CAJ | 학술논문

互联网企业创新投入的不确定性非常强，因而内部现金流的支持非常重要。不同模式创新的投资－现金流敏感性不同。狭义的互联网式创新不同于传统的科技式创新，主要以商业模式创新为主，这种创新形式的特殊性决定了其创新投资与现金流敏感性的独特关系。根据系统GM M法，上市互联网企业的创新投资与现金流之间存在显著正向关系，而且不同创新模式具有不同的创新投资－现金流敏感性，中外互联网企业的资金使用情况也有所不同。在互联网式创新理论分析和实证数据检验的基础上，应当看到中国目前典型的互联网式创新在利用现金流和中国人力资源等方面的优势，通过基础设施、政策法规、人才培养、管理体制四个方面，加快发展中国式互联网创新。
호련망기업창신투입적불학정성비상강，인이내부현금류적지지비상중요。불동모식창신적투자－현금류민감성불동。협의적호련망식창신불동우전통적과기식창신，주요이상업모식창신위주，저충창신형식적특수성결정료기창신투자여현금류민감성적독특관계。근거계통GM M법，상시호련망기업적창신투자여현금류지간존재현저정향관계，이차불동창신모식구유불동적창신투자－현금류민감성，중외호련망기업적자금사용정황야유소불동。재호련망식창신이론분석화실증수거검험적기출상，응당간도중국목전전형적호련망식창신재이용현금류화중국인력자원등방면적우세，통과기출설시、정책법규、인재배양、관리체제사개방면，가쾌발전중국식호련망창신。
Internet companies'investment on innovation of is supported by cash flow .But different innovation models have distinct Innovative investment‐cash flow sensitivities . T he narrow definition of internet innovation is one kind of business model innovation and systematically differentiated with the technical innovation .Based on system GMM method ,publicly traded Internet firms have positive relation between innovative investment and cash flow and the difference between two models of internet innovations .Based on the internet innovation theory and empirical analysis ,it is clear that the China's unique version of internet innovation is good at using its current advantage in cash and human capital and other areas ,which further suggested that China should actively facilitate Internet innovation with stronger basic facilities ,law s regulations ,and human resources .