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说了那么多互联网企业的重要性
After we talk so much about the importance of Internet companies

接下来就让我们看一下
let us look at the differences in valuation

中外的互联网企业他们在估值方面的差异
between Chinese and foreign Internet companies

我们截取了谷歌公司在2018年8月10号的收盘价
We intercepted the closing price of Google on August 10, 2018

通过这个股价的走势图
Through this stock price chart

大家可以看到
we can see that Google’s closing price

这一天谷歌公司的收盘价达到了1237.61美元
reached $1237.61 on this day

它的市值是8000多亿美元
and its market value is more than $800 billion

另外一家是一家中国的互联网企业
The other is a Chinese Internet company

叫做拼多多,在2018年8月10号
called Pinduoduo

它的收盘价是19.51美元
On August 10, 2018, its closing price was $19.51

它的市值是216亿美元
and its market value was $21.6 billion

从这两个企业的市值规模来看
From the perspective of the market value of these two companies

我们可以看到，谷歌公司跟拼多多公司
we can see that their prices are completely unmatchable

他们完全不是一个量级的
we can see that their prices are completely unmatchable

但是首先我们也要理解到
But we must also understand that

这两家企业它的业务模式
the business models of this two companies

它的盈利来源的确也是非常不同的
and their source of profit is totally different

所以我们接下来
Next, we will learn and analyze

就通过比较多的数据和案例
the main differences in valuation

来跟大家一起了解和分析一下中国和国外
between China and foreign countries

尤其是美国的互联网企业
especially the US Internet companies

在估值方面的主要的差异
through more data and cases

当我们国家的阿里巴巴公司2014年9月18号
When Alibaba landed on the US capital market

在美国资本市场上登陆的时候
on September 18, 2014

美国的新闻媒体曾经传出过这种评论
the US news media once commented

就是Alibaba beats Amazon
Alibaba beats Amazon

意思就是说阿里巴巴把他们的亚马逊打败了
which means Alibaba wins in Chinese

事实上我们从这两家公司的股价走势图可以看到
In fact, we can see from the stock price charts

有很长的一段时间
of the two companies that for a long time

阿里巴巴的股价以及它整个的市值
Alibaba's stock price and its entire market value

都是比亚马逊公司略高一筹的
are slightly higher than Amazon's

但是在后来亚马逊公司就超越了阿里巴巴
However, Amazon later surpassed Alibaba and maintained a long period of time

并且在他们的市值差异方面保持了很长的一个时间
in terms of their market value differences

一直到现在，这两者之间在市值方面的差异越来越大
Until now, the difference in market value between these two has grown

所以说中美之间互联网企业的市值的差异
Therefore, the difference in the market value of Internet companies

不仅仅要看他们的业务模式、股价
between China and the United States depends not only on their business models

更要看它们的持续增长趋势
stock prices but also on their continued growth

路透社曾经用这样的一幅图来描述
Reuters used a picture to describe the difference in the market value

中美两国之间在互联网企业市值方面的差异
of Internet companies between China and the United States

这张图的标题叫做empire-builders
The title of this picture is called empire-builders

意思就是帝国的缔造者
which means the creator of the empire in Chinese

在这张图里，你可以看到美国的互联网企业
In this picture, you can see that the US Internet companies

包括了网飞公司，Facebook
include Netflix，Facebook

谷歌公司的母公司Alphabet，也叫字母表
Google's parent company Alphabet

还有亚马逊和苹果
as well as Amazon and Apple

那么这几家互联网企业占据了美国的
these Internet companies occupy a dominant position

互联网企业的绝对主导的一个优势地位
in the US Internet companies

而中国的互联网三大巨头就是百度、腾讯和阿里巴巴
and China's three Internet giants

那么它们也显示出了跟美国的互联网企业
are Baidu，Tencent and Alibaba

同期相类似的一个增长趋势
then they also show a similar growth trend with the US Internet companies in the same period

只是在这个市值规模方面
but compare the size of the market value

跟美国的前五大互联网企业还有较大的这个差距
with the United States' top five Internet companies there is still a large gap

事实上在互联网行业有着“互联网女皇报告”之称的
In fact, the internet development report, which is known as

《互联网发展报告》曾经指出
the "Internet Queen's Report" in the Internet industry

在最近的5到10年里面
has pointed out that in the last 5 to 10 years

中国互联网企业成长速度非常之快
Chinese Internet companies have grown very fast

甚至在某些方面超越了美国的互联网企业
and even surpassed the US Internet enterprise in some respects

比如说《2018年互联网女皇报告》就已经揭示出
For example, this report in 2018 has revealed

在如今全球20大互联网企业的领导者企业之中
hat among the world's top 20 Internet companies

美国占据了11个席位
the United States has 11 seats

而中国的互联网企业
while Chinese Internet companies occupy 9 seats

占据了几乎是半壁江山的9个席位
almost half of the seats in the world

包括了阿里巴巴、京东、腾讯、小米、美团点评
These nine companies include Alibaba, Jingdong, Tencent, Xiaomi，MeituanDianping

还有滴滴出行，还有今日头条等等
as well as Didi Chuxing, and today's headlines

事实上，我们对比一下1995年和2015年
In fact, comparing the top 20 global Internet companies

这两个时间的全球互联网企业前20名
in 1995 and 2015

以及他们的市值规模
and their market value

会发现中国的互联网企业正在成为一个“搅局者”
we will find that Chinese Internet companies are becoming a game-changer

改变全球互联网企业的版图
and changing the landscape of global Internet companies

比如说在1995年的这个榜单上面
For example, on the list in 1995

几乎全部都是欧洲和北美的互联网企业
almost all of them were Internet companies in Europe and North America

而且大部分都是美国的互联网企业
and most of them were Internet companies in the United States

没有亚洲企业的身影
and there were no Asian companies

但是在2015年的这份榜单上面
But on the 2015 list

中国就已经有四家互联网企业榜上有名
there are already four Internet companies in China

全球互联网企业的这个领导者包括了苹果公司
The leaders of global Internet companies include Apple

谷歌公司、阿里巴巴公司，Facebook、亚马逊和腾讯
Google, Alibaba, Facebook, Amazon and Tencent

他们在各自的领域里面甚至都已经形成了垄断的优势
and they have even formed a monopoly advantage in their respective fields

比如说苹果公司在2018年的8月2号
For example, on August 2, 2018

第一次它的市值突破了1万亿美元
Apple’s market value exceeded 1 trillion US dollars

这是人类有史以来
This is the first time in human history

第一次有一家公司的市值就突破1万亿美元规模
that a company’s market value has exceeded 1 trillion US dollars

是一个创造历史的里程碑式的事件
It is a milestone in history

然后我们可以看到2018年的8月10号
Then we can see that on August 10, 2018

苹果公司的股票收盘价是207块5毛3
Apple's stock closing price was 207.53 US dollars

虽然说当天这个略有收窄，略有下跌
and although it was slightly narrowed on the day

但是它仍然保持在了1万亿美元的总体市值的规模
it still remained at 1 trillion US dollars

成为全球互联网企业的翘楚
becoming the most valuable company in the world

如果我们把全球200多个国家和地区的GDP
If we rank GDP in more than 200 countries and regions

做一个排名
around the world

把苹果公司的市值规模
and compare Apple’s market capitalization with GDP

跟世界上所有的国家和地区的GDP对比
in all countries and regions in the world

苹果公司的万亿美元市值
Apple’s trillion-dollar market value

可以排进全球GDP总量的第16名
can rank 16th

超过了全世界的200多个国家和地区
surpassed 200 countries and regions around the world

这就是真的富可敌国
This is really incredible

苹果公司的市值超过了瑞典、阿根廷
Apple's market capitalization exceeds the combined GDP

瑞士、沙特阿拉伯、荷兰，还有土耳其
of Sweden, Argentina，Switzerland, Saudi Arabia

这六个非常富裕的国家在2017年的GDP之和
the Netherlands, and Turkey in 2017

如果我们把全世界最富有的11个人的
If we add the net worth

资产净值加在一起的话
of the world's 11 richest people together

他们的资产总和仍然抵不过苹果公司的市值
their total assets will still not match the market value of Apple

这11个全球顶尖的富翁包括了贝索斯
The 11 top global riches include Bezos

比尔盖茨、巴菲特、扎克伯格和拉里佩奇等等
Bill Gates, Buffett, Zuckerberg，Larry Page and so on

在后续的过程中
In the follow-up course

我们会有更多的机会来了解这些跟互联网企业
we will have more opportunities to understand

密切相关的这个全球领先的人物
these world-leading figures closely related to Internet companies

但是我们在这里首先理解到的就是说苹果公司
but the first thing we understand here is that Apple company

这个被上帝咬了一口的苹果公司
an Apple that God took a bite

它真的是一个富可敌国的公司
it is really a super-rich company

如果你是一个创业者，我相信你也有这样的梦想
If you are an entrepreneur，I believe that you also have such a dream

希望能够把自己的企业
and hope to bring your company

带向全球互联网企业市值的巅峰
to the peak of the global Internet business market value

但是怎么样才能做到？
But how can we do it?

我们就需要理解苹果公司它的价值源泉
Therefore, we need to understand Apple's value source

事实上我现在想问你一个非常简单的问题
In fact, I want to ask you a very simple question now

你认为苹果公司是一家互联网企业吗？
Do you think Apple is an Internet company？

答案当然是yes
The answer is yes

因为你要了解到，苹果公司除了在生产制造苹果的手机
Because you have to understand that besides its hardware products

电脑、各种移动终端这些硬件产品之外
such as mobile phones, computers and various mobile terminals

它还有一个苹果APP Store
Apple has an Apple App Store

在这里面有超过650万个应用程序
There are more than 6.5 million applications in it

每年的下载次数达到了300亿次
and the number of download times reached 30 billion in one year

为苹果公司贡献了超过400亿美元的销售业绩
contributing more than $40 billion in sales to Apple

全世界有2000万开发者参与了苹果APP的开发
There are 20 million developers around the world who are involved in the development, application

应用和推广，所以苹果公司怎么不是一家互联网企业呢？
and promotion of Apple’s software.So why is Apple not an Internet company?

我们对比之下，再来看一下中国的互联网企业
In contrast, let's take a look at China's Internet companies

事实上在我们刚才描述的
In fact, in the picture of the fast-growing

快速成长的中国互联网企业的这个图景之中
Chinese Internet companies we just described

一直都有着鼎足三立的三个领先的企业
there have always been three leading companies

我们把它称之为BAT，也就是百度、阿里和腾讯
We call it BAT, which is Baidu, Alibaba and Tencent

这三家企业的市值，会有你先我后的一些追赶和变化
The market value of these three companies have some catch-ups

但是总体上来看
and changes these years, but in general

腾讯和阿里这两家企业的市值
the market value of the two companies Tencent and Alibaba

好几次都已经超过了3万亿人民币
has exceeded 3 trillion yuan several times

最近因为市场的波动，它们的市值规模略有变化
Recently, due to market fluctuations

但是总体上来看，这些企业仍然是
their market capitalization has slightly changed

中国互联网企业当之无愧的领头羊
but these enterprises are still the well-deserved leader of Chinese Internet companies

我们来看一下中国网信中心发布的最新研究报告
Let's take a look at the latest research report released by China's Internet Network Information center

关于中国互联网上市企业的分布
Regarding the distribution of Chinese Internet listed companies

就数量而言，中国互联网企业有40%多选择在美国上市
in terms of quantity, more than 40% of Chinese Internet companies choose to list in the US

45.1%选择在中国本土的资本市场上市
and 45.1% choose to list in China's domestic capital market

然后另外有14.7%在香港上市
And then another 14.7% listed in Hong Kong

但是从市值的这个分布来看，我们发现有很大的差异
But from this distribution of market value

在美国上市的这个中国的互联网企业
we found that there are big differences

它的市值（占比）高达54.8%
The Chinese Internet company listed in the US has a market capitalization account for 54.8%

在香港上市的互联网企业的市值达到37.5%
and the market value of Internet companies listed in Hong Kong has reached 37.5%

而在我们中国本土的沪深资本市场上市的
The market value of Internet companies listed

互联网企业的市值仅占统计样本的7.7%
on our China-based Shanghai and Shenzhen capital markets only account for 7.7%

这个可能大家能理解，中外资本市场
We may understand that there are some fundamental differences

它有一些根本的差别
between Chinese and foreign capital markets

尤其是这个根据中国网信中心的统计报告
In particular, according to the statistics report of CNNIC

截至2017年的12月底
as of the end of December 2017

腾讯、阿里巴巴和百度的市值分别是3.1万亿人民币
he market capitalization of Tencent, Alibaba and Baidu were 3.1 trillion yuan

2.9万亿人民币和0.5万亿人民币
2.9 trillion yuan and 0.5 trillion yuan respectively

那么这三家企业的市值之和就占到了所有那些中国上市的互联网企业市值的73.9%
then the add-up market value of these three companies accounted for 73.9% of the market value

也就是绝对的Top three，前三名
of all those Chinese listed Internet companies around the world, which is the absolute top three

借助于庞大的这个资本优势
With this huge capital advantage

三家企业在投资、并购、技术研发
the three companies have established very obvious advantages in investment

商业模式创新等领域
mergers and acquisitions，technology research and development

都建立了非常明显的优势
business model innovation and other fields

成为中国互联网企业的代名词
and become a symbol of Chinese Internet companies

通过我们刚才对于中外资本市场
I hope that you can think about the following two issues

有关互联网企业的一些估值的规模的差异
through the differences in the size of valuations of Internet companies related to Chinese and foreign capital markets

以及它们上市公司数量和估值规模的差异
and the differences in the number of their listed companies

我希望你能思考以下的两个问题
The first question is

第一个问题就是
What do you think are the main differences

你认为中外互联网企业的主要差别在哪里？
between Chinese and foreign Internet companies?

第二个问题就是
The second question is

为什么中国的互联网企业都青睐于到海外去上市？
why do Chinese Internet companies favor overseas listings?

这两个问题的分析有助于你进一步深刻的理解
The analysis of these two questions will help you to

我们后续的课程内容
further understand the content of our follow-up courses

本章内容就到此结束
Well，our course will stop here