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与此同时
at the same time

我们在这一节当中也给大家
We also provide you some cases in this section

一些因特别政策导致的价值变化的一些案例
Some examples of changes in values due to special policies

我们知道政策会对企业的盈利和发展产生影响
We all know that policies have an impact on the profitability and development of companies

那么总的来讲
In general

我们觉得有三大政策
We think there are three major policies

主要是汇率、利率和税率
Mainly exchange rates, interest rates and tax rates policies

那么首先我们可以看看汇率
Firstly we can look at the exchange rate

我们可以看到在中国改革开放以来
We can see that since China’s reform and opening up

我们的汇率政策是不断的在变化的
Our exchange rate policy has benn constantly changing

那么大家都知道人民币的汇率在过去若干年当中
Well, everyone knows that the exchange rate of the RMB has been in the past few years

它有不断的单边调整的一些趋势
There were some trends of constant unilateral adjustment

所以在人民币汇率变化的条件下
Under the conditions of the RMB exchange rate changes

对汇率高度敏感的企业
Those companies that are highly sensitive to exchange rates

它的价值也会发生变化
Their values will also change

所以我们曾经做过一些研究
We have done some research

比方说我们认为在一些特定的行业当中
Let's say we think that in some specific industries

它们对外汇高度的敏感
They are highly sensitive to foreign exchange

比方说以南方航空为例
For example, the case of Southern Airlines

它会去买飞机，会去租飞机
It will buy air planes，or rent air planes

买飞机和租飞机都需要使用外汇
Buying planes and renting planes both require foreign exchange

所以汇率的高低对它的决策 对它的盈利会产生影响
Therefore, the exchange rate will affect its decision making and profitability

另外就是我们讲到的一些对大众商品
The other case is what we call mass goods

具有进口依赖的行业
And industries with import-dependence characteristics

比方说中国的钢铁行业，它对铁矿石高度敏感
For example, the Chinese steel industry is highly sensitive to iron ore

所以铁矿石的价格和人民币的汇率
The price of iron ore and the exchange rate of the RMB

都会同时的影响这个行业的生产成本
Will both affect the production costs of this industry simultaneously

所以我们会去研究汇率对价值的影响
That’s why we have to study the impact of exchange rates on values

第二个就是利率
The second is interest rates

利率实际上是资金的价格
The interest rate is actually the price of capital

也是企业在生产经营过程当中
In the process of production and operation

不得不考虑一个重要的生产经营成本
People have to consider an important production and operation cost

所以有一些企业对利率高度的敏感
Some companies are highly sensitive to interest rates

在今天的中国，其实有一个行业是特别突出
In contemporary China, there is one particularly prominent industry

那就是房地产行业
That is the real estate

那互联网行业突不突出？
Is the Internet industry a good example to interest rates？

我们认为互联网企业长时期处在前期的烧钱阶段
We believe that Internet companies are in the early stages of burning money for a long time

在烧钱的过程当中它就不得不借钱
In the process of burning money, they have to borrow money

因而它同样地对财务费用高度敏感
Therefore, it is equally sensitive to financial costs

所以利率的高低会在一定程度上
Hence the level of interest rates will be to some extent

去影响企业的生产经营活动
To influence the company in production and business activities

第三块我们叫做税率
The third is tax rate

中国改革开放以来
Since the reform and opening up in China,

不断的进行税制的改革
the reform of the tax system has been carried out continuously

从利改税的改革
Reform from profit to tax

到现在的增值税的改革 叫营改增
Reform of the operation tax to value-added tax

那么征税的机构也在不断地改革
The taxation agencies are constantly reforming either

从国税、地税的分离，
From the separation of national taxes and local taxes

到国税和地税的合并
To the merge of national tax and local tax

那么30年的税制改革
Then 30 years of tax rates reform

我们可以看到税收对今天的中国政府高度的影响
We can see the impact of taxation on today’s Chinese government

同时税收对今天的中国企业也有极其的重要性
At the same time, taxation is of great importance to today's Chinese companies

所以当我们谈到税收的时候
So when we talk about taxes

有各种各样的税收
There are all kinds of taxes

那其中一个很重要的税收可能就是所得税
One of the most important taxes may be income tax

我们通过这个调研发现
We found through our research that

中国的一些特定企业，随着所得税税率的调整
Some specific enterprises in China, with the adjustment of the income tax rate

比方说它们成为高新技术企业
For example, the high-tech companies

当他成为高新技术企业的时候
When a firm becomes a high-tech company

享受所得税每年10%的优惠
It enjoys a 10% of income tax each year（compared to 25% as usual）

那么正是因为有这样一系列的政策
Well, precisely because there are such a series of policies

使得特定的企业它在特定的年度
Make a particular business in a particular year

它的利润增加，税收减少
Its profits increase and taxes are reduced

同时大家也可以看到
At the same time, we can also see that

最近中美贸易战
The recent Sino-US trade war

我们可以看到
We can see that

美国政府对中国进口的产品征收高额的关税
The US government imposes high tariffs on products imported from China

由于这些高额关税的征收
Due to the collection of these high tariffs

对部分以美国市场所为主要出口对象的中国企业
For some Chinese companies that mainly export to the US market

尤其是中国沿海的企业会产生重大影响
In particular, enterprises on the coast areas of China will suffer a lot

所以我们去讨论利率、税率，汇率
So，when we talk about interest rates, tax rates, and exchange rates

对企业价值影响的分析
and their impacts on corporate values

事实上是告诉我们，当政策变化的时候
the truth is to tell us that when the policy changes

企业的价值也会发生变化
The corporate values will also change

如果说政策变化或者有变化趋势的时候
If the policy changed or has a changing trend

我们对企业的价值不做同步的和类似的反映
And we do not synchronize and similarly reflect the value of the business

那就很难去反映信息的有效性
Then it is hard to reflect the validity of the information

特别是信息对决策的有效性
In particular, the effectiveness of information on decision making

考虑到信息对决策的有效性
Considering the effectiveness of information in decision making

我觉得在我们资产评估这个行业当中
I think in our asset assessment industry

我们要引入一个概念叫内在价值
We shall introduce a concept called intrinsic value

关于内在价值，不同的人有不同的定义
Different people have different definitions of intrinsic value

我们对投资比较熟悉的人都知道
We know people who are familiar with investment

巴菲特有一个非常重要的理念
Buffett has a very important idea

叫做内在价值投资的理念
The concept of intrinsic value investment

我们做资产评估的时候 经常有一个说法，一个什么说法？
We often have an argument for assets valuation. What is that?

就是市场价值围绕内在价值波动
That is, market value revolves around intrinsic value fluctuations

甚至在相关的文献当中
Even in the relevant literature

有的学者也认为内在价值
Some scholars also believe that intrinsic values

是可以通过模型来测度来推理的
can be reasoned by the measurement models

那么基于这以上的判断
Based on the above judgments

我觉得今天当我们去对企业的真实价值
I feel that when we try to judge the real value of the company today

在年度或定期做一个判断的时候
every year or regularly

我觉得可以选择的对象就叫内在价值
I think the object that can be chosen is called intrinsic value

或者可以选择的价值类型就是内在价值
Or the type of value that can be chosen is intrinsic value

那内在价值到底是什么东西呢？
What is the intrinsic value indeed?

我这样定义它，内在价值
I define it in this way, intrinsic value

是企业在要素市场
It is something under the co-effects

和商品市场规律的制约下的历史惯性、
of historical inertia of enterprises with constraints of the factor market and the commodity market

现行结构和演进态势共同作用的
The current structure and the evolutionary situation as well

一个现金流折现的专业判断
A professional judgment of discounted cash flow

其实就是一个未来能力的专业判断
In deed, it is a professional judgment of future ability

那么这个专业判断是
Then this professional judgment is

企业在要素市场
The behavioral orientation of enterprises

和商品市场的共同影响下的行为定位
under the joint influence of factor markets and commodity markets

就是说你在这个要素市场和商品市场上
That is to say, you are on this factor market and commodity market

你的定位是什么？
What is your position?

比方说你是不是有足够的谈判能力
For example, do you have enough negotiating ability

你是不是有足够的合约安排？
Do you have enough contractual arrangements?

你是不是因为这个谈判能力和合约安排
Do you have stable future profitability because of this negotiating ability

使得你未来的盈利能力有某种稳定性？
and contractual arrangements

我们叫做行为定位，然后就是态势
We call it behavioral positioning, and then it is the situation

就是在这一个过程当中
It is in this process

你是不是能够发现
that you can find out

由于这一个所谓的历史惯性、结构和预期
Because of this so-called historical inertia, structure and expectations

使得你的态势可以被反应？
Make your situation reflected?

正是这种定位和态势结构和预期的集合
It is this collection of positioning and situational structures and expectations

它就使得内在价值具备了某种可测性
that makes the intrinsic value predicable

或许这个可测性给我们的这个价值区间不是一个定值
Perhaps this value range by measurability is not a fixed value

它即便是一个区间,它也是有价值的
Even if it is a range, it is valuable

它的价值在哪里？我觉得它有两个价值
Where is the value? I think there are two of them

第一个价值就是检验所谓会计的账面价值
The first value is to test the book value within the so-called accounting

对账面价值的缺陷进行补充
And complement the deficiencies to book values

第二就是制衡市场价值
The second is to balance the market value

也就是资本市场它的暴跌和暴涨
That is, its collapse and skyrocketing on the capital market

在很大程度上会脱离内在价值
To a large extent, will be out of intrinsic values

如果我们对内在价值做一个反映
If we reflect on the intrinsic values

其实对于市场价值可以有预警的功能
In fact, there can be an early warning function for market values

这就是我们对内在价值的定义
This is our definition to intrinsic value

那我们说定义这个内在价值
Then we say to define this intrinsic value

其实是认为内在价值是可以被判断的
In fact, it is considered that intrinsic value can be judged

那么当我们说它可以被判断的时候
TWhen we say that it can be judged

它的理由在哪里？我觉得理由就在乎以下几点
What is the reason? I think the reason depends on the following points

第一点，就是我认为内在价值
The first point is that I believe that the intrinsic value

具有历史沉淀导致的价值关系
has a value relationship caused by historical precipitation

就是今天当我们去评估
It’s today when we evaluate certain companies

某些有历史、有能力、有足够的资源保障的企业价值的时候
the value of a company with history, ability, and sufficient resources guaranteed

特别是那些所谓的行业的领袖企业
Especially the so-called flagship companies

那我们通常会发现，这一类企业它大概有三大刚性
Then we usually find that this type of enterprise has three rigidities

第一个就是结构刚性
The first one is structural rigidity

这些企业通过10年20年的演进
These companies have evolved over 10 years and 20 years

它在人员结构、技术结构、产品结构、市场结构
Its personnel structure, technical structure, product structure, market structure

在这样一些领域当中
In such fields

通过多年的磨合，多年的沉淀
Through years of running-in, years of precipitation

它已经形成了自己的结构刚性
There has formed its own structural rigidity

它不是说可以说变就变的，这是第一点
It cannot change easily, this is the first point

第二点，它的结构刚性是基于什么东西？
Second, what is its structural rigidity based on?

是基于它制度的沉淀
It is based on the precipitation of its system

我曾经看到一个故事
I used to read a story

说一家美国的医院要被人收购
Saying that a US hospital is going to be acquired

那这个医院，房子是租来的，设备是租来的
In this hospital, the real estates were rented and the equipments were rented too

那这个医院有没有价值？
Does the hospital have any value?

有人就评估这家医院，
Someone evaluated the hospital

发现这家医院的手术操作制度就有价值
and found that the operation system of the hospital is quite valuable

它能够在同领域当中用更短的时间
It can be used in the same field for a shorter period of time

用更高的效率，用更好的安全性来解决病人的病痛
with higher efficiency and better patient safety to solve the patient's illness

而这一类制度在几十年当中
And this type of system has been formed in decades

是不断的投入，不断的完善
With constant inputs, continuous improvements

所以这个手术操作的制度就成为了一个有价的无形资产
So the system of surgical operations has become a valuable intangible asset

我们就叫做制度刚性
We call it institutional rigidity

我们不得不强调的就是企业的文化刚性
What we have to emphasize is the cultural rigidity of the company

我们可以看到
We can see that

凡是有价值的企业，凡是可持续的企业
Any valuable enterprise, any sustainable enterprise

凡是被人们认为是有品牌的企业
Any enterprise that is considered to be a brand

它通常都跟它的制度的稳定性有关
They are usually related to the stability of their system

这个制度的稳定其实往往会由制度推动文化
The stability of this system is often driven by the culture

所以我们可以看到海尔
So we can see Haier

我们可以看到格力，我们可以看到华为
We can see Gree, we can see Huawei

那么海尔、格力、华为
Then Haier, Gree, Huawei

我们通常会去看到他们的那些
We usually look into those people

直到今天依然是这个企业灵魂的人
those who are still the souls of these enterprises in today

在这个企业已经主导它的发展
have dominated the development of enterprises

10年，20年，30年，正是这一个领导的相对的稳定性
10 years, 20 years, 30 years, it is the relative stability of this leadership

或者是团队接班的相对合理性
Or the relative rationality of the team's succession

使得某些企业就具有了长期和稳定发展的能力
That has enabled certain companies to have long-term and stable development capabilities

所以当我们谈到这个内在价值的可测性的时候
When we talk about the measurability of this intrinsic value

我觉得非常重要的就是这类企业具有某种稳定性
I think it is very important that such companies have some stability

当然我们说它的稳定性的时候，不是说它没有变化
Of course, when we say its stability, it is not about there is no changes

所以对于内在价值的测度
For the measure of intrinsic value

在某种意义上来讲
In a sense

恰恰是因为内价价值会受到某种影响产生变化
It is precisely because the intrinsic values will be affected by some influences

因此我们会去研究内在价值变化的动因
So we have to study the motivations for the change in intrinsic value

变化的方式和变化的效应
The way of changes and the effects of changes

可以这样说，所有的价值
It can be said that all the values

所有的企业都面对外部和内部的影响
All companies are facing external and internal influences

但是我们可以看到那些优秀的企业
But we can see those excellent companies

那些竞争能力可持续的企业
Those with sustainable competitiveness

往往抗扰动的能力就比其他的企业要强
Often, the ability to resist disturbance is stronger than other companies

抗扰动的方法就比其他的企业要多
There are more anti-disturbance methods than other companies

抗扰动的效果就比其他企业要好
Their anti-disturbance effect is better than other companies

举一个简单的例子，假设这个企业是所谓的生产要素
To give a simple example, suppose this enterprise is a so-called production factor

尤其是大众商品价格高度敏感的企业
Especially for companies with high sensitivity to mass commodity prices

那么在这一类行业当中
Then in this type of industry

有的企业会活得很好，有的企业不堪一击
Some companies will live very well, and some companies will be vulnerable

为什么哪些企业在急剧的变化当中能够生存下去？
Which company is able to survive abrupt changes

并且依然可以发展呢，我们就可以看到
And still can develop, we can see

由于长期经营的过程当中
Due to the long-term operation process

他们具备了由刚性所决定的抗扰动
They have anti-disturbance capability determined by rigidity

比方说他们在处理价格变动的过程当中
For example, they are in the process of dealing with price changes

他们可以签长期协议，他们可以交叉持股
They can sign long-term agreements, they can hold cross-share

他们可以通过价格转移，他们可以通过期货对冲
They can use price shifts and they can hedge through futures

可以通过这一系列的手段去抗扰动
This series of means can be used to resist disturbance

显然有抗扰动能力和没有抗扰动能力
Obviously with anti-disturbance and no anti-disturbance

人们对内在价值的判定是不一样的
People's judgment about intrinsic values are different

这是我们看到内在价值的刚性和柔性
This is the rigidity and flexibility we see from intrinsic values

与此同时，我们会看到为什么要去测度和分析内在价值？
At the same time, we will see why we need to measure and analyze intrinsic value?

我觉得非常重要的一点就是市场价值有缺陷
I think it is very important that market value has flaws

我们说我们通过对内在价值的探求
We say that we are exploring the intrinsic values

在会计信息的宽度深度和长度方面它会有所改进
with improvement in terms of the depth and length of the accounting information

比方说我们在做内在价值分析的时候
For example, when we are doing intrinsic value analysis

我们会涉及非财务指标
We will involve non-financial indicators

我们在这一个内在价值分析的时候
When we are in this intrinsic value analysis

我们会了解所谓的产生收益的贡献来源和贡献度
We will understand the sources and contributions of the so-called revenue-generating contributions

比方说我们在做的内在价值分析的时候
For example, when we are doing an intrinsic value analysis

我们既会产既会对过去的影响进行分析
We will both analyze the impact of the past

也会对未来的发展进行预期
and anticipate future developments

那显然，这一些内在价值可以考虑可以分析并且能够测度的东西
Obviously, some of the intrinsic values can be considered for things that can be analyzed and measured

目前的会计账面价值是无法完成的
The current book values of the assets cannot be completed

从某种意义上来讲
In a sense

内在价值不会去否定账面价值
Intrinsic value does not negate the book value

但是内在价值可以去作为
But intrinsic value can be used as

账面价值赖以辅助的一个工具
A tool on which book value is supported

第二点就是我们讲到内在价值
The second point is that when we talk about intrinsic value

对资本市场上的市场价值的一个制衡
A check and balance on market value in the capital market

我们认为内在价值，它的结构刚性
We believe in intrinsic value, its structural rigidity

它的稳定特征 和它对竞争能力的科学描述
its stabilizing characteristics and its scientific description of competitiveness

是资本市场当中少数股权多频交易
Is much better than the result from minority shareholding and multi-frequency transaction on the capital market

形成的结果是无法比拟的
which cannot be compared

从某种意义上来讲，基于内在价值的预警指数对于我们
In a sense, an early warning index based on intrinsic values

去制衡这一个资本市场当中的恶意操作
Can help a lot to trade off the malicious operations on capital market

它有重要的应用价值
It has important application value

所以鉴于以上的判断，我们就得出一个结论
Above all， we will come to a conclusion

就是互联网企业也好，还是其他高科技企业也好
Either an Internet company or a high-tech company

在其发展的过程当中，需要在周期性的变化过程当中
In the process of its development, and in the process of periodic changes

在创业成长、成熟转轨过程当中
In the process of entrepreneurial growth and maturity transitions

做不同时期、不同合约、
In addition to the evaluation of different periods, different contracts,

不同价值和不同方法的评估之外
different values， and different methods

在它正常的运行当中
In its normal operation

对于公司的绩效评价，对于公司的战略决策
For the company's performance evaluation, for the company's strategic decision

它的定期的评估势在必行
It is essential to conduct regular valuation

在它的定期评估当中，我们觉得非常重要的一点
In its regular valuation, we feel it very important

就是在这个过程当中，我们是希望通过对内在价值的讨论
that in this process we hope with the discussion of intrinsic values

对内在价值的测度去反映这一个企业的核心竞争能力
The measure of intrinsic value reflects the core competitiveness of the company

同时去这个探索现有会计制度和现有资本市场
At the same time, when we explore the existing accounting system and the capital market

不能反映或者反映有缺陷的那些经济现象
Those economic phenomena that do not reflect or reflect defects

比方说我们希望让企业的营销支出
Let's say if we want to make the company's marketing expenses

与企业的所谓的关系类无形资产相关
Related to the so-called relationship-like intangible assets

让企业的研发支出跟企业的技术性无形资产相关
Let the company's R&D expenditures be related to the company's technical intangible assets

让企业部分的管理支出与企业的人力资本相关
Let the management expenditure be related to the human capital of the enterprise

我们希望通过这样一些改进和完善
We hope that through such improvements

去解决这一个现有制度的某种缺陷
To solve some of the shortcomings under the existing system

使年度的评估能够更科学更合理
Make the annual assessment more scientific and reasonable

那开展这样一种定期的评估
Carry out such a regular assessment

我们觉得大概有这样几个设想
We think there are probably a few ideas

第一个，我们是希望在中国的资本市场当中
First, we are hoping to be in China’s capital market

对上市公司，比方说对互联网板块进行所谓内在价值的评价
For listed companies, for example, to value so-called intrinsic values of the Internet sector

去构建一个互联网板块的内在价值指数
And to build an intrinsic value index for the Internet sector

通过这个内在价值指数 去制衡资本市场当中的无序的波动
Through this intrinsic value index to check the disorderly fluctuations in the capital market

或者是资本市场对内在价值或者公司价值不能反映的缺陷
Or a defect that the capital market cannot reflect on intrinsic value or company value

这是我们讲第一点
This is the first point we talk about

第二点，我们是认为的对利率、税率、汇率高度敏感的企业
Second, we believe that companies that are highly sensitive to interest rates, tax rates, and exchange rates

尤其是在高度敏感的时期
Especially in highly sensitive times

对这一类企业我们引入内在价值的定期评估
For this type of business, we introduce regular assessments of intrinsic values

对于我们对这一类企业的经营情况的判断
For our judgment on the operation of this type of enterprises

政府政策的制定和实施具有重要价值
The formulation and implementation of government policies are of great values

第三点，我们觉得在互联网企业的发展过程当中
Third, we feel that during the development of Internet companies

由于这一类企业它这个价值形成过程当中的特殊性
Because of this type of enterprise, it is a particularity in the process of value formation

所以在它的这个不同阶段进行定期评估
So at this different stage with regular assessment

了解它烧钱，它花钱，
Knowing how it burns money, how it costs money,

它筹资的成本和效益也是非常重要的
and the cost and benefits of its financing are also very important

这就是我们讲的第二个部分
This is the end of the second part