The Research On The Impact Of Internet Finance On The Performance Of Listed Companies

In the 1990 s,e-commerce attracted the attention of the society as a form of Internet economy,when the Internet finance began to grow.In the 21 st century,new Internet finance model,that is represented by P2 P,Internet Crowd-funding,third-party payment and so on,began to appear with the development of Internet technology including mobile payment,big data,cloud computing,etc.Until the year of 2013,Tian Hong Asset Management and Alipay launched together the Yu’e Bao,proposing Internet finance to public and adding impetus to the rapid development of Internet finance.Favorable policy supports,huge profit margins and excellent development momentums attracted large number of enterprises to the field of Internet finance.Whether Stepping in to the areas of Internet finance improved the firms’ performance,what the effect of Internet finance business behave andwhether the difference of industry classification influenced the effectof Internet finance on performance,relating to the strategic targets and development of listed companies,to the penetration and future of the Internet finance.Accordingly,this thesis attempted to do research on the Internet finance practices of Chinese enterprises except those belonging to finance industry,from the time point and industry point.Firstly,the thesis sorted the related literature on Internet finance and the relationship between diversification and performance to determine the research direction and value.Secondly,define the related basic concepts and sort out the relevant theoretical basis about Internet finance and diversification to build the fundamental knowledge systems.Thirdly,analysis the status of the investment of the Internet finance from three dimensions:trend of investment,industry and geographicdistribution.Then,based on Internet finance theory resource,allocation theory,internal capital market theory and enterprise growth theory,the thesis put forward the corresponding hypotheses and developed theconceptual path model.Finally,considering the availability and Comparability of data,select 25 listed companies entering into the field of Internet finance before the first half of 2014,verify the hypotheses from two dimensions of time and industry using the Wilcoxon rank-sum test and multivariate regression analysis,and then,discuss the relevant conclusions and inspiration.The results show: Firstly,in the time dimension,Internet finance has direct positive effects on corporate performance,which means after starting Internet finance business,corporate performance gets improved and there exists time lag in the positive impact of Internet finance business,meaning that the positive impact improves gradually in a period.Secondly,in the industry dimension,different main business make Internet finance have different effects on corporate performance.The explaining ability of the model,adding the cross terms of industry and Internet finance practice,obviously improves.The correlation between main business and Internet finance business can expand the influence of Internet finance on corporate performance,shorten the time lag of influence and to some extent,determine the corporate performance.