Abstract: The cyber economy has become an important part of the national economy.However,there has not been a formal and systemic competitive strategy theory for cyber economy yet.This paper attempts to fill this theoretical gap by integrating the network economic and strategic management.Based on the fourdimensional cyber trading value creation framework proposed by Amit and Zott,and promoted it to suit Web 2.0 enterprises,this paper reveals "3+1" core resources and capabilities to constitute a system.The "3+1" core resources and capabilities are original content,matching data,relation network and assemble capabilities.The "3+1" core resources and capabilities have positive and signification effect on core value and competitive advantage of Internet companies.To test the hypothesis in this paper,we gathered 248 samples in the Haidian District of Beijing,using structural equation model.The empirical results show that:the original content,the match data and the relation network have impact on the core values and competitive advantage with a significant role.Empirical data support some of the original assumptions of this article.

Key words: competitive strategy, value creation, core resources, core capabilities, competitive advantage, network economy