公司财务视域下的共享单车可持续盈利问题研究

Research on Sustainable Profitability of Bicycle-sharing from the Perspective of Corporate Finance

选取已破产共享单车企业和当前市场中存活的代表性共享单车企业数据,本文基于财务净现值模型,通过估算代表性共享单车企业的净现值和内部收益率,归纳并验证了融资和净现值的关系,考察了共享单车企业的盈利机制、风险因素及其政策安排。研究发现,共享单车属于资金密集型行业,其发展受到资金约束、供需错配和同行"逐底竞争"影响。此外,本文还引入了酷骑单车的案例,采用控制变量法,在融资数额一定的情况,研究了企业内外部因素对企业现金流量及净现值的影响。共享单车可持续发展的长效机制在于,疏通融资渠道、优化运营模式以及提高市场占有率。同时,还需要进一步做好深化投融资合作、推出灵活的定价机制、降低制造和维护成本等方面的工作。

The data of bankruptcy bike sharing companies and representative bike sharing companies that are alive in the current market are selected.Based on the financial net present value model,this paper summarizes and verifies financing and net income by estimating the net present value and internal rate of return of the representative bike sharing companies.The relationship between the present value and the profit mechanism,risk factors,and policy arrangements of bicyclesharing companies are examined.The study found that bike sharing is a capital-intensive industry,and its development is affected by capital constraints,supply and demand mismatches,and peer-to—bottom competition.In addition,this article also introduces the case of cool cycling,using the control variable method to study the impact of internal and external factors on the company's cash flow and net present value when the amount of financing is fixed.The long-term mechanism for the sustainable development of bicycle sharing lies in unblocking financing channels,optimizing operating models,and increasing market share.At the same time,further work is needed to deepen cooperation in investment and financing,launch flexible pricing mechanisms,and reduce manufacturing and maintenance costs.