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.

Chinese Literature

CNNIC (中國互聯網絡信息中心) "中國互聯網絡信息中心CNNIC 網路權威報告" 2011
CNNIC (中國互聯網絡信息中心) "互联网发展信息与动态" May 2011
Digitimes
中國電子商務研究中心"2011年(上)中國電子商務市場數據 監測報告", 1 Aug 2011
iResearch (艾瑞諮詢集團) "中國互聯網行業發展前景與投資價值報告" 2011
iResearch (艾瑞諮詢集團) "中國網路購物行業年度監測報告" 2011
吳麗，和陽 "中國互聯網：鮮花與磚頭齊飛 創新共資本一色" 商務周刊 Jan 2011(http://tech.hexun.com.tw/2011-01-31/127136877.html)

English literature:

Braddock, "The Internet: The Novel." Financial Analysts Journal 57.5 (2001): 17-19
BBC news, "China: 1.3 million websites shut in 2010" BBC news 13 July 2011 (http://www.bbc.co.uk/news/world-asia-pacific-14138267)
Bayer, "The New Tech Bubble; Silicon Valley and the Technology Industry" The Economist (US) 14 May 2011.
Dangdang, E-COMMERCE CHINA DANGDANG INC. 20-F (2010)
Hirschey, J. Richardson and Scholz, "How “Foolish” Are Internet Investors?" Financial Analysts Journal 56.1 (2000): 62-69.
Johnson, Christensen and Kagermann, "Reinventing Your Business Model." Harvard Business Review Dec 2008.
Ljungqvist and Wilhelm, "IPO Pricing in the Dot-com Bubble" The Journal of Finance 58.2 (2003): 723-52.
Morgan Stanly Research, "Creating Consumer Value in Digital China" Morgan Stanly Research 12 Sep 2005
Morgan Stanley Research, "Dangdang Inc.: A Front Runner in China’s E-Commerce Market" Morgan Stanley Research 28 Feb 2011
Malkiel, "A Random Walk down Wall Street: the Time-tested Strategy for Successful Investing." New York: W.W. Norton &, 2011. 80-97.
Ofek and Richardson, "DotCom Mania: The Rise and Fall of Internet Stock Prices" The Journal of Finance 58.3 (2003): 1113-138.
Pastor and Veronesi, "Was There a Nasdaq Bubble in the Late 1990s?" Journal of Financial Economics 81.1 (2006): 61-100.
Schultz and Zaman, "Do the Individuals Closest to Internet Firms Believe They Are Overvalued?" Journal of Financial Economics 59 (2001): 347-381.
Tokic, "Chinese Dot-coms: A Better Investment?" Journal of Corporate Accounting & Finance 16.5 (2005): 9-12.
The economist, "Welcome to IPOville; Internet Companies." The Economist (US) 11 June 2011.
Vlastelica and Bases, "Special report: Chinese stock scams are the latest U.S. import" Reuturs May 11 2011 (http://www.reuters.com/article/2011/05/11/us-china-shortsellers-idUSTRE74A71F20110511)