数字资产、商业模式与企业价值——基于互联网平台企业的经验

Digital Assets, Business Model and Enterprise Value—Experience of Based on Internet Platform Enterprises

摘要: 《“十四五”国家信息化规划》为我国数字化转型发展提供了重点发展方向、主要任务和重点工程，推动了数字化、网络化、智能化的新一轮科技革命，而互联网企业更是这股浪潮中的领军企业，它们比传统制造业、服务业和农业更具先天优势，更容易实现资产数字化和数字资产化。本文选择2021~2023年45家沪深互联网上市企业作为研究对象，经过实证发现：(1) 商业模式在价值主张、价值传递、价值实现三个层次上对企业价值有正向影响作用，而在价值创造方面对企业价值有负向影响作用；(2) 短期内，数字资产规模化程度提高不能推动财务绩效的提升，反而会因为管理费用的增加，降低企业价值；(3) 短期内，数字资产在商业模式的价值实现层次与财务绩效的正相关关系中发挥调节作用，价值实现程度越高，企业价值越高。最后，本文针对商业模式创新和数字资产管理两个方面对互联网企业发展提出相关建议，希望能有助于互联网企业的健康发展。

Abstract: The Tenth Five-Year National Informatization Plan provides the key development direction, main tasks and key projects for China’s digital transformation and development, and promotes a new round of digital, networked and intelligent scientific and technological revolution. Internet enterprises are the leading enterprises in this wave. They have more innate advantages than traditional manufacturing, service and agriculture, and it is easier to realize assets digital and digital assets. This paper selects 45 Internet-listed enterprises in Shanghai and Shenzhen from 2021 to 2023 as the research object, and finds through empirical research that: (1) Business model has a positive impact on enterprise value at three levels: value proposition, value transmission and value realization, but has a negative impact on enterprise value in value creation; (2) In the short term, the increase of the scale of digital assets will not promote the improvement of financial performance, but will reduce the enterprise value because of the increase of management expenses; (3) In the short term, digital assets play a regulatory role in the positive correlation between the value realization level of business model and financial performance. The higher the value realization level, the higher the enterprise value. Finally, this paper puts forward some suggestions for the development of Internet enterprises in terms of business model innovation and digital asset management, hoping to contribute to the healthy development of Internet enterprises.