“互联网+”为什么加出了业绩

Why Can Internet Plus Increase Performance

本文在构建反映传统企业实施"互联网+"的指标基础上,采用2013—2015年中国上市公司相关数据,实证检验"互联网+"对传统企业业绩的影响,以及影响的机制与路径。研究发现:传统企业与互联网的融合,即"互联网+",显著提升了公司业绩。与未实施"互联网+"的公司相比,实施"互联网+"的公司每股收益平均提升了约31%,而资产收益率则平均提升了约24%。影响机制检验表明,"互联网+"通过差异化这个中介变量,促进了企业业绩的提升;而成本领先并不是一个有效的中介变量,"互联网+"并未通过成本领先影响企业业绩。盈余质量影响了"互联网+"与企业业绩的关系,盈余质量更好的公司实施"互联网+"的效果也更好。本文的研究有助于推进互联网和实体经济的深度融合,推进"互联网+"国家战略在传统企业中更为有效的实施。本文的研究有一定的理论贡献:Porter强调差异化和成本领先是企业获得竞争优势的充分条件,而本文的研究则发现,在互联网环境下,成本领先仅是企业获得竞争优势的必要条件,企业须兼具成本领先与差异化,才能获得竞争优势。

Based on the construction of the index of traditional enterprises’implement on internet plus,using the related data from 2013-2015 China listed companies,the empirical test of internet plus of the traditional enterprises’performance,and the influence mechanism and path.The research finds that the integration of traditional enterprises and the internet,namely internet plus has significantly improved the performance of listed companies.Compared with the companies without implementing internet plus,the earnings per share of the companies with implementation of internet plus has increased by approximately 31%,while the return on assets has increased by approximately 24%.Further research finds that internet plus has promoted the performance improvement of enterprises through the intermediate variable of differentiation;while cost leadership is not an effective intermediate variable.The quality of earnings affects the relationship between internet plus and corporate performance,and the effect of internet plus is also better for companies with better earnings quality.The research in this article will help promote the deep integration of internet and real economy and promote the internet plus strategy to be implemented more effectively in traditional enterprises.The research in this article has some theoretical contributions.Porter emphasizes that differentiation and cost leadership are the sufficient conditions for enterprises to gain competitive advantage.However,this study finds that in the internet environment,cost leadership is only a necessary condition to gain competitive advantage.In the internet environment,enterprises must have both cost leadership and differentiation to gain competitive advantage.