Video在线视频

大家好
Hello everyone

欢迎来到中南财经政法大学的
Welcome to Zhongnan University of Economics and Law's

慕课课堂《互联网企业估值》。
MOOC classes the Internet Business Valuation

我们的宗旨是
Our aim is

给你一杆秤
to give you a scale

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

今天我们的话题是
Today our topic is

一起来认识一下独角兽企业
to come together to learn the unicorn company

虽然在前面的简介部分我们曾经讨论到
Although in the previous introduction section we have discussed that

独角兽企业是当今互联网企业中的热点话题
Unicorn companies are a hot topic in today's Internet companies

但是独角性企业跟其他类型的企业到底有什么差别
But what is the difference between aunicorn companies and other types of companies

独角兽企业为什么这么受到资本界的青睐
Why are unicorn companies so favored by the capital world

我们需要在今天的这部分跟大家一起进行深入的探讨
We need to have an in-depth discussion with everyone in this part of the day

最近杭州市政府就启动了
Recently the Hangzhou Municipal Government launched

一项独角兽企业培育工程
a unicorn enterprise cultivation project

要求各界通力合作
Require all circles to work together

成立一个规模达到30亿元的独角兽企业的基金
Establish a fund for a unicorn enterprise with a scale of 3 billion yuan

然后要在2020年之前
And then by 2020

培育多达20家以上的这个独角兽企业
cultivating as many as 20 or more unicorn companies

甚至把很多的指标都量化下来了
and even quantifying many indicators

那么这个独角兽企业真的跟我们以往所讨论的
Is this unicorn company essentially different between we have discussed in the past

各种企业类型有着本质的差别吗
and the various types of businesses

到底什么是独角兽企业
What is a unicorn company

事实上
In fact

我们要回到这个独角兽这个概念本身
we have to return to the concept of the unicorn itself

独角兽它是西方的神话文化中的一种虚拟的形象
The unicorn is a virtual image of this mythological culture in the West

它是一头白色的马
It is a white horse

头上有一个尖尖的角
with a pointed horn on its head

代表着高贵纯洁和稀有
which represents noble pure and rare

最早就是由硅谷的一些学者把这个概念引入进来
It was first introduced by some scholars in Silicon Valley

用来描述那种成长很快的企业
to describe the fast-growing companies

但是事实上从我们研究者的角度来看
but in fact from the perspective of our researchers

独角兽企业这个概念还是新瓶装旧酒
the concept of unicorns is still a new bottle of old wine

实际上
Actually

在我们以往研究创业企业或者创新型企业的文献中
in our previous literature on entrepreneurial or innovative

有很多类似的概念
There are many similar concepts

比如说瞪羚企业、新创企业
such as Gazelle Enterprise New Venture

那我们就来一起了解一下
then let's take a look at

这些相似的概念以及他们之间的联系
these similar concepts and the connections between them

像瞪羚企业这个词
The word Gazelle Enterprise

最早是源自硅谷
originated from Silicon Valley

那么瞪羚企业这个概念
and the concept of Gazelle Enterprise

也诞生自上个世纪的90年代
was born in the 1990s

最早是由美国的麻省理工学院的
It was first proposed by the MIT's

教授David Brich这个人提出来的
professor David Brich

他用这个概念来描述那些跨越了死亡谷
He used this concept to describe companies that have crossed the Death Valley

进入了快速成长期的企业
and entered a rapid growth period

也被称之为高成长企业
also known as high-growth companies

判断一个企业是否是瞪羚企业的标准
About the standard to judge whether a company is a gazelle enterprise

David Brich教授提出了他的标准
Professor David Brich proposed his standard

他的标准就是年销售额不少于10万美元
His standard is that the annual sales are not less than 100,000 dollars

并且这个企业的销售额在随后的五年内每年
and the annual sales growth rate of company

都有超过20%以上的增长率
will exceed 20% in the following five years

后来硅谷的风投和企业家
Later,venture capitalists and entrepreneurs in Silicon Valley

就针对这个David Brich的标准进行了一些改进
made some improvements to David Brich's standards

根据实际的情况把这个标准改为
and changed the standard according to the actual situation

企业的年销售收入不低于100万美元
the company's annual sales income is not less than 1 million US dollars

并且连续四年保持20%以上的这个增长速度
and this growth rate maintained more than 20% for four consecutive years

这样的标准
Such standards

被后来很多其他的国家和地区所借鉴
have also been used by many other countries and regions

比如说
For example

在我们武汉的东湖高新区
in our Wuhan East Lake High-Tech Development Zone

我们也引入了瞪羚企业的这样一个判断标准
we have also introduced such a judgment standard for Gazelle Enterprise

每年都由政府来资助
Government annually funded some enterprise

一部分年销售收入在100万人民币以上
which annual sale income more than one million yuan

然后年增长率在20%以上
annual growth rate more than 20%

并且连续三年或者四年以上
and for three or more years

保持这样一个增长速率的企业
maintaining it

对这些企业
For these companies

政府会给予一定额度的资助
The government will grant a certain amount of funding

使得他们成为这些地区的榜样和领头羊
and making them the models and leaders in these regions

所以你看这个瞪羚企业的概念
So look at the concept of this gazelle enterprise

它就是描述了这些新创企业里面的隐形冠军
which describes the invisible champions in these startups

成长非常快，然后具有很大的发展潜力
grows very fast and then has great potential for development

接下来我们用这张图
Then we use this chart

给出了在最近几年里面典型的瞪羚企业
to show the typical Gazelle Companies in recent years

他们的年均增长速度可能远远超过20%
Their average annual growth rate may be far more than 20%

像小米有一段时间
For example MIUI

它的年均复合增长速度超过600%
has a compound annual growth rate of more than 600%

那么这样一些企业就跟我们后面讨论的独角兽企业
So some of these companies are coming with us to talk about Unicorns

发生了天然的联系
have a natural connection

第二类我们要讨论到的
The second type of

一个相似概念就是创业企业
similar concept we are going to discuss is the startup

创业企业其实是普遍的去指
Start-ups are generally referred to as newly established companies

创立的时间在六年以内的这种新成立的企业
that have been founded within six years

有的时候呢我们也把它称之为初创企业
Sometimes we call them Start-ups,

新创企业或者创业型的企业
Start-ups or Entrepreneurial Companies

或者是天生创业企业
or Born Entrepreneurs Enterprise

那么他们的英文名字都是叫做Start-ups
then their English names are called Start-ups

其实这种初创企业
In fact this kind of Start-ups

就特别强调的是那种从0到1的创始型的企业
especially emphasizes companies from 0 to 1

这些企业往往面临着
which often face challenges

资源、团队、市场等等多方面的挑战
in resources teams markets and so on

相比于那些从大企业里面
Compared to those companies

分化或者衍生出来的企业而言
differentiated or derived from large companies

这种企业它们要生存和发展下去就更加的困难
it is even more difficult for them to survive and develop

这个概念也是跟我们所讨论的独角兽企业
This concept has a natural close relationship with

有着天然的密切的联系
the unicorn companies we are discussing

那么独角兽企业到底具有一些什么样的特征呢
So what are the characteristics of the unicorn company

一般来说可能会体现在以下的三个方面
Generally speaking it may be reflected in the following three aspects

首先是当独角兽企业刚刚出现的时候
Firstly,when the unicorn company just appeared

人们会觉得难以置信
People think it unbelievable

比方说今天你再想想
For example,today we can take a phone

我们拿着手机不用带现金就可以出门打车购物消费
and no cash to shopping or taking a taxi

以前大家都觉得unbelievable怎么可能呢
Everyone think unbelievable before

但是现在这就是我们生活中的常态
but now this is the normal state in our lives

其次,独角兽企业它可能会改变世界的工作方式
Second,the unicorn company may change the way the world works

比如说在工业化的时代
For example,in the era of industrialization

那么大家要在固定的时间
Everyone has to go to work at a fixed time

固定的地点去上班
and fixed location

朝九晚五的工作方式
working in a nine-to-five manner

在固定的工厂或者是办公空间里面
In a fixed factory or office space

大家要去完成自己的工作
everyone has to complete their work

可是进入互联网时代之后
However entering the Internet era

人们的工作方式发生了极大的改变
people's working way have greatly changed

我们可能在any time,any where
We may at any time、any where

就是任何时间任何地点
That is any time、any where

都可以去完成我们的工作
to complete our work

那么这就为独角兽企业的成长
Then this will give the unicorn company

提供了极大的便利

所以比方说
So for example

很多这个基于互联网出现的这样的一些创业企业
A lot of startups based on the Internet

比如Airbnb和Uber
such as Airbnb and Uber

他们就改变了以往的这样一些世界运行的方式
they changed the way the world has been running in the past

成为独角兽中的佼佼者
and become the leader among the unicorns

第三点特征
Thirdly

就是很多独角兽企业它会产生巨大的经济影响
many unicorn companies have huge economic impacts

但是并不完全需要
but it don't entirely need to be

是它的创始人和风险投资人所创造的
created by their founders and venture capitalists

因为这个独角兽企业
Because if this unicorn company

能不能成为市场所接受的一种新的经济的形态
can become a new economic form accepted by the market

能不能在风险投资的加注之下
under the investment of venture capital

持续的获得高速的增长
if it continue to achieve rapid growth

并且最后成为赢家通吃的那样一个剩下来的一家
and finally become the winner of the whole one

这个取决于很多方面的因素
It depends on many factors

取决于多方的利益相关者
the multi-stakeholders

取决于整个互联网的生态圈共同的作用
and collective effect of the entire Internet ecosystem

所以独角兽企业
So unicorn companies

跟我们前面所讲的那些瞪羚企业 创业型的企业相比
compared with the gazelle and entrepreneurial enterprises as mentioned above

他们还是有很特殊的一些地方
still have some special places

就是它特别强调整个网络的相互连接和影响
it emphasizes the interconnection and influence of the entire network

给这个企业创造价值所带来的改变
which will change the way of creating value for this enterprise

这就比过去的瞪羚企业或者是创业型企业
This is not the same as the past gazelle enterprise or entrepreneurial enterprise

单纯的强调企业的高速增长是不太一样的
which simply emphasizes the rapid growth of the enterprise

我们再回顾一下这个概念 unicorn独角兽
Let's review this concept of Unicorn

这个概念最早
It was first introduced

是在上个世纪的90年代中期由Aileen Lee在一篇名为
in the mid-1990s by Aileen Lee in an article entitled

《欢迎加入独角兽俱乐部——从10亿级别公司身上学习创业》这篇文章中首次提出的
Welcome to the Unicorn Club——to learn entrepreneurship from a billion company

那么它是指代那些凭借独有的核心技术
it refers to those companies that take advantage of their unique core technologies

或者颠覆性的商业模式
or disruptive business models

率先深入挖掘新经济中的巨大机遇
to explore the chance in the new economy

在较短的时间内
and in a short time

就能成为市值超过10亿美元甚至百亿美元的企业
become a company with a market value of more than $1 billion or even $10 billion

那我们通过这个定义
According to this definition

我们知道独角兽企业有两个核心的特征
we know that the unicorn enterprise has two core characteristics

第一个是他可能会有独有的核心的技术
the first one is that he may have unique core technology

比如说Google公司
For example Google company

那么它有它独特的数据的算法
has its own unique data algorithm

比如说Facebook
Such as Facebook

那么他基于他的这个社交网络
he proposed a different business model

提出了与众不同的这样的一个商业模式
based on this social network

所以你看
So as you see

要么你有核心的技术
you must have core technology

要么你有与众不同的商业模式
or a different business model

否则的话
Otherwise

在这样的一个激烈竞争的互联网时代
in such a fiercely competitive Internet era

要成长要生存下来
it isn't easy to survive

成长为一个市值超过10亿美元的互联网企业
and grow into a company valued more than $1 billion

那我们来看
Let's take a look

无论是在美国还是在中国
No matter in US or China

这些生存和发展下来的典型的独角兽企业
these typical unicorn companies which survive and develop

比如说谷歌Facebook、Coursera 、小米等等
such as Google Facebook Coursera MIUI etc.

它们都是有这样的典型的特征的
they all have such typical characteristics

就是要么技术领先
Either technology is leading

要么商业模式独一无二
or business model is unique

其实所有的独角兽企业
In fact all unicorn companies

可能都有一个很共同的特征
may have a very common feature

就是他们在改变世界
they are changing the world

有一位学者Michael Schrage
One scholar Michael Schrage

他在哈佛商业评论上就写了这样的一篇文章
wrote an article in the Harvard Business Review

标题叫做《what do you want your customers to become》
titled What do you want your customers to become

就是说你想要你的客户成为什么样子的
which means you want your customers to be like

那么他提出了一个观点
He puts forward the idea that

说成功的创新者不会让消费者和客户去做不同的事
successful innovators will not let consumers and customers do different things

它会让消费者变成完全不同的人
it will make consumers become completely different people

比如说Facebook让他们的客户变得更加开放
Facebook makes their customers more open

愿意分享他们的个人信息
and willing to share their personal information

比如说亚马逊
For example,Amazon

让他们的客户变成了掌握更多信息的消费者
has turned their customers into customers who have more information

他们可以实时的分享数据和评论在线的查看产品
They can share data and comments in real time view products online

获得更加个性化的推荐
and get more personalized recommendations

比如说像谷歌
Like Google

当我们点击一个地图的数据的时候
when we click on a map's data

可能就会出现很多关于这个地方的一些评论
there may be a lot of comments about this place

比如说我本人最近在找美国的这个房子
For example I recently looked for a house in the United States

因为要去租一个房子要去访学
Because I have to rent a house for visiting

那我发现有一些这个公寓
I found some apartments

如果我有它的地址信息的话
If I have its address information

我把它放在谷歌地图里面输进这个地址
I put it in Google Maps and entering this address

就可以看到曾经在这个地方租过房子的
you can see the comments left by those tenants

那些租客们留下来的评论
who have rented a house in this place

就像我们的大众点评一样
Like our Public Comment

我发现这些评论信息非常有助于我去做出一个决策
I found that these comments are very helpful for me to make a decision

要不要租这个地方的房子
whether rent a house in this place

所以作为一个总结的话来说
So as a summary

优秀的创新者总是能够让用户拥抱
good innovators are always able to make users embrace it

或者至少可以忍受新的价值观
or at least tolerate new values

新的功能 新的行为 新的词汇
new features、new behaviors、new vocabulary

新的理念 新的期望以及新的愿望
new ideas、new expectations and new wishes

因为所有的独角兽企业都在改变着他们的客户
Because all unicorn companies are changing their customers

当然这一点是非常困难的
of course this is very difficult

在我们前期的课程里
In our previous course

我们曾经讲到过
we have said that

判断一个企业是否是独角兽企业有两个主要的依据
there are two main standards for judging whether a company is a unicorn company

第一个是时间依据
The first is the time

就说这个企业的创立时间在十年以内
Tt means that the company was founded within ten years

第二个是它的估值规模的依据
The second is valuation scale

就这个企业的市场规模在10亿美元左右
The market size of this enterprise is about 1 billion dollars

这样的企业我们就称之为独角兽企业
Such a company is called a unicorn enterprise

如果达到100亿美元以上的规模
If it reaches a scale of more than 10 billion dollars

我们就把它称之为超级独角兽
we will take it super unicorn

在很多投行和研究机构发布的一些独角兽企业的调查报告里面
In survey of unicorn companies published by many investment banks and research institutions

我们能看到很多有启发的
we can see a lot of inspiring

有意义的一些数据和事实
and meaningful data and facts

比如说
For example

那么美国的创投机构CBINSARS在2018年发布了
in 2008 the US venture capital firm CBINSARS announced

他们所跟踪的2013年至2018年3月
a report which tracked from 2013 to March 2018

这五年多的时间里面
in totall five years

全球的237家独角兽企业的这样一个分布情况
and released such a distribution of 237 unicorn companies worldwide

从统计数据来看的话
From the statistics

在这个237家独角兽里面
in the all 237 unicorns there are 118 in the United States

中国有62家紧随其后
There are 118 in the United States
and 62 unicorns in China are close behind

中国有62家紧随其后
and 62 unicorns in China are close behind

我们可以看到这样一个独角兽的地理分布
We can see the geographical distribution of such a unicorn

在美国的本土,光加州就占了52%以上
In the United States,California accounts for more than 52%

纽约大概有9%
New York is about 9%

美国其他的地方大约是13%
The rest of the United States is about 13%

然后欧洲大约21%
and then Europe is about 21%

中国有3%
China has 3%

然后澳大利亚和印度分别有1%
then Australia and India have 1% respectively

从这个分布来说,当然它是非常不均衡的
From this distribution,it is very unbalanced

我们看到全世界独角兽的分布
We see that the distribution of unicorns around the world

最高度的集中在美国的加州

也就是说在硅谷附近
near Silicon Valley

这也反映了
This also reflects the fact that

美国在技术创新和市场模式的创新等诸多领域
in many areas such as technological innovation and innovation in market models

仍然是引领全球的
the United States is still leading the world

从行业分布来看
From the perspective of industry distribution

之前我们也有过讨论
We have also discussed before

在诸多的独角兽企业的行业分布中
In the industry distribution of many unicorn companies

互联网服务、电子商务和互联网金融是
Internet services e-commerce and internet finance

独角兽企业最多的行业
have most unicorn companies

那么它们的占比加起来超过了一半
They account for more than half of the total

在中国的独角兽行业分布里面也体现出了类似的特征
Similar characteristics are also reflected in the distribution in China

就是电子商务、互联网金融、互联网加其他的相关服务
e-commerce Internet finance and other related services

占到了相当高的比例
account for a high proportion

我们来看这几块典型的这个板块
Let's look at these typical pieces

比如说在高端的制造业领域里面
For example in the high-end manufacturing industry

中国的独角兽企业主要有
China's unicorn companies mainly include

小米、魅族、宁德时代、大疆等等这样的一些企业
MIUI MEIZU CATL DJI and so on

那么在大数据和云计算相关的领域
Then in the fields related to big data and cloud computing

中国的独角兽典型企业有
typical companies include

蚂蚁金服 、数据工厂、聚美优品、金山云等等
Ant Financial Data Factory Jumei Premium Jinshan Cloud etc

在人工智能领域
In the field of artificial intelligence

出现了Face++、商汤科技、寒武纪科技等独角兽企业
there are Face++ Shangtang Technology and Cambrian Technology etc

在生物科技和其他领域
In biotechnology and other fields

也出现了一些典型的中国独角兽企业
there are also some typical Chinese Unicorn companies

它们都具有 非常高的成长性
all of which have very high growth

用以往的瞪羚企业或者创业型企业等概念
The concept of Gazelle Enterprise or Entrepreneurial Enterprise in the past

已经不足以描述它们在互联网时代快速成长
is not enough to describe their characteristics of rapid growth

快速地和用户共同创造价值的特征
and rapid creation of value with user in the Internet era

所以我们才有必要单独去创造一个概念
so we need to create a concept separately

叫做独角兽
named Unicorn

来描述这个时代高速成长的互联网企业
to describe the fast-growing Internet companies of this era

互联网企业有很多不同的分类依据
Internet companies have many different classifications

从我们的研究和观察角度而言
From our research and observation perspective

我们有以下三个基本结论
we have the following three basic conclusions

首先,这是一个新瓶装旧酒的概念
First of all, this is a concept as new bottled old wine

但是它并不能改变企业的本质
but it does not change the essence of the enterprise

企业的本质
The essence of the enterprise

不论是从资源观、还是契约理论
whether it is from the perspective of resources 、contract theory

还是生态理论等等不同的角度去切入
ecological theory etc

它都是一个有着盈利目标的组织
it is an organization with profit goals

都是一组资源的集合
and a collection of resources

所以独角兽企业也脱离不了这样的企业本质框架
Therefore the unicorn enterprise can't escape the essence of a corporate framework

它仍然要在这组织的框架之内
it still has to seek opportunities and space for survival

在市场上去寻求生存的机会和空间
within the framework of this organization and in the market

第二个判断 所有的独角兽企业
The second judgement is that all unicorn companies

它既可能实现高速增长 带来红利和回报
which are likely to achieve rapid growth bring dividends and returns

它也可能在生命周期的某个阶段就消失不见了
and may disappear at some stage of the life cycle

就破产倒闭了
and even go bankrupt

最近有一些关于独角兽回归的概念被频繁炒作
Recently,some concepts about the return of unicorns are frequently hyped

有一些互联网企业在海外上市
Some Internet companies listed overseas

回国中国资本市场之后
and after returning to China's capital market

有几个涨停板，但是很快就跌得不成样子
There are a few daily limit boards but they will soon fall into disrepair

变成了“有毒的独角兽”
which become a "toxic unicorn"

就是有毒的“独角兽”
it means a poisonous "unicorn"

我们当然不希望它们频繁地发生在中国的资本市场
We certainly don't want them to happen frequently in China's capital markets

我们希望的是独角兽企业它能够代表
What we hope is that the unicorn enterprise can represent

中国互联网企业创新创业的主流方向
the mainstream direction of innovation of Chinese Internet companies

第三个结论，独角兽企业可能代表了
The third conclusion is that the unicorn enterprise may represent

未来10-20年技术发展的趋势和市场发展的方向
the trend of technology and the direction of market in the next 10-20 years

我们希望投资者能够有理性的眼光和逻辑
We hope that investors can have a rational vision and logic

去认识和理解这些互联网企业
to understand and understand these Internet companies

不论是在全球资本市场
Whether in the global capital market

还是在中国的资本市场
or in China's capital market

我们对互联网企业的估值
we must follow reasonable logic and methods

都要遵循合理的逻辑和合理的方法
for the valuation of Internet companies

这一部分内容就分享到这里
This part of the content is shared here

谢谢大家
Thank you