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如果前面我们讲到的互联网企业价值评估
If we talked about the Internet Corporate Valuation

与企业的运行周期有关
Related to the business cycle of the enterprise

谈到它的创业、成长、成熟和转轨
Talking about its start-up, growth, maturity and transition

那么我们在第二节更多的要讨论
Then we will discuss more in the second part

就是企业价值的定期重估
about the periodical revaluation of corporate values

那这在这一节当中
In this section

我们大概要去讨论企业价值
We’re going to talk about corporate values

它评估面临的挑战
And the challenges it faces

以及现行的会计制度
And the current accounting system

对资产价值信息的扭曲
Distortion of assets values information

以及我们在相关领域中做的问卷调查
And our surveys in relevant fields

去了解影响企业价值的
To understand the factors that impact corporate values

市场因素，政策因素和技术因素
Such as market factors, policy factors and technical factors

同时
At the same time

我们要去较为系统和全面的去探讨
We will discuss more systematically and comprehensively

目前在企业价值评估当中讨论不多
about the corporate value that has neither been discussed much

进展不快的一种价值类型 叫内在价值
nor has it been well studied，the intrinsic value

同时我们将把内在价值引入定期评估
And we will introduce the intrinsic value into periodical revaluation.

首先我们要谈到的就是
First of all, we will talk about

企业价值评估所面临的挑战
The challenges that corporate valuation in face of

我们觉得这个挑战大概可以分为三个方面
We regard that this challenge can be divided into three aspects

第一个方面就是会计制度的挑战
The first aspect is the challenge of the accounting system

我们很多的同学都有着一个会计学习的背景
Many of our students have a background in accounting

大家都知道在过去几十年当中
Everyone knows that in the past few decades

会计制度已经出现了很大的变化
The accounting system has changed a lot

为了克服现有会计制度的缺陷
In order to overcome the shortcomings of the existing accounting system

越来越多的会计准则
More and more accounting standards

在要求对企业的特定资产
Requiring specific assets of the business

进行公允价值的计量
To conduct measurement of fair values

我们不得不承认
We have to admit that

公允价值的引入和普及
The introduction and popularization of fair values

是对现行会计制度的一个突破
is a breakthrough in the current accounting system

但是在公允价值会计使用的过程当中
However, in the process of using fair value accounting

我们发现它在反映企业的真实价值方面
We find that it’s problematic in reflecting the true value of the firm

遇到了三大问题
there are three major problems

第一个问题就是大家都知道的
The first problem is that everyone knows

在2008年美国次贷危机以后
After the US subprime mortgage crisis in 2008

已经有很多的学者研究
There have been many scholars studying

在金融资产的公允价值使用当中
In the use of fair value of financial assets

出现的顺周期问题
Procyclicality problems that arised after

也就是这个资产的评估
That is the evaluation of this asset

在引入公允价值的方法之后
After introducing the method of fair values

有可能让公司的价值在上升期的时候
It is possible to over-estimate the corporate values

看高公司价值
in the rising cycle

在公司的遇到的资本市场下降周期的时候
and under-estimate the corporate values

看低公司的价值
In the declining cycle

所以对经济的波动它可能推波助澜
Therefore the concept of fair value may accelerate the economic fluctuations

这是第一个问题
This is the first problem

第二个问题就是
The second problem is

在公允价值的计量过程当中
In the process of measuring fair value

他对典型的资产
For those typical assets

在特别的国家和特别的制度下
In certain countries and certain systems

处理的不对称
There is asymmetrical treatment

即有的只做减值评估
Some only do the capital reduction assessment

不做增值的评估
and no make value-added assessments

当然在这个公允价值使用的过程当中
Of course, in the process of using this fair value concept

一个很重要的问题就是
A very important issue is

公允价值大量地被人为操纵
A large amount of fair value is manipulated by certain people

所以内部人控制和盈余操纵
So that insider control and earnings manipulation

成为公允价值计量和使用当中的一个缺陷
Become a defect in the measurement and usage of fair values

第三个问题就是我们搞企业的
The third problem is that we are engaged in business

我们每年都要会对企业的财务年度进行分析
Every year we analyze the financial report of the company

进行所谓的绩效评价
Conduct the so-called performance evaluation

那么这一类绩效评价或多或少
Then this type of performance evaluation is more or less

都会涉及到对业绩的判定
related to the determination of corporate performance

那这个业绩的判定
The judgment of this performance

现在大量的适用以会计制度为代表的
A large number of applications are now represented by accounting systems

制度体系或者报表体系
Institutional system or financial reporting system

而这一个报表体系在现行的企业当中
And this reporting system within the current enterprises

它往往也面对三大挑战
Often face three major challenges

第一个挑战就是
The first challenge is

投入和产出计价的双轨体制
A dual-track system of input and output pricing

也就是说我们各种各样的企业
That is to say, we have a variety of businesses

国有企业也好，民营企业也好，外资企业也好
State-owned enterprises, private enterprises, and foreign-investment enterprises

互联网企业也好，非互联网企业也好
Internet companies, non-Internet companies

由于种种情况和政策的影响
Due to various circumstances and policies

他们在要素的投入和产品的产出过程当中
They are in the process of factor input and product production

会出现价格的双轨
There will be a double track of prices

而这个价格双轨的情况
And this double track price situation

在会计制度下它不能反映，不能计量
Under the current accounting system, it can neither be reflected nor be measured

第二点，就是我们看到的公司价值的贡献
The second point is the contribution of the company values

它既有内部的因素，又有外部的因素
There are both internal and external factors

我们经常可以看到
We can often see that

尤其是高科技领域当中的企业
Especially in the high-tech sectors

它会或多或少会受到政策的激励
It will be more or less motivated by public policy

政府的补贴和政府的优惠
Government subsidies and government incentives

成为企业绩效一个重要的来源
Become some important sources of business performance

从某种意义上来讲，这一类贡献在会计制度上
In a sense, this type of contribution in the accounting system

我们也很难看到它对资产的影响
Is hardly seen in its impact on assets

最后一点就是结构和功能的考量不够
The last point is that the structure and function are not considered enough

也就是说我们可以看到
That is, we can see

这一个在绩效演进的过程当中
In the process of performance evolution

由于大量的投入
Due to a large amount of investments

是对结构和功能产生的影响
The impacts were posed on structure and functions

而结构和功能的影响会对价值产生影响
While the effects of structure and functions have an impact on value

非常遗憾的就是现有的会计报表
Very regrettably，the current reporting system

对结构和功能的计量
In the measurement of structure and functions

存在多种标准和多样曲解
There are many standards and diverse misinterpretations

第三点就是我们遇到的这个定期的抉择
The third point is the regular choice we have encountered

也就是说我们每年都可能会有一个年度报告
In other words, we may have an annual report every year

而这个年度的报告往往会受到三大问题的干扰
This year's report is often disturbed by three major problems

第一个干扰
The first problem

就是会计处理当中的费用
is the expense in accounting processing

和投资功能的周期性处理的问题
And the issue of periodic processing of investment functions

道理很简单
The reason is very simple

也就是说费用
The cost

在年度摊销、投资分年摊销
Annual amortization, investment amortization

而大量的年度摊销的费用
However a large amount of annual amortization costs

对企业的一些重要的资产会产生贡献
Contribute to some of the company’s important assets

尤其是无形资产
Especially intangible assets

第二个问题就是企业往往是集团化的
The second problem is that companies are often grouped

而企业的绩效和业务的绩效
And corporate performance and business performance

在周期上会有差异
There will be differences in the cycle

那怎么样去协调它们的差异，这是第二个问题
How to coordinate their differences, this is the second problem

第三个问题，我们不得不看到
The third problem we have to see

经济的周期，政治的周期
Economic cycle, political cycle

国内的影响和国外的影响
Domestic influence， and foreign influence

它都会对年度的经济活动产生影响
will all have impacts on the economic activities of the year

所以我们认为这个定期过程当中的年度指标
So we regard the annual indicator in this regular process

对于我们判断企业的
For us to judge the company‘s

近期价值，远期价值，短期利益和长期利益
recent value, forward value, short-term benefits and long-term benefits

是存在着学术上和实践上的问题的
There are academic and practical problems

那么我们在看到这些问题的同时
When we look into these problems

我们可以把它稍微聚焦一下
We can focus it a little bit

也就是说上述的这些问题
That is to say, these problems

它最终会产生一个什么结果呢？
What will it end up with?

最终的结果就扭曲了
The final result is distorted

会计报表当中的企业的真实价值信息
Information on the true value of the business in the accounting statements

那我们把这一个所谓的扭曲总结为三个部分
Then we summarize this so-called distortion into three parts

第一个部分
The first part

就是我们讲到的轻资产与重资产的关系
is the relationship between light assets and heavy assets that we talked about

也就是说现在越来越多的会计的信息
In other words, more and more accounting information available

是基于所谓机器和机器体系的工业革命
Is a result of industrial revolution based on machine system

产生的方法所导致的
Caused by method

而当时是以重资产为主
At that time, it was dominated by heavy assets

而今天在新经济条件下
Today, under the new economic conditions

在科技科学技术进步不断发展的条件下
Under the conditions of continuous progress of science and technology

越来越多的企业，特别是互联网企业
More and more companies, especially Internet companies

它是以轻资产为主
they are dominated by light assets

因此怎么样去研究由费用化导致的
Hence how judge the corporate values with intensive light assets

轻资产密集的企业价值的判断
result from the capitalization of R&D expenses.

是一个非常重要的问题
It is a very important issue

现在会计制度似乎没有解决这个问题
That the current accounting systems haven’t solved this problem

第二点，就是资本化和费用化的关系
The second point is the relationship between capitalization and expenses.

我们刚才已经说过了
As we have already mentioned

在这个会计梳理当中
In this accounting treatment

有投资和费用的两种处理方式
There are two ways to deal with investment and expenses

但是在高科技企业当中
However, in those high-tech companies

在互联网企业当中
Especially within those internet companies

我们经常可以看到这种现象
We can often see this phenomenon

也就是说它的费用化的投入
That is to say, its expense investment

已经远远高于所谓投资化的投入
has been far higher than the investment in capital

我们可以看到
We can see that

百度在2006年到这个2016年
from 2016 to 2006, the company of Baidu

它的R&D的投入
It's R&D investments

从个位数到百位数
Increased from single digits to hundreds in amount

就是从1.47亿到105个亿
That if, from 147 million to 10.5 billion RMB

想在十年当中
Only in ten years

它的R&D投入成十倍的增长
Its R&D investment has grown by tenfolds

其结果是形成了包括专利、版权、商标、资质
The result is Baidu has large amounts of patents, copyrights, trademarks, and qualifications

在内的系列无形资产
a series of intangible assets

而这一类无形资产
And this type of intangible assets

它的形成过程是费用化的
were a result of expenses.

但是它在资产负债表的表现
However, its performance on the balance sheet

第一它没有所谓的用全科目的反映
Firstly, it does not have the so-called general purpose reflection

第二个它没有以真实合理的计价反映
Secondly, it was not reflected in the real and reasonable prices.

所以我们认为这就扭曲了
So, we think this is distorted

所谓的高科技企业费用化
The so-called high-tech enterprises capitalization based on expense

形成的资产信息
And the information about the assets formed

第三块就是
Thirdly,

即便现有的会计制度也在做一些变化
Even if the existing accounting system has made some changes

比方说国际会计准则
For example, the international accounting standards

对会计科目当中的无形资产的科目
Subjects of intangible assets in accounting subjects

已经有了一些弹性
There have been some flexibility

但是所有的这些弹性
But all these flexibility

其实还是基于对常规无形资产的反映
In deed, it is still based on the reflection of regular intangible assets

比方说对专利、版权和商标
For example, patents, copyrights and trademarks

但是对非常规无形资产
But in terms of unregular intangible assets

比方说我们刚才讲到的
Let’s say, as we just mentioned

资质，人力资本，以及客户关系等
Such as qualifications, human capitals, and customer relationships, etc

而这些无形资产
And these intangible assets

通过我们对创业板无形资产的研究
Through our research on the intangible assets of the China GEM

他们在某些领域 在某些企业
in certain areas, in certain businesses

它的作用已经超过了所谓的常规无形资产
Their role have surpassed the so-called regular intangible assets

遗憾的是
Regrettably

现有的会计制度不但不能计量这类无形资产
The existing accounting system can neither measure such intangible assets

即便在会计报告上都不能够反映他们
nor can they be reflected in the accounting reports

这是我们讲到的所谓的扭曲信息
This is the so-called distorted information we talked about

那么根据我们做的一些调研
According to some research we have done

我们会发现一些企业在过去若干年当中
We have found some companies in the past few years

他们用费用化大量地形成了无形资产
They formed large amounts of intangible assets with expenses

但是在这些企业当中
Nevertheless, among these companies

我们举例可以让大家看到
We can see with examples that

他们的无形资产并没有因为管理费用、
Their intangible assets were not embodied due to increasing management fees,

研发费用、销售费用
R&D expenses, marketing expenses

分年度累进式的增长
Year-to-year growth

而在它的会计报表上
And on its accounting statements

得到合适、公开和公平的反映
neither have these expenses been reflected properly, openly and fairly.

基于这样一个情况
Based on such a situation

我们曾经对一些专业人士做过一个调研
We have done a survey with some professionals

通过对这些专业人士的调研
Through survey on these professionals

我们得出一个结论，一个什么结论呢？
We have come to a conclusion, what is it?

就是企业在它做年度的会计信息披露过程当中
That is, during the process of disclosure of annual accounting information by the company

这一类信息需要得到评估报告的补充和完善
This type of information needs to be supplemented and improved by the valuation reports

理由有四点：第一点
There are four reasons: first of all,

就是我们可以看到这一个企业的经营活动信息
That is, we can see information about the business activities of the company

跟三个市场有关，要素市场、商品市场和资本市场有关
Is related to three markets, namely, factor market, commodity market and capital market

但是现行的会计制度，账面价值和市场价值
However under current accounting systems, book value and market value

大概都不能够反映决定企业内在价值的
Probably may not reflect the intrinsic values of the enterprises

要素市场和商品市场综合反应的情况
The overall response of factor markets and commodity markets

第二点，就是我们可以看到企业在生产经营活动当中
The second point is that, the company production and operation activities

它受到政策的影响
It is affected by public policy

比方说利率、税率、汇率，甚至会受到政府补贴的影响
For example, interest rates, tax rates, exchange rates, and even government subsidies

那么所有这些对企业的影响
All these influences on the business

在负债表上也看不见摸不着
were invisible on the balance sheet

所以问卷告诉我们
Therefore the survey tells us

基于这种政策的变化和市场的变化
Based on changes in policy and changes in market

企业应该做定期评估
Companies should have regular assessments

同时我们还可以看到现有的技术
At the same time, we can also see the existing technologies

比方说我们可以看到在半导体领域当中的摩尔定理
For example, we can see the Moore theorem in the field of semiconductors

它告诉我们 这个在这一个大规模集成电路行业当中
which tells us that in this large-scale integrated circuit industry

技术与成本的变化关系
The relationship between technology and cost

我们还可以看到
We can also see

在这个无线通讯领域当中的这个五代标准
This five-generation standards in the wireless communication field

那么所有这些大家都可以看到这个技术的变化
From all of these changes，we can see that technologies

在不断地改变企业的投入和产出的关系
have constantly changed the relationship between corporate inputs and outputs

而遗憾的就是我们的这一个企业的财务制度
Unfortunately, the financial system of modern companies

对这些技术变化可能产生的对企业价值的影响
The impacts on corporate values that may arise from these technological changes

关注不够，计量不够，反映不够
have not been well studied, measured, and reflected

所以基于这样一个说法
Based on such a statement

我们就认为在企业价值的评估过程当中
We believe that in the process of evaluating corporate values

我们要对一些问题进入比较深入和系统的讨论
We have to go further into more in-depth and systematic discussions on some issues

我想第一个问题，就是关于市场的认知
I think the first question is about the perception of the market

我们今天在做资产评估的时候
When we are doing asset evaluation today

我们经常会去讲所谓的市场比较法
We often talk about the so-called market comparison method

那么这个市场比较法通常是
This market comparison method is usually

用这一个特定行业特定公司的
Using a market comparable within specific industry-specific company

频繁交易的可参照类型的市场价值
and frequently traded reference type

用一定的比率进行评估
To valuate with a certain ratio

来推导被评估企业的价值
To derive the values of the company

那我们在做研究的过程中发现
Then we found out from our research

现在的市场价值，尤其是资本市场的价值
Current market values, especially the values of the capital market

市场价值，它其实是遭遇到一系列的障碍的
Market values, are actually encountering a series of obstacles

其最大的障碍
the biggest obstacle

就是在资本市场上我们看到的交易价格
Is the transaction price we see on the capital market

它其实是少数股东高频交易的一个结果
It is actually a result of high-frequency trading by minority shareholders

它以大量的股东不交易和少交易作为前提
It is premised on the fact that a large number of shareholders do not trade or trade less

那我们如果用这一种所谓的交易方式
Then if we use this kind of so-called trading method

形成的交易价格来推导被估公司的价值
and the comparable prices to derive the value of evaluated companies

显然会脱离被评估公司的实情
Obviously it will go far away the facts of the companies being evaluated

第二点，我们同时也要看到
The second point, we also see that

企业在其运行的过程当中
In the process of its operation

它的内在价值更多的是取决于
The intrinsic values of company are far more dependent on

它在要素市场上的谈判能力
Its negotiating ability on the factors market

和它在商品市场上的谈判能力
and its ability to negotiate on the commodity market

所以从某种意义上来讲
In a sense

企业的价值更多的是受制于
The corporate value is more subject to

由要素和商品市场决定的行为，态势和结果
Behaviors, situations and outcomes that determined by factors and commodity markets

所以我们觉得这三个市场非常重要
Therefore we think these three markets are very important

因此我们曾经做过一些分析
We have done some analysis

分析的结果就是在特定的案例当中
The result of the analysis is in a specific case

如果我们以净利润代表或表现内在价值变化的趋势
If we represent or show a trend of intrinsic value change with net profit

然后用股票的价格表示
Then use the price of the stock to represent

资本市场或者是市场价值变化的规律
The capital market or the law of changes in market value

那在我们看到的这些图形当中或者曲线当中
In the graphics or curves

大家可以看到资本市场的价值变化
We can see the changes in the value of the capital market

和以净利润和税后利润为代表的
And represented by net profit and after-tax profit

所谓内在价值的变化，它是不一样的
The so-called changes in intrinsic value，are very different

这从某种意义上来告诉我们
This tells us in a sense

就是用市场价值推导内在价值
That to use the market value to derive the intrinsic value

或许是有缺陷，或许是有问题的
Maybe it is flawed, maybe it is problematic