中國網路市場近兩年的火紅讓許多人注意到中國的快速成長，噹噹網作為此次的研究對象，用來深入探討整個中國網路市場的生態與環境。 此篇論文探討中國網路公司噹噹網，如何在商業模式與亞馬遜相同，並且只擁有中國市場之下，仍然可以得到投資人很好的投資評價。中國的特殊環境造就了本土公司可以打敗全球跨國公司的現象。 最後此論文提到一些對投資中國網路股的建議，希望從噹噹網近一年的表現給予投資人一些投資啟示 / This article discusses Dangdang, the Chinese Amazon.com to demonstrate the characters of Chinese internet industry. I found out that Chinese internet industry is prospering due to the overall economy growth and improved internet penetration. Albeit Dangdang has a very similar business model with Amazon, the complicated Chinese market leads Dangdang to beat Joyo/Amazon.cn in online book sales in China. In the general merchandise Dangdang wants to aim for is a huge challenge and may lead the future instability to Dangdang. The stock price correction of Dangdang and other Chinese internet companies give investors some warnings that the sustainable and profitable business model should be more important than anything. It should be very careful to invest in Chinese internet stock even the growth rate is appealing.

This study explores various drivers of Internet stock prices. This study extends the previous work on Internet stock valuation along two dimensions: (1) the separation of Internet firms into web-related and non-web-related groups. (2) the incorporation of consideration for the effect of Internet shakeout on value drivers identified in this study. The primary findings are as follows. First, this study finds evidence that contradicts the claims made by some analysts that web traffic metrics are no longer important. The findings show that web-traffic remains value-relevant to Internet stock price for the period Oct 1998 to May 2003. Second, this study documents evidence against the “common wisdom”, as represented in the business press, that traditional financial statement information has limited usefulness in pricing of Internet stocks. The variable “revenues” is significantly positively associated with the stock price in the pre- and post-shakeout period for all Internet firms. Third, consistent with prior research on other intangibles-intensive industries, this study finds that, in particular, product development (R&D) appears to be capitalized as assets by investors in their assessment of values of web firms during the testing period, including period subsequent to the industry shakeout in the spring of 2000. This research thus provides preliminary evidence of the value-relevance of R&D expense of the shakeout and maturation of the B2C Internet sector. Fourth, with respect to the inquiry of the potential effect of difference in web-traffic on the pricing of Internet stock, the empirical results demonstrate the importance of this consideration. The findings indicate that raw web-traffic variable is not value-relevant for non-web firms, while it is value-relevant for web firms. Finally, the market condition of Internet stocks appears to be influential in explaining the pricing of Internet share. The empirical result shows that the share prices of Internet stocks are higher before the market correction, when holding other variable as controlled.