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现在我们就来总结一下
Now let's summarize some new challenges and new issues

互联网企业估值所面临的新挑战和新问题
faced by the valuation of Internet companies

尤其是在中国现在的一个背景之下
Especially in the current context of China

全球宏观经济的变化在日益的加剧
the global macroeconomic changes are increasing

尤其是美国的现任总统特朗普上任以来
especially since the US President Trump took office

他带来了很多领域前所未有的变化
he has brought unprecedented changes in many fields

使得全球经济增长的不确定性急剧的增加
making a sharp increase in the global economic growth uncertainty

中美贸易摩擦的后果已经在某些领域开始显现
The consequences of trade frictions have begun to appear in some areas

这使得中美之间的政治和经济关系
which has led to greater uncertainty in the political and economic relations

也出现了较大的不确定性
between China and the United States

互联网行业的泡沫逐渐增多
The bubble in the Internet industry is gradually increasing

不管是在美国的资本市场，香港的资本市场
Whether it is in the US capital market, Hong Kong's capital market

还是中国大陆的资本市场
or mainland China's capital market

互联网行业企业上市的积极性一直
the enthusiasm of Internet companies to go public

在持续不断的推高
has been continuously pushed up

但是这些企业到底价值几何？
but how much value do these companies worth？

他们的内在价值到底该如何判断？
How to judge the intrinsic value?

这个不仅在技术上，在方法层面上
This is not only technically, at the method level

在对市场的判断层面上
but also at the level of judgment on the market

在这种泡沫的识别层面上都出现了
but also at the level of judgment on the market

越来越多的困难和问题
there are more and more difficulties and problems in the recognition of this bubble

使得我们互联网企业估值的难度也在不断加大
making the valuation of our Internet companies difficulty increase a lot

除此以外
In addition

整个宏观市场和微观市场不确定性也在日益的加大
the uncertainty of the overall macro market and the micro market is also increasing

那么对企业的未来的销售盈利
so that the expectations of some key indicators like future sales profit of the company

还有它所面临的不确定性等等
as well as the uncertainty it faces

这样一些关键指标的预期就会变得越来越困难
is getting more and more difficult

可是你一定要知道
However, you must know that the valuation of Internet companies

互联网企业的估值是建立在预期的基础之上的
is based on expectations

如果这些预期很难被判断的话
If these expectations are difficult to judge

那么企业价值尤其是互联网企业的内在价值
then the enterprise value, especially the intrinsic value of Internet companies

也很难被准确地识别和判断
is difficult to accurately identify and judge

虽然互联网企业目前面临着各种各样的问题和挑战
Although Internet companies are currently facing a variety of problems and challenges

但是我们仍然不能失去信心
we can't lose confidence

就像普华永道在它最近发布的一份
Just as a report of global unicorn companies that

关于全球独角兽企业的调查报告中所阐述的
PricewaterhouseCoopers published recently

他们认为在未来的三年里面
they believe that China's unicorn companies have unprecedented opportunities

中国的独角兽企业有着前所未有的机遇
in the next three years

他们的依据主要来自于五个方面
Their basis is mainly from five aspects

第一个就是新技术不断涌现
The first one is the emergence of new technologies

尤其是像这个人工智能、3D打印等等一些新的技术
especially new technologies like artificial intelligence, 3D printing, etc.

它为我们的互联网企业的创业
which bring new possibilities to the entrepreneurship

和发展带来了新的方向
and development of our Internet companies

第二个就是政策的导向
The second is the orientation of policy

我们中国的政府对于创新创业
Our Chinese government is very supportive of innovation and entrepreneurship

尤其是互联网行业的创新创业是非常的支持的
especially the innovation and the entrepreneurship of the Internet industry

这种政策扶持的力度
The strength of such policy supports may be

可能是其他的国家和地区都不能比拟的
stronger than other countries and regions

第三个层面的依据就是监管的不确定性
The third level is based on the uncertainty of regulation

比如说尤其是来自于政府，还有各个行业的主管部门
For example, especially from the government

他们对于互联网相关的一些创业领域
as well as the competent authorities of various industries

都是非常开放和包容的
they are very open and inclusive for some Internet-related entrepreneurial fields

如果没有中国政府的开放和包容
Without the openness and tolerance of the Chinese government

我想也不会有今天的阿里巴巴
I don't think there will be Alibaba today

那第四个方面的依据就是颠覆性的新业务模式
The fourth aspect is based on disruptive new business models

比如说像支付宝所引起的这样的一个在线支付
For example, the online payment such as Alipay

手机支付，完全颠覆了传统的这种零售业的支付的业态
mobile payment, completely subverts the traditional retail payment format

甚至传统银行支付的一些渠道和方式
and even the paying ways of traditional banks

第五个层面的依据主要就是
The basis of the fifth level is mainly

消费者消费习惯和行为的转变
the change of consumer consumption habits and behaviors

使得未来的互联网企业独角兽企业有更多的机遇
which makes future Internet companies unicorn enterprises have more opportunities

应该有更多的信心去克服
so we should be more confident to overcome

前面所讨论到的那些困难和挑战
the difficulties and challenges discussed above

中国互联网企业所面临的机遇
The opportunities faced by Chinese Internet companies

我们可以简要的总结为以下六个方面
can be summarized in the following six aspects

第一个就是中国的经济增长引擎逐渐
The first is that China's economic growth engine

由投资驱动开始向消费驱动来转变
is gradually shifting from investment-driven to consumption-driven

这个从中国GDP的一个构成已经可以看出来
This is already evident from the composition of China's GDP

这个大的方向非常的明显
This direction is very obvious

第二个是移动互联网的兴起
The second is the rise of the mobile Internet

为消费市场带来了颠覆性的变化
which has brought subversive changes to the consumer market

第三个就是中国互联网行业诞生了
The third is that the Chinese Internet industry has created

一批极具潜力的独角兽企业
a group of highly promising unicorn companies

不管是蚂蚁金服还是滴滴出行
Whether it is ant finance or Didi travel

你都可以感受得到
you can feel the convenience

这些企业给我们的生活所带来的
that these companies bring to our lives

便利性真的是前所未有
It’s unprecedented

尤其是最近有很多人出国去旅游
especially since there are a lot of people travel abroad

那你可能就会感受到这种非常明显的对比
You may feel this obvious

就是你在国外很多地方你都没法用手机支付
You can’t use your mobile phone to pay

或者是这个滴滴出行或者是摩拜单车
in many places abroad or use mobike or Didi travel

但是在我们中国你就可以做到
But in China, we can have

这种最好的互联网服务相关的体验
the best internet service experience

第四个就中国的经济转型伴随着
The fourth is China's economic transformation accompanied

前所未有的消费和服务升级
by unprecedented consumption and service upgrades

以前我们的收入不够高的时候
When our income was not high enough

咱们的主要消费就是满足衣食住行这个需求
our main consumption was to meet the demand for food，clothing, and housing

但是现在当我们人均收入提高的时候
But now when our average personal income increases

越来越多的人开始有能力出国去旅游
more and more people are beginning to have the ability to travel abroad

或者是对自己进行深度的投资
or to invest in themselves

比如说去学习更多
such as learning more knowledge

自己以前没有机会学习的知识和内容
that they hadn’t the opportunity to learn before

那么这些对个人的这种培训、学习
These training and learning for individuals is also a direction

也是我们消费升级的一个方向，而这些需求
for our consumption upgrade，and these needs will provide

就会为互联网企业提供更多新的成长机会和空间
newer growth opportunities and space for Internet companies

第五个方面就是新技术的场景化应用
The fifth aspect is the scenario application

比如说虚拟识别、人工智能等等这样的一些技术
of new technologies such as virtual recognition,

它为我们的未来提供了
artificial intelligence, and so on

更多现在你想都不敢想的事情
which provide more imagine space about in the future

第六个方面就是新生代的消费者
The sixth aspect is the new generation of consumers

他的消费习惯和行为的变迁
Their changes in consumption habits and behaviors

也使得我们中国互联网企业
have also enabled our Chinese Internet companies

能够具有独一无二的市场的机遇和优势
to have unique market opportunities and advantages

这张图其实给了我们一个大概的数字预测
This picture actually gives us

就是在过去到现在到未来的就是到2030年期间
a rough numerical forecast

全球的这个经济增长，主要的国家
that is the global major countries economic growth trends

他们的GDP的变化趋势
from the past to 2030

那从这张动画图里面我们可以看出
From this animated map we can see that

中国正在以不可替代的趋势成为一个全球的超级大国
China is becoming a global superpower with irreplaceable trends

中国的GDP要超越美国只是一个时间的问题
It is only a matter of time for China's GDP to surpass the United States

但是在这样一个大的趋势之下
But under such a big trend

我们如何提高人均的GDP？
how can we increase per capita GDP?

如何通过人均GDP的提高带动中国互联网企业的成长？
How to promote the transformation of China's domestic consumer market

中国国内的消费市场的变革？
and the growth of Chinese Internet companies through the increase in per capita GDP?

我们需要做更多的探索，更多的思考
We need to do more exploration and think more

好，那么这章内容就到此结束
Ok, this chapter ends here

最后我用非常简短的时间把我们整个第一章导论的部分
Finally, I will sort out and summarize

跟大家做一个梳理和总结
the parts of our entire first chapter in a short time

在这一章里面
In this chapter

我们首先给大家介绍了我们整个课程的授课团队
we first introduce the lecture team of our entire course

然后从六个方面讲述了
and then tell our preliminary thoughts on

我们对于互联网企业估值的一些初步的思考
the valuation of Internet companies from six aspects

包括了理解互联网时代，识别互联网企业
the valuation of Internet companies from six aspects

对中外互联网企业的估值进行初步的比较和分析
comparing and analyzing Chinese and foreign Internet companies

然后，我们对阿里巴巴和谷歌
Then, we briefly analyzed and discussed

这两家代表性的互联网企业
the two representative Internet companies

简要的做了分析和讨论
Alibaba and Google

最后我们总结了中国互联网企业估值
Finally, we summarize the new opportunities and challenges

新机遇和挑战
in the valuation of Chinese Internet companies

在这个逻辑之下
Under this logic

我希望你可以跟着我们的课程一起
I hope that you can follow our courses step by step

一步一步地深入地学习
to learn and understand the ideas, techniques

去掌握和了解互联网企业估值的思路、技术和方法
and methods of Internet enterprise valuation

我们的宗旨就是给你一杆秤
Our aim is to give you a scale and to help you measure

和你一起度量互联网企业的价值空间
the value of the Internet business