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。%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 .
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