摘 要

在信息爆炸式增长的现在，内需的增长拉动了市场增长。各种电商企业纷纷成立。都想在有庞大内需的国内市场中获得盈利。但电商企业在竞争市场时为了获得快速发展，承受着极大的风险进行融资。在获得巨额市场投资时，电商企业一般会选择欣然接受，对于风险的评估与规避没有一个较好的把控。也是因为电商企业相比实体企业更加特殊，风险更大。因此，在企业进行融资前对风险进行评估、把控，制定相应的措施就显得尤为重要。
本文以京东为例，研究其融资风险问题。首先，了解京东公司及电商行业的基本情况，再深入探讨了京东集团于优先股、普通股和双层股权融资等不同方式的融资数量和融资重点。其次从财务数据与非财务数据两个方面，定量定地对京东进行了全面的融资评价，并且对融资风险成因进一步确定。最后，针对以上原因提出了对应的解决方法。为电商企业规避融资风险提供参考。

关键词：京东；融资风险；风险控制

Research of Fiancing Fiancial Risk of Big Electronic Company Based on Jingdong

Abstract

In the information explosive growth now, the growth of domestic demand to drive the market growth.Various e-commerce enterprises have been set up.Both want to make money in a domestic market with huge domestic demand.Therefore, in order to achieve rapid development in the competitive market, e-commerce enterprises bear great risks for financing. When obtaining a huge amount of market investment,e-commerce enterprises will generally choose to gladly accept, without a good control of risk assessment and avoidance. It is also because e-commerce enterprises are more special than entity enterprises and have greater risks. Therefore, it is particularly important to evaluate and control the risks andformulate corresponding measures before the financing of enterprises.
This paper takes Jingdong as an example to study its financing risk.First of all, the basic situation of Jingdong Company and e-commerce industry is understood, and then the financing quantity and financing focus of Jingdong Group in different wayssuch as preferred stock, common stock and dual-class equity financing are discussed in depth. Secondly, from two aspects of financial data and non-financial data,this paper quantitatively evaluates the financing of Jingdong, and further determines the causes of financing risks. Finally, corresponding solutions are put forward for the above reasons.It provides reference for e-commerce enterprises to avoid financing risks.

Key Words：Jingdong, Finance risk, Risk control

 

目录

前言 1

1.京东集团环境分析 2

1.1 京东集团基本情况介绍 2

1.2 电商行业分析 2

1.3 京东SWOT分析 3

2.京东集团融资现状分析 3

2.1优先股融资 4

2.2普通股融资 5

2.3双层股权融资 6

3.京东融资风险度量 9

3.1基于财务数据的定量分析 9

3.1.1偿债能力分析 9

3.1.2营运能力分析 10

3.1.3盈利能力分析 11

3.1.4杜邦分析 12

3.2基于非财务数据的定性分析 14

3.2.1京东行业地位及竞争者分析 14

3.2.2投资者预期分析 15

3.2.3电商供应渠道及质量 16

4.京东融资风险成因分析 17

4.1盈利能力有待进一步提升 17

4.2对外筹资依赖性过强 17

4.3内部制度有待完善 18

4.4外部不确定风险 18

5.完善京东融资风险控制对策 19

5.1提升盈利能力 19

5.2提升内部融资的份额 19

5.3加强对供应渠道及产品质量监管 20

5.4保持对外部变化的警惕 20

6.结论 21

参考文献 22