First, the value of a stock in the stock market depends on how much profit it brings to investment. The price of a stock can be expressed by dividing the stock return by the stock market interest rate in the simplest formula, that is, the stock value=the stock return and the stock market interest rate. From the formula, we can see that the interest rate of the stock market is a macroeconomic factor, which is generally related to the economic form or industry form of a country or region, while the stock return is generally a microeconomic factor, which is related to the company's operation. If a company's stock price is far greater than the company's stock return divided by the stock market interest rate, then the extra part is the bubble.
However, the development speed of network companies is amazing, and the profits generated by its own commercial operation cannot be compared with its large-scale capital investment. In other words, it began to rely on financing to survive. From the annual report or interim report after the listing of each network company, we can see that its profit is zero. Therefore, the bubble of Internet companies is because Internet companies have not made profits. Secondly, Internet companies have been conceptually hyped on a large scale by venture investors. There is a technology company listed on the main board market that has formed considerable economic benefits, and its commercial operation is very mature, and the prospect of commercialization is very clear. It has also set up an e-commerce website and invested considerable human and material resources, but it has never issued rigid profit requirements for the business website. The company's establishment of e-commerce websites is just a conceptual hype, which aims to realize the higher stock value of listed companies through the conceptual hype of e-commerce websites. thus it can be seen. The part of the company's stock value rising is actually the value of its affiliated e-commerce websites. We clearly know that the value of affiliated e-commerce websites is generated without any commercial profits. In fact, this is the bubble of network value.
This is about the value bubble of an affiliated e-commerce website. Let's look at the bubble of an independent e-commerce website. For independent e-commerce websites, the concept is very important. A venture capitalist pointed out sharply: "We will not invest in a second website with the same concept. The reason is very simple, because the development of the Internet is, to some extent," horse racing enclosure ". In any case, first of all, we should circle an undeveloped area of the Internet to form a market leading edge. A professional service company Website Design , started with 500000 yuan at the beginning of its establishment, and it took more than half a year until its first round of financing was successful. In the second round of financing, the value of shareholders of start-ups accounted for 60% of the value of the company after financing, but they did not get a penny of income. It can be seen that the value of shareholders of start-ups accounted for at least 60% of the value after financing according to the financing value, that is, at least 3 million yuan, Before the financing, it only invested 500000 yuan of seed capital and did not generate any sales revenue. Its value increased. Although there was a statement of non-profit basic work performance before making profits, it was more the result of concept hype.
In addition, the financing process of network companies has exaggerated value. In the operation of network companies, financing is the key to their survival. Therefore, some network companies are willing to pull venture capital at all costs for their own survival. Internet companies with exaggerated strength are generally more able to obtain financing than those with real value, and the price of obtaining financing is better than the latter. In this case, it is not difficult to imagine why an Internet company would spend a lot of money to attract some senior talents into the company.
