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大家好
Hello everyone

今天我们一起来讨论互联网企业的估值原理
today we will discuss the valuation principles of Internet companies

首先我们要来看一看，什么是价值？
First of all, we have to take a look at what is the value?

我们对企业进行估值是建立在价值理论基础上
Our valuation of companies is based on value theory

关于价值理论，我们经常会听到有很多关于价值的概念
With regard to value theory, we often hear a lot about the concept of value

我们可以讲到 社会价值、道德价值、经济价值等等
We can talk about social values, moral values, economic values, etc.

讲到价值观
and talk about values

我们讨论的价值主要是经济价值
But in our valuation area, the value we discuss is primarily economic value

关于经济价值，我们是从经济的角度来讨论价值问题
With regard to economic value, we discuss value issues from an economic perspective

关于价值理论最早我们可以 追溯到劳动价值论
As far as value theory is concerned, we can trace back to the theory of labor value

劳动价值论，讲资产的价值
The labor theory of value, talking about the value of assets

大家可以想一想，在马克思的 关于价值理论的阐述当中提出
You can think about it. In Marx's elaboration on value theory

价值是凝结在商品中的无差别的人类劳动
that value is the undifferentiated human labor condensed in commodities

或者是抽象的人类劳动，价值是一个抽象的概念
or abstract human labor, and value is an abstract concept

当然本质上还是讲劳动创造价值
Of course, in essence, labor creates value

对价值的衡量是无差别的劳动
and value measurement is indiscriminate labor

通常用劳动时间来衡量商品的价值
Labor time is often used to measure the value of goods

同时他也提到商品的价值
At the same time, he also mentioned the value of the commodity

决定了商品的市场交易价格
and determined the market transaction price of the commodity

他是从投入的角度来衡量价值
He measures value from the perspective of input

（随着）经济学的发展
(With) the development of economics

特别是西方经济学提出了均衡价格论
especially Western economics, puts forward the equilibrium price theory

不仅仅从投入的角度来看商品的价格
not only from the perspective of input

影响市场上商品价格的不仅有供给，还有需求
but also on the supply of goods on the market

因此,在均衡价格理论里面
Therefore, in the equilibrium price theory

把价格等同于价值
the price is equated with the value

认为价值就是在竞争性的市场上
the value is considered to be the value of the commodity in the competitive market

供给和需求共同决定的（均衡价格）这个价格就是商品的价值
where the supply and demand are jointly determined (balanced price)

它是由商品的市场需求曲线
It is an equilibrium price formed by the intersection of the market demand curve

和市场供给曲线相交时形成的一个均衡价格，就是价值
of the commodity and the market supply curve, which is the value

市场均衡价格论也是一种理论的抽象
Market equilibrium price theory is also a theoretical abstraction

它并不能找到市场上某一项商品具体的一个均衡价格在哪里
It can't find a specific equilibrium price for a certain commodity in the market

但是它告诉我们
but it tells us that

这种均衡价格使得市场上的价格波动
this equilibrium price makes the price fluctuation in the market

在没有达到均衡价格之前
before reaching the equilibrium price

它是会在各种因素的影响下
Under the influence of various factors

逐步的向均衡价格移动
it will gradually move toward the equilibrium price

最终会形成一个市场均衡价格
which will eventually form a market equilibrium price

它就代表商品的内在价值
which represents the intrinsic value of the commodity

在金融市场上，或者在资产市场上
In the financial market, or in the asset market

资产去进行交易，他一定有一个具体的交易价格
assets must be traded, and he must have a specific transaction price

人们在决定支付具体交易的价格时候
When people decide to pay the price of a specific transaction

是考虑什么因素
what factors are considered

怎么来做决策的呢？
and how do they make decisions?

由此产生了资产定价理论
This led to the theory of asset pricing

认为在资产交易市场上
which argued that in an asset trading market

一项资产的价值是它未来预期收益的现值决定的
the value of an asset is determined by the present value of its expected future earnings

市场价格是市场参与者基于对资产价值的判断
The market price is a transaction amount formed by market participants

参与市场交易所形成的一个成交金额
based on the judgment of the value of the assets

所以在资产定价理论里面，价值是一个预期的判断
So in asset pricing theory, the value is an expected judgment

而价格是一个已经成交的事实
and the price is a fact that has already been traded

市场的这种对未来预期收益的判断
This judgment of the market's expected future earnings

进行折现后，得到资产的价值
is discounted to obtain the value of the asset

从而使得市场参与者能决定在资产交易当中出价多少
so that market participants can decide how much to bid in the asset transaction

当然，作为资产的出售者
Of course, as a seller of assets

（也依此）来决定我的资产出售时我接受什么样的价格
I (and so on) decide what price I accept when I sell my assets

所以资产定价理论的核心
So the core of asset pricing theory is that

就是资产的价值是由其未来收益现值决定的
the value of an asset is determined by the present value of its future earnings

以上是关于企业价值的不同理论
The above is a different theory about corporate value

但是在现实当中，我们观察到 企业的价值到底是什么？
But in reality, what do we observe the value of the enterprise?

我们可以听到 很多关于企业价值的描述
We can hear a lot of descriptions about the value of the company

当我们去 观察一个企业的时候
When we look at a company

我们首先看 这个企业值多少的时候
when we first look at the value of the company

我们往往会拿到企业的资产负债表
we tend to get the company's balance sheet

会去看一看 它在资产负债表上体现出来的 总资产的价值
and look at the value of the total assets it represents on the balance sheet

在资产负债表的左边
on the right side of the balance sheet

我们看到它由资产构成
we see that it consists of assets

在资产负债表的右边
on the right side of the balance sheet

它由负债和所有者权益构成
which consists of liabilities and owner's equity

这就构成了企业的 资产负债表
which constitutes the company's balance sheet

它所反映出来的是 会计上的账面价值
which reflects the accounting Book value

这也可以称之为企业的价值
which can also be called the value of the company

它往往反映了企业的资产投入
It often reflects the company's asset investment

那么企业价值，我们前面讲到它的本质
Then the value of the enterprise, we talked about its essence before

应当是企业未来预期收益的现值
should be the present value of the expected future earnings of the enterprise

因此企业价值在现实生活中又体现出各种各样的形态
Therefore, corporate value reflects various forms in real life

比方说我们会计上除了资产负债表上的账面价值
For example, in addition to the book value on the balance sheet

我们还讲资产有它的公允价值
we also say that the asset has its fair value

账面价值在很多时候并不等于它的公允价值
and the book value is not equal to its fair value in many cases

那么资产的公允价值，除了它的总资产中的运营价值
Then the fair value of an asset, besides the operational value of its total assets

还体现为它的负债，也有公允价值或者市场价值
is also reflected in its liabilities, but also in fair value or market value

总资产的运营价值
The operational value of total assets

它不仅仅包括我们传统的资产负债表上的流动资产
which includes not only the current assets on our traditional balance sheet

固定资产或者是一些其他的资产
fixed assets, or some other assets

它包含了企业所累积的无形资产的价值
it contains the value of the intangible assets accumulated by the enterprise

这正如我们前面提到的
As we mentioned earlier

现在的企业是消耗有形资产
today's enterprises are economic organizations that consume tangible assets

累积无形资产的经济组织
and accumulate intangible assets

企业大量的价值
A large amount of value of an enterprise

体现在它的无形资产的贡献或者是无形资产的价值
is reflected in the contribution of its intangible assets or the value of intangible assets

因此企业的总资产的账面价值
Therefore, the book value of the total assets of an enterprise

它往往不等于 总资产的运营价值
is often not equal to the operational value of the total assets

总资产的运营价值，要包含它的无形资产
The operational value of the total assets must include the value of its intangible assets

甚至商誉的价值
and even reputation

从资产负债表的右边来看
From the right side of the balance sheet

所有者权益它也不是企业资产负债表上净资产价值
the owner's equity is not the net asset value on the company's balance sheet

而是企业的所有者的权益的市场价值
but the market value of the owner's equity

在这里我们看到了就有所谓的运营价值、公允价值、市场价值等概念
Here we see the concept of so-called operational value, fair value, market value

因此我们讨论企业的价值
Therefore, we discuss the value of the enterprise

可以看到，虽然它本质上是企业未来现金流量的现值
Although it is essentially the present value of the future cash flow of the enterprise

但是企业的价值在现实当中
the value of the enterprise is differentand it has different composition and different expressions

因此，也就要求我们在谈论企业价值的时候
Therefore, when we talk about the value of the enterprise

你必须要对价值进行明确的定义
we also need to define the value

否则的话，你说一个企业它值一个亿，还是值1.5个亿？
Otherwise, do you say that a company is worth 100 million yuan or 150 million?

如果没有明确的含义，没有明确的定义
If there is no clear meaning, there is no clear definition

也就无法去了解企业价值的这个数据它背后的真实含义
it is impossible to understand the true meaning behind this data of enterprise value

以上是关于企业价值的讨论
The above is a discussion about the value of the company

我们可以看到企业价值

它有不同的表现形态
It has different forms of expression

我们需要对它进行明确的定义
We need to define it clearly

特别是我们在进行企业价值评估的时候
In particular, when we conduct corporate valuation

我们经常看到在资本市场上
in the capital market

有各种分析师，各种机构，对企业价值进行评估
we often see various analysts and institutions to evaluate the value of the company

在企业的并购交易市场上，我们也看到
In the M&A market of enterprises, we also see that

不同的主体、不同的市场参与者 都对企业价值有一个判断
different market participants have a judgment on the value of the company

这些我们通常叫做一般意义上的企业价值评估
These are often referred to as corporate valuations in the general sense

任何一个人都可以对企业价值去进行评估和判断
Anyone can evaluate and judge the value of the company

这种分析判断往往是对企业的内在价值进行分析评估
This kind of judgment often evaluates the intrinsic value of the enterprise

对企业的内在价值的判断
The judgment of the intrinsic value of the enterprise is

是基于企业的财务状况
based on the financial status of the enterprise

盈利前景以及其他一些影响企业生产经营的一些因素
profit prospects and other factors that affect the production and operation

进行分析的基础上来对企业未来的预期收益进行判断
The expected future earnings are judged

这种预期收益它是有风险的
This expected benefit is risky

根据财务的估值理论
According to the financial valuation theory

把预期收益进行折现后
after the expected income is discounted

得到的金额认为是企业的内在价值
the amount obtained is considered to be the intrinsic value of the enterprise

我们还会经常看到 企业在交易行为当中
We also often see companies in the trading behavior

它往往要请 专业的评估师来提供价值判断
it often asks professional appraisers to provide value judgments

我们通常把它叫做 特定意义上的企业价值评估
We usually call it a corporate value assessment in a specific sense

这种评估它是要受国家的法律、相关的准则的约束
This assessment is subject to national laws and relevant guidelines

比如说中国的资产评估准则，就把企业价值评估明确界定为是
For example, China's asset assessment criteria clearly define the enterprise value assessment as

资产评估师依据相关的法律法规和资产评估准则
the asset appraiser is based on relevant laws and regulations and asset assessment criteria

对评估基准日企业特定目的下的企业整体价值
The behavior and process of analyzing and estimating the overall value of the enterprise

股东全部权益价值，
the value of the total equity of the shareholders

或者股东部分权益价值，进行分析估算
or the value of the equity of the shareholders

并发表专业意见的 行为和过程
under the specific purpose of the company on the base date

我们看到这一个界定，它有严格的约束条件
We see this definition. It has strict constraints

它评估的对象包括 企业的整体价值
The objects it evaluates include the overall value of the enterprise

股东全部权益价值
the total equity value of the shareholders

或者股东部分权益价值
or the value of the shareholders' equity

所以这样一类 企业价值评估
Therefore, such a kind of enterprise value assessment

它是在明确的价值标准 或者价值类型 以及假设前提下
is an estimation of enterprise value by using an evaluation method

运用某种评估方法 对企业价值进行的估算
under the premise of clear value standards or value types and assumptions

而一般意义上的估值
In the general sense of valuation

我们任何一人都可以对企业进行估值判断
any one of us can make a value judgment on the company

可能很多时候只是按照企业估值的一种内在价值的理论模型
Many times it is only based on a theoretical model of the intrinsic value of the firm's valuation

评估模型，然后做出的分析判断
the model is evaluated, and then the analytical judgment is made

现实当中我们要注意这两种估值的差别
In reality, we should pay attention to the difference between the two valuations

我们了解了企业价值评估
We understand the value of the company

那为什么要进行估值呢？
so why do you want to make a valuation?

我们前面也提到
We also mentioned earlier that

对企业价值进行估值，它有一个内在的要求
the valuation of corporate value has an inherent requirement

或者是它内涵的 一个理论基础就是价值决定价格
or a theoretical basis for its connotation, that is, value determines the price

是不是在市场上成交的交易价格都等同于企业的内在价值呢？
Is the transaction price in the market equal to the intrinsic value of the company?

未必，因为一个市场它是有各种交易因素影响
not necessarily. Because a market has various trading factors

我们通过对企业内在价值的分析
we can analyze the intrinsic value of the enterprise

或我们通过各种方法、各种模型对 企业价值的一种分析判断
or analyze and judge the value of the company through various methods and models

能够帮助市场的参与者来提高决策的效率
to help market participants improve their decision-making

如果我们对企业价值评估过高，或者过低
If we evaluate the value of the company too high or too low

可能导致市场参与者会支付过高的代价
it may cause market participants to pay too high a price

当然如果你估值过低
Of course, if you are undervalued

你就可能错过了投资机会
you may miss out on investment opportunities

可能被其他估值更加合理的参与者收购了企业
and may be acquired by other participants with more reasonable valuations

因此对企业价值进行评估
Therefore, the evaluation of the value of the enterprise

特别是在企业的权益市场上
especially in the equity market of the enterprise

它是投资方在投资前进行尽职调查的一个非常重要的部分
is a very important part of the investor’s due diligence before the investment

也是企业权益交易过程当中
and also a very important basis for the decision-making of the two parties

双方进行决策的一个很重要的依据或者基础
during the process of corporate equity transactions

通过企业估值有利于投资方
Through the valuation of the company, it is beneficial for the investor

对融资的公司或者是其他业务的内在价值进行评价之后
to evaluate the intrinsic value of the financing company

来确定各种交易定价
or other business to determine the pricing of various transactions

我们前面讲了，既然企业价值的评估这么重要
As we said earlier since the assessment of corporate value is so important

企业在决策当中可能会面临各种不同的企业估值结果
companies may face different valuations of corporate valuations in decision-making

那就需要决策者去了解这些企业估值结果的内涵
policymakers need to understand the implications of these corporate valuations

这种内涵，在企业价值评估当中
This connotation, in the evaluation of enterprise value

它是由价值类型决定的
is determined by the type of value

中国资产评估准则或者国际评估准则
The Chinese asset assessment criteria or the international assessment criteria

都对价值类型做出了明确的界定
all define the value type clearly

价值类型，是指资产评估结果的价值属性和表现形式
The value type refers to the value attribute and expression form of the asset evaluation result.

不同的价值类型从不同的角度
Different value types reflect the value attribute and characteristics of the asset

去反映资产评估结果的价值属性和特点
evaluation result from different angles

在企业价值评估当中
In the enterprise value assessment

对持续经营的企业进行价值评估时
when evaluating the value of a company that is going on

通常采用市场价值类型和投资价值类型
it usually adopts the market value type and the investment value type

当然还有很多其他的价值类型
There are of course many other types of values

我们这里重点讨论企业的市场价值和投资价值
and we focus here on the market value and investment value of the company

那什么是市场价值？
So what is the market value?

有人认为市场价值是不是
Some people think that the market value

就是上市公司在资本市场上的股票价格呢？
is the stock price of the listed company in the capital market?

在企业价值评估当中
In the enterprise value assessment

我们需要对市场价值进行明确的定义
we need to clearly define the market value

它是指自愿的买方和自愿的卖方在各自理性行事
It means that the voluntary buyer and the voluntary seller act in a rational manner

而且不受任何强迫的情况下
and without any coercion

在一个特定的日期进行一场公平的交易
conduct a fair on a specific date

对这种公平交易的价格的估计数额
The transaction, the estimated amount of the price of this fair trade

那么从这个意义上来看，股票市场上
In this sense, in the stock market

资本市场交易的股票价格接近我们讲的这种市场价值
the stock price of the market transaction is close to the market value we are talking about

他都是自愿的买卖
It is a voluntary purchaser

而且没有受到任何的强迫
and has not been subjected to any coercion

在这种条件下，我们对某一个特定的时点
Under these conditions, we estimate the transaction price of the company

和特定的基准日，对企业的成交价进行估计
for a specific time point and a specific benchmark date

这个我们把它叫做市场价值
We call it market value

企业的价值还有一个很重要的表现形式就是投资价值
Another important form of corporate value is the value of the investment

为什么资本市场有很多投资者愿意去购买企业呢？
Why are there many investors in the capital market who are willing to buy a business?

它是希望这种投资未来能带来更大的价值
It is hoped that this investment will bring greater value in the future

或者它在未来能够依靠自身的一些特有的因素来增加价值
or that it can rely on its own unique factors to add value in the future

因此我们在企业价值评估中
Therefore, we define the value of the investment

这样定义投资价值
in the enterprise value assessment

它是指评估对象
It refers to the value that the assessment object

对有明确的投资目标的特定投资者
has for a particular investor with a clear investment objective

或者某一类投资者所具有的价值
or a certain type of investor

它跟市场价值 一个很重要的区别
It is a very important difference from market value

市场价值是自愿的买方和自愿的卖方
The market value is the voluntary buyer and voluntary seller

跟特定的投资主体没有关系
and has no relationship with specific investment entities

但是投资价值强调的是
But the value of the investment emphasizes

具有明确的投资目标的特定投资者
the value of a particular investor with a clear investment objective

或者某一类投资者
or a certain type of investor

这一类价值往往使得企业的价值
This type of value often makes the value of the business

与这些特定的投资者他所拥有的
related to some of the resources or capabilities

一些资源或者一些能力相关
that these particular investors have

这样一类价值，我们把它叫做投资价值
Such a type of value, we call it the value of the investment

以上是关于企业价值评估当中
The above is about the enterprise value assessment

我们要通过 价值类型的定义
we have to define the meaning of our enterprise value assessment

来明确我们企业价值评估结果的内涵

有了这些价值定义
With these value definitions

或者说这些假设
or these assumptions

我们怎么样来评估企业价值
how do we assess corporate value

就需要去建立一定的模型
we need to build a model

选择合适的方法
and choose the right approach to have a specific estimate of the value of the business

在企业价值评估当中
In the enterprise value assessment

我们常用的评估方法有三类
there are three types of evaluation methods commonly used

第一类我们把它叫做资产基础法
In the first category, we call it the asset-based approach

第二类是市场法
the second is the market approach

第三类是收益法
and the third is the income approach

资产基础法
The asset-based law

他是讲在一个条件允许的情况下
he said that under the condition of a condition

任何一个潜在的投资者当他来决定去投资一个资产的时候
any potential investor, when he decides to invest in an asset

他愿意付什么样的价格呢？
what kind of price is he willing to pay?

他一定会考虑，不能超过构建该项资产的成本
He will certainly consider that it cannot exceed the cost of building the asset

或者是这项资产的重置成本
or the replacement cost of the asset

这是我们讲资产基础法的一个基本原理
This is a basic principle of our asset-based law

基于这个原理，我们对企业价值去进行评估的时候
Based on this principle, when we evaluate the value of the enterprise

就可以在企业资产负债表当中的资产项目基础上
we can evaluate each asset based on the asset items in the balance sheet

对每一项资产去进行评估然后去加总得到企业价值
and then add the total value of the enterprise

但是企业资产负债表是不是包含了企业所有的资产呢？
But does the corporate balance sheet contain all the assets of the company?

我们前面讲到企业价值评估的时候
When we talked about enterprise value assessment in the past

我们谈到的企业价值
we talked about the enterprise value

它不仅仅包含企业资产负债表上的这些资产项目
It not only includes these asset items on the company's balance sheet

可能还有表外的资产项目
but also off-balance sheet assets

比方说没有纳入资产负债表上的无形资产
For example, intangible assets that are not included in the balance sheet

因此在运用资产基础法评估企业价值的时候
Therefore, when using the asset-based approach to assess corporate value

我们要考虑企业资产负债表，表内表外的资产
we must consider the company's balance sheet and the off-balance sheet assets

当然同时也要考虑资产负债表表内表外的负债
Of course, we must also consider the off-balance sheet liabilities in the balance sheet

把这些资产项目和负债项目分别进行评估
and evaluate these asset projects and liabilities separately

然后加总得到企业的价值
and then add the total value of the enterprise

这是我们讲的资产基础法，来评估企业价值
This is the asset-based approach we are talking about to assess corporate value

这是资产基础法的评估
This is an assessment of the asset-based approach

我们可以看到
We can see that

它是从投入的角度
it judges the value of the firm from the perspective of input

从购置或重置的资产的这个角度来判断企业的价值
and from the perspective of the assets purchased or reset

但是我们在市场上进行交易的时候
But when we trade on the market

我们往往会去看到有没有类似的资产进行交易
we tend to see if there are similar assets for trading

如果市场上有类似的资产进行交易
If there are similar assets in the market for trading

那么我愿意支付的价格
then the price I am willing to pay

就不会超过市场上同样的或类似的这个资产的价格
will not exceed the price of the same or similar asset on the market

这个在经济学上我们把它叫做替代原理
In economics, we call it the principle of substitution

就是任何一个市场主体
It is any market subject that

它总是想以最小的代价来获得最大的利润
always wants to get the most profit at the least cost

那么因此他再去投资企业
So when he goes to invest in a company

投资资产的时候，他所愿意支付的价格
or invests in assets, the price he is willing to pay

一定是不会超过市场上相同
must not exceed the transaction price of the same

或相似的其他资产的交易价格的
or similar other assets on the market

那么基于这一原理
Based on this principle

就形成了企业价值评估的市场化
the marketization of enterprise value assessment is formed

它是利用市场上同类
It uses the recent trading price of similar

或者是类似资产的近期交易价格
or similar assets on the market

经过一些直接比较
and after some direct comparison

或者是一些分析进行调整后
or some analysis to adjust

来判断资产的这个价格
to determine the price of the asset

那在企业价值评估当中
In the enterprise value assessment

我们通常可以选取资本市场上上市公司
we can usually select listed companies in the capital market

类似的上市公司来进行比较分析和估值
similar listed companies for comparative analysis and valuation

那么也可以选取市场上已经交易的案例
Then you can also select cases that have been traded in the market

一些企业出售交易的案例
and some companies sell cases of transactions

来进行被评估企业的价值判断
to judge the value of the companies being evaluated

那么、因此市场罚也称为相对估值法
Then, the market penalty is also called the relative valuation method

他只是利用市场上同类资产的交易价格
He only uses the transaction price of the same kind of assets

来做一个相对的价值判断
on the market to make a relative value judgment

它并不代表资产上的绝对价值
It does not represent the absolute value of the assets

当然它背后的原理就是替代原理
Of course, the principle behind it is the substitution principle

它一定起作用的情况下，类似的资产的交易价格
When it works, the transaction price of a similar asset

就能够是它的内在价值的一个指示值
can be an indication of its intrinsic value

在这种情况下，我们才能用市场法去进行企业价值估值
In this case, we can use the market approach to conduct corporate valuation

那么第三类方法，我们把它叫做收益法
Then the third type of method, we call it the income method

它也是最符合经济价值定义的一种方法
it is also a method that best fits the definition of economic value

它是用企业未来的预期收益进行折现
It discounts the expected future earnings of the company

得到的限制来确定企业的价值
and obtains the limits to determine the value of the firm

所以它也称之为绝对估值法
so it is also called the absolute valuation method

它是由企业未来的收益
It is the value obtained by

进行折现后得到的价值
discounting the future income of the enterprise

它所依据的是投资回报原理
It is based on the principle of return on investment

也是最符合投资者在市场上投资企业最基本的动因
and is the most basical motivation for investors to invest in the market

一个理智的投资者在市场上去投资某一项资产时
When a sane investor invests in an asset in the market

愿意支付的价格它不会高于
the price he is willing to pay will not be higher than

所投资的资产在未来能够给我带来的回报
the return of the invested asset in the future

我们把它叫做投资回报原理
We call it the principle of return on investment

那么利用收益法得到的企业的价值
Then the value of the enterprise obtained by the income method

我们往往也称为企业的绝对价值
is often referred to as the absolute value of the enterprise

当然收益法应用基于
Of course, the application of the income method is based on

不同的假设和不同的约束条件
different assumptions and different constraints

它评估出来的企业价值可能有不同的价值类型
The enterprise value it evaluates may have different value types

这三大传统的或者我们叫经典的估值方法之外
In addition to these three traditional or our classic valuation methods

人们也在不断的去进行探索创新
people are constantly doing it. Explore innovation

比方说有一些资产，它具有期权的特性
For example, there are assets that have the characteristics of options

它今天可能没有价值
which may have no value today

但是一旦未来某一个特定事件发生的时候
but once a particular event occurs in the future

比如企业在作出新的决策
such as when a company makes new decisions

他就有可能带来价值
it can bring value

那么这样一些资产
So for some of these assets

我们把它叫做具有期权特征的资产
we call it an asset with option characteristics

因此开发出了期权定价模型
Therefore, an option pricing model was developed

对于互联网行业和互联网企业
For the Internet industry and Internet companies

人们也去思考有没有新的估值方法
people also think about whether there are new valuation methods

在1995年，摩根斯坦利的分析师提出了DEVA的估值方法
In 1995, Morgan Stanley analysts proposed a method for evaluating DEVA

他观察到，在互联网行业
He observed that in the Internet industry

互联网公司的价值跟用户高度关联
the value of Internet companies is highly correlated with users

在互联网行业，梅特卡夫曾经提出了一个定律
In the Internet industry, Metcalfe once proposed a law

就像我们这个电子行业的这个摩尔定理一样
just like our Moore theorem in the electronics industry

他提出网络的价值是
he proposed that the value of the network is

和网络节点中用户的平方数成正比的
proportional to the square of the user in the network node

我们把它叫做梅特卡夫定理
we call it Metcalf theorem

基于这种定理
Based on this theorem

我们会发现互联网企业的价值
we will find that the value of an Internet enterprise

可以用互联网企业用户的平均初始资本投入
can be expressed as the product of the average initial capital investment

与他用户价值的平方的乘积来表示
of an Internet enterprise user and the square of his user value

这个我们把它叫做DEVA的估值方法

他被认为是对互联网企业的估值的一种适用模型
which is considered a suitable model for the valuation of Internet companies

那么这种模型当然后来也在Facebook和微信
Then this model, of course, was later verified

这样的互联网企业中得到某种程度的验证
to some extent in Internet companies like Facebook and WeChat

以上是关于企业评估的一些常见的方法
These are some of the common ways to evaluate a business

当然还有很多具体的种方法
Of course, there are many specific methods

还有很多具体的模型
and there are many specific models

我们在对互联网企业进行评估的时候这些方法都使用吗？
Are we using these methods when evaluating Internet companies?

今天我们在对互联网企业估值的时候
Today, when we are evaluating Internet companies

我们仍在探索当中
we are still exploring

但是至少我们有三个问题需要思考
But at least we have three questions to think about

第一互联网企业它改变了价值定义吗?
firstly, did the Internet company change the definition of value?

第二，互联网企业它改变了价值评估的逻辑吗？
Second, does the Internet enterprise change the logic of value assessment?

第三，互联网企业价值的评估方法需要创新吗？
Third, does the evaluation method of Internet enterprise value need innovation?

以及怎么样进行创新？
And how to innovate?

我想这三个问题是我们在对互联网企业价值
I think these three questions are what we need to think about

进行评估的时候，需要思考的
when we evaluate the value of Internet companies

对于互联网企业改变了价值定义吗？
Has the Internet company changed its value definition?

我们前面讲的价值是什么？
What is the value we talked about earlier?

价值是资产未来收益的限制
Value is limited by the future earnings of an asset

互联网企业它作为一个投资对象
Internet companies as an investment object

它首先是企业
first of all, they are enterprises

那么从企业的角度来讲
then from the enterprise point of view

它的经济价值仍然是由它未来预期收益的限制决定
its economic value is still determined by its future expected income limits

从这种程度上我们认为互联网企业
To this extent, we believe that Internet companies

并没有改变价值的定义
have not changed the definition of value

但是互联网企业它创造未来收益的模式
but the model of Internet companies that create future benefits

已经与传统的企业有很大的不同
has been very different from traditional companies

我们前面讲互联网企业的本质
We talked about the nature of Internet companies in the past

讲互联网企业是依靠互联网的特性
saying that Internet companies rely on the characteristics of the Internet

来构建他的商业模式、平台或者生态来创造价值
to build his business model, platform or ecology to create value

企业的未来收益创造模式的变化
Changes in the future revenue creation model of Internet companies

它一定会带来估值逻辑的变化
will surely bring about changes in valuation logic

我们对未来收益的预期
Our expectations for future earnings

我们对它的可比企业的选择等等
our choice of comparable companies, and so on

可能都会发生变化
may change

第三，就是互联网企业的价值创造模式的变化
The third is the change in the value creation model of Internet companies

进而就需要我们在评估方法上创新
which in turn requires us to innovate in the assessment method

我们前面讲到DEVA模型
We talked about the DEVA model in the past

就是基于互联网企业的价值与用户的关系
based on the relationship between the value of Internet companies and users

互联网企业它基于用户的价值创造模式的变化
Internet companies are making a methodological innovation

进行一种方法上的创新
based on changes in the user's value creation model

当然现在也有很多关于互联网企业估值的讨论
Of course, there are a lot of discussions about the valuation of Internet companies

有一些新的创新
there are some new innovations

当然这些评估方法的创新也需要在市场上
of course, the innovation of these evaluation methods also needs

不断的去验证，不断的去检验
to be constantly verified in the market and constantly tested

基于上述三个问题
Based on the above three issues

就需要识别互联网企业的价值创造逻辑
we need to identify the value creation logic of the Internet enterprise

价值创造模式
the value creation model

识别互联网企业它的未来收益获取的特点
identify the characteristics of the Internet enterprise's future income acquisition

或者未来收益的这个变动特点
or the characteristics of future changes in the evaluation

我们才能对互联网企业的价值
Make a more accurate analysis and assessment

做出更加准确的分析和评估
of the value of Internet companies