张凌云： ZhangLingYun:其实资本和实业结合是两相情原的事儿，其实我是一个第三者，但是也不是第三者，婚姻以后会不会美满，我是中间人，那边投资方，这边搞旅行社实业的，90年代我在国旅做传统旅行社，在市场部当部长，应该说传统旅行社业务我也比较熟悉，在这个以前我是学旅游的。后来2000年在深圳也投资过，那时自己吃自己，华尔街当时已经是哀鸿遍野了，互联网冬天经历过，虽然只经历一年，但最后裸奔上岸的。我经历过实业在投资也有体验，还是讲一点我个人的体会。

Capital and industrial combination is actually two phase feeling of the original,In fact I'm a third party,But not a third party,After marriage will be happy,I am a broker,Other investors,This way, make the travel agency industry,I do in traditional CITS travel in the 90 s,As a minister in the Marketing Department,It should be said that the traditional travel agency business I am familiar with,Before this I learn.Later in 2000 in shenzhen also investment,Then eat themselves,Wall Street when there is so much pain has been,The Internet has experienced in winter,Although only experience one year,But in the end streaking ashore.I have seen industry also has experience in investment,Or tell us a little bit of my personal experience.

　　从旅行社行业来讲，1841年托马斯库克组织第一个境内旅游。旅游行业存在信息不对称的问题，就是中间人，就像卖房子中介一样，两边如果见了面了，我的好处就没了。第二供给短缺，掌握的资源优势，不完全市场化旅行者是成不了旅游的。互联网技术的发展使得现在信息透明、对称，海量的信息，现在倒过来，不是信息太少，是信息太多怎么去选择的问题。现在在转型，搜索引擎优化，包括图片，视频，包括WEB2.0、3.0以上新的技术在不断出现，甚至互联网跟物联网的结合，跟人工智能结合，把固定电脑用移动的智能终端等等，这个现在看也没办法看到十年以后会怎么样。就像十年以前看不到今天会怎么样。我想在座企业家也好，不管搞金融投资，还是搞实业，企业家根据西方经济学定义，敢冒险，敢创新的企业家，这一点很可贵。我也同意刚才几位老总说的，任何一种商业模式都有成功的例子，也有失败的教训，操作环节太多可能有一项没做好就失败了。试错也很重要，破坏性创造很重要。还有一个从旅行社的角度来讲，确实传统有传统的优势，它建立的渠道尤其是掌握的上游资源都是他的优势。企业跟资本看好的是今年8000多万的出境游客，世界旅游组织当年非常乐观的预计， 2020年中国第一大旅游接待国，还有第四大出境人口一个亿。这是2020年，现在至少可以提前五年完成，今年是8300万，一年一千万速度在增加，而且这还是在全球不景气的背景下。刚才老总说看到上游延伸出去资源，这些游客到了境外所带来的资源，你可以去想象。当年投互联网也一样，谁可以想到这个工具怎么用？我以前的习惯是看书，因为网上看太麻烦了，但是现在就不一样了，我觉得将来是有想象空间的。

From the travel agency industry,1841 Thomas cook organization within the territory of the first travel.The tourism industry has the problem of asymmetric information,Is the middleman,Just like sell a house intermediary,Both sides if met,I did not have the benefits of.The second short supply,The resource advantages of master,Incomplete marketization traveler is become a tourist.Now the development of Internet technology makes the transparency of information/symmetrical,Large amounts of information,Now upside down,Not too little information,What is too much information to choose the problem.Now in the transition,Search engine optimization,Including the picture,video,Including WEB2.0/Above 3.0 new technology in appear constantly,Even the Internet with the combination of content networking,Combined with artificial intelligence,The fixed computer use mobile intelligent terminal, and so on,This now didn't also the way see ten years later.Just like ten years ago see today.I want to here or entrepreneurs,No matter do financial investment,Or make industry,Entrepreneurs according to the definition of western economics,Dare to adventure,Dare to innovation of entrepreneurs,It is very valuable.I also agree with just a few old total,Any kind of business are examples of success,Also have the lessons of failure,Operation link too much there may be a never would have failed.Testing is very important also,Destructive to create is very important.There is a in terms of travel agency,Traditional indeed has the advantage of traditional,It established channel especially master the upstream resources of all is his advantage.Enterprise with the value of capital is this year more than 8000 outbound tourists,The world tourism organisation that very optimistic, In 2020, China's first big tourist receiving country,And the fourth largest outbound population a she.It was in 2020,Now at least five years to complete in advance,This year is 83 million,A ten million speed increased,And it is under the background of the global recession.Just see stretches upstream resources manager said,These visitors to the overseas brought about by the resources,You can go to imagine.Year for the Internet, too,Who can know how to use this tool?I used to is the habit of reading,Because it's troublesome to look on the net,But it is different now,I think the future is imaginary space.

　　从投资方来说，投资策略也是很多元的，风险投资有一些是比较急进的，有些比较稳健的，有一些是资金在当下的情况下没有更好的处理办法，投资是为了保值，所以各种各样投法，不是说所有投资一定要冒很大的风险，有的时候作为一种安全的避险，或者为了丰富它的业态，可能它后面还有别的文章要做，旅行社市场是清资产的，不见得每个背后都有雄心勃勃非常大的计划。先把定性定好，如果把全部身家性命投下去，可能是一种做法，还有从资金平衡分散投资，所以他看中这个领域，现代服务业试试水这个也无所谓，风险投资不一定百分之百成功，投十个里面有两个三个非常成功就很好了，从两方面，我是这么解读的。

From the investor for,Investment strategy is also a lot of yuan,Some risk investment is more radical,Some of the more robust,Some of the funds is in the present circumstances there is no better treatment method,Investment is to value,So all kinds cast method,Not to say that all investment must be too much of a risk,Sometimes as a hedge of safety,Or in order to enrich its format,May have other articles to do behind it,Travel agency market is clear of the assets,Not every behind has very big ambitious plan.The qualitative set first,If all assets life cast down,May be a way,And from the scattered investment fund balance,So he take a fancy to this field,Modern service industry try water this it doesn't matter,Venture capital is not one hundred percent success,Three for ten there are two very successful went very well,From two aspects,I am reading in this way.