价值管理视角下平台型互联网企业的价值创造机理及评估方法研究

Two-sided market theory has discovered the market logic and competition strategies behind the great success of platform-based internet company, such like Google, Alibaba, Baidu, and Tencent, from the viewpoint of business management including pricing, compatibility, openness, and governance strategies. However, there are few studies investigating how platform-based internet companies interact with capital and improve company value through value creation activities from the viewpoint of value based management. Considering that, this project, based on the view of value management, is firstly going to uncover the value creation mechanisms of platform-based internet company from the two aspects of value creation process and value drivers. On the ground, this project will develop corresponding valuation methods to reach the aim of explanation and forecasting. In this research, about 100 listed companies, their financial and web traffic data of past years will be collected, and empirical analysis will carry out with combined representing research methods, such as econometric methods and structural equation method,with panel data. Expected research results will include: (1) constructing value creation mechanism model for platform-based internet company; (2) uncovering the effect mechanisms of main value drivers on company value; (3) providing valuation method with strong explanation and excellent forecasting ability. This project will not only advance researches on the cross field of two-sided platform and company valuation, but also provide methods and tools for platform-based internet company implementing value creation activities and carrying out company valuation .

双边市场理论从定价、兼容、开放和治理等经营管理视角揭示了谷歌、阿里、百度和腾讯等平台型互联网企业取得巨大成功背后的市场逻辑和竞争策略。但是，鲜有研究从价值管理视角探究这类企业如何通过价值创造活动与资本实现互动，从而不断提升企业价值。有鉴于此，本项目拟基于价值管理视角，首先从价值创造过程和价值驱动因素两个层面揭示平台型互联网企业的价值创造机理；在此基础上，针对解释和预测两个不同目标开发相应的价值评估方法。研究中，将收集100余家上市企业的历年财务和流量数据，综合运用以统计计量和结构方程为主的多种研究方法，利用面板数据开展实证分析。预期研究结果将：（1）构建出企业价值创造的过程模型；（2）揭示主要价值驱动因素对企业价值的影响机理；（3）开发出解释能力强和预测效果好的价值评估方法。项目研究将不仅推动双边平台和价值评估领域的交叉研究，还将为平台型互联网企业开展价值创造和价值评估提供方法和工具支持。

鉴于已有双边平台研究主要从定价、兼容、开放和治理等经营管理视角揭示谷歌、阿里、百度和腾讯等平台型互联网企业取得巨大成功背后的市场逻辑和竞争策略，而且鲜有研究从价值管理视角探究这类企业如何通过价值创造、资本互动推动企业价值提升，本项目基于价值管理视角从价值创造过程和价值驱动因素两个层面揭示平台型互联网企业的价值创造机理，并在此基础上针对解释和预测两个不同目标开发了相应的价值评估方法。主要研究结果包括：（1）通过梳理价值影响因素、辨识价值驱动因子和揭示价值创造逻辑，构建出平台企业价值创造的过程模型；（2）运用实证方法，逐一考察商业模式、用户资源、管理者能力和战略网络等因素对平台型互联网企业价值创造的影响机理；（3）基于实证数据构建了刻画平台企业价值时变动力学的动态面板模型，提出了财务和非财务指标融合集成的平台企业价值评估方法；（4）开发软件将理论成果转化为涵盖价值创造、价值评估和价值提升的自助式在线咨询服务平台。项目研究成果不仅推动了双边平台和价值评估领域的交叉研究，还为平台型互联网企业开展价值创造和价值评估提供流程化的方法和工具支持。在该项目的支持下，项目组培养了1名金华市拔尖人才、1名访问学者（晋升副教授）和8名硕士毕业生，其中1人获得省优秀硕士论文（当年管理领域全省共3篇优秀硕士论文），此外还资助了在读的3名博士生和8名硕士生开展研究工作。