More and more scholars and entrepreneurs pay close attentions to two enterprise operation modes of virtual enterprise and alliance of firms. The successes of enterprises adopting these two kinds of operation modes prove their validity. This paper tries to answer which one of the two operation modes will be more effective, mainly using factor analysis method and statistics in empirical study. By studying nine financial data of 18 firms, we draw following conclusions: the operation ability of virtual enterprise should be superior to that of alliance of firms, but there is not obvious difference between the two kinds of firms in scale and profit ability.