SS网络零售企业筹资活动风险控制问题研究

发布时间：2018-02-10 19:24

本文关键词： 网络零售筹资活动风险控制关键风险点　出处：《安徽财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：2016年我国网络零售市场交易额达5.16万亿人民币,位居全球第一(1)。伴随着“互联网+”、“大数据”、“供给侧改革”等概念上升为国家战略,网络零售将成为推动我国经济结构转型、调整产业结构的重要抓手。随着网络零售市场细化,细分市场的网络零售企业如雨后春笋般涌出。但是,网络零售企业产业链重构升级、多元化的经营方式、市场竞争的扩大等都会加重网络零售企业的运营成本,这意味着网络零售企业需要大量的筹资,筹资活动风险也会不期而至。由于网络零售行业起步晚,又具有轻资产、周期长、信息化等行业特点,目前针对该行业的筹资活动风险控制研究很少,也没有形成相应的理论体系。因此,如何高效的针对网络零售企业筹资活动进行风险控制显得尤为关键。本文运用案例分析法,从网络零售企业在我国越来越重要的经济地位入手,选取一手案例SS网络零售企业进行案例研究。本文以新资本结构理论、委托代理理论和风险控制理论为理论基础,并将筹资活动风险控制流程划分为五大关键环节,细化了各个环节的控制流程,并以此列出了详细的风险清单,为企业的筹资活动风险控制增强参考和警示作用,也为下文的案例分析做铺垫。由于网络零售企业行业特点鲜明,又对其筹资活动风险控制的特殊性进行了梳理。随后选取SS网络零售企业进行案例分析,该公司成立不足5年,估值已高达40亿,企业扩张迅猛,筹资活动频繁,对该公司的筹资活动风险控制进行研究,具有一定行业代表性和研究价值。案例部分以SS公司的经营现状和组织结构为切入点,结合该公司相关数据和资料,分析了其资金需求和筹资方式。然后结合筹资活动控制流程,以相关数据和控制实务为基础,详细分析其筹资活动控制存在的风险点,紧接着对其存在风险点的原因进行了归纳和分析。最后,对照上文分析的成因,对SS网络零售企业筹资活动风险控制提出优化意见,有利于完善SS公司筹资活动控制流程,降低该公司筹资活动风险,对丰富网络零售企业筹资活动风险控制理论,提升网络零售行业筹资活动风险控制能力有一定参考作用。此外,在结合筹资活动控制流程和本文案例分析的基础上,扩充了原有内控指引的筹资活动风险,认为企业应当加强防范因信用等级降低而造成筹资难度增大、筹资成本增加、筹资渠道变窄的风险,为企业之后的筹资活动风险控制增强参考意义。
[Abstract]:In 2016, the transaction volume of China's online retail market reached 5.16 tillion yuan, ranking first in the world. With the concepts of "Internet", "big data" and "supply-side reform" rising to national strategy, network retail will become the impetus for the transformation of China's economic structure. With the refinement of the network retail market, the network retail enterprises in the subdivision market have sprung up like bamboo shoots. However, the network retail enterprises' industrial chain reconstruction and upgrading, diversified management, The expansion of market competition will increase the operating costs of online retailing enterprises, which means that online retail enterprises need a large amount of financing, and the risk of fund-raising activities will also come unexpectedly. Because the online retail industry started late and has light assets, The characteristics of industry such as long cycle, information technology and so on, at present, there is little research on the risk control of financing activities in this industry, and no corresponding theoretical system has been formed. How to efficiently control the risk of financing activities of online retailing enterprises is particularly critical. This paper uses case analysis to start with the more and more important economic status of online retail enterprises in our country. This paper takes the new capital structure theory, principal-agent theory and risk control theory as the theoretical basis, and divides the risk control process of fund-raising activities into five key links. The control flow of each link is refined, and the detailed risk list is made out, which enhances the reference and warning function for the risk control of the enterprise's fund-raising activities, and also paves the way for the case study below. Because of the distinctive characteristics of the network retail enterprise industry, Then selected SS network retail enterprises for case analysis, the company has been established for less than 5 years, the valuation has reached 4 billion, the rapid expansion of enterprises, frequent fund-raising activities, The research on the risk control of the financing activities of the company has certain industry representativeness and research value. The case part takes the current operating situation and organizational structure of SS company as the starting point, combining with the relevant data and information of the company. Based on the relevant data and control practice, the paper analyzes the risk points in the control of fund-raising activities in detail. At last, compared with the causes of the above analysis, the paper puts forward the optimized advice on the risk control of the financing activities of SS network retail enterprises, which is helpful to improve the control process of the financing activities of SS companies. Reducing the risk of fund-raising activities of the company can enrich the theory of risk control of fund-raising activities of online retailing enterprises and enhance the ability of risk control of fund-raising activities in the online retail industry. On the basis of combining the control process of fund-raising activities and the case analysis of this paper, the paper expands the risk of financing activities under the original internal control guidelines, and thinks that enterprises should strengthen the prevention of the increase of financing difficulty and the increase of financing cost due to the decrease of credit rating. The risk of narrow financing channel will enhance the reference meaning for the risk control of financing activities after the enterprise.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5

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