互联网行业的诚信度对企业价值的影响研究

Study on the Impact of Integrity on Enterprise Value in the Internet Industry

互联网行业已经成为中国经济发展的新业态和支柱产业,互联网上市公司作为互联网行业的龙头,其信用情况也受到越来越多人的关注。基于公司金融的分析手段,选择2014—2018年49家互联网上市公司的数据,运用面板数据固定效应模型,分析诚信度与企业价值的关系。主要结论是:第一,我国互联网上市公司的诚信度波动性较大,相关企业之间的诚信度差距悬殊;第二,企业的诚信建设力度不足,政府对互联网公司有关诚信度的监管也相对薄弱;第三,互联网上市公司诚信度与企业价值呈正相关关系,即具有较高诚信度的上市公司,企业价值也相对较高,而诚信度低的上市公司,企业价值也相对较低。最后针对研究结论提出了加快立法、强化监管等对策建议。

The internet industry has become a new format and pillar industry for China’s economic development.As the leading enterprises of the internet industry,internet listed companies have received more and more attention on their credit status.Based on corporate finance analysis method,this article analyzes the relationship between integrity and enterprise value by collecting the data of 49 listed internet companies from 2014 to 2018 and applying the fixed effect panel data model.Three conclusions are arrived at:First,the integrity degree of China’s listed internet companies fluctuates relatively wildly and wide gaps exist between related enterprises in integrity;second,the effort of enterprises in integrity construction is not enough and the government’s regulation of internet companies in integrity is relatively weak;third,the integrity of listed internet companies is positively related to their value,which means the higher one company’s integrity is,the higher its enterprise value shows,and vice versa.Finally,policy suggestions,such as speeding up legislation and strengthening supervision,are put forward in response to these conclusions.