电商企业融资结构对经营绩效的影响机制研究

Research on the Infl uence Mechanism of E-commerce Enterprises’Financing Structure on Business Performance

电商企业运用多种融资方式获取足够的资金是提高经营绩效的关键。本文以沪深A股电商上市企业为研究对象,以2012—2022年的财务数据为样本,从内源融资和债务融资双重视角出发,建立电子商务企业融资结构与经营绩效的关系模型,利用多元线性回归方法分析不同融资结构对经营绩效的影响。研究发现:内源融资率正向影响电商企业经营绩效;资产负债率与电商企业经营绩效负相关;短期负债率、长期负债率与经营绩效的关系不明显;银行借款率与电商企业经营绩效负相关;商业信用融资率与经营绩效的负向关系不明显。最后,本文根据研究结论提出合理的对策建议,以期帮助电商企业优化融资结构,拓宽融资渠道,促进经营绩效的提高。

E-commerce enterprises use a variety of financing methods to obtain sufficient funds,which is the key to improving business performance.This paper takes the listed e-commerce enterprises in Shanghai and Shenzhen A-shares as the research objects,takes the financial data from 2012 to 2022 as the sample,establishes the relationship model between e-commerce enterprises’financing structure and business performance from the perspectives of internal financing and debt financing,and uses multiple linear regression to analyze the impact of different financing structures on business performance.The study finds that:internal financing rate positively affects the business performance of e-commerce enterprises;debt asset ratio is negatively related to the business performance of e-commerce enterprises;the relationship between short-term debt ratio and long-term debt ratio and business performance is not obvious;bank borrowing rate is negatively related to the business performance of e-commerce enterprises;and the negative relationship between the commercial credit financing rate and business performance is not obvious.Finally,reasonable countermeasures and suggestions are put forward based on the research conclusions,to help e-commerce enterprises optimize financing structure,broaden their financing channels,and promote the improvement of business performance.