The business model of the Internet industry determine the important role that users play in Internet companies. According to the theory of economies of scale, the increase in the number of users can promote the growth of Internet companies' income by reducing costs, thereby enhancing the market value of Internet companies. However, it is the user that leading to the mostly uncertainty in the Internet market, and the increase in the number of users does not mean the increase in user activity and user stickiness. Therefore, this paper constructs three key factors of customer value: audience scale, user stickiness, and purchasing power. They are the key to creating value for a company. After analyzing the relationship between customer value and enterprise value by using 3635 balanced panel data from 727 Internet companies from year 2013 to year 2017. It is found that the three dimensions of customer value have a non-linear relationship with an asymmetric threshold between enterprise values, respectively.

互联网行业的商业模式决定了用户在互联网公司中扮演的重要角色。根据规模经济理论，用户数量的增加可以通过降低成本来促进互联网公司收入的增长，从而提高互联网公司的市场价值。但是，是由用户导致互联网市场的大部分不确定性，并且用户数量的增加并不意味着用户活动和用户粘性的增加。因此，本文构建了客户价值的三个关键因素：受众规模，用户粘性和购买力。它们是为公司创造价值的关键。