Research On The Construction Mechanism Of Tencent Platform Ecosphere And Its Impact On Firm Value

With the rapid development of the Internet,especially after the "Internet Plus" has become a national strategy,more and more companies have chosen to build their own ecosystem.Internet giants such as BAT have initially built their own platform ecosystem.This paper selects Tencent's platform ecosystem as the starting point of the research issue,and systematically studies the issues of why Tencent builds the platform ecosystem,the construction mechanism of the Tencent platform ecosystem,and the impact of constructing the platform ecosystem on firm value.The differences from existing researches in this study are based on the establishment of a platform ecosystem at the company level to explore its construction mechanism and its impact on firm value.The current domestic and foreign scholars'research on the ecological circle focuses on the construction,development and operation mechanism of the ecological circle.The research on the platform is also mostly from the perspective of bilateral markets and network effects.The academic community's research on the platform ecosystem has risen in recent years,and there are few research results.Most of them are based on the construction of a specific business module platform ecosystem such as mobile games,payments,and internet finance.Based on the whole company-level strategy,why Tencent chooses the platform ecosystem,the construction mechanism of the platform ecosystem and the impact on firm value are still missing.From the perspective of network effects and synergy effects,this paper explores the construction mechanism of the platform ecosystem,and the platform's ecosphere impact on firm value,and then uses individual case analysis methods to systematically study the ecosystem of the Tencent platform from two dimensions:the synergy effect and the network effect.The analysis of the three circles of the Tencent platform ecosystem has led to the establishment of the Tencent platform ecosystem.Finally,it explores the impact of the construction of the platform ecosystem on firm value through two aspects of financial performance and market value.Through in-depth research on related theories and case enterprise systems,this paper finds that:Tencent platform ecosystem is built on the mechanism to stimulate network effects and obtain synergies,the platform ecosystem has different strengths of network effects and synergies in different circles.The construction of the platform ecosystem will affect the enterprise value through network effects,synergy effects,investment and financing activities,the positive effect of the construction of the platform ecosystem on financial performance in the short term has not yet appeared,and brings certain performance risks.However,in the long run,the construction of the Tencent platform ecosystem has changed Tencent's asset structure and financial policies and Tencent's income structure has been optimized,allowed Tencent's capital and traffic to be released,and has a good response in the capital market.This paper believes that the establishment of the Tencent platform ecosystem has a positive impact on firm value.Research value:This paper hopes to provide reference for other Internet companies and even traditional industries through research on the Tencent platform ecosystem,and hopes to expand the research content of the platform ecosystem.