Research On The Mechanism Of The Influence Of Big Data Capabilities On The Competitive Advantage Of Internet Financial Platform Companies

Since 2013,Internet finance,as the product of intersection and penetration of Internet industry and financial industry,has been a rapid development trend.Internet finance expands the channels of financial services,reduces the unequal information in financial activities,improves operational efficiency of financial activities,brings new vitality to the traditional financial industry,and we call this stage as the Internet finance 1.0.With the advent of the big data era,the data is in explosive growth and the big data technology is developing continuously,besides,the big data,as a resource and capacity of production factors even a way of thinking,has a profound influence on Internet finance industry,which is driving Internet finance into the 2.0 era and developing at a deeper level.Based on the big data,the Internet financial platform makes full use of the “convergence” and “connection” of data information,which greatly exerts network externality,and leads a lower transaction costs for platforms and participants.More and more Internet financial platforms use big data technology to develop user portrait,user needs mining,precision marketing,anti-fraud,credit rating risk warning and other business activities so that to optimize and promote business development,and even realize model innovation.Big data is becoming an indispensable part of Internet finance activities.Internet financial platform enterprises as the micro individual in financial market and the carrier of Internet financial model,their survival competition strategies and behaviors directly affect the development and future direction of Internet finance industry.In the context of the platform economy and big data,how to understand big data to promote the development of Internet finance platform? What is the impact of big data on the competitive advantage of Internet financial platform enterprises? If have,what is the impact mechanism and path? Answering these questions,is of great practical guiding significance for the enterprises engaged in Internet finance to realize their organizational structure innovation,business model innovation and competition mode innovation etc.,and also has the theoretical value for deepening the theory of internet finance development and the theory of competitive advantage.Based on the theory of competitive advantage,financial intermediary theory,information economics,business model innovation,evolutionary game theory andother theories,this paper conducts an in-depth study of big data affecting the competitive advantage's mechanism and path of the Internet financial platform.The main research work is divided into four stages: theoretical analysis,model building,empirical analysis and case study.In the theoretical analysis stage,the research systematically summarizes the research literature of Internet finance,big data,business model and enterprise competitive advantage and other relevant theories.Then,from the perspective of big data resources and application,this paper analyzes the internal logic and economic principle of big data's promotion role in the development of Internet finance,which including the introduction of evolutionary game model to analyze the process of establishment of cooperative win-win network partnership based on big data resource sharing.In the model building stage,based on the core competence competitive advantage theory,the big data is promoted to big data capability,and its connotation is improved and elaborated,and the framework of big data capability is constructed and the dimension is divided;In addition,through combing and analyzing and refining the related information,the innovation system of business model is constructed in theory,and the composition is defined and analyzed;Then through the inductive deduction and logical reasoning,this paper makes the theoretical analysis that is about the big data capability's influence on the competitive advantage's mechanism and path of the Internet financial platform,so that the theoretical model of big data capability's influence on the competitive advantage's mechanism and path of the Internet financial platform is constructed,and the corresponding research hypothesis is put forward.In the empirical research stage,through the design survey questionnaire to determine the measurement scale and there are 216 valid sample data collected by questionnaire,besides,each system factor and reliability and validity of each measurement scale are verified by further integrated use of Exploratory Factor Analysis,Confirmatory Factor Analysis.AMOS software is used to construct the structural equation model(SEM)for fitting test and necessary model correction,at the same time,the research hypotheses are tested.Finally,we analyze the empirical results,and explore the big data capability's influence on the competitive advantage's mechanism and path of the Internet financial platform.In the case study stage,the case study and analysis are carried out with Ant Financial.The following main conclusions can be obtained through comprehensive theoretical analysis and empirical Study: First,the advantages of big data in the collecting,processing and understanding information greatly satisfy the increasing demands and requirements of information processing in Internet financial activities,including more extensive data information resource,higher data performance of information storage and processing and deeper understanding and analysis of data information.Big data technology opens the black box of data,extracts the regular information and knowledge and meets the long-tail customers' demands and understanding,which is greatly reducing the search cost,alleviating asymmetric information of both sides of the funds and realizing the “risk identification” of large scale under low cost constraint.Second,based on the theory of core competence competitive advantage and the main process of big data processing application,the framework of big data capability is constructed.This is composed of big data resource integration capability,big data storage and processing capability,big data analysis and mining capability and big data intelligence implementation and forecasting capability.These four capabilities solve four problems respectively: “whether has the data resources”(core issue),“whether can effectively access and process data”(basic issue),“whether can effectively mine data”(technical issue),” whether can use data effectively”(business issue)and them have formed a one-to-one corresponding logical hierarchical relationship with the process of “data-information-knowledge(valuable information)-intelligence(business insight).Third,the big data capability has a positive influence on the value proposition innovation,value creation innovation,and value network innovation,and then has a significant impact on the competitive advantage of the Internet financial platform enterprises,including(1)Resource integration capability of big data has a positive influence on the value proposition innovation,value creation innovation,and value network innovation,and then has a significant impact on the competitive advantage of the Internet financial platform.(2)Big data storage and processing capability has a positive influence on value creation innovation,then has a significant impact on the competitive advantage of the Internet financial platform.(3)Big data analysis and mining capability has a positive influence on the value proposition innovation,value creation innovation,and value networkinnovation,and then has a significant impact on the competitive advantage of the Internet financial platform.(4)Big data intelligence implementation and forecasting capability has a positive influence on the value proposition innovation,value creation innovation,and then has a significant impact on the competitive advantage of the Internet financial platform.Fourth,the case study shows that Ant financial drives the business model innovation by building strong big data capability,thus building its competitive advantage of low cost,differentiation and risk control.The renovation of the paper lies in the content,mainly in four aspects: First,the research angle is a new one.In previous studies,most of the researches have been carried out from the perspective of big data resources and applications,and there are some problems such as vague connotation of big data,lack of in-depth research and lack of empirical research.Based on the theory of the core ability of enterprise competitive advantage,this paper improves big data into big data capability,and puts forward a new perspective of the development of Internet financial platform through big data capability and then carries on the empirical research.This perspective is an effective supplement to the relevant researches that take the traditional theory of competitive advantage and big data application as the perspective.Second,the evolutionary game model is innovatively introduced into the process of establishing a cooperative win-win network partnership based on big data resource sharing,so as to reveal the mechanism that a win-win network partnership based on big data resource sharing can contribute to the development of Internet financial enterprises.Third,this paper puts forward the definition of big data capability,elaborates and improves the connotation of big data capability,and constructs the big data capability framework innovatively,and further analyzes the hierarchical logical relationship of big data capability to the “data-information-knowledge(valuable information)-intelligence(business insight),which enriches the related theoretical connotation of big data.Fourth,this paper puts forward a theoretical model which influences the innovation of business model and then influences the competitive advantage of Internet financial platform.Through the empirical study,the influence degree and its significance of the former on the latter is proved,and the influence mechanism and path are analyzed,which can promote the further research of big data capability and the development ofInternet financial platform enterprises.In conclusion,under the development trend of big data,platform economy and other relevant conceptions,this study is an effective supplement to the inadequate development research of big data driving Internet financial enterprises and is a deeper research of competitive advantage in specific industries.At the same time,it can provide the guidance for building up big data capability to realize business model innovation for Internet finance platform enterprises,and also is helpful to build the competitive advantage and develop strategic innovation.