Video在线视频

既然身处这个无所不在的互联网时代
Since we are in this ubiquitous Internet era

那我们就很有必要一起来学习一下
it is necessary for us to learn

互联网企业的价值源泉到底是什么
what is the source of value for Internet companies

决定互联网企业价值高或者低的
What are the key factors

那些关键因素到底在哪里
that determine internet enterprise valuation

我们开设这门课的宗旨
The purpose of our course

其实也是分为两个方面的
is divided into two aspects

一方面帮助那些比较初级的学习者
On the one hand, we help those who are more junior

理解变化中的全球化
to understand the changing globalization

认识成长中的互联网
understand the growing Internet

了解互联网企业的价值源泉
and understand the value source of Internet companies

而对于那些与资本市场
For those high-level learners

与互联网企业接触非常密切的高阶学习者而言
who are very close to the capital market and Internet companies

我们希望这门课
we hope that this course

可以帮助学习者理解价值投资的原则和路径
can help learners understand the principles and paths of value investment

认识中国互联网企业成长的价值空间
understand the value of the growth of Chinese Internet companies

并且我们也希望通过我们教授团队的努力
and our team also will share

跟你一起分享在中国互联网
the Internet in China

这个成长变化的过程中
the process of growth and change

我们中国的互联网企业成长的经验
the experience of our Chinese Internet companies

失败的教训
the lessons of failure

从这些经验和教训中总结出来
and the future path to go

未来继续往前走的路径
through these experiences and lessons with you

很早以前，布鲁姆分享了一个非常有名的“学习金字塔”
A long time ago, Bloom shared a very famous "learning pyramid"

在这个学习金字塔的总结之下
In the summary of this learning pyramid

我们发现对于学习而言
we find that it is

本身是一个非常艰难的过程
a very difficult process for learning

如果你只是听别人的课
If you just listen to someone else's class

你可能最多理解5%
you may understand up to 5%

如果通过阅读可能能够掌握10%
and if you read it，you can master 10%

但是，如果通过比如说视听结合
However, if you combine this two parts

就像你现在做的这样
for example, audiovisual, as you do now

既看我们相关的课程视频
look at our related course videos,

也来听我们的语音课程
listen to our voice lessons

然后，能够做一些示范
and then do some demonstrations and participate

能够参与我们课程的讨论小组
in our course discussion groups

那么可能你能掌握20%到50%的课程的内容
then maybe you can master 20% to 50% of the course content

但是更深层次的学习是要求你参与其中的
but deeper learning is actually asking you to participate

比如说布鲁姆学习金字塔
For example, the Bloom’s learning pyramid

就揭示了，如果自己动手
it reveals that if you do it yourself and participate in

通过实践的学习方式参与到这个学习过程
the learning process through practical learning

那么你可能能掌握70%以上的内容
you may be able to master more than 70% of the content

但是最后一个环节
But in the last link

如果你能够把你学的东西分享给其他人听
if you can share what you have learned with others

去跟别人来讲解这个过程中的本质和内涵
and explain the nature and connotation of this process with others

那么你能够掌握的是90%以上
then you can master more than 90%

所以我们也非常鼓励你在这个学习过程中
Therefore, we also strongly encourage you to actively participate

通过发帖、提问、回答、参与互动等等
through posting, asking questions
in the course community discussion of our course in this learning process

通过发帖、提问、回答、参与互动等等
through posting, asking questions

各样的环节
answering, interacting

来展示你在这门课中所掌握的知识，所产生的体悟
to show you what you have mastered in this course

其实学习这门课的方法，无外乎以下的四个方面
In fact, the method of learning this course is nothing more than the following four aspects

比如说归纳法，通过对市场上各种各样的案例
such as inductive method

各种互联网企业的价值评估的一些分析
through the analysis of various kinds of cases in the market

来归纳出在变化的时代
and the evaluation of the value of various Internet companies

我们怎么样去分析和理解中国互联网企业的价值
to understand the value of Chinese Internet companies of this changing world

第二个方法就是文献学习法
The second method is the literature learning method

也就是在这个课程的学习过程中
during the learning course

我们会跟大家分享很多的文献和资料
we will share a lot of literature and materials

通过课程社区跟大家来分享
with you in the course community

通过文献学习法
Through the literature learning method

可以有效地压缩我们的学习过程，提升学习效率
we can effectively compress our learning process and improve learning efficiency

第三个学习方法，就是逻辑思维法
The third method of learning is the logical thinking method

其实在这个过程中，我们会反复的推敲和讨论
In fact, in this process, we will repeatedly scrutinize

来增强大家的逻辑思维能力
and discuss to enhance everyone's logical thinking ability

第四个方法就是案例学习法
The fourth method is the case study method

我们会总结比较多的互联网企业的案例
We will summarize the cases of more Internet companies

尤其是中国互联网企业的案例
especially the case of Chinese Internet companies

跟大家一起，通过案例去推广
Let's go through the case to promote and understand

去理解中国新时代的内涵
the connotation of China's new era

中国在目前的情景之下，互联网企业价值的源泉
and the source of the value of Chinese Internet companies

除此以外，其实最重要的方法是
learn by doing In addition, the most important method is

也就是说干中学或者用中学
learning by doing, which means practice a lot

就是在你学习这门课的过程中
that in the course of your study
We give you a very strong suggestion

就是在你学习这门课的过程中
that in the course of your study

从第一部分开始
starting from the first part you will choose an Internet company

你就选择一个你所关心和有兴趣的互联网企业
that you care about and interested in

这个企业可以是一家上市公司
This company can be a listed company

也可以是一家还没有上市的
or a company that has not yet listed

但是你比较关注的互联网企业
but an Internet company is better

然后我们要做什么呢
then what do we have to do?

我们要了解它的产品和服务
We need to understand its products and services

看看这个公司到底是生产什么的
to see what the company is producing

它为这个社会到底提供了哪些的效用
and what kind of utility or need

满足了我们哪些方面的需求
does it provide for this society?

第二个方面，我们要去了解
In the second aspect，we have to understand

这个互联网企业它的成长过程
the growth process of this Internet company

比如它什么时候创立
For example, when did it start

在这个过程中经历了几轮的风投
how many rounds of VCs in the process

然后它的成长过程中有哪些重要的里程碑事件
and then what are the important milestones in its growth?

通过这个成长过程的分析
Through the analysis of this growth process

我们就有一个动态的视角来理解这个企业
we have a dynamic perspective to understand this business

第三个就是要去理解这个企业的股权结构
The third is to understand the ownership structure of the enterprise

比如说它是全部由股东出资
For example, whether it is wholly funded by shareholders

还是既有股权又有债权
or whether it has both equity and debts

那么在它股权和债权的分配比例中
then what kind of dynamic changes

又有什么样动态的一个变化
in the distribution ratio of its equity and debts

它的大股东是谁
And who is its major shareholder?

这个股权结构可以帮助我们理解
This shareholding structure can help us understand

隐藏在这个企业背后的那个力量，就是power
that the power behind this enterprise

而这个股权结构对于我们去后续的分析和理解
And this shareholding structure plays a key role

互联网企业的价值有非常关键的作用
in our subsequent analysis and understanding of the value of Internet companies

那第四个就是鼓励大家去剖析
The fourth is we encourage everyone to analyze

公司的财务报表和它的盈利来源
the company's financial statements and its source of profit

当然这部分会比较困难
However, this part will be more difficult

尤其是对那些缺乏会计学和财务管理基础的同学
especially for those who lack the foundation of accounting and financial management

但是不要担心，我们可以用大量的案例
but don't worry, we can use a lot of cases

帮助你来理解这个企业的财务报表
to help you understand the financial statements of the company

它的利润的来源，以及它盈利的各个方面
the source of its profits and its profitability

各个要素，各个指标
of all aspects, elements, indicators

第五个建议
The fifth recommendation is we hope you

就是希望帮助你一起来理解和分析这个企业

它所面临的主要的风险
the main risks it faces

因为即便是很大的龙头企业
Because even a large leading company

它同样存在着各种各样的风险
it also has a variety of risks

而对于那些成长过程中的、中小型互联网企业来说
and in the process of growth for those small and medium-sized Internet companies

它们的风险可能也是来自于各方面的
their risks may also come from various aspects

比如说市场的风险，技术的风险，法律的风险等等
such as the market risk, technical risk, legal risk, etc.

我们后续会帮助大家通过案例
We will help you to understand the source of this risk

来理解很多企业的风险的来源
for many companies through some cases

而你要做的，就是结合你所选择的那家企业
and what you have to do is to combine the company you choose

去尝试着分析和理解它的主要风险
to try to analyze and understand its main risks

第七个方面的建议就是我们的学习者
The six proposal is that our learners need to master some of

需要掌握一些最基本的就是经济基本面分析
the most basic economic fundamental analysis

包括宏观经济分析和微观企业分析的工具和方法
including tools and methods for macroeconomic analysis and micro-enterprise analysis

基本面分析怎么做？对吧？
What does fundamental analysis do? Right？

有哪些常用的指标？
What are the commonly used indicators?

微观的分析又怎么样来做？
How to do a microscopic analysis?

应该从哪些视角去理解
From what perspective should we learn

这个企业到底是一个好的企业，还是不太好的企业
whether this enterprise is a good enterprise or not

我们也会在后续的课程中
We will also discuss with you in more details

跟大家一起进行更为详细的探讨
in the follow-up course

最后一个建议
The last suggestion is to study the content system of

就是在你选择了这个企业的目标以后
our entire course and analyze

跟随着我们整个课程的内容体系一起学习
the value of this Internet company

自己来分析这个互联网企业的价值
after you have chosen the goal of the company

不管这个企业是否上市
Regardless of whether the company is listed

那么每个企业它一定有它的一个内在价值
each company must have an intrinsic value

而我们在互联网企业估值这门课中
And in our course on the valuation of Internet companies

要跟大家一起分享的就是如何去分析和计算
what we want to share with you is how to analyze and calculate

一个互联网企业的内在价值
the intrinsic value of an Internet company

这个内在价值，可能跟它市场的股票的表现
There may be some discrepancies in its price

或者是整个资本市场对它的定价，会有出入
between the intrinsic value and the performance of stocks in its market

但是无论如何，我们一定要有自己内心的一杆秤
But in any case, we must have our own inner scale

去度量这个互联网企业的价值几何
to measure the value of this Internet enterprise

也就是我们在课程一开始说的
That is, we said at the beginning of the course

我们这门课的宗旨是希望
that the purpose of our course is to

我们这门课的宗旨是希望
that the purpose of our course is to
"give you a scale and analyze the value of the Internet company with you."

“给你一杆秤，和你一起分析互联网企业的价值空间”
"give you a scale and analyze the value of the Internet company with you."

接下来我们会有几个问题
Next, we will have a few questions

就是第一个问题，什么叫做全球化？
The first question is what is globalization?

什么叫做互联网？
What is the Internet?

全球化和互联网之间又有什么样的关系？
What is the relationship between globalization and the Internet?

这些问题虽然非常宏大
These issues are very ambitious

但是它关乎我们对于互联网企业价值的理解
but it is about our understanding of the value of Internet companies

关乎到这个估值的结果
and what is the final presentation

到底最后是什么样的一个呈现方式
of the results of this valuation

其实全球化包含了非常多的方面
In fact, globalization encompasses a lot of aspects

它既包括了各个国家或者民族、各个地区
It includes the connection between various countries，ethnic groups, and regions upon multiple fields

在政治、文化、科技、军事、安全
such as politics, culture, science and technology, military, security

意识形态、生活方式、价值观念等多方面
ideology, lifestyle, and values

多层次、多领域的相互联系影响和制约
The interrelated influences

是一个极其多元化的概念
and constraints are an extremely diverse concept

但是你一定不要忘了
And you must not forget

全球化的核心是资本全球化
that the core of globalization is capital globalization

互联网的概念
The concept of the Internet

更是跟我们今天的生活息息相关
is closely related to our life today

熟悉到我们都不需要去解释它
We are familiar with the fact that we do not need to explain it

我们还是要了解到
We still have to understand

互联网其实最早发源于美国1969年的阿帕网
that the Internet actually originated from

那是一个以军事目标为宗旨的项目
the 1969 APA network in the United States, it was a military-oriented project

在那个项目的基础之上诞生了
On the basis of that project

后来互联网所需要的
all the physical facilities, related agreements

一切的物理的设施和相关的协议、标准
and standards needed by the Internet were born

今天的互联网已经发展成为一个
Today's Internet has evolved into a global network of

覆盖全世界的，全球性互联网络
interconnected networks

是互相连接在一起的网络的结构
that are connected to each other

而我们的生活通过各个方面
and our lives are closely related to

跟这个互联网密切的相关
the Internet through all aspects2014年，

2014年中央电视台拍摄了一系列的纪录片
In 2014, CCTV filmed a series of documentaries called

名字叫做《互联网时代》
"Internet Age"

在这一部纪录片里面
In this documentary

我们可以发现互联网已经是无处不在，无时不在
we can find that the Internet is everywhere

它深刻的颠覆和改变了我们的很多生活消费生产
and it profoundly subverts and changes the way

甚至沟通联系的方式
in which we consume and communicate

是几千年来颠覆人类文明的一种技术变革
is a technological change that has subverted human civilization for thousands of years

但是在这部片子里面，我们同样发现
But in this film, we also found that

其实即便有互联网如此强大的连接作用
even if there is such a strong connection between the Internet

我们发现，我们人类未知的远远大于已知
we humans are far more unknown than known

也就是说互联网它提供给我们的还是一个工具
that is to say, the Internet provides us with a tool

而在这个工具的帮助之下
and through these tools

我们要去探讨的问题
the problems we are going to explore

只会越来越多，不会越来越少
will only be more and more

我们对互联网时代的特点做一个简要的总结
Let’s make a brief summary of the characteristics of the Internet age

首先，就是互联网使得人与人之间的互联互通
The first is that the Internet has made

变得前所未有的便利
the communication of people easier than ever

其次就是社交网络无处不在
Secondly, social networks are everywhere

互联网具有去中心化的职能
The Internet has a decentralized function

传统的社会的中心或者权力结构
and the center of traditional society or the power structure

被粉碎，被瓦解
is shattered and disintegrated

与此同时，互联网时代
At the same time, the Internet era

也伴随有信息碎片化的特点
is accompanied by the characteristics of fragmented information

就像我们今天这堂慕课
just like our MOOC today

我们要把它分解成很多的知识点
we have to break it down into many knowledge points

然后跟大家来分享
and share it with everyone

这也是知识碎片化的一种表现方式
This is also a kind of express of knowledge fragmentation

互联网时代，还有很重要的一个表现特征
In the Internet age, there is also a very important performance feature

我们把它简称为“大云平移”
We refer to it as “BCPM”

就是大数据、云计算、平台化和移动互联网
which is big data, cloud computing, platforming, and mobile internet

这四个字，其实高度概括和浓缩了
These four words are actually highly summarized and enriched

在我们现在所生存的这个互联网时代
the Internet age in which we live now

企业也好，消费者也好，政府也好，社会也好
Whether the enterprise, the consumer ,the government or the society

正在越来越多地被改变被形塑
are being changed to be shaped deeply

曾经有一位企业家
There used to be an entrepreneur

他用七个字，来总结互联网时代的特点
who used seven words to summarize the characteristics of the Internet era

叫做“简单、极致、口碑、快”
It is called "simple, extreme, goodwill, fast"

我想你也知道，这个人是谁
I don't need to say his name and I think you know who this person is

在互联网如此重要的时候
When the Internet is so important

我们发现中国的互联网企业上市的数量和速度
we find that the number and speed of listings of Chinese Internet companies

都是规模空前
are unprecedented in scale

并且在全世界呈现出了一个领先的优势
and present a leading edge in the world

全球化和互联网相互交织
The intertwining of globalization and the Internet has created these new propositions

就产生了互联网企业估值前所未有的这些新的命题
that have never been seen before in the valuation of Internet companies

这也是我们为什么希望开设这门课
This is why we hope to open this course

然后和你一起来分析理解
and to analyze and understand the reasons

互联网企业估值的要点和难题的原因
for the valuation of Internet companies and the reasons for the problems with you.