Empirical Research On The Value Drivers And Evaluation Indexes Of Internet Platforms

China is in the process of rapid development of information technology2. It has 670 million users and more than 4.13 million websites. The internet has integrated into the economic and social development as well as people’s daily life. In the thirteenth five-year development planning, Chinese will vigorously implement the internet development strategy, the national data strategy, "Internet+" plan, to create a rich and colorful internet environment. Based on this, an increasing number of internet platforms began to emerge on the market. Yet, "the 2015 Internet business white paper" shows that in 2014, there are 135 internet companies closed, accounting for 3% of all internet platforms, which far exceeding the growth rate of the new company. Therefore, to succeed in the fierce market, internet platforms need to build-up its own value. But how? This article focus on the main influencing factors of internet platforms and its evaluation index. The purpose is to set up index system of the primary measure of Internet platform for enterprise value so as to provide the basis for theoretical study of valuation and promote innovative research in the field of value evaluation; Reveals the development path of Internet platform from the perspective of value management, to enrich and develop the theory research of Internet platform for enterprise operation and management; To apply value management method, value optimization strategy and the key of value creation, in order to promote enterprise’s whole value; Provide value evaluation scale when internet platforms facing enterprise merger, acquisition and reorganization; For the prosperity and stability in the capital markets, directing funds to provide good Internet platforms to produce value.Firstly, this paper uses the method of literature analysis and logical analysis to study the value of the Internet platform. The value of the Internet platform is divided into five main factors:macro environment, financial factor, customer value, risk alliance and management ability, which contains seventy-three variables. Secondly, this paper studies the mechanism of internet platform value creation. Internet platforms create value through operate and invest. And the logic of value co-creation is the resources and venture capital put into the platform. Last but not least, relying on 29 Chinese Internet platforms Listed in the United States, this paper use factor analysis method, to reduce the dimension into four major factors, respectively, earnings and traffic factors, financial factors, capital and market factors and management factors. Finally, using the fixed effect panel model, this paper studies the relationship between the four factors and the value of the Internet platform, which leads to the following conclusions:(1) The value of the Internet platform is influenced not only by the financial factors, but also by other enterprise resources. Therefore, traditional value co-creation mechanism cannot be used to analyze the value of the Internet platform. (2) From the internal resources perspective, profit and traffic, financial factors, management capabilities are value drivers of the internet platforms. From the external resources perspective, the risk capital and market share have significant influence on the value of the Internet platform. (3) There is a mutual relationship between the factors that affect the value of the Internet platform. Therefore, it needs to consider the cumulative effects of factors to make a positive feedback mechanism.