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融智学金融认知格言:金融的本质是智融,融资的实质是融智
2022-04-29 00:29
本文摘要:《投资与互助》杂志 2015年第8期融智:私募融资隐藏的焦点竞争力作者:邹晓辉 中美塞尔研究中心主任研究员/教授 珠海横琴塞尔科技有限公司 董事长 无论说“金融的本质是智融”,还是说“融资的实质是融智”而不仅仅是融资,这都是极富挑战的新看法、新视角。金融是价值的流通,脱离价值流通,金融就成为一潭死水,价值就无法转换,经济也将无法运转。人类进入金融创新时代的时间还不长,仍处在金融探索期,距离发现金融纪律另有很长的路要走。正因如此,金融危机频发又无法提前预知。

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《投资与互助》杂志 2015年第8期融智:私募融资隐藏的焦点竞争力作者:邹晓辉 中美塞尔研究中心主任研究员/教授 珠海横琴塞尔科技有限公司 董事长 无论说“金融的本质是智融”,还是说“融资的实质是融智”而不仅仅是融资,这都是极富挑战的新看法、新视角。金融是价值的流通,脱离价值流通,金融就成为一潭死水,价值就无法转换,经济也将无法运转。人类进入金融创新时代的时间还不长,仍处在金融探索期,距离发现金融纪律另有很长的路要走。正因如此,金融危机频发又无法提前预知。

这是旧的融资观视域下得出的结论,在此之前简直还没有人从基础上加以突破。所以,市场经济条件下种种详细原理的约束条件是必须思量的。新的融资看法正在酝酿突破。

如果人们能普遍认识到“金融的本质是智融,融资的实质是融智”这样的原理,人类的经济创新实践历程就会越发理性,自然也就会把更多的时间、注意力和精神花在融智与智融上,而不是仅仅花在融资与金融的表象上。召募资金是融资一种方式,投融资看法一旦更新,私募必将升华。私募历程中的风险投资,尤其是早期的天使投资,风险企业家和风险投资人面临经济要素和经济创新两方面交织的庞大问题,如果遵循“智慧引导资金”的原则而不是舍本逐末,许多问题险些都不是问题。

但在当今实际的私募历程中,由于是私下举行,有些存在着不规范、不公然、不透明的问题,就容易泛起舍本逐末,即“资金驾驭智慧”“为五斗米折腰”的怪现象。最典型的悖论就是:欠蓬勃国家和地域明显知道“资本输出是最大的聚敛”,却还要去蓬勃的国家和地域招商引资,接待资本家来聚敛。由此可见,社会科学研究的问题要远比自然科学和工程技术研究涉及的问题庞大得多。

通过私下或公然的方式召募到的资金只是创新企业可盘算资本的冰山一角,属于金融表象,因为企业可从市场召募的资本不仅包罗钱币资金,还包罗种种有形和无形的资产。在此,笔者不仅要强调无形的智权对有形的物权的驾驭作用。

还要在智权中更进一步地强调无形资产中,隐性资产对显性资产深条理的驾驭作用,由此凸显的与资本召募相伴的智本聚集才是真正的焦点竞争力之所在。智权(强调知识产权和无形资产的应用)与物权(即有形资产)以及债权(有形和无形兼有),在本文中被视为私募投融资必须关注的“三驾马车”。

其中,智本共分两大类:一类强调的是在私募的历程中我们更关注的天使投资和接下来的风险投资中未来行业标杆企业的主帅及其搭档配合拥有的可智权化的智力资本,另一类就是他们能够挪用的那部门网络知识经济时代无处不在的人工智能资本。商业秘密在天使投资阶段尤为重要,技术诀在风险投资阶段会相当突出,这些都是私募阶段的“双融”特点;企业文化在公募阶段更为重要。它们是融智的内核,与相应的商标、专利和版权联合,形成企业的智权和智本,贯串私募和公募的投融资全历程。在引入天使投资以及后续各个阶段的风险投资的历程中,要正确预估企业文化、专有技术和商业秘密这三组隐性的比力难于评估其无形资产价值的智权和智本可能孝敬的庞大附加值,从而正确确定它们在引入私募股权时的占股比例,因为它们是发挥缔造倍增效益的主力等因素。

比力而言,在后期公募的历程中,由于著作权、专利权和商标权等知识产权相对容易评估其无形资产的价值,因此也就比力容易计价折现派股份。如何以智慧驾驭资金而不是舍本逐末?这集中体现在企业知识产权战略及其实施的历程之中。不仅科技型公司是这样,可以说通常具有商标品牌和企业文化的公司都是这样。

这些知识产权所形成的无形资产应当是私募越发关注的焦点,尤其是在天使投资和风险投资主体履历了“小我私家、机构、孵化器、股权众筹”这四个进化阶段之后,企业融资险些已经不是问题,难题的反而是如何融智,因为后者还没有普及。因此,在私募融资历程中蕴藏的焦点竞争力,不是融资而是融智。

投资人的智慧与谋划者的能力只有协同用于经济创新,才气做到实践出真知,告竣共识,形成共为。以往私募机构选择投资项目的方式,无论天使投资还是风险投资,通常的做法或履历是选择细分行业位于前列的标杆公司,进而考察企业家及焦点团队,再参照相应的价值分析和市场预测来决议是否进入及应当何时退出。问题的关键在于,怎样更好、更恰当地支持企业家及其焦点团队的经济创新?如何做到未卜先知?因为别说是投资人,就是公司的C E O本人也难预测自己的公司一定会乐成而不会失败。这就像在一场马拉松或是赛马中,谁也不敢保证最后阶段会冒出怎样的一匹“黑马”。

因此,仅仅靠提前押注的方式来决议,存在很高风险。发生上述状况的一个主要原因是信息差池称,它影响了人们做一系列判断。在缺乏足够情报信息的条件下,必须有一系列相应的观点体系、方法体系、理论框架或战略架构,否则就找不到相应的实用工具及应变计谋来资助风险投资人和实体谋划者做合理的决议,尤其是难以正确预计经济创新历程中发生的知识产权(即无形资产)的隐性价值。

以初创时期的谷歌公司为例,专利和专有技术是创业的基础,谷歌公司拥有一个好的算法和搜索排序计谋,这是其拥有的专利和专有技术,可是在没有引入须要的盈利模式及其操作诀之前,这些并不能保证它盈利;在没有形成企业文化及配套的知识产权掩护之前,也无法保证未来能上市。在谷歌公司还没有建立的时候就获得了天使投资人提供的10万美元,但公司建立后一直只烧钱不赚钱,直到施密特出任C E O后才为其找到了盈利模式,谷歌才开始赚钱盈利。很少人能完全读懂谷歌的商业秘密和企业文化,但正是这些为其缔造了庞大的财富,这类事例对于在纳斯达克上市的高科技公司中不胜枚举。高科技公司纵然还没有开始赚钱,也可以通过私募不停获得风险投资,甚至还可以在纳斯达克上市。

由此可见,无形资产在世界最高级的高科技公司从私募到公募的各个关键融资阶段发挥着重要的作用。关键字: 投资与互助; 私募; 融资; 风险投资 Investment and Cooperation" Magazine Issue 8, 2015Rongzhi: The hidden core competitiveness of private equity financingAuthor: Zou XiaohuiDirector Researcher/Professor of the China-US Searle Research CenterChairman of Zhuhai Hengqin Searle Technology Co., Ltd.Whether it is said that "the essence of finance is intelligent financing" or that "the essence of financing is intelligent financing" rather than just financing, this is a very challenging new view and perspective. Finance is the circulation of value. Without the circulation of value, finance will become a stagnant pool, the value cannot be converted, and the economy will not function. It has not been long for mankind to enter the era of financial innovation. It is still in the period of financial exploration, and there is still a long way to go before the discovery of financial laws. For this reason, the frequent occurrence of financial crises cannot be predicted in advance. This is a conclusion drawn from the perspective of the old financing view, and indeed no one has made a fundamental breakthrough before this. Therefore, the constraints of various specific principles under market economy conditions must be considered. The new financing concept is brewing a breakthrough.If people can generally realize that "the essence of finance is wisdom and financing, and the essence of financing is the integration of wisdom", the process of human economic innovation practice will be more rational, and naturally, more time, attention and energy will be spent. Spend on the integration of intelligence and wisdom, not just on the appearance of financing and finance.Raising funds is a way of financing. Once the concept of investment and financing is updated, private equity will surely be sublimated. Venture capital in the private equity process, especially early angel investment, venture entrepreneurs and venture capitalists are faced with complex problems intertwined with economic factors and economic innovation. If you follow the principle of "wisdom guiding funds" instead of turning the cart before the horse, many problems are almost It's not a problem. However, in today's actual private placement process, because it is conducted privately, there are some problems of irregularity, non-disclosure, and opacity. It is prone to turn the cart before the horse, that is, the strange phenomenon of "funds control wisdom" and "five buckets of rice". The most typical paradox is that underdeveloped countries and regions know that "capital export is the greatest exploitation", but they have to attract investment from developed countries and regions, and capitalists are welcome to exploit. It can be seen that the problems of social science research are far more complex than those involved in natural science and engineering technology research.The funds raised privately or publicly are only the tip of the iceberg of the computable capital of innovative companies, and are a financial appearance, because the capital that companies can raise from the market includes not only monetary funds, but also various tangible and intangible assets. Here, the author should not only emphasize the role of intangible intellectual power in controlling tangible property rights. It is necessary to further emphasize the intangible assets in the intellectual power, and the hidden assets have the deep control of the explicit assets. This highlights the accumulation of intellectual capital accompanied by capital raising is the real core competitiveness.Intellectual rights (emphasizing the application of intellectual property rights and intangible assets), real rights (ie, tangible assets), and claims (both tangible and intangible) are regarded as the "troika" that private equity investment and financing must pay attention to in this article. Among them, Zhiben is divided into two categories: one emphasizes the angel investment that we pay more attention to in the process of private equity and the next venture capital in the future industry benchmarking companies’ coaches and their partners share the intellectual power. Intellectual capital, the other type is the part of artificial intelligence capital that is ubiquitous in the era of network knowledge economy that they can use.Trade secrets are particularly important in the angel investment stage, and technical know-how will be quite prominent in the venture capital stage. These are the characteristics of the "double integration" in the private equity stage; corporate culture is more important in the public equity stage. They are the core of Rongzhi, combined with the corresponding trademarks, patents and copyrights, to form the intellectual rights and intellectual capital of enterprises, and run through the entire process of private equity and public equity investment and financing.In the process of introducing angel investment and subsequent stages of venture investment, it is difficult to correctly estimate the three sets of implicit comparisons of corporate culture, know-how, and trade secrets. It is difficult to evaluate the intellectual power and intellectual property that may contribute to the value of its intangible assets. Huge added value, so as to correctly determine the proportion of their shares in the introduction of private equity, because they are the main factors that create multiplier benefits. In comparison, in the later public offering process, it is relatively easy to evaluate the value of intangible assets such as copyrights, patents, and trademark rights, so it is easier to calculate and distribute shares.How to manage funds with wisdom instead of turning the cart before the horse? This is embodied in the process of corporate intellectual property strategy and its implementation. This is not only true for technology-based companies, it can be said that this is true for all companies with trademarks and corporate culture. The intangible assets formed by these intellectual property rights should be the focus of private equity, especially after angel investment and venture capital entities have gone through the four evolutionary stages of "individuals, institutions, incubators, and equity crowdfunding", corporate financing is almost no longer The problem, on the contrary, is how to integrate wisdom, because the latter has not yet become popular. Therefore, the core competitiveness hidden in the process of private equity financing is not financing but wisdom. Only when the wisdom of investors and the capabilities of operators are used in synergy for economic innovation can they achieve real knowledge through practice, reach consensus, and form a common cause.In the past, private equity institutions chose to invest in projects, whether angel investment or venture capital, the usual practice or experience was to choose benchmark companies in the forefront of sub-industry, and then inspect entrepreneurs and core teams, and then refer to corresponding value analysis and market forecasts. Decide whether to enter and when to exit. The key to the question is how to better and more appropriately support the economic innovation of entrepreneurs and their core teams? How to be a prophet? Because let alone an investor, even the company's C E O can hardly predict that his company will succeed without fail. It's like in a marathon or horse race, no one can guarantee what kind of "dark horse" will emerge in the final stage. Therefore, it is very risky to make decisions just by betting in advance.One of the main reasons for the above situation is information asymmetry, which affects people to make a series of judgments. In the absence of sufficient intelligence information, there must be a series of corresponding conceptual systems, methodological systems, theoretical frameworks or strategic frameworks, otherwise there will be no corresponding practical tools and contingency strategies to help venture capitalists and entity operators to make reasonable Decision-making, especially it is difficult to correctly estimate the hidden value of intellectual property (ie intangible assets) generated in the process of economic innovation.Take Google in its start-up period as an example. Patent and proprietary technology are the foundation of entrepreneurship. Google has a good algorithm and search ranking strategy. This is its patent and proprietary technology, but it has not introduced the necessary profit model. Before its operating formula, these do not guarantee its profitability; before the formation of corporate culture and supporting intellectual property protection, there is no guarantee that it will be listed in the future.When Google was not established, it received $100,000 from angel investors, but after the establishment of the company, it only burned money without making money. It was not until Schmidt became CEO that he found a profit model for it, and Google began to make money. profit. Few people can fully understand Google’s trade secrets and corporate culture, but it is these that have created huge wealth for it. Such examples are numerous among the high-tech companies listed on the Nasdaq. Even if high-tech companies have not yet begun to make money, they can continue to receive venture capital through private equity, and they can even be listed on the Nasdaq. It can be seen that intangible assets play an important role in the key financing stages of the world's top high-tech companies from private placement to public placement.Keywords: Investment and Cooperation; Private Equity; Financing; Venture Capital。


本文关键词:,融智,学,金融,认知,格言,的,本质,是,智融,《

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