论文题目：企业核心竞争力对“互联网+”企业价值的影响研究
教授
摘
要
互联网的日新月异衍生出来各种“互联网+”产物，随之而来的“互联网+”经济则迅速
升温，在我国金融市场中“互联网+”业务的地位也是逐步占领重要地位，金融募集、并购、
审核、上市等金融业务越来越普遍。由此出现的“互联网+”公司在刺激经济增长的同时，
还需要接受新的挑战。一方面，传统的公司评估方法无法准确测定，尤其是涉及到“互联网
+”业务的公司更是出现巨大疏漏，稍微有资本能力的“互联网+”公司大部分会选择出国注
册。从另一个角度来看，有些“互联网+”公司是拥有各种各样问题的，譬如财务绩效规模
有限，更有甚者直接出现亏损现象，反倒能在国内估值甚高。基于目前市场上出现的种种迹
象，本文综合“互联网+”企业独特的企业状态和学术界对企业价值影响因素的分析，本文
前沿性的对企业核心竞争力的影响进行了特别关注。
本文在理论阶段首先介绍了各种经济学原理，以此为理论基础，随后借助波特五力模型、
“互联网+”企业价值理论，剖析了“互联网+”企业估值不准现象背后的逻辑，再使用理论
与实践相结合的手法合理化企业核心竞争力对企业价值的影响。借助核心竞争力理论的分析，
以技术创新度、用户粘性度、行业进入壁垒为三维模型中的坐标轴定义，并将三维模型具象
化出八个点位，随后进行八分位分析各个维度的增减如何改变企业的竞争优势，对于企业价
值又有何种影响。并且本文通过使用中国市场上 2015-2018年的“互联网+”上市公司进行
实证分析，选用 stata面板门槛分析核心竞争力对企业价值的影响。最后讨论了如何围绕核
心竞争力获取竞争优势从而提升价值。
通过对市场的研究来看，“互联网+”公司价值增加的其中一个巨大标志就是活跃的用户
群体，也是其领导市场能力的表征。企业的壁垒优势建立与否也可以表现在企业有没有忠实
的活跃用户，通过带来衍生产品的创新，可以超越竞争对手，创造交易价值。企业价值创造
的重点在于技术创新度、用户粘性度和行业进入壁垒，研究表明这三者均对公司价值产生积
极影响，通过实证分析确实证明了三维度对企业价值的影响均为正向，差异在于程度不同。
改革开放以来，中国的“互联网+”公司经历了组织变革，例如各种业务模型和业务应用程
序的相互集成。虽说目前从中国市场行情来看各个“互联网+”企业的核心竞争力都在一点
一点提升，但仍然存在很大的失衡，并且仍有改进的空间。首先，企业需要开发出价值客户
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西安理工大学硕士学位论文
的识别流程，然后就需要牢牢把握住这些客户并产生忠诚的链接环境。从上面的这两个步骤
来看，公司必须拥有客户需求的分析能力并分析出公司的价值有哪些因素产生影响。
关键词：核心竞争力；企业价值；三维模型
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Title：RESEARCH ON THE IMPACT OF CORE COMPETITIVENESS OF
"INTERNET PLUS" ENTERPRISE VALUE
Major：Finance
Name：Jiali Feng
Supervisor：Prof.Wenxiu Hu
With the rapid development of the Internet, various "Internet +" products are derived, and the
ensuing "Internet +" economy is heating up rapidly. The "Internet +" business is gradually occupying
an important position in China's financial market, and financial services such as financial raising,
merger and acquisition, audit and listing are becoming more and more common. The resulting
"Internet Plus" companies, while stimulating economic growth, have also brought new challenges.
On the one hand, the traditional company evaluation method cannot be accurately measured,
especially when it comes to the "Internet +" business, there are huge omissions. Most of the "Internet
+" companies with a little capital will choose to register abroad. On the other hand, some "Internet
+" companies have various problems, such as limited scale of financial performance, or even direct
losses, but they are highly valued in China. Based on the current signs in the market, this paper
combines the unique state of "Internet +" enterprises and the analysis of the influence factors of
enterprise value in the academic circle, and this paper pays special attention to the influence on the
core competitiveness of enterprises in a cutting-edge way.
Internet plus principle of enterprise value is used to analyze the logic behind the phenomenon
of Internet plus valuation uncertainty in the theoretical stage. First, the theory of Potter's five force
model and the theory of "Internet +" are used to rationalize the impact of the core competitiveness
of enterprises on the value of enterprises. With the help of the analysis of the core competitiveness
theory, the three-dimensional model is defined as the degree of technological innovation, user
stickiness and barriers to industry entry. The three-dimensional model is visualized into eight points,
and then the octale is used to analyze how the increase or decrease of each dimension changes the
competitive advantage of the enterprise and what impact it has on the enterprise value. This paper
uses the Internet plus listed companies in China market for 2015-2018 years to conduct empirical
analysis, and chooses Stata panel threshold to analyze the impact of core competitiveness on
enterprise value. Finally, it discusses how to gain competitive advantage around the core
competitiveness so as to enhance the value.
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