互联网商业模式的同群效应:战略驱动还是概念迎合

Peer Effects in Internet Business Model:Strategic Driving or Conceptual Catering?

近年来,互联网商业模式成为热门概念,越来越多传统企业实施互联网商业模式,但尚不清楚这是企业深思熟虑下的战略驱动还是盲目跟风下的概念迎合。为此,以我国2007-2020年上市公司为样本,考察传统企业实施互联网商业模式的同群效应的存在性、深层动因及其经济后果。结果显示:传统企业实施互联网商业模式存在显著的同群效应;驱动机制检验发现,互联网商业模式的同群效应在资产结构更轻、“脱实向虚”程度更高、市场估值更低和融资压力更大的企业中更为显著,支持了同群效应的概念迎合假说,而非战略驱动假说;进一步检验发现,企业实施互联网商业模式虽能够在短期内获得一定的政府补贴收入和市场反应,但仅促进了企业的策略性创新而非实质性创新,且并未提升企业的财务业绩,这进一步说明互联网商业模式的同群效应并非战略驱动,而是概念迎合之举。

In recent years,Internet business model has become a popular concept,more and more enterprises have begun to propose and implement the transformation of the Internet business model.However,it is not clear whether this mode innovation is driven by strategic considerations or by concept catering.Based on the sample of listed companies in China from 2007 to 2020,this paper examines the reasons and economic consequences of the Internet business model implemented by traditional enterprises from the perspective of peer effects.The results show that there is a significant peer effect in the innovation decision of the Internet business model,which is still valid after controlling possible endogenous problems and a series of robustness tests.The heterogeneity tests find that the peer effect of Internet business model is more significant in enterprises with light asset structure and higher degree of financialization and intangible,as well as enterprises with lower market valuation and higher financing pressure.The test of economic consequences find that the implementation of Internet business model can obtain subsidy income and positive market response in a short time,but only promote strategic innovation rather than substantive innovation,and do not improve the financial performance of enterprises,further explaining that the peer effect of the Internet business model is not driven by strategy,but is a move of conceptual catering.