用户信息与互联网上市公司市值关系研究

摘要

As an important data asset, customer information does affect the market value of the listed companies.By using data of the36 Chinese Internet companies in 2013-2015, which are listed on the NASDAQ and NYSE, we are trying to find the relationship between the customer information and the market value of listed companies.We drew the following conclusions: ①Users' information quantity characterized by the number of active users has a significant positive correlation with the market value of Internet listed companies.②Users' information richness characterized by users' data types has no significant effect on the market value of Internet listed companies.③The company's capability to develop users' information characterized by the expenditure of research and development has a significant positive correlation with market value of Internet listed companies.%互联网时代用户信息对企业具有巨大价值,是一种重要的数据资产.主要研究用户信息对互联网企业市值的影响及作用机理,选取2013-2015年36家纳斯达克和纽交所上市的中国互联网公司,运用面板数据,进行实证研究.研究发现:①以活跃用户数量表征的用户信息数量能够极大的提高公司市值.②以用户信息类型表征的用户信息丰富度对公司市值无显著影响.③以研发支出表征的用户信息开发能力与公司市值显著正相关.