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好，下面我们讲第三个部分
All right, let's move on to the third part

这一个部分呢它比较特别
This is a special part

它更多的是聚焦创业板的无形资产
It is focus on the intangible assets on the GEM

为什么要讨论这个问题呢，道理很简单
Why do we talk about this? It's very simple

因为互联网企业就是一个软资产和无形资产
Because Internet business is depended soft assets and intangible assets mostly

或者叫轻资产富集的行业
Or can call the industry as the light asset-intensive industry

在这个行业当中它的无形资产存续的规律
In this industry the rule of its intangible asset sustain is what we need to consider

这类行业当中，越来越多的企业开始走向中小板，创业板和新三板
And in this kind of industry, more and more enterprises start to go on SME board, GEM, and the New Three board

所以我们对创业板无形资产的研究它的形成和运行是有帮助的
Our study of the GEM intangible assets and its formation and operation is helpful

所以在这一节当中
In this section

我们要讨论三个问题 第一是谈创业板公司发展的基本状况
We are going to discuss three issues. The first one is about the development of the GEM companies

第二，我们要去讨论一下，这个创业板企业
Second, we need to discuss this GEM enterprise

与无形资产相关的几大特征
Several major characteristics related to intangible assets

第三要谈一谈我们这个团队在过去八--九年当中做的一件事情
One thing our team has done in the past 8 to 9 years

就是编制创业板无形资产蓝皮书，
Is the preparation of the GEM intangible assets blue book,

发布创业板无形资产的评价指数
and we released the GEM intangible assets evaluation index

我们会把这一个指数介绍给大家
We're going to introduce this index to you

首先呢我们谈一谈中国创业板公司的一个变化
First, let's talk about the changes in GEM

大家都知道这个中国的创业板始于2009年
Everyone knows that China's GEM started in 2009

我们之所以建立中国的创业板
We set up GEM in China

是因为在中国改革开放以来出现了大量的成长性比较高
since China's reform and opening up, a large number of fast-growing firms emerged

在民营经济板块当中的科技型企业
This is a large number of technology-based enterprises in the private sector

所以高科技、成长性和民营经济
Therefore, high-tech， growth and private economy

大概是整个创业板公司的一个非常重要的来源
are probably the majority of Chinese GEM

围绕让这一类企业能够得到更多的资本支持
There is much more capital supported for this kind of business

能够接受中国资本市场的考验
And help them to endure the test of Chinese capital market.

所以中国政府在2009年就开了创业板
Therefore the Chinese government started the GEM in 2009

当我们在分析中国创业板的时候我们需要看到一系列的数据
When we analyze GEM, we need to look into a series of data

其中第一个数据呢就是创业板公司的数量变化
The first is the number of GEM companies

从2009年到今天，我们的创业板的公司从无到有，
From 2009 to now, our GEM companies start from scratch,

从少到多，到目前为止
from less to more, so on and so forth

也就是截止到2017年年底，我们一共有710家企业在创业板上市
By the end of 2017, there were 710 companies listed on the GEM

光在2017年新增的公司就有140家
There were 140 new companies listed on GEM in 2017 alone

这足以证明越来越多的这个中国的高科技公司
It's a testament that there are increasing number of high-tech companies in China

开始利用创业板成为他们直接融资的一个重要来源
Start to use the GEM as an important source of their direct financing

同时呢在创业板的行业分布当中
At the same time in the GEM industry distribution

我们可以看到绝大部分的企业依然是制造业企业
We can see that the majority of enterprises are still manufacturing enterprises

从这个意义上来讲
In that sense

高科技设计和制造一直是今天中国创业板的主体
High-tech design and manufacturing have been the main part of GEM today

同时呢我们也可以看到，在这些企业上市以后
At the same time, we can also see that after these enterprises go public

由于资本市场的这个资金的支持，由于这一个资本重组的活跃
As a result of this capital market funding, as a result of this active capital reorganization

使得部分的创业板公司完成了从小到大从弱到到强的转型
Part of the GEM companies completed their transformation from small to large, from weak to strong

同时我们也可以看到，这个今天的中国创业板公司在区域的分布
And, we can also see the spatial division of Chinese GEM companies today

事实上是存在着不太均衡的情况的
In fact, there is an obvious spatial imbalance

总的来看就是东部较多，西部较少
In general, there are more in the east and less in the west of China

我们从2015年2016年的两年的情况来看
When we look at the numbers in 2015 and 2016

你可以看到这一个东部不论就存量而言
You can see that in the east of China, whether in terms of the stock

还是就增量而言，它都占到占到了绝大多数
Or in terms of increments, the number of firms stays the vast majority

从这个意义上来讲
From this sense,

就是中国的创业板在扶植中西部高科技企业方面应该讲还有空间
There is still room for China's GEM to support high-tech enterprises in central and western regions.

那与此同时呢 我们可以看到创业板融资的规模
At the same time, we can see the size of the GEM financing

就IPO的融资规模来看，你可以看到它有一个向下的变化态势
When we look into the size of IPOs, we can find a downward trend

从某种意义上来讲，这可能也是资本市场成熟的一个表现
In a sense, this may also be a mature sign of the capital market

从这一个融资的均值来看
If you look at the average financing scale

最近这几年这个均值比较稳定，
And in the last couple of years this average scale has been relatively stable,

比较稳定也就是在三个亿左右
about three hundred millions of RMB.

从这个意义上来看就是我们可以看到中国的创业板
In this sense, we can see China's GEM

每一家公司它融资是不多的，
the financing scale of each company is not much,

而在主板一家上千亿的公司
while in the main board there is a hundred billion value company

它上市（的融资规模）在资本市场的创业板板块，它就可以支持几百家公司上市
It’s finance scale in main board can support several hundreds of companies to go public

所以从某种意义上来讲，中国上市制度的优化
In a sense, China's listing system optimization

其实是证监会及其相关的政府部门
In fact, the CSRC and its related government departments

需要思考 怎么让更好的资金发挥更多的效应
need to think about how to optimize funds

所以我认为这个中国创业板的这个融资的能力
I think this Chinese GEM and its financing ability for

扶持中小企业发展的这样一个功能，应该受到政府的高度关注
Supporting the development of SMEs should be highly concerned by the government.

这就是市值的变化
That's the change in market value

从这一个2009年到2017年
From 2009 to 2017

我们可以看到呢这一个数量大概增加了25倍
We can see that the GEM firms quantity is about 25 times larger

就是企业的数量增加了25倍，
That means the number of businesses has increased 25 times,

市值增加了36倍
and the market value has increased 36 times

而这就是营收的变化
And that's the change in revenue

除了在2016年新增的这个板块
Except for the addition section in 2016

我们可以看到整个的这一个创业板的营收呈一个向上的态势
We can see that the entire revenue of the GEM is on an upward trend

这就证明什么？证明尽管创业板依然还存在不少的问题
What does that prove? It proves that there are still many problems on the GEM market

也受到部分的案例也受到人们的诟病
It has been criticized in some cases

但总的来看，这一个创业板的公司在资本市场上
But overall, those companies that listed on the GEM

通过公司的转型，
have improved much through transformation,

通过资金的注入，
through injection of funds,

通过结构的完善
through the betterment of corporate structures

他们在销售收入的增长方面，也是可圈可点的
They also have remarkable increasement on sales

与此同时我们可以看到与销售收入高度相关的就是利润变化
We can see that the profit changes is highly related to sales revenue

那我们可以看到利润变化的曲线跟销售收入变化的曲线几乎是同频的 同向的
The profit curves changed almost the same way, and the same frequency with revenue.

所以中国创业板在促进高新技术的中小民营企业发展过程当中
Therefore, China GEM is playing a significant role in promoting the high-tech SMEs development

我们认为它是可圈可点的
We think it's remarkable

那么这710家公司在上市的过程当中，当然也会有优劣之分
Within those 710 companies listed on GEM, of course, there are pros and cons

也会有快慢之分
There are also difference between fast and slow

但就其总体而言
But on the whole,

我们认为这个中国创业板的公司对于战略新兴产业的发展
we think that the companies on the GEM are vital to Chinese strategic emerging industry

它一定是有突出贡献
It is certain to have outstanding contributions

总结中国创业板企业发展的一些基本特征
To concludes the basic characteristic of China GEM companies

我们觉得有三点要高度关注
We feel there are three things to pay close attention to

也就是这些公司它可能有一些共性
These companies might have some commonalities

那么这些共性归纳起来大概有三点
on three points

第一点就是无形资产的集成效应
The first is the integration effect of intangible assets

第二就是优惠政策的挖掘效应
The second is the grab effect of preferential policies

第三就是体制外运行的竞争优势
Third is the competitive advantage outside of system operation

首先一点，我们可以看到
First of all, we can see that

尽管我们今天看到的创业板公司是以高科技为主
Although the GEM companies we see today are mainly high-tech

是以民营为主，是以高成长为主的企业
They are mainly private enterprises and high-growth enterprises

好像民营的成分在这一类企业当中是一个主体
It seems that the private sector is a major player in such enterprises

但是我们不要忘记大量的创业板公司
But we should not forget that a large number of GEM companies

其实都是在中国改革开放以后
in fact, emerged after China's reform and opening-up

国有企业集体企业改制以后的一个结果
As a result of the restructuring of collective enterprises and state-owned enterprises

所以总结中国创业板公司的一些基本特征
Therefore, to summarize some basic characteristics of GEM companies

我们会发现它们往往是在这个过程当中完成了三大集成
We will find that they often complete the three integrations in the process

第一就是对国有和集体企业的公有存量无形资产的集成
The first is the integration of state-owned and collective intangible assets

就是在企业改制的时候
It is when the enterprises reformed their property system

把专利、专有技术、商标放在了这一个改制以后的企业
The patents, know-how, and trademarks, were all passed to the enterprises after the restructuring

第二就是对关键人才和劳动力结合的集成
The second is the integration of key talents and workforce

也就是从国有企业
That is to say, these talented people from state-owned enterprises

和集体企业出来的这些有专长的人才进入了这些企业
and collective enterprises entered to these GEM enterprises

促进了这些企业的发展
They have greatly promoted the development of these enterprises.

第三就是对各种非经典无形资产的集成
The third is the integration of non-classical intangible assets

比方说我们讲到的客户关系和所谓的生产资质
Let's say, as we're mentioned, the customer relationships and the production qualifications

第二就是对优惠政策的挖掘
The second is the exploitation of preferential policies

我们对这个中国创业板的公司做了一个分析
We made an analysis of the companies on China’s GEM

总的来看呢，这些企业在发展的过程当中
Generally speaking, these enterprises are in the process of development

在它的早期都跟政府的相关改革开放的政策有关
In its early stages, it is related to the government's policy of reform and opening up

我们把它归纳为这么四点
Let's put it down to four points

第一就是他们通过成立中外合资企业争取了一些政策
The first is that they fought for some policies by setting up joint ventures

所以在创业板公司当中有一些早期享受这个中外合资企业（政策）
There are some benefits on the early days of the GEM companies

引进设备优惠政策啊 所得税优惠政策的企业
Import equipment preferential policies and income tax preferential policies of enterprises

第二就是通过出口业务争取出口退税的政策
The second is export tax rebates policy through export business

相当一部分的这一个创业板企业它有这个出口的业务
Quite a few of these GEM enterprises have export business

它的出口业务享受退税政策
And they benefit from the export business with tax rebates

第三点，几乎绝大部分的创业板公司都属于高新技术企业
Third, almost all GEM companies are high-tech enterprises

完成了高新企高新技术企业的认证
They have completed the certification of high-tech enterprises,

所以他们享受高新技术企业的减税和退税的政策
so they enjoy the tax reduction and tax refund policies for high-tech enterprises

第四他们有一些企业是利用了这一个政策在发展过程一些缝隙
The fourth one is that they have taking advantage of some policy niches in the development process

把握了成长的机会
And mastered the opportunities to grow

我们认为这些是创业板公司在发展过程对政府政策响应的一个结果
We believe these are the results of the GEM's response to government policies

我们认为在创业板公司当中
We think in the GEM companies

这些企业的高速度发展
The high speed development of these enterprises,

和其中相当部分企业的高品质发展
and a considerable part of the high quality development of enterprises

是取决于他们体制外运行的一些优势
Are depending on some of the advantages out of system operations.

首先一点我们可以看到
First of all, we can see that

几乎所有的创业板公司在细分行业当中都是居于前列的公司
almost all GEM companies are the flagship companies in subdivision industry

我们做过一个分析，大概有百分七十以上的企业
We did an analysis, and it was about seventy percent or more

都是在细分市场当中进入前三的
Rank top 3 in their subdivision industry

正因为这样，我们可以认为这一类企业在在经济结构调整的过程当中
Because of this point, we can regard such enterprises in the process of economic restructuring

他们在混沌的市场当中能够发现成长的稀有的空间
They can always find rare space in a chaotic market

第二就是我们会发现创业板公司往往能够集聚一些优秀的人才
Second, we will find that these GEM companies are often able to gather some excellent talents

在技术创新和持续发展方面形成自己的特色，特长和特区
Forming its own characteristics, specialties and special zones in technological innovation and sustainable development

最后一点，就是这一类企业往往都与所谓的有核心竞争力的团队
Finally, this type of business are often associated with so-called core competitive teams

签订了以股权分享和利益分享为前提的协议
Agreement on the premise of equity share and benefit share

使得这一类团队有了相对稳定和结构合理的特征
So the teams have the characteristics of relative stability and reasonable structure

在这一部分我们会去谈一谈的
In this part we'll talk about it

近年来我们做的一件事情
One thing we've done in recent years

我们认为中国的创业板是一个非常特殊的资本市场
We think China GEM is a very special capital market

在它从无到有的过程当中
In the process from nothing to something

中国的有关政府部门
The relevant government departments of China

就考虑到这类企业的基本特征
have taken into account the basic characteristics of such enterprises

就认为这类企业它是以无形资产富集的企业
Regard this kind of enterprises as intangible-asset intensive enterprises

所以专门制定了这一类企业特别的招股说明书的信息披露制度
Therefore, the information disclosure system and

和年度报告的信息披露制度
the annual reports information disclosure system of the special prospectus has been designed

使得我们对这一类企业做无形资产的信息收集和分析成为可能
Therefore, it is possible to collect and analyze the information of intangible assets of such enterprises

通过近七年来的这种编制中国创业板无形资产蓝皮书的这个活动
Through nearly seven years of preparation of China's GEM intangible assets blue book

我们觉得有必要对这一类企业进行所谓的无形资产质量的判定
We feel it is necessary to determine the quality of the so-called intangible assets of such enterprises.

为什么要做这个判定？道理很简单
Why are we making this decision? There is a very simple logic

那么现在到2017年底，中国创业板已经有710家公司了
By the end of 2017, there are already 710 companies in China's GEM

那么这710家公司一定都是无形资产富集的公司
These 710 companies must be intangible-asset-intensive

但是这一些公司在无形资产的投入和产出
But some of these companies differ in terms of investment and production of intangible assets

在无形资产的信息纰漏
In the information leakage of intangible assets

在无形资产的质量改进方面
in the improvement of the quality of intangible asset

他们一定是有差别的
They have some differences

怎么样进行一个分行业的甄别和评价
How to conduct a sub-sector screening and evaluation

其实对于判断这个行业的发展
In fact, to judge the development of this industry

判断这个公司在行业当中的竞争能力
Judge the company's competitiveness in the industry

我们觉得是有价值的 所以我们在编制这个蓝皮书的基础之上
We think it's valuable. So we're building on this blue book

就思考要构建一个所谓的中国创业板评价指数
On the thinking of building a so-called China GEM evaluation index

这一个指数其实是分了三个内容
And this is index that actually breaks down into three parts

或者是三个板块
Or three plates

第一个板块它是跟这个无形资产的账面价值有关
The first part is related to the book values of this intangible assets

这个将从某种意义上来讲
This will, in a sense

由于证监会规定的招股说明书和年度报告的特别的要求
due to the special requirements imposed by the CSRC on the prospectus and annual reports

所以在创业板上市公司当中，我们已经发现了一个态势
In the GEM listed companies, we have found a situation

就是对常规或非常规无形资产的信息的这个披露
That disclosure of information about conventional or unconventional intangible assets

区别于过去的在主板的上市公司
It is different from the past in the main board of listed companies

也就是不论就规模 还是就种类 还是就结构而言
That is, it is more detailed in terms of size, type and structure

它更加详细
It is more detailed

所以在账面价值当中
So it's in the book values

或者是在账面科目当中去了解无形资产的某些基础信息
Or in the book account to understand some of the basic information of intangible assets

我们不仅认为是可能，而且是可行
Not only we think it's possible, but we think it's feasible

第二,我们是想构建一个托宾Q指数
Second, we want to construct a Tobin’s Q ratio index

就是这些公司毕竟在资本市场上市
These are the companies that are listed on the capital markets essentially

毕竟有资本市场对它的一些反应
After all, there are some responses come from the capital markets

所以就有股权的或者是股票的市场价值
So there are market values of the equities or stocks

那用股票的市场价值跟它的重置成本
Take the market values of the stock and its replacement cost

或者用重置成本的一个替代指标
Or a proxy for the replacement cost

比方说股票的账面价值做一个指数
Let's say that we can make the book value of the stock one index

叫做所谓的改造过的托宾Q 通过这个托宾Q值去反映一下
It's called a modified TobinQ, and use the Tobin Q j to reflectt

外部因素的变化对公司产生的影响
The impacts of external factors tothe company by changes in

我们觉得可能也是有必要的
Well, we thought maybe it was necessary.

我们觉得最重要的一点
We think that's the most important thing

就是在编制蓝皮书的过程当中
in the process of writing the blue books

我们是涉及到一个所谓的无形资产的质量指数
We're talking about a quality index for intangible assets

待会我要把质量指数的结构告诉大家
I'll tell you the structure of the mass index in a second

这个质量指数是我们评价公司的这个价值指数 或者无形资产价值指数
The quality index is the value index of the company or the value index of intangible asset

最根本的权重也最大的一个板块
The most fundamental weight, and also the largest one plate

那么在我们这个编制这个制作的过程当中
In our process of preparation of the blue books

我们以2016年为例
Let's take 2016 as an example

2016年的年报出台到2017年的5月18号就已经截止了
The annual report in 2016 ended on May 18th, 2017

那么根据2016年的年报，
Then according to the annual report of 2016,

我们对这个创业板的公司做了细分行业的分类
we have classified this subdivided industry for the company of this gem

通过这个细分行业的分类
Through this classification of the news industry,

我们希望用行业的这一个有特征的和有约束的指数来做一个判定
we hope to make a judgment with this characteristic and constrained index of the industry

在做这个判定的过程当中
In the process of making this determination

我们希望去构建一个以质量指数为核心的数据板块
we hope to build a quality index core ah data plate

那么这一个质量指数的在我们的测试过程当中
This is a mass index during our test

大概考虑了三个板块，即无形资产的规模能力
Roughly three sectors are considered, namely, the scale capacity of intangible assets

无形资产的持续能力和无形资产的竞争能力
The sustainability of intangible assets, and the competitiveness of intangible assets

那么这一个表格基本上构建这个质量指数当中收集的相关一级指标
This table is basically the first level of relevant metrics that we've collected in building this mass index

二级指标三级指标的一个表现
A performance of secondary indicators and tertiary indicators

我们构建的中国创业板的无形资产数据库
We build the China GEM intangible assets database

让我们做这一种测度成为可能
So it's possible to do this measurement

基于以上的这样一些工作
Based on some of the work above

我们大概测到了2016年中国创业板的无形资产的价值指数
We roughly removed the value index of intangible asset on China's GEM in 2016

那么通过这个价值指数的情况来看，平均得分大概在30.78左右
By this value index, the average score is about 30.78

显然的 这一个正态分布 大量的公司
Obviously, this is a normal distribution, and a lot of companies

大概是取在这一个所谓的这个20到30之间
Probably got the scores between 20 to 30

从创业板无形资产整个价值指数的行业分析来看
From this GEM intangible assets of the entire value index industry analysis

我们可以看到这一个总体无形资产的价值
And we can see that, in general, the high value intangible assets

偏高的行业，跟那个行业的无形资产的富集高度相关
is highly correlated with the enrichment of intangible assets in that industry

比方说我们可以看到这个软件信息
For example, this software industry

技术服务的这个行业，它的这一个不论叫样本的总量而言
the technical services industry, regardless of the total number of samples

还是这一个行业的均值而言
or the industry average scores

它大概在这个领域当中
it's probably in this area

就是在无形资产分析的这个板块当中
in this sector of intangible asset analysis

它都居于比较领先的一个地位
It is in a relatively advanced position

那么与互联网相关的企业还排在第二，这说明什么？
While the internet-related businesses rank number 2. What does it mean?

就说明对无形资产高度依赖的行业和高度依赖的公司
This means that the GEM is highly dependent on the intangible assets of the industry and companies

往往无形资产的投入方面
Either on the intangible assets inputs

又在无形资产的产权方面
or the intangible property rights

还在无形资产的（信息）披露方面
and in the intangible assets information disclosure,

走在这个整个创业板公司的前列
these companies lead the whole GEM market.

从分区域来看可以看到这一个发达地区
In terms of sub regions, you can see this developed region

或者资源比较富集的地区
Or where resources are more abundant

或者是这个上市公司比较多的地区
Or the area where there are more listed companies

它的这个无形资产的价值指数相对也较高
The value index of this intangible asset is relatively high

这跟它的发展水平有关
It has to do with its level of development

这是我们讲到的第三个部分
This is the end to third part.