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我们前面介绍了这个初创期的独角兽企业的估值
We introduced the valuation of this unicorn company in the early stage

我们主要以用户的价值作为核心数据
We mainly use the value of the user as the core data

来构建这个评估方法
to construct this evaluation method

那么接下来我们就介绍这个后面两个阶段
Then we will introduce the latter two stages

就是所谓的成长期和成熟期的独角兽企业的估值
include valuation of the unicorn enterprises in the growth and maturity period

成长期的独角兽企业的估值
as dor the valuation of the unicorn company in the growth period

我们看它的核心数据是收入数据
We think that its core data is the income data

换句话来说
In other words

这个时候的独角兽企业已经要考虑他的收入变现问题
the unicorn company at this time has to consider his income realization

我们选择了三种方法
We have chosen three methods

就是第一个就是的常规的这个PS方法
the first one is the conventional PS method

第二个是P除以GMV估值法，
Second is P divided by the GMV

第三个是研发费用占比估值
and third is the R&D expense ratio estimate

首先PS大家都知道是这个市值和销售收入的比值
First of all everyone knows that PS is the ratio of this market value to sales revenue

它是一个常用的估值方法
It is a commonly used valuation method

因此我们把它放在这个地方
so we put it in this place

是因为对于成长期的独角兽企业而言
because as for the growing unicorn company

一般来说已经初步构建了所谓的变现模式
generally it has constructed liquidation model

它一定存在所谓的销售数据
and it must have sale data

这时候独角兽企业的增长重点
At this time the growth focus of the unicorn company

也不是所谓的这个用户获取
is not the user acquisition

而是怎么样能够使用户贡献他的这个相关的营收
but how to enable users to contribute his relevant revenue

那么如果存在着销售数据
If there is sales data

这个销售数据一般来说是具有一定的稳定性的
this sales data is generally stable

可以操纵的
and can be manipulated

因为它涉及到所谓税收的问题
because it involves the tax problem

对于独角兽企业而言
For the unicorn company

虽然在自己成长期这个阶段
although at this stage of its own growth period

它已经实现了所谓的收入，有一定的现金流入了
it has realized the income .there is a certain amount of cash inflow

但是由于我们前面所谈的
but because we talked about in the growth period

在成长期独角兽企业还面对着更为激烈的市场竞争
the unicorn company is still facing more fierce market competition

还面对着可能要通过烧钱的方式
it also faces the problem of expelling competitors

高额资本支出的方式去驱逐竞争对手的问题
by means of burning money and high capital expenditure

因此即便有收入，由于它的成本和费用高
Therefore even if there is income because of its high cost and high cost

它的这个盈利概率是较低的
its profit probability is very low

举个例子来说，比如我们看京东这家公司
For example，if we look at JD

京东这家公司即便上市之后
even if it has listed

你已经看到它的这个平台上
you have already seen the realization

已经有相关的这个销售收入的实现
of this sales revenue on this platform

但是由于我们知道
But because we know that

京东本身它的商业模式一个构建的重点
the important point of business model of JD

是它的这个物流体系的自己的构建
is its own construction of this logistics system

物流体系的自身构建
The self-construction of the logistics system

是京东的成本费用支出的很大一块
is a large part of cost and expenditure

在这个物流体系没有成功构建出来之前
Before this logistics system was successfully built

即便京东的电商销售平台
even if Jingdong’s e-commerce sales platform

已经有了稳定的销售收入
had a stable sales revenue

但是由于同期还存在着较高的所谓的成本支出
but because it still has a high so-called cost

因此即便它是一家已经上市的独角兽企业
so even if it is a listed unicorn Enterprise

它仍然是一家没有盈利的公司
it is still a no profit company

那么对于使用PS方法来对独角兽企业进行估值
So for the use of the PS method to evaluate the unicorn company

它的一个重点和难点其实就是我们前面所谈的
one of its key points and difficulties is actually what we discussed earlier

用市场法去评估独角兽企业，
can you find a suitable benchmarking industry and comparable company

你能不能够找到合适的对标的行业可比公司
using market method

因为独角兽都是我们讲
Because Unicorns are

大部分都是具有颠覆性的创新型的企业
all innovative and subversive companies

存不存在一个具有满足样本数目的
if exist a number of an industry company

行业公司数量的存在
which fulfill a sample size

这是一个在使用ps估值法进行评估当中的一个难点
it is one of the difficulty when using the ps valuation method for evaluations

第二种方法呢就是P除以GMV估值法
The second method is a valuation method that divide P by the GMV

GMV就是某种意义上就是讲统计电商平台的总的收入
GMV is the total income of the statistical e-commerce platform in a sense

就包含了里面没有实现的销售额
including the sales that are not realized

加上取消订单的金额
plus the amount of cancellation

加上拒收订单的金额，加上退货订单的金额
rejected and return order

即便是取消了、退收退货了、这个拒收了
even if you have cancellation,rejected and return order

都可以视为你的这样一个所谓的总的销售收入
It all can be regarded as your total sales income

为什么呢
Why

因为这个地方考虑的是你作为一个电商平台公司
Because this place we considers that you are an e-commerce platform company

是不是能够跟消费者产生交易倾向的联系
if it is able to have a trading relationship with consumers

这种方法早期一般适用于所谓的电商平台公司
This method is generally applied to the e-commerce platform company in the early days

就是淘宝也好，京东也好，包括今天的拼多多也好
including Taobao,JD and today's Pinduoduo

它的好处在哪里
where are their benefits

我们这个地方就不考虑模式有没有差异的问题
We don't think about differences in patterns here

我们只考虑你作为一个电商平台
Just consider you as an e-commerce platform

你能不能吸引一个什么样数量规模的消费者
can you attract a mass of consumers interact

跟你产生一个交易的相交互行为
with you to generate a transaction

我们不做交易的完成
we do not complete the transaction

从这个角度就是就去评估此类的电商平台公司
From this point of view it is to evaluate such e-commerce platform companies

因为这个数据的存在
because of the existence of this data

由于GMV数据的存在
due to the existence of GMV data

进而推断与之相类似的平台的企业价值
and then infer the enterprise value of similar platforms

那么这个方法的使用拓展是什么
So what is the expansion using of this method

就是如果你把GMV
If you put GMV

不仅仅是为所谓电商平台的商品的交易量
not only for the commodity trading volume of the e-commerce platform

你把它视为平台的交易量
you regard it as the trading volume of the platform

比如说优步也好，滴滴也好，
such as Uber or Didi

你只要使用它的平台
only you use its platform

这轿车就某种意义上产生在这平台上产生的订单
In the sense this car will generated an order on this platform

不管你这个交易行为有没有完成
regardless of whether or not your trading behavior has been completed

他总的订单数量就能够成为
total order quantity can be an indicator and data

衡量这个服务平台交易量的一个指标和数据
for measuring the trading volume of the service platform

因此你可以把这个方法从所谓的电商平台的评估
So you can extend this approach from the e-commerce platform

拓展到其它的平台型企业方面去
to other platform-based enterprises

同样的能否找到合适的对标的行业可比公司
Finding the right benchmarking industry comparable company

仍然是重点和难点
is still the focus and difficulty for

但这个方法P除以GMV法它有个缺陷是什么呢
But what is the flaw in this method

就是有可能存在所谓的虚假交易问题
It is possible that there is a false transaction problem

比如你这个取消订单金额、
For example if the amount of cancellation

拒收订单金额、退货订单金额是不是假造的
rejected and return order are fake

我们都知道即便是已经实现了销售收入
We all know that even if the sales revenue has been realized

今天在平台上都存在所谓刷单的行为
there is a so-called behavior of brushing fake order on the platform today

那么这样的刷单导致的数据
Then the data caused by behavior

有可能使得我们高估GMV指标
may make us overestimate the GMV indicators

进而高估企业的价值
and thus overestimate the value of the company

那么成长期独角兽企业估值的第三种方法
Then the third method for valuation of the growing unicorn company

是所谓的研发费用占比估值法
is the R&D expense ratio valuation method

它是使用研发费用和销售收入这样一个比例
which uses the ratio of R&D expenses and sales revenue

作为这个可比的核心指标
as the comparable core indicator

这样一个方法主要针对和适用于那些技术创新公司
Such an approach is primarily aimed at and applies to technology innovation companies

比如说制药公司，拥有新技术的制药公司
such as pharmaceutical companies, pharmaceutical companies with new technologies

商业模式创新公司往往不太适用
and business model of innovation companies are often not suitable

因为商业模式创新公司它的研发费用本身就占比偏小
because business model innovation companies account for a small proportion of R&D

另一方面研发费用的占比情况反映了在成长期阶段
On the other hand the proportion of R&D expenses reflects on the growth stages

究竟技术创新公司投入了
if technology innovation company invested

多大比重的资源和战略注意力
a large proportion of resources and strategic attention

到他的这样一个相关的业务发展当中
to his related business development

因此通过对研发费用占比的判断
Therefore by judging the proportion of R&D expenses

就能够判断这个独角兽企业在未来发展当中
it is possible to judge the scope of this unicorn enterprise’s

它的竞争力的一个范围
competitiveness in the future development

那么研发费用占比法它会存在一个问题
Then there is a problem with the R&D expense ratio

就是由于很多这样一个所谓的独角兽企业
It is because many such so-called unicorn companies

都是非上市公司的
are unlisted companies

它的这个研发费用
Its R&D

可能存在所谓造假和高估的问题
may have problems with so-called fraud and overestimation

因为你不是内部人，你就不知道
Because you are not an insider you don't know information

如果你说外国人去投资的时候
If foreigners are investing

告诉你的研发费用你怎么采集
tell us how to collect the R&D expense

如果说研发费用是假的
If the R&D are false

有可能会导致我们对这个企业价值的高估
it may lead us to overestimate the value of this enterprise

同样的在同样的技术创新企业当中
Similarly among the same technological innovation companies

怎么样找到对标的行业可比模式可比的公司
how to find a comparable company with comparable industry and model

仍然是
is still the focus and difficulty of

用这个方法进行独角兽企业价值评估的重点和难点
using this method to evaluate the value