源码值多少钱

Every day, we hear of yet another enormous company that’s paid an even more unbelievable sum for an online entity that — it often seems from where you and I are sitting — doesn’t actually generate much of an income. In the last few years, Yahoo! has bought MyBlogLog (for a rumoured $10-12 million), MusicMatch (for $160 million) and Flickr (for an undisclosed value); Google has snapped up Jaiku and MeasureMap for undisclosed sums, and YouTube for the much-touted figure of $1.65 billion.

每天，我们听说还有另一家巨大的公司，该公司为在线实体支付了甚至更高的价格，而这在您和我所坐的地方通常似乎并没有产生多少收入。 在过去的几年中，雅虎！ 已购买MyBlogLog(据传为10-12百万美元)，MusicMatch(以1.6亿美元)和Flickr(未公开价值)； 谷歌以未公开的价格收购了Jaiku和MeasureMap，YouTube以16.5亿美元的价格被抢购一空。

That’s right: $1.65 billion.

没错：16.5 亿美元 。

Sums like this may remind some pundits a little too much of the Bad Old Days of the web bubble — some have even questioned big sites’ valuations — but, quite naturally, they lead site owners the world over to ask themselves, "Well, just how much is my site worth?"

像这样的总结可能会让一些专家想起网络泡沫的糟糕时光- 有些甚至质疑大型网站的估值 -但是，很自然地，它们导致世界各地的网站所有者问自己：“嗯，只是我的网站值多少钱？”

Ask in any forum how you should value your web site, and countless would-be online investment experts will give you intriguing, but often contradictory advice. There are the accounting formulae, the professional appraisers, the online tools (just enter a few facts about your site and we’ll give you a rough valuation!), the endless cries of, "if I see value in the site, then it doesn’t matter what anyone else says. I’ll pay whatever’s necessary to get it!" … none of which are very helpful.

在任何论坛中提问，您应该如何评价您的网站，无数的潜在在线投资专家会为您提供有趣但经常相互矛盾的建议。 这里有会计公式，专业评估师，在线工具(只需输入一些有关您网站的事实，我们将为您提供一个粗略的估价！)，无休止的呼喊：“如果我看到网站的价值，那别人怎么说都没关系。我会付出一切必要的代价！” ……这些都不是很有帮助。

So recently, SitePoint set out to find something approaching a clear answer on site valuation. We asked several experts — people who have, for years, made their livings online, and have first-hand experience buying and selling web properties of various types — for their insights into the web property market, and for tips and advice on valuing sites. We also scoured the stats from the SitePoint Marketplace, in an effort to get a more complete, balanced picture of what’s going on at the everyday end of the site sales market.

因此，最近，SitePoint着手寻找一些可以明确评估网站价值的方法。 我们询问了几位专家-他们已经在网上谋生了很多年，并且在购买和出售各种类型的Web资产方面有第一手的经验-他们对Web资产市场的见解以及有关评估网站的技巧和建议。 我们还从SitePoint市场中搜集了统计数据，以便更全面，更平衡地了解网站销售市场的日常活动。

The ultimate aim of all this was not, of course, to produce yet another formula or tool into which you could plug a few figures and a domain name to get some kind of valuation for your site. Instead, we wanted to clarify the issues surrounding site valuations, and give site owners a clear picture of the factors that were affecting their sites’ values. We wanted also to provide starting points from which you could work to translate those factors into dollar values.

当然，所有这一切的最终目的不是产生另一个公式或工具，您可以在其中插入一些数字和域名来为您的网站进行某种评估。 相反，我们希望澄清有关网站价值的问题，并让网站所有者清楚了解影响其网站价值的因素。 我们还想提供一个起点，您可以从这些起点将这些因素转化为美元价值。

But before we jump into the complexities of site appraisals, let’s shed a little light on the technique that investors have traditionally used to value businesses: financial formulae.

但是，在进入现场评估的复杂性之前，让我们先了解一下投资者传统上用来评估企业价值的技术：财务公式。

使用财务公式评估站点 (Valuing a Site Using Financial Formulae)

Many of us find the valuations given to online entities baffling — the YouTube sale was a case in point. Sure, big companies might pay big bucks, but if Joe Average wants to sell his online forum or ecommerce site, he knows he’s unlikely to sell it to Google. And so, rather than relying on their, apparently generous, valuation, Joe needs a guideline of his own.

我们中的许多人发现对在线实体的估值令人困惑-YouTube的出售就是一个例子。 当然，大公司可能会为此付出高昂的代价，但是如果乔·阿维德想要出售他的在线论坛或电子商务网站，他知道他不太可能将其出售给Google。 因此，乔需要依靠自己的指导方针，而不是依靠他们看似慷慨的估价。

Many people in this situation turn to age-old accounting formulae. One common version of these rules of thumb states that the value of an online business lies somewhere between five and seven times its net monthly revenues; another states that the value is around 50% of the business’s turnover.

在这种情况下，许多人转向古老的会计公式。 这些经验法则的一个常见版本指出，在线业务的价值大约是其每月净收入的五到七倍； 另一则声明其价值约为公司营业额的50％。

A quick search online will turn up countless similar rules of thumb. One business broker lists four common methods for business valuation:

在线快速搜索将发现无数类似的经验法则。 一位商业经纪人列出了四种常见的商业评估方法：

• profit-based valuation, which obviously requires the business to have reliable profit figures

  基于利润的估值 ，这显然要求企业拥有可靠的利润数据

• asset-based valuation, which is commonly used by buyers who aren’t really interested in running the business, but want to obtain the assets in question

  基于资产的评估 ，通常由对运营业务不感兴趣但希望获取相关资产的买方常用

• the comparable sales method, which considers the sales prices of similar, recently-sold businesses, and makes a comparative valuation on that basis

  可比销售方法 ，该方法考虑了最近出售的类似企业的销售价格，并在此基础上进行了比较估值

• the "Rule of Thumb" approach, which compares the industry standard figure for a value that’s considered important (e.g. sales or gross profits) with the business’s own figures. So, for example, you might obtain the average ratio of sales to gross profits for businesses in the industry in question, then compare it to the same ratio for the single business in question. Ultimately, this compares the business to its industry average, but is used in specific industries.

  “经验法则”方法 ，它将被认为重要的行业标准数字(例如销售额或毛利润)与企业自身的数字进行比较。 因此，例如，您可以获取所涉及行业中企业的销售与毛利的平均比率，然后将其与所涉及单个企业的相同比率进行比较。 最终，这会将企业与其行业平均水平进行比较，但用于特定行业。

Rob May, owner of ValueOnTheWeb.com, a company that developed and sells a web site valuation system that allows customers to tap into a raft of web property market data in order to gain insight into their own sites’ values, makes an important distinction between these formulae, suggesting that "what really matters is cashflow and net profit." In this vein we find another rule of thumb that’s long been used to assess the value of an investment: the "discounted cashflow approach", where the projected income from the site over a given time period is discounted by the rate of interest you want to earn on your money within that time period. This approach is used to determine what you should pay for that investment now — in today’s dollars.

ValueOnTheWeb.com的所有者Rob May是一家开发和销售网站评估系统的公司，该系统使客户可以利用大量的网络房地产市场数据来深入了解自己网站的价值，这些公式表明，“真正重要的是现金流量和净利润”。 在这种情况下，我们发现了长期用于评估投资价值的另一条经验法则：“ 现金流量折现法”，其中给定时间段内来自站点的预期收入被您想要的利率折现。在该时间段内赚钱。 该方法用于确定您现在应该为该投资支付的金额(以今天的美元计算)。

This sounds good, but can cashflow- and profit-based formulae like this really be relied upon in the volatile online market? Rob doesn’t believe so. He contends that, "when it comes to web sites, those values can vary dramatically from owner to owner because the cost structure can change with a new owner. For instance, if a site has both programming and content work to be done, I’ll outsource the programming, but might sometimes write the content. Another owner may outsource the content and do the programming. Another owner may outsource both."

这听起来不错，但是在瞬息万变的在线市场中，真的可以依赖像这样基于现金流量和利润的公式吗？ 罗布不这么认为。 他认为，“在网站上，这些价值在所有者之间可能会发生巨大变化，因为成本结构可能会随着新所有者的变化而变化。例如，如果一个站点同时要进行编程和内容工作，我会将外包程序，但有时可能会编写内容。另一个所有者可以将内容外包并进行编程。另一个所有者可以将两者都外包。”

So although a formula might give a buyer a valuation of the site as it stands, from a purely financial viewpoint, it can’t take into account the value a new owner might be able to add — that takes foresight, vision, and a thorough assessment of the skills and capabilities that the potential buyer can bring to the table. And that’s probably why, though there are numerous valuation techniques, many pundits advise site owners to ignore all such rules, or at the very least, to consider them as only one piece of a much larger jigsaw.

因此，尽管公式可以使买家对网站的现状进行评估，但从纯粹的财务角度来看，它不能考虑新所有者可能能够增加的价值，这需要具有远见，远见和全面评估潜在买家可以带来的技能和能力。 这就是可能的原因，尽管有许多估值技术，但许多专家建议网站所有者不要理会所有这些规则，或者至少将它们视为更大拼图中的一个。

Yet Dan Grossman, of Awio.com — a network of sites that provides tools and information for site owners — believes that there are some cases in which a formula might be worth considering as one aspect of a valuation. "If you’re going to buy a web site just to continue operating it, then basing the buying price on expected future revenues is fair," he comments. But again, he points out that "it’s not always that simple. When I browse the SitePoint Marketplace and other similar venues, I’m looking for two things: a web site with great content or technology that could grow significantly if it were exposed to the right market, or one that would integrate well with my existing sites to grow their revenue. The price of that kind of purchase isn’t strictly based on the revenue the site is currently earning, but what value it can potentially bring."

然而， Awio.com的 Dan Grossman(一个为网站所有者提供工具和信息的网站网络)认为，在某些情况下，公式可能值得考虑作为估值的一个方面。 他说：“如果要购买一个网站只是为了继续运行它，那么将购买价格基于预期的未来收入是合理的。” 但是他再次指出：“这并不总是那么简单。当我浏览SitePoint市场和其他类似场所时，我正在寻找两件事：一个内容丰富或技术先进的网站，如果将其暴露给他人，它可能会显着增长。合适的市场，或者可以与我现有的站点很好地整合以增加收入的市场。这种购买的价格并不严格基于站点当前的收入，而是潜在地带来的价值。”

That sentiment is echoed by Chris Beasley, web publishing stalwart and Editor of websitepublisher.net. "As a buyer what matters is what a website is worth to you," he comments. "If think you can make 10 times more than what the current owner makes, then limiting yourself to a multiple based on the current owner’s revenue is dumb."

网络出版的坚定者和websitepublisher.net的编辑Chris Beasley对此表示赞同。 他说：“作为买家，最重要的是网站对您的价值。” “如果认为您的收入是当前所有者的10倍，那么基于当前所有者的收入将自己限制为倍数是愚蠢的。”

These comments hint at the miasma of factors that can impact on a site’s ultimate sale price — factors we’ll get to in a moment. But in addition to the nuances of the site itself, there are two broader considerations that a formula simply cannot take into account. Yaro Starak, an online businessman who tracks his adventures online at Entrepreneur’s Journey, identifies one of these considerations. "As with all investments, what someone is willing to spend is what something is worth," he says. "As long as we’re dealing with people, the potential to manipulate price is very real."

这些评论暗示了可能会影响网站最终销售价格的因素的混乱状态-我们稍后将讨论这些因素。 但是，除了网站本身的细微差别外，公式还不能考虑两个更广泛的考虑因素。 在线商人Yaro Starak(他在Entrepreneur's Journey上在线跟踪他的冒险经历)指出了这些考虑因素之一。 他说：“与所有投资一样，某人愿意花的钱就是物有所值。” “只要我们与人打交道，操纵价格的潜力就非常现实。”

What we might call the "human factor" obviously varies with each sale, and each of the parties involved — there’s no accounting for either gullibility or ruthlessness!

我们可以称之为“人为因素”的显然是随每次销售而变化的，并且涉及的各方各不相同-不管是轻信还是冷酷无情！

Of course, in the changing world of the Web, site sellers need to beware of more than just intentional manipulation. "The Internet is fast moving and situations can change very quickly if a new site comes to the market in your niche," advises PrimitiveNetwork’s Tim Dickinson. "Paying more than the predicted profit for the next year or two can be risky, and even if a site offers more than just profit to you or your users, you still normally need to break even on a site at worst."

当然，在瞬息万变的Web世界中，网站卖家需要提防的不仅仅是故意操纵。 PrimitiveNetwork的Tim Dickinson建议说：“如果您的利基市场有新网站，那么互联网正在快速发展，情况可能会Swift改变。” “付出超过未来一两年的预期利润可能会带来风险，即使一个网站为您或您的用户提供的不仅仅是利润，您通常仍需要在最坏的情况下实现收支平衡。”

Again, no formula could have anticipated the explosive popularity of social networking sites — that kind of foresight requires more than an ability to crunch numbers.

再次，没有任何公式可以预料到社交网站的爆炸式普及-这种远见卓识不仅需要处理数字的能力。

It seems that, while a formula may provide site owners with a starting point, the limits of a formula-based approach may greatly restrict its relevance to many of the deals being made today. So, if formulae and accounting equations only give us a part of the picture — at best — what else should we consider in valuing our sites?

看来，虽然公式可以为网站所有者提供一个起点，但基于公式的方法的局限性可能会极大地限制其与当今许多交易的相关性。 因此，如果公式和会计方程式仅给我们一部分(最多)，那么在评估站点价值时，我们还应考虑什么？

网站价值因素 (Site Value Factors)

There are nearly as many factors that are seen to contribute to a site’s value as there are people who have bought or sold web properties. Among the lists of factors that can impact on a site’s value are:

讯享网

促成网站价值的因素几乎与购买或出售网站资产的人一样多。 可能影响网站价值的因素包括：

• the nature of the online property (for example, blog, informational content site, social network, online community etc.)

  在线资产(例如，博客，信息内容的网站，社交网络，在线社区等)的性质

• the age of the property and its domain

  财产的年龄及其领域

• the perceived value of the brand, and goodwill associated with it

  品牌的感知价值以及与之相关的商誉

• the profits or earnings generated by the property, and the revenue model through which they’re earned

  物业产生的利润或收益，以及赚取收益的收入模型

• the projected life of the site and its niche

  网站的预期寿命及其利基市场

• the amount of traffic the site receives, and where that traffic comes from

  网站收到的流量以及该流量来自何处

• the site’s SEO strategy, and its PageRank

  网站的SEO策略及其PageRank

• the number and quality of backlinks to the property

  指向该属性的反向链接的数量和质量

• the costs of running the site, including promotional costs, time costs, and so on

  网站运行成本 ，包括促销成本，时间成本等

• the risk involved in purchase — a factor that may depend equally on the buyers’ perception as it does on available critical "wisdom" or research regarding the market segment in which the site operates

  购买中涉及的风险 –一个因素可能同样取决于买家的看法，就像它取决于可用的关键“智慧”或有关网站运营所在的细分市场的研究一样

• the property’s or business’s position within the market, its uniqueness, and the levels and types of competition it faces

  房地产或企业在市场中的地位 ，其独特性以及所面临的竞争水平和类型

• the comparative cost to the buyer of developing the site themselves

  买方自行开发网站的相对成本

• the barriers to entry to the market that the potential buyer would face if they were to enter the market themselves, building a separate business from the ground up

  潜在买家自己进入市场将面临的进入市场的障碍，从头开始建立独立的业务

• the number and value of perceived opportunities available to the site

  该站点可用的机会的数量和价值

• the property’s strategic fit within the potential buyer’s operations

  物业在潜在买家经营中的战略契合度

• the property’s appropriateness to the potential buyer’s skillset

  物业对潜在买家技能的适用性

• the ease with which that buyer can monetize the site further, including the expense of any changes the buyer might like to make to the site after its acquisition

  买方可以轻松通过该网站进一步获利 ，包括买方在收购网站后可能希望对该网站进行的任何更改的费用

Yes — that’s a stack of considerations, and working out the value of each in reference to your own site will be quite a task. Moreover, this list is far from all-encompassing: different factors may affect different sites’ valuations at various times throughout its life.

是的-这是一堆注意事项，要根据您自己的网站确定每一项的价值将是一项艰巨的任务。 此外，该列表远非包罗万象：不同的因素可能会影响其整个生命周期中不同时间的估值。

If you’re beginning to think that site valuation is an incredibly complex task, you’re right. Fortunately, our experts were keen to wade through the list and identify the factors that they felt had the greatest importance in a site’s valuation.

如果您开始认为网站评估是一项极其复杂的任务，那么您是对的。 幸运的是，我们的专家热衷于仔细研究清单，并确定他们认为对网站估值最重要的因素。

The Top 3 Value Factors

前三大价值因素

1. Domains and Traffic

1.域和流量

Of all the factors, advises Andrew Johnson, owner of the popular webpublishingblog.com, "domain name value is number one. It only applies to a few, but …if your site is sitting on a generic domain name, the amount of money the content side throws off may have no bearing on its sales price."

流行的webpublishingblog.com的所有者安德鲁·约翰逊(Andrew Johnson)建议说，在所有因素中，“域名价值是第一位。它仅适用于少数几个域名，但是……如果您的网站使用的是通用域名，那么内容方面的问题可能与其销售价格无关。”

Yaro focuses particularly on "traffic growth over the long term (sustainability), sources of traffic (do you have to pay for it to keep it coming, or is it organic?) and revenues." And he believes that site buyers are keen to know "how much revenue a site makes, how much profit there is after expenses, how much traffic it gets today." He suggests that they’ll want to see "a month by month history of traffic, and if possible, a breakdown of each traffic and income source." Tim backs this position, contending that "traffic demographics are all-important. For instance, advertisers tend to pay more for visitors from western nations, and for users with relatively high disposable incomes." This point may be especially pertinent if, like Tim, a potential buyer of your site believes that "ad targeting is the name of the game."

Yaro特别关注“长期的交通增长(可持续性)，交通来源(您必须为此付费以使其持续增长，还是有机的？”)和收入。 他认为，网站购买者渴望知道“网站赚多少钱，扣除费用后有多少利润，今天得到多少流量”。 他建议他们将要查看“每月的流量历史记录，并在可能的情况下查看每个流量和收入来源的明细”。 蒂姆支持这一立场，认为“人口统计学非常重要。例如，广告商倾向于为来自西方国家的访客以及可支配收入相对较高的用户支付更高的费用。” 如果您像网站的潜在购买者一样，蒂姆(Tim)认为“广告定位是游戏的名称”，则这一点可能特别相关。

These arguments are reflected in site sales from the Marketplace. There, sites that receive fewer than 2000 unique visitors per month (a total of 477 sites sold) sold for an average of US$906 — significantly below the total average sale price of US$1560. By contrast, of the 89 sites that sold which attracted between 20,000 and 30,000 uniques per month, the average price was US$2843. And sites with more than 40,000 unique visitors each month — all 27 of them — averaged a sale price of US$17,401, though the highest selling price in that category was US$185,000. Here’s the complete breakdown.

这些论点反映在Marketplace的网站销售中。 在那里，每个月收到的唯一身份访问者少于2000个的网站(总共售出477个网站)，平均售价为906美元，远低于1560美元的总平均售价。 相比之下，在售出的89个网站中，每月吸引了20,000至30,000个唯一身份的商品，平ASP格为2843美元。 每月拥有40,000多位唯一身份访问者的网站(全部27个网站)的平均销售价格为17,401美元，尽管该类别中最高的销售价格为185,000美元。 这是完整的细分。