9.19

"The third method, which I use in my work, is the method of valuation of surplus value. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ”

"This method is based on the valuation of the company's existing assets, so the advantage of this method is that it is stable and reliable, and it does not change much. According to the company's asset responsibility table, according to my calculations, Alibaba's valuation should be around 5 million, because the entire building is rented, and the whole company does not have too many assets...... "Zhang Guoquan's narration is very confusing, he listed a lot of data in his narration, such as how many fixed assets the whole company has, and how much depreciation of these fixed assets, how much is the present value, and how much does it cost to copy a company, etc.

Luo Gang and Wen Jianqiang were stunned when they heard this, could it be that the boss was fooled, just now he said that the upper limit of investment is 80 million, and now it is worth 5 million, this gap is too big, just like this guy said, he spends money to rent a house, buy equipment, and hire talents with a high salary, if he only spends 5 million yuan, why spend tens of millions to buy shares in this company.

Zhao Jiayin, Wen Jing, and Li Yufen felt that a mouthful of blood spurted out, is this the liquidation of a bankrupt enterprise, why would this person use this method to evaluate a growing Internet company.

If this method is used to evaluate, then all asset-light companies, Internet companies, and high-tech companies will become cabbage, and a few ordinary families can buy a company that may be the manufacturing factory of the rich list in the future.

"Okay, okay, Zhang Guoquan, you rest for a while." Zhao Jiayin had to interrupt Zhang Guoquan's narration, which was a complete waste of precious time.

Zhang Guoquan's eyes widened, why don't you praise me, boss? Why didn't anyone applaud? Zhang Guoquan looked around, everyone's faces were different, some were curious, some were surprised, and some admired, Wen Jianqiang looked at Zhang Guoquan with saliva, but he didn't look like a fool worshipping a brother next door.

Zhang Guoquan was slightly comforted in his heart, in the end, there are still people who appreciate him. Looking up at Zhao Jiayin, I didn't expect to see a sneering face, the corners of the mouth seemed to be smiling, and the corners of the eyes were crooked, as if he was looking at something funny.

"Li Yufen, help me make a few copies of the document, so that everyone has one." Zhao Jiayin handed the USB flash drive on the computer to Li Yufen.

"This time, my result here is 80 million." Zhao Jiayin's words seemed to throw a bomb into the hole, and it exploded, directly knocking everyone to the ground, and all of them couldn't move.

The assessment just now was only a few million, but this time it directly rose to 80 million, of which the direct difference was more than ten times, which is completely in the sky and underground, which may be the largest price difference in the evaluation case.

After a while, Li Yufen walked over with a stack of materials.

"Li Yufen, send the information." Zhao Jiayin nodded at Li Yufen.

"Let's take a look at the information in hand, this is my evaluation method, the first indicator is the profit/turnover indicator, especially for platform companies. This kind of company has a lot of turnover, but the profit is much less than the turnover, so I can only use similar companies for comparison, and the analogous companies I use are ebay and Dingding. ”

"In the comparison of this indicator, Taobao completely wins Dingding and eBay, and Alibaba is not bad,......"

"The second indicator I use is the market share index, this kind of enterprise, based on the market, is the customer, as long as the market share is high, even if it is not profitable now, it will break out in the future. Judging from this indicator, Ali's advantage is very obvious, much higher than its competitors, and it can almost be said that there are no competitors......"

Zhao Jiayin's voice is not loud, her tone is gentle, and she does not show her edge, but she is a pearl of words. Every time Zhao Jiayin said something, everyone nodded unconsciously, even laymen like Luo Gang and Wen Jianqiang could understand the meaning, but for the large number of data listed by Zhao Jiayin, they could only be unclear.

Zhang Guoquan seemed to have been hit by thunder, his eyes were straight, and he shouted wildly in his heart, how could the valuation do this? Just relying on an indicator, an illusory indicator, to evaluate tens of millions of assets for the company, this is also too unreliable, how can there be their own method so solid, steady.

"According to these indicators, I made an estimate of 80 million, in fact, for this growing company, we can't make a specific and effective valuation, we can only try to fit the market. Compared with eBay's $30 million, I think Ali's valuation is still very cost-effective. Zhao Jiayin made a summary, "After a break, we will start negotiations at 3 o'clock, and I will now set a benchmark, one percent of the shares, which cannot be higher than 1.2 million, and try to press it down." ”

After Zhao Jiayin finished speaking, he took a sip of water and signaled that everyone could rest. The negotiation process is the most important process, and if you don't rest well and don't concentrate, a single mistake can cause millions of losses.

"Boss~" Zhang Guoquan stood up suddenly, "Why?" Why is your valuation so high? I wasn't wrong in my calculations, so why not use my valuation. ”

Zhang Guoquan's expression was a little hideous, his voice was a little hoarse, for this result, he never thought that he would win a game that he thought was in his hands and turned defeat into victory, but the result was completely lost, why did he lose? He always couldn't figure it out, but he didn't completely deny Zhao Jiayin's answer, he understood what Zhao Jiayin said, and he felt that it was very reasonable.

Why is it that when two things that make sense are put together, one of them becomes wrong?

"Lao Zhang, I call you Lao Zhang, you don't mind," Zhao Jiayin smiled slightly, "You came out of a state-owned enterprise, I don't blame you, the old ideas of state-owned enterprises have hurt you, in the past, you merged and acquired some asset-heavy enterprises, and even some bankrupt and unsustainable enterprises, for these enterprises, your method is not wrong." ”

Zhang Guoquan nodded habitually.

"But this company is too different from your previous M&A cases, it is a growth company, you can't look at it with the eyes of the present, you have to look at it with the eyes of the future, see his future, and you will know why I want to invest in him."

"There was a man who once said that overnight, Coca-Cola's company burned out, and with just one signboard, he could be reborn overnight, on what basis? It is the core competitiveness, I don't want his land, not his office, not his computer, but his soul, the soul power that can promote the progress of China's online shopping mode. That's his core competency. So, Lao Zhang, if you want to continue in this industry, you have to slowly adapt to the new way of working and new vision. ”

Zhao Jiayin's words suddenly pierced Zhang Guoquan's brain, yes, I just hate the bureaucratic style of state-owned enterprises, the rigid and unchanging system, those who can go down, those who can speak. That's why we got out of the door of state-owned enterprises.

But why do you still cling to the old ways, since you have joined a new company, you have to follow the new trend and keep up with the new ideas. The method used by the boss just now must be the method of the international investment bank, the method that I have despised and spurned before, but it is indeed very reasonable.

Fuck off, state-owned enterprises, fuck off, old ideas.

Zhang Guoquan took a deep breath, made up his mind, took two steps, held Zhao Jiayin's hand and said, "Boss, I figured it out, thank you, boss, please teach me the valuation methods just now when I go back this time."

Zhao Jiayin nodded, although it was a piece of rotten wood, it could still be carved.

At three o'clock, Ma Yun took his little brother, Zhao Jiayin took his little brother, and the two groups of people sat in a large conference room, facing each other across the table.

A table is like the Chu River and Han Realm, and the men and horses on both sides are ready, and the horses and horses are fierce for this battle.

"Mr. Ma, I heard that you like to drink tea, why don't you take me to your office, how about we talk about tea?"

Just when the two sides were about to start arguing and charging into battle, the main general of one side, Zhao Jiayin, suddenly spoke up, stirring up the atmosphere of the whole battle, and invited the main general of the other party to drink tea and discuss, what is this.

Of course, this is a little bit of Zhao Jiayin's careful thinking, Zhao Jiayin has heard too many deeds about Ma Yun in his previous life, such as his eighteen Arhats, he claims to be clear and clear, ranking first among the eighteen Arhats.

I also heard that when Ma Yun established Alibaba, a person spoke for two hours in front of 18 people, and another person came to see him, and under Ma Yun's explanation of ideals, he gave up an annual salary of 700,000 yuan, and was willing to pick up a monthly salary of 500 yuan, and finally got a huge share of 700 yuan.

Judging from these legendary things, Ma Yun himself is very good at speaking, and he is very charismatic, a very convincing person, he is far inferior to Ma Yun in this regard, since this is the case, then use himself to exchange for the other party's main general, let the soldiers fight against the soldiers, anyway, the conditions have been made clear, and which step can be hit.

"Okay, since Mr. Zhao is also a tea lover, Ma will definitely accompany him." Jack Ma is also an extremely confident person, confident in himself and in his team.

Even if he wasn't there, would his eighteen Arhats still be afraid of you boys?

"Please."

"Mr. Ma, please."

The two bosses left the table, leaving a bunch of shrimp soldiers and crab generals, glaring at each other. As if to say, are we still fighting? Beat.

The battlefield is full of gunsmoke again, the red and blue armies face each other, each for its own master, and they are killed together, you say a word, I say a word, one side tries to raise the price, and the other side tries to reduce the price, and the fight is inseparable.