杨致远:雅虎十年

中央电视台《对话》节目

  2004年4月10日,丁大卫教授应中央电视台《对话》栏目邀请,参与新一期《对话》节目,《杨致远:雅虎十年》的策划,并在4月12日作为特邀嘉宾参与节目的录制。杨致远先生是全球最大的网络公司之一,雅虎的创始人。

  主嘉宾简介:杨致远1968年出生在中国台北,10岁随母亲移民美国,就读斯丹佛大学四年的时间里,完成了他的学士、硕士学位。并结识了Yahoo创始人之一费洛而建立了Yahoo!Yahoo!的成功,与杨致远的苦心经营是分不开的。清晰快捷的思维,不知疲倦的为事业打拼,使得他在竞争激烈、巨头云集的IT业中,脱颖而出!平易近人的作风,谦虚谨慎的处世,也给大众留下了深刻的印象。

  雅虎公司简介:雅虎是全球最知名的和最有价值的互联网品牌,在全球共有25个网站,13种语言版本,覆盖2.37亿用户。雅虎全球约有员工近万人,截至到2004年3月18日,其公司市值为374亿美元。雅虎公司2003年的总收入为16.25亿美元,毛利是12.66亿美元。2000年雅虎市值曾高达1000多亿美元。

    雅虎股价从上市之初的不足1美元一股迅速上升到250美元一股,然而又狂跌到几美元一股。在短短的几年里,雅虎的市场价值从无上升到1000多亿美元,成为美国市值最大的公司之一,并又迅速狂跌至几十亿美元。在这过程中,雅虎绝大部分市值被“蒸发”了。假如雅虎意识到网络泡沫将要破灭,假如雅虎懂得如何进行价值置换,那么我们今天可能看到一个完全不同的雅虎,至少比现在的大很多倍。 所以对话中,丁教授问杨致远先生,当股价上升到200多美元一股,市值达1000多亿美元时,他在想什么。

    中央电视台邀请丁大卫教授的一个重要原因,就是他曾在网络股最红火的时候,多次公开发表警告:网络泡沫即将破灭;多数网络公司将倒闭;纳斯达克股市将暴跌。同样的原因,凤凰卫视《世纪大讲堂》曾在2001年9月邀请他做“网络经济如何演绎”的讲座。

点击查看丁大卫教授在凤凰卫视《世纪大讲堂:网络经济如何演绎》所作的演讲内容

 

The History of Yahoo! How It All Started...

Yahoo! began as a student hobby and evolved into a global brand that has changed the way people communicate with each other and access, share and create information. The two founders of Yahoo!, David Filo and Jerry Yang, Ph.D. candidates in Electrical Engineering at StanfordUniversity, started their guide in a campus trailer in February 1994 as a way to keep track of their personal interests on the Internet. Before long they were spending more time on their home-brewed lists of favorite links than on their doctoral dissertations. Eventually, Jerry and David's lists became too long and unwieldy, and they broke them out into categories. When the categories became too full, they developed subcategories... and the core concept behind Yahoo! was born.

The Web site started out as "Jerry and David's Guide to the World Wide Web" but eventually received a new moniker with the help of a dictionary. The name Yahoo! is an acronym for "Yet Another Hierarchical Officious Oracle," but Filo and Yang insist they selected the name because they liked the general definition of a yahoo: "rude, unsophisticated, uncouth." Yahoo! itself first resided on Yang's student workstation, "Akebono," while the software was lodged on Filo's computer, "Konishiki"—both named after legendary sumo wrestlers.

Jerry and David soon found they were not alone in wanting a single place to find useful Web sites. Before long, hundreds of people were accessing their guide from well beyond the Stanford trailer. Word spread from friends to what quickly became a significant, loyal audience throughout the closely-knit Internet community. Yahoo! celebrated its first million-hit day in the fall of 1994, translating to almost 100 thousand unique visitors.

Due to the torrent of traffic and enthusiastic reception Yahoo! was receiving, the founders knew they had a potential business on their hands. In March 1995, the pair incorporated the business and met with dozens of Silicon Valley venture capitalists. They eventually came across Sequoia Capital, the well-regarded firm whose most successful investments included Apple Computer, Atari, Oracle and Cisco Systems. They agreed to fund Yahoo! in April 1995 with an initial investment of nearly $2 million.

Realizing their new company had the potential to grow quickly, Jerry and David began to shop for a management team. They hired Tim Koogle, a veteran of Motorola and an alumnus of the Stanford engineering department, as chief executive officer and Jeffrey Mallett, founder of Novell's WordPerfect consumer division, as chief operating officer. They secured a second round of funding in Fall 1995 from investors Reuters Ltd. and Softbank. Yahoo! launched a highly-successful IPO in April 1996 with a total of 49 employees.

Yahoo! Inc. is now a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! seeks to provide online products and services essential to users' lives, and offers a full range of tools and marketing solutions for businesses to connect with Internet users around the world. Yahoo! is headquartered in Sunnyvale, California with offices around the globe.

 

Copyright 2006 Yahoo! Inc. All Rights Reserved.

 

丁大卫金融树(图文并茂)演绎雅虎十年成长历程

    任何一个企业,尤其是上市公司,任何一个理财方法,无论是个人还是家庭,都离不开会计、财务、金融等。事实上,尽管侧重点不同,会计、财务、金融是三位一体的统一体,然而,目前的会计、财务、金融学等相互割裂,东一榔头西一棒子,不成体系。

    有史以来,会计、财务、金融,乃至一个公司,一个家庭的财务状况、资产风险、价值体系等非常抽象,看不见,摸不着,但这已成为历史。现在,任何一个公司的任何时刻的状况都可以通过丁大卫金融树体系(David X. Ding’s FinancialTree System)展现出来。丁大卫金融树体系(David X. Ding’s FinancialTree System)展现出来

    下面的金融树准确形象地展示了雅虎公司从1994年构思,并获得200万美元的风险投资至1998年的发展及健康状况。从中,我们可以看到,雅虎公司如何从一个想法变为一颗树种,又如何从一颗种子成长为一棵小树,之后,这颗小树的树冠(市值)迅速膨胀,然而,它的树干和树根并没有得到相应的发展,变成了头重脚轻,结果2000年中期,树根和树干终于无法支撑如此大的树冠,树冠开始迅速倒塌,树冠(市值)从1000多亿美元跌至2002年底的98亿美元,单只股价从250美元一股跌至几块钱一股。通过丁大卫金融树价值体系(David X. Ding’s FinancialTree Value System),雅虎的所有价值、帐面价值、财务价值、预期价值、过去价值、现在价值、未来价值等及其变化一目了然。

    一个企业的发展犹如一棵树的成长,如果你能看到企业之树的现状和发展过程,你就会发现该企业是否健康,存在什么问题和如何解决。这就是金融树的威力和魅力。

 

 

截至到2006年中期的雅虎公司股票走势图(股价曾多次分割)