Research On Debt Structure And Operating Performance Of Internet Platform Enterprises

Since the 21 st century,the widespread popularity of the Internet,mobile network and smart phones in China have changed the way people live,entertainment,shoping and other activities dramatically from offline to online.So a new kind of enterprise structure has emerged,which is Internet platform enterprises.With its light business model and good customers' foundation,Internet platform enterprises have become an important part of Unicorn Company,which has been strongly supported by venture capital.But there are also some problems in the process of development.One of the most urgent difficult to be solved is the problem of financing balance.The huge refund pressure faced by OFO has alarmed for the financing activities of Internet enterprises.On the whole,although Internet platform enterprises mainly rely on equity financing to provide power for the development of enterprises at this stage,the overall scale of liabilities is also gradually rising.It shows that the tax shield effect,incentive effect and financial leverage effect of debt financing have been shown in enterprises.But unreasonable debt financing arrangements may also increase the business risk and financial risk of enterprises.Therefore,the rational arrangement of debt structure is also crucial to the development of enterprises.Therefore,this paper makes an empirical study on the relationship between debt structure and operating performance of Internet platform enterprises in order to provide some reference for effective financing of Internet platform enterprises in China.This paper chooses the financial data of 106 Internet platform enterprises in China from 2013 to 2017.By sorting out the literature on debt structure and business performance,and according to the relevant capital structure theory,this paper researches the relationship between debt structure and business performance of Internet platform enterprises from five aspects: debt scale,debt source(interest-bearing and interest-free liabilities)and debt maturity(short-term liabilities and long-term liabilities).And the relationship between them is empirically analyzed by multiple linear regression and the conclusion of this paper is drawn.The empirical results show that for Internet platform enterprises,expanding the debt scale,increasing the scale of interest-bearing liabilities or increasing the scale of long-term debt will inhibit the current business performance of enterprises.However,interest-free liabilities and short-term liabilities both have an inverted U-shaped relationship with business performance.At the same time,we also find that the operating performance of Internet platform enterprises listed in China is better than those listed abroad on the whole,indicating that the current domestic capital market can provide sustained financial support for the development of Internet enterprises.Finally,according to the conclusions of the research some suggestions are put forward from both macro and micro perspectives in order to provide some proposals for the financing decision-making of Internet platform enterprises in China.