New Finance is the second largest module of Chaos Business School-financial management module.

In this part, Mr. Shan Zheyan is invited. The introduction is as follows: Associate Professor of Shanghai National Accounting Institute, Doctor of Management, Shanghai University of Finance and Economics, Certified Public Accountant of China, Chartered Financial Analyst, and member of the 12th Shanghai CPPCC. Zeng Ren is a correct high-priced investment manager and investment banker. He has only 2 years of research and practical experience in the fields of mergers and acquisitions, financial analysis and company valuation.

According to the experience, Baidu is said to be one of the most popular professors in the National Accounting Institute. In the whole course, the first teacher in the online course of Chaos University did not use live PPT, but followed the lecture ideas on three white boards, painted the framework on the spot and filled in the content. This shows that the teaching content has long been familiar with the heart, and the skill should be quite profound. I started with expectation, and later it was proved that I really gained a lot:)

When it comes to financial management, I immediately think of three major tables (balance sheet, cash flow statement and income statement) and various accounting standards. The novelty of this course is that the core is still the same content, but it examines financial data from two different dimensions. First, from the stage of enterprise development, the standards for financial indicators assessment are different in different stages; The other is from the perspective of different stakeholders, including shareholders, managers and customers, and different people pay different attention to it. It is also very important to whom, what to say and what data to show.

according to the above two dimensions, the main gains of the first course are as follows.

Chaos University focuses more on entrepreneurs. In order to adapt to the characteristics of enterprise development in the Internet era, Mr. Shan divides the enterprise development in the new economic environment into four stages: product stage, operation scale expansion stage, continuous operation stage and capital expansion stage.

each stage can be analyzed from four dimensions:

stage development characteristics: product->; Form scale -> Form a profit -> Scale expansion

stage valuation focus: product value -> Operational value -> Financial value -> Capital scale value

Financial data focus: user indicators -> Operational indicators -> Revenue indicator -> Financial data sinking indicator

Financing attribute: Angel -> A/B round -> No need to rely on investment -> Capital financing

Through this model, we can have a general understanding of the development process of many Internet entrepreneurial brands in the current market. For example, luckin coffee, which is quite popular recently, should be in the transition stage from stage one to stage two from the end of last year to the present. By detonating the social chain effect of the Internet and accumulating basic user groups with great concessions, it can be said that the products and users and customers have basically been finalized.

however, in the second stage, the task of continuously expanding the scale of customers and forming a benign circulation through perfect operation and investment in marketing and operation is still quite distant. Seeing the news that luckin is uneasy about the pure online mode and has expanded the offline stores in the business circle will definitely increase the cost from the operational point of view. Whether the current pricing and customer order growth can support long-term high investment is still a lasting battle.

In this part, Mr. Shan also introduced the Metcalfe Model, which is used to study the operational value of enterprises.

From this model, it can be seen that enterprises need to pay R (marketing expenses) to obtain scale value, and the operating value is inversely proportional to R square, which means that after paying marketing expenses, they must find enough customers to bring enough contributions to an enterprise.

if the customer acquisition cost is low, there is no problem to expand the scale; However, if the customer acquisition cost is high, the customer contribution value must be increased simultaneously (charging customers a higher fee and increasing the K value) to make up for it. From this law, we can see why so many Internet companies burn their money and die, because the R investment is too high, but the K value cannot be increased accordingly.

I understand the development characteristics of enterprises in different stages, but the enterprises themselves have different definitions for different interests.

understanding these differences will help us to look at the same thing with different eyes on different occasions. Among them, product value and asset value are relatively easy to understand, but for managers, what does it mean that an enterprise is a detail?

management lies in details, which is a famous saying of Peter Gluck, a master of management. This means that managers should not only evaluate and optimize the management process through the indicators in the financial report, but also formulate corresponding evaluation indicators according to different departments and processes. Teacher Shan didn't make more details here, but personally, the meaning of his understanding is not so much to provide specific tools as to change his thinking first.

for most entrepreneurs, improving management efficiency is the most important goal. In practice, innovation is needed, and the power of data feedback should be skillfully used.

Teacher Shan gave two examples at the scene. One was about how to optimize the efficiency of cashiers in an enterprise and how to complete the reimbursement business for 8 people by only one person. The reimbursement process of general enterprises is fixed, but the cashier in the case has designed a new practice mode for the inherent process. Firstly, the approval action and standard description of each program supervisor are added to reduce the error rate of each step. Secondly, based on whether each action is completed correctly, a scoring system is formulated. If you pass the full score the first time, you can enjoy the privilege of reimbursement first and then review; If the first completion degree is not high, it will increase the time for subsequent approval processing. Through the innovation of this process, not only the quality of each operation is improved, but also the initiative of the submitter is encouraged to form a virtuous circle.

The other is the teacher's own practice of optimizing team work efficiency when he is also the chief financial officer of a company. Through the platform of work management system, the working hours and performance of each employee are qualitatively evaluated and quantitative indicators are set. The core here is to really evaluate by "data" and reduce inefficient employees. In the teacher's own words, what is efficiency improvement-find one person and do two people's work with 1.5 times the work.