基于资产规模异质性的互联网企业成长影响因素研究
An Empirical Analysis on the Determinants of Internet Companies’ Growth—Based on the Heterogeneity of Asset Size

互联网产业是国家战略新兴产业的支柱之一，一直是政府大力支持和扶植的产业，但互联网行业的特性使其具有激烈的市场竞争性，也使得互联网企业在发展过程中面临很多挑战。本文根据数据的可得性和因素的可衡量性，选取了中国内地157家上市互联网企业，运用2017年的截面数据，对不同资产规模下的企业进行因子分析、多元回归分析，探索互联网企业成长中的关键要素，以期找寻该类企业发展的规律并给予相应的政策支持。实证研究结果显示：营销能力、盈利能力、现金流量和收益质量正向影响互联网企业的成长，其中，盈利能力在企业资产规模中等偏大时的影响程度更大。偿债能力与营运能力对互联网企业的成长影响不大。互联网企业成长影响因素的资产规模异质性明显存在，资产规模越小的互联网企业，其成长受约束和影响的因素越多，互联网企业的生存发展之道是迅速做大作强。
Internet industry has been supported strongly by government as one of the pillars of national stra-tegic emerging industries. But Internet companies compete fiercely and face many challenges in their developing process because of the features of Internet industry. This paper analyzes the main determinants of Internet Companies’ growth selected 157 listed Internet companies based on the cross-sectional data of 2017 in China. The factor analysis and multiple regression analysis of enter-prises are carried out to explore the key elements in the growth of Internet companies based on the different asset sizes. The empirical findings indicate that the marketing capability, profitability, cash flow and earnings quality positively have a positive impact on the growth of Internet companies, and the profitability is greater when the assets scale is medium. That is, the better marketing capability, profitability, cash flow and earnings quality, the more conducive to the growth of Internet. Solvency and operating capacity have little effect on the growth of Internet companies. There is significant heterogeneity of asset scale among the determinants of growth in Internet enterprises. The smaller the asset size is, the more determinants that constraint and influence the growth of Internet enterprises have. The way for Internet enterprises to survive and develop is to grow bigger and stronger rapidly.