高价值企业的奥秘（The mystery of high value of enterprise）.docVIP

高价值企业的奥秘（The mystery of high value of enterprise） The mysteries of high business value (a): high replacement cost What makes a unique enterprise, and another enterprise of mediocrity? What makes an enterprise has long enjoyed a very high premium valuation, while another enterprise has repeatedly has all around the net asset valuation regression do? Can be a lot, such as customer satisfaction, cost control ability, patent technology, sales network management, etc.. But behind these representations, is actually a simple measure: replacement cost. Profit driven funds will drive it into all profitable areas, any emerging high profit business opportunities there will soon attract the attention of funds. This time, if all latecomers quickly copy the hair at first, but in the industry we are highly similar, the entire industry will face a great decline in investment income -- though it may instead promote social benefits greatly enhance. So, if an enterprise has the value and the value is high, the first thought is a question: how difficult it is to be reset? But if the injection of funds, the expansion of the scale and excellent management team is the enterprise the replacement cost is very low. Only with the potential competitors when no matter what efforts are difficult to simple and quick copy of its core profitability, the enterprise will be of high value, difficult to replicate, it is worthy of high premium. Here there are 2 key points: the first is difficult to be copied or imitated, and copying costs (including money and time) are extremely high; second is difficult to be copied must be the core of profitability, but not all the minor details of little importance. Such enterprises, we will find the main profit ability is generally not gathered in tangible assets, intangible assets are more powerful or unique is the biggest mystery of its profitability beyond peer level. This is a good explanation, why a lot of long-term market, its PB value always looks ridiculousl