携程旅行服务有限公司董事长沈南鹏演讲

　　携程旅行服务有限公司董事长沈南鹏演讲

　　文章摘要：在2003年的亚布力论坛会议上，携程集团作为当年上市企业的代表出席了论坛会议，董事长沈南鹏做了深刻演讲。当时沈南鹏首先做出了诚挚的感谢，谦虚的表示，与携程一样成功上市的公司有很多······· 以下是沈南鹏演讲全文，以供参考：

　　沈南鹏：很感谢论坛给我这个机会，我们作为2003年上市的企业的代表，其实在2003年还有很多中国企业在海外成功上市。

　　我想各位可能都从机场拿到过携程卡，在大家的概念中知道携程是个网站，但更重要的是携程是个旅游服务企业。

　　我先介绍一下携程这个企业和我们上市融资的发展环节。另外讲一下作为上市企业我们面临的未来的挑战和机遇。

　　我昨天在走向资本论坛上讲到，携程是个特别有预谋的企业，我们像硅谷的创业企业，一切都是事前安排得比较好，我们一开始到现在都是一个商业模式，有部分资源是依靠美国的互联网旅游企业，但是我们也进行了非常好的本地化，在中国我们有自己的资源，我们依靠这些资源来共同服务我们的客户，这是具有种中国特色的美国企业。

　　第二个比较有计划的是我们的团队，我们一共有4个创始人，最早是3个，但是在我们一起组成一个公司的时候，我们想到我们中间少一个旅游行业的人，旅游行业作创业的人对新经济有认识的人不多，但是我们很幸运，我们在创立公司的时候就想到要找第四个创始人，后来找到了，这在我们的公司发展过程中去到了很大的作用。

　　第三，在公司的发展中，除了我们自身的努力，我认为，我们在融资方面也是成功的。

　　这要感谢各个方面，一个是在过去的10年中，尤其是在过去的5年中，中国已经形成一个活跃的旅游市场，作为携程网的创始人，我首先要感谢这个行业的产生。

　　另一方面，我们要感谢风险投资者，当然更重要的是风险投资这个行业的形成，我们在座的很多人都得到过风险投资的支持。对我们这样的没有原始积累和所谓“原罪”的企业家，风险投资有很大的帮助。

　　最后一步，临门一脚，我们完成了上市。首先要看一个大环境，我们能够出去把我们的公司讲清楚，向全球的投资者讲清我们的公司，更重要的是有新浪、亚信这样的企业在海外的成功上市，而且赢得了全球投资者的信服，特别是过去一年多三大门户为投资者展现了一个非常强劲的营业额了利润的增长，这对我们这样的企业走出去是非常有帮助的。除了感谢中国风险行业，其要感谢这几家在我们前面成功上市的企业，他们确实给我们中国新型服务业或者说是高科技行业开了一个很好的头。

　　携程的上市，从股价的表现趋势还是令投资者或者是股东满意，但是非常重要的是，我想讲讲整个中国面临的资本市场环境，过去一年携程有这样好的表现，很大程度上是得益于全球对中国资本市场的追捧，过去一年中国企业在海外有70%左右的增长，我们也看到有很多中国的巨无霸企业在海外成功上市，特别是物美和聚合在创业板的上市，为什么呢？这两家公司的成功上市，打破了认为创业板一定不成功的宿命论，只要有好的企业，一定会在创业板有好的成绩。

　　中国很多的企业能够展现出一种强劲的营业额和利润的增长，这种增长确实是海外投资者关注的，海外的投资者尤其是美国的投资者，在他们本国找不到一个新型的有高增长的企业，而中国的企业让他们找到了一个好的亮点。

　　4年前我们在投资银行讨论，如果是汽车行业上市，他的市盈率应该是多少，美国的福特公司这么好的管理，市盈率也不过是10倍，中国的企业不会超过它，但是我们看，中国的汽车行业的领先的制造商，他们的市盈率是20—30倍，现在中国有了溢价，这是令人兴奋和鼓舞的，我相信在座的很多企业和今天没有来的准备上市的企业包括前面几届年会的新秀企业有两家都没有来，可能都是忙着上市。这是一个好现象，但是也对我们的企业面临着很大的挑战，就是说今天全球投资者对中国企业的期望很高，他们对我们未来能否交出一份令人满意的报表非常关注，他们认为中国企业应该表现出一个很好的增长，但是我们在实际的运作中能不能达到这点呢，应该说起来有很多的不确定的因素。

　　作为一个新上市的企业，和很多新上市的企业一样，我们面临着很大的挑战，海外的游戏规则已经制定了，他们希望中国的企业增长，我们也必须把我们的工作做好，把我们的业绩拿出来。这样会为后一波的中国企业在海外上市带来好的影响。昨天听到说今年上半年是上市的好时机，我个人倒不这么认为，虽然海外的现金流和资金流对中国有很大的热情，但是中国的市场走向并不是和这个完全相关的，中国的大企业，包括大的国企，怎么样在未来的时间里向大家展示中国的经济含有更高的成长力才是关键。

　　谢谢大家。

　　Travel Service Limited company chairman Shen Napeng speech

　　Abstract: in 2003 the Yabuli Forum meeting Cheng group, as listed companies attended the forum, President Shen Napeng made a profound speech. Shen Napeng was the first to make a sincere, modest, and carry Cheng as successful listed company have many of the following Shen Napeng's speech, for reference:

　　Shen Napeng : Thank you very much for the forum for giving me this opportunity, we as 2003 listed the delegate of the enterprise, but in 2003 there are many Chinese enterprises in overseas market successfully.

　　I think you may have from the airport to Ctrip card, everyone in the concept that carry Cheng is a web site, but more important is to carry Cheng is a tourist service company.

　　I'll introduce Ctrip this enterprise and we listed financing the development process. In addition to talk about as listed companies we face the future challenges and opportunities.

　　Yesterday I talked in to capital forum, Ctrip is a premeditated enterprise, we like Silicon Valley start-ups, everything is beforehand arrangement better, we started to now is a business model, some resources are relying on the United States internet tourism enterprises, but we also had a very good localization in China, we have our own resources, we rely on these resources to service our customers, this is a kind of Chinese characteristic of American enterprises.

　　Comparison of second planned by our team, we have a total of 4 founder, is the earliest in 3, but in our work together as a company, we think of us less of a tourism industry, tourism industry for business people to new economy have know many people, but the we are lucky, we in the creation of the company was thought to find fourth founder, later to find out, which in our development process in the company to the great role.

　　Third, in the development of the company, in addition to our own efforts, I think, we the financing is successful.

　　Thanks to various aspects, one is in the past 10 years, especially in the past 5 years, China has formed a lively tourist market, as Ctrip's founder, first I want to thank the industry production.

　　On the other hand, we would like to thank the risk investors, of course, more important is the risk investment in this industry form, we present here a lot of people supported by risk investment. We do this primitive accumulation and the so-called" original sin" entrepreneurs, venture capital has a great help.

　　The final step, the goal, we made it to the market. First look at a large environment, we can go to our company to speak clearly, to the global investors make our company, is more important to have Sina, AsiaInfo such enterprises in the overseas market successfully, but also won the global investors unconvinced, especially over the past year three major portal for investors to show a very strong turnover profit growth, the way we went out of business is very helpful. In addition to thank China risk industry, its thanks to the several in front of us successfully listed companies, they do give us China service industry or high-tech industry opened a good head.

　　Carry Cheng to appear on the market, from the performance of the share price trend or investors or shareholder satisfaction, but very important, I want to talk about the China 's capital market environment, over the past year, Ctrip has such good performance, largely thanks to the global capital market in China and pursued, Chinese enterprises in the past year overseas growth of around 70%, we also see many Chinese giant enterprises overseas appears on the market successfully, especially Wumart and polymerization listed on GEM, why? The two companies successfully listed, broke that the gem will never succeed in fatalism, as long as there are good business, will be in the gem have good results.

　　Many Chinese enterprises are able to demonstrate a strong turnover and profit growth, this growth is overseas investor attention, overseas investors especially American investors, in their own can not find a new high growth of enterprises, and Chinese enterprises to enable them to find a good spot.

　　4 years ago we discussed in investment banking, if it is listed, his earnings ratio should be much, American Ford company is so good management, earnings ratio is only 10 times, Chinese enterprises will not be over it, but we see, the Chinese auto industry 's leading manufacturers, their ratio is 20 - 30 times, China now has a premium, it is exciting and encouraging, I believe that present a lot of enterprises and did not come today to listed companies including the previous conference rookie of the enterprise has two do not, may be busy listed. This is a good phenomenon, but also to our enterprises are facing great challenge today, is that global investors on Chinese enterprises have high expectations for our future, they can produce a satisfactory report pays close attention to very much, they think that Chinese enterprises should show a very good growth, but we are in the actual operation can achieve this, should say there are many uncertain factors.

　　As a new enterprise, and a lot of new enterprises, we are facing a great challenge, overseas game rules have been developed, they hope that China 's business growth, we must also do our work well, we put out the performance. This is after a wave of Chinese enterprises listed abroad have good effect. Heard yesterday said the first half of this year is listed in good time, I don't think so, while overseas cash flow and capital flow have great enthusiasm for China, but the Chinese market is not complete and the related, the Chinese big enterprises, including large state-owned enterprises, how in the future time to show China 's economy with higher growth is the key.

　　Thank you.