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究竟应该依据什么样的标准来对尚未盈利的网络企业进行评估和定阶?这个问题不但困惑着众多的网络企业经营者,同时也困惑着众多的机构投资者和风险投资商。本文作者张锡宝,通过对网上书店亚马逊与其“钢筋混凝土”竞争对手、美国最大的图书连锁店Barnes ＆ Noble的有关财务数据的对比研究,提出了网络企业投资价值的评估应以其现有“地盘”大小(以销售额),及其“地盘”成长潜力(未来预测增长率及广合、购并投入等)为主要参考指标的网络企业估值理论,在这一领域做出了初步的尝试。本刊也希望能够藉此文带动起相关人士对此问题的思考和讨论。
What kind of standards should be based on non-profitable online companies to assess and order? This problem not only confused the many network operators, but also confused a large number of institutional investors and venture capitalists. By comparing the financial data of online bookstore Amazon and its “reinforced concrete” competitor Barnes & Noble, the largest book chain in the United States, Zhang Xi-bao proposed that the evaluation of the investment value of online businesses should be based on its existing “site” size (In terms of sales volume), and the growth potential of its “site” (future forecast growth rate and wide integration, mergers and acquisitions, etc.) as the main reference index of the network enterprise valuation theory, made a preliminary attempt in this area. The publication also hopes to be able to use this article from the relevant stakeholders to this issue thinking and discussion.