中国互联网企业创业初期成功影响因素研究

在回溯国内外企业成功与失败影响因素研究文献的基础上，以200家中国互联网企业为代表，深入研究了影响互联网初创企业成功的主要因素，从中选出有代表性、容易进行客观判断的14项影响因素进行Logistic回归。结果表明，5项因素显著影响中国互联网企业初创成功，其中，领域先驱企业、BAT体系或获得BAT投资等因素对企业具有正向影响；成立后马上获得第一笔投资、“海归”创始人以及市场分散程度等因素具有负向影响。最后，对显著影响因素进行讨论，进而提出关于市场与产品类型选择、互联网产品发展战略以及融资与战略合作关系等方面建议。

Research on Success Factors in Early Stages of Chinese Internet Start ups

We review existing literature on factors affecting success and failure of new technology ventures and expand on existing research with an analysis of 200 Chinese internet companies, 100 of which were representative for successful ventures and 100 of which representative for failed companies? Based on this data we establish a research framework within which we identify and analyze 14 impact factors that are measurable, factual, and can be confirmed by external observers. Evaluation of success factors was done for all 200 companies. We determine the impact and significance of factors by fitting a Logistic regression model to the collected data. Out of the 14 factors, we show 5 to be significant at 95% confidence: Being a first mover and investments by Alibaba, Baidu or Tencent(BAT) are shown to have positive impact whereas having a returnee founder, attempting a first funding round after less than one year of operation and high market fragmentation have a negative impact. The paper closes with a discussion of the significant impact factors and suggestions for start ups as well as venture capital firms.