就可以找到我心仪的住所或者公寓
and get their favorite home or apartment

在第二个交通的领域里面
Secondly, in the field of transportation

出现了另外一个互联网企业
another Internet company emerged

它的名字叫做Uber，我们中国翻译成优步
its name is Uber, and our Chinese translation is Youbu

这家企业也使得人们出行变得前所未有的便利
this company has also made people travel more convenient than ever

可是Uber这家公司，它没有一辆属于自己的汽车
Uber doesn't have any car of its own

它是把全世界的汽车联系起来了
but connects the cars of the world through the internet

实现了依托互联网
Through internet

创造一个新的互联网企业的梦想
It creates a new business idea

然后为美国人的出行
and then brings unprecedented travel convenience

甚至全世界消费者的出行
for Americans

提供了前所未有的便利
for world coustmers

而在蔬菜水果的消费领域
In the field of consumption of vegetables and fruits

美国诞生了一个新的互联网企业，叫Instacart
a new Internet company called Instacart is born in the United States

同样是借助于手机的互联网终端
Instacart makes it possible to buy

就可以实现足不出户买遍全球好货
nice goods all over the world through your phone

所以，在这个时代
Therefore, in the era of

在我们身处的这个充满了变革和颠覆的时代
change and subversion that we are in

互联网带来了前所未有的消费体验
the Internet has brought unprecedented consumption experience

而“互联网精神”，被很多人总结为五个词
and the "Internet spirit" has been summarized by many people into five words

就是开放、平等、分享、协作和互惠
namely openness, equality, sharing, collaboration and reciprocity

那这五个词到底怎么样体现在
How do these five words be reflected

互联网企业的价值评估中
in the value assessment of Internet companies

且让我们在接下来的课程内容中，一一为你讲解
and let us explain them in the following course content