Since human life has been inseparable from the Internet, new things related to the Internet have been emerging, such as online shopping, Website Design Internet finance and so on, but when the Internet economy develops to a certain stage, there may be network bubbles and so on. American economist Graysman believes that once the stock value leaves the investment income (profit), it is difficult to determine its value. The soaring of online stocks in the stock market is an online bubble. Greenspan, chairman of the Federal Reserve, believes that when the stock price in the securities market rises unreasonably, it is most appropriate to use bubbles to describe the excess value. Dr. Lv Benfu of the Chinese Academy of Social Sciences believes that the network bubble refers to the component whose superficial or imagined value exceeds the real value in the development of the network economy.
Professor Li Yining, a famous economist, has made an analogy: when the reservoir discharges water, there will inevitably be bubbles, which will disappear after a period of time. The economy always develops in the process of bubbles without bubbles, more bubbles than bubbles. Li Yining believes that if you hide far away because of some bubbles, it will only widen the distance between yourself and the world. Li Yining once pointed out that economic bubble does not mean bubble economy. Network stocks and technology stocks are not bubbles as long as they have substance. It is normal for some bubble economies to appear in the economic development. Economic bubbles are not equal to bubble economies. The real value of the network economy cannot be ignored because of some bubbles in online stocks. The network has brought many benefits to mankind: it has reduced intermediate links, reduced transaction costs, and increased the amount of information. The new economy at this stage is based on the network economy. The development speed of the new economy is far beyond our imagination. It is normal that there are some bubbles in the growth stage. Industry, so it is right for capital to flow to this industry, but we must establish a good environment to make capital flow to good enterprises, and the investment efficiency will be high. Otherwise, it will be difficult for China's network economy to develop if it invests a lot of money in bad enterprises, enterprises with power backgrounds, or enterprises that do not work at all, operate in violation of regulations, create momentum, and act as traps. Online bookstores are good, but the total market volume is so large and the sales profit is only so much. I think all bookstores will sell books online in the future, which is not to say that online bookstores will become rich. Whether there is a bubble in the network stock depends on whether the actual value matches the market value, but it is difficult to avoid bubbles in the network industry.
Professor Wu Jinglian believes that the bubble in the stock market is the part of the market value that the stock price deviates from the fundamentals of the company's performance and exceeds its actual value. That is, the bubble in the network stock=the price of the network stock - the total discounted present value of the company's current financial performance. Others further developed the formula and believed that the main value source of the soaring network share price was not the total discounted value of the company's current financial income, but mainly the value lost by the sunset industry in the stock market during the process of industrial restructuring, which was mainly supported by investors' expectations of the future cash flow of network shares. Let the value of online stocks retain the value that they take away from traditional industries, that is, the bubble of online stocks=the price of online stocks - the total discount value of current financial income - the value lost by sunset industries.
Zhang Chaoyang, CEO of Sohu, believes that one result of the bubble is the introduction of international management, which will eventually lead other industries to follow its lead. So that the international enterprise model extends beyond the Internet.
