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Second, Wang Jianlin believes that market value is the core of corporate value. The best evaluation of corporate value is market value. Regarding how to evaluate unlisted private companies, Wang Jianlin believes that investment funds and bank borrowings will be reasonably valued. Wang Jianlin also criticized the value orientation of an enterprise is not reasonable. "Enterprises do not pursue profits and market value, and simply pursue sales revenue, it will not last long." "This is consistent with the theory of GDP."
In addition, Wang Jianlin also emphasized the importance of social value, which in his view is the highest value level of the enterprise. Wang Jianlin emphasized that when setting goals and development direction, enterprises should be consistent with the development goals of the government and society, such as producing environmentally friendly products and sharing the development results of enterprises with employees. Second, the company's profit demands should be consistent with the interests of the people. Third, entrepreneurs must pursue a good evaluation of business and society.
Zhou Hongyi, chairman of Qihoo 360, who later spoke, also echoed Wang Jianlinâ€™s point of view. In his view, Internet companies use free-to-price strategies to provide services that can acquire a large number of users to build brands. One of the factors that can be successful is that Internet service R&D costs are relatively fixed. As the number of users expands, the marginal cost will decrease significantly.
"But in emerging industries such as smart hardware and mobile phones, this approach will encounter problems," Zhou said. The hardware cost is proportional to the number of users. "Some companies rely on free strategies, relying on subsidies, not only do not make money, but also bring harm to the industry." It believes that breakfast, fruit delivery, and door-to-door car washing were all the same. Referring to the mobile phone industry that 360 is involved in, Zhou Hongyi said that he once "also feels that hardware is free." But now, "many companies are desperately pursuing sales and sales, and the bigger the money, the more serious the losses."
The following is a speech record:
Wang Jianlin: Dear President Yang, leaders, distinguished guests, I am participating in this brand forum for the second time. The theme of my previous special speech was my understanding of the brand. Today I will change a topic and talk about the enterprise.
The topic of my speech today is "the value of business." Enterprises and brands can be said to be consistent, brands are also corporate, and companies and brands are similar, but there are differences. So today I am talking about the value of the company. There are now more than 10 million enterprises in China. There may be hundreds of millions of companies around the world. For thousands of years, this company has lived and died, and people are constantly registering and some are canceling. With so many companies, why do people want to engage in business? This is a question we have to think about. Why do you want to engage in business? I think that engaging in business is nothing more than pursuing business to make money, and the company has value. What are the values â€‹â€‹of corporate value? Because of today's time relationship, I will simply talk about three points.
First, the existence value of the enterprise is that the enterprise is registered. It is certain that the enterprise must carry out production and operation activities. The production and operation activities must provide products. The products may be tangible products or intangible service products, but in general, they must be provided. product. The existence of this enterprise has certain value. This value should be a reasonable value. How is it reasonable? I think two things. First, its products are qualified, that is, your company exists. Although Hegel has said that existence is reasonable, but not necessarily, some enterprises exist, I think it may be a kind of society. Injury, it produces unqualified products, fake and shoddy, which is unreasonable, it does not necessarily have the value of existence. Therefore, the first is to produce qualified products first. The second point is that companies must make a profit. Enterprises do not make money, it should be said to be immoral. As a business and entrepreneur, you must make your business profitable. If you don't make money, the company is negative and continues to rely on shareholder input. Such a company, first of all, cannot continue to exist. Another one is actually a great waste of social resources. In the past, there was a strange phenomenon in a period of time. Enterprises did not make money and continued to tell a story. The existence of enterprises relied on the continuous investment of shareholders. In fact, enterprises can also blow bubbles very much, and the valuation is still very high. Such a company that does not make money can still go public, and listing has continued to exist for many years, which is unreasonable. So I will briefly talk about it first. I think the value of a company is two points.
Second, the market value of the company. First, the core of corporate value is market value. Enterprises are valuable, value evaluation standards are diverse, multiple systems, and various evaluation systems, but the most central and core is the market value, which is the market valuation and evaluation of enterprises. Of course, this is divided into two aspects. For public companies, this is a good understanding. The value of the enterprise is the market value. The amount of the stock has risen and fallen. Of course, in most cases, it is reasonable for the profit and existence and development goals of the company. The valuation, of course, is also very small through the valuation of Zhuang Lagao, but in general, market value is the most reasonable way to evaluate the value of the enterprise. This is the most reasonable and is for public companies. Is there any value for private companies? Not listed, how is the market value? Private companies are not listed and have market value. Where is this market value reflected? One is reflected in the fact that someone in your company has invested in you and is willing to invest. Now there are many private companies that are constantly being acquired, creating good business models, creating good products, being acquired by others, or not being acquired by others, and continuing to invest. This angel fund, private equity fund, and many other such various funds exist, and people are willing to invest, that is, someone is willing to invest in you, or the bank is willing to lend you money, which proves that your company has Reasonable market value, so the value of the enterprise, the core, I think is the market value.
Second, in the value of the company, the value of sales is not used as a value guide. Now there are some unreasonable value orientations in the market. That is, enterprises are not pursuing the goal of profit and market value, but simply pursuing the size of sales. We have a list of wealth. We Chinese translators are extremely non-standard. The top 500, this is extremely wrong, in fact, the amount of income announced by wealth is supposed to be 500. This big and strong connection, but not causal, big or not strong. Taking sales as the core, I will give you a typical example. More than ten years ago, the worldâ€™s top 500 of the worldâ€™s top 500 / Sina Finance Note: US Enron company, because it was revealed that financial fraud, the company within three months It is bankrupt. I was thinking that a company with more than $100 billion in revenue had a little crisis and went bankrupt without even half a year. Therefore, sales revenue cannot be used as a guide for entrepreneurs. 10 billion income has a profit, and 10 billion income has a profit, which company is more valuable? Obviously the latter is more valuable because of lower income and higher profits, indicating that the company's profit margin is high, and the high profit margin indicates that the company's products are competitive. Once the company keeps the income up, keeping the profit rate unchanged, the company will increase its profits, instead of doing business as it is now, and emphasizing how much my income is, this is completely wrong. I don't think that sales revenue is value-oriented, and that our current general secretary advocates that GDP should not be the main government's pursuit of orientation. It should be consistent and it is this relationship. Enterprises should pursue value orientation, and the value-oriented core is of course profit-oriented, including product innovation, etc. This is the second point. I understand the market value of the company.
Third, the social value of the company. Corporate value is divided into many levels. I have already discussed that there is value of existence and value of the market, but the highest level of enterprise pursuit or enterprise development is social value. This social value is divided into three points. The first point is that the goal of enterprise development is the orientation and goal of enterprise development, which is consistent with the development goals of the people, the government, and society. It is the direction in which the enterprise develops and is consistent with the social goals. For example, nowadays, the society strongly advocates environmental protection. I should develop environmentally-friendly products in this enterprise development, or reduce the pollution to the environment while developing profits. Now advocate the increase of people's income, then the direction of enterprise development or the direction of enterprise development is to increase the income of employees. The results of enterprise development are shared by employees as much as possible. There are also many aspects. In short, I understand, first of all, the goal of the company. Value orientation and society are consistent. Second, the appeal of the company's profits is consistent with the masses and the government.
Enterprises must be profit-seeking, how to profit? Your profit, your source of profit or the goal of your profit is consistent with the people and the government. These three can be consistent, the profit that this company pursues is very reasonable, and it is worthy of vigorous promotion. For example, it is also a small advertisement, which is self-proclaimed. For example, Wanda Plaza in the past few years, and now we are vigorously developing Wanda City. Why are local governments coming to invite them? All of our projects now come from invitations, and then I thought, why is my project popular? And when you go to various places, you can get better conditions. In fact, I think for a long time, that is, the product we designed, the profit we pursue, it is consistent with the people and the interests pursued by the government, that is, the direction of interest is consistent, such as the development of a Wanda Plaza, in the masses, His appeal is that life is convenient, happiness index, employment, a square development, life is convenient, and even some areas are ahead of the demand of the people. In the demand-oriented direction, the demand for cultural and entertainment has increased, he is very happy, and employment has increased. Why is the governmentâ€™s appeals consistent? For example, government taxation, a project, unlike ordinary real estate projects, is like a tree cut down. Our project, like cutting amaranth, has been cut one after another, every year, and continues to rise. Taxes have been made.
There is another one. If we go to this project, for example, we have a square, not to mention Wanda City, which has led to the development of the surrounding area. The value of the surrounding land has also appreciated. It may also drive the development of transportation. Both have appreciated and the property has appreciated. Therefore, the government also has benefits. Of course, we are good, we are developing fast, and we have a higher profit margin. Now maybe we are also in the Chinese industry, just delisted. Before Wanda was also a listed company, everyone can see its profit margin, which should be said to be the highest. This profit rate is very high, and it is still happy, but also willing, which shows that our profit demand is the same. Third, the social evaluation is good. Since the highest level of pursuing corporate value is social value, it is that social evaluation is consistent with corporate self-evaluation. It cannot be said that self feels good. I always say that I am a corporate citizen and I am a social enterprise. Whether it is the masses or the public opinion, they are all scornful, and this will not work. Therefore, the core point of pursuing social enterprise is that social evaluation is good. The society believes that the existence of this enterprise, the development of this enterprise, contributes to society, and everyone likes it and is willing to support you.
Because of the time, I will simply say it here. All in all, I think Chinese companies, of course, may be in the position I am standing in. The size and history of the company I have developed may make our current corporate understanding different. For start-ups, it may not be necessary for the development of intermediate SMEs. I can talk about getting social enterprises as the goal of its development to the present stage, but I believe that no matter what kind of enterprises, start-ups, small and medium-sized enterprises or large enterprises, large enterprises, its ultimate goal should be to become a social enterprise. If most Chinese companies can do this, our country may develop better, society will be more stable, and people will be happier. thank you all.
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