Study On Sustainable Growth And Influencing Factors Of The Internet Enterprises Based On Financial Perspective

As a strategic emerging industry in our country,the Internet industry plays an important role in adjusting traditional industrial structure and promoting economic growth.Since the beginning of 2013,the business revenue of the Internet enterprises has been growing at an annual rate of 39%,and some enterprises even reach as high as 100%.The Internet industry has achieved high-speed growth as a whole.However,with such high spped development of Internet industry,the number of enterprises that failed in the Internet industry is much more than the number of enterprises that ultimately succeed.Many failed enterprises blindly take high growth as the target,overestimate their own financial resources and ability,ignore the sustainability of growth,and thus fall into financial distress.The whole industry situation of sustainable growth is in a bad way.Therefore,how to coordinate the relationship between the growth rate of enterprises and financial resources and capabilities is very important for the Internet enterprises to achieve sustainable growth.The paper takes the normative research and empirical research to analyze sustainable growth and influencing factors of the Internet enterprises.Firstly,the paper studies the results of sustainable growth at home and abroad,and finds that there are few literatures on the sustainable growth of the Internet enterprises from financial perspective,more from the view of management or economics,so this paper is based on financial perspective to study sustainable growth of the Internet enterprises.Secondly,the paper discusses the concept,measurement index and influencing factors of sustainable growth.After comparing four kinds of sustainable growth models,Van Horne model is chosen as the measurement basis of the financial sustainable growth rate.Thirdly,the paper analyzes the current situation of sustainable growth of the Internet enterprises from macroscopic view.Then,the paper uses financial indicators to do empirical research on sustainable growth of the listed Internet enterprises from microcosmic angle.It uses descriptive statistics and Wilcoxon test to evaluate whether the Internet enterprises achieve sustainable growth,uses factor analysis to explore the factors that affect the sustainable growth of the Internet enterprises.Finally,the paper puts forward some suggestions to promote the sustainable growth of the Internet enterprises according to the results of the study.The results show that:(1)There is a significant difference between the practical growth rate and the sustainable growth rate of the listed Internet enterprises.The listed Internet enterprises have not achieved financial sustainable growth,which shows overgrowth in the mass.The situation of sustainable growth is in a bad way.(2)Sustainable growth ability of the Internet enterprises is low as a whole,and shows a downtrend.The power of sustainable growth is insufficient.(3)Profitability,debt-paying ability,expansibility,and operation ability have a significant impact on the sustainable growth rate of the Internet enterprises,among which profitability has the greatest impact.(4)The main reason for the decline in sustainable growth ability of the Internet enterprises is the continuous decline in profitability.In addition,the low efficiency of asset operation and the lack of financial leverage also affect sustainable growth ability of the Internet enterprises to some extent.