A Study Of The Value Relevance Of Internet Corporate Performance Indicators

Since the 1960 s,the academia has carried out extensive and in-depth research on the value relevance of enterprise accounting information.However,from a large number of research literature,whether the performance indicators are related to the value of the enterprise has not been consistent with the results of the study.Compared with the traditional enterprises,the Internet enterprise R & D investment,product update rate,production efficiency are relatively high,its production and operation and development methods are different,with fast growth,strong innovation,high income,high risk and special financial structure The During the period from 2014 to June2015,the total price of Internet companies in China increased by more than 166%,while the total profit of Internet companies was in a downward trend or even a loss.After July 2015,the Internet listed companies in its performance level has not changed significantly,the stock market volatility.The deviation of stock price and performance has led to the reflection on the influencing factors of corporate value of Internet listed companies.This paper aims to explore the factors that affect the value of Internet companies.In this paper,the combination of normative and empirical research methods,the study of the value of Internet business performance relevance,that is,whether the Internet business performance indicators to provide investors with decision-making useful accounting information.On the basis of the theoretical analysis,this paper uses the relevant data from the fourth quarter of 2013 to the fourth quarter of 2015,uses the principal component analysis method to calculate the comprehensive performance level of Internet enterprises,and draws on the research ideas of pricing model,The comprehensive performance level is used as the explanatory variable and the regression model with the stock price as the explanatory variable,which verifies the influence of the enterprise performance index on the stock price.The empirical results show that there is no significant correlation between Internet enterprise performance and its share price,that is,the performance of Internet enterprise performance information is less useful for investors.The value of the enterprise depends fundamentally on the future net cash flow of the enterprise and its discount rate.Because the Internet enterprise has the characteristics of being distinct from the traditional enterprise,the future development has strong instability and variability,and the future net cash flow of the enterprise is difficult through theperformance indicators of enterprises to predict.In addition,corporate performance as historical data,there are economic issues can not be comprehensive,three-dimensional,dynamic measurement,reflected information and future out of line and other issues,but also make it difficult for investors to accurately predict the future performance of corporate cash flow.In view of the empirical test results,this paper further discusses the value relevance of non-performance indicators of Internet enterprises.Through the research,the author points out that the innovation input,the opportunity value,the human resource and the risk level of the Internet enterprise have the value relevance.On the basis of the theoretical analysis,this paper further tests the correlation between the non-performance indicators and the enterprise value of the Internet enterprises.The results show that the innovation input,the opportunity value,the human resource and the risk level have significant correlation,which is the non-performance index Value relevance provides evidence.Internet companies have a strong ability to innovate,have a greater opportunity value,a higher level of risk and more R & D personnel,that its good prospects for development,and thus can create more value.The final results of this paper show that the performance indicators of enterprises can not effectively explain the stock price of Internet companies,and innovation and investment and non-performance indicators and stock prices there is a significant correlation.Therefore,this paper argues that Internet companies should strengthen the disclosure of non-performance indicators to provide more information about the future development of enterprises with the characteristics of the Internet business,so as to help investors predict the value of the enterprise to help.The research of this paper extends the value relevance research of accounting information to a certain extent,and emphasizes that the value correlation research must consider the industry characteristics.At the same time,it also provides empirical support for the investors to obtain decision information,which is conducive to the optimal allocation of limited resources,which is conducive to the development of capital market.