Analysis On Financing Efficiency And Influencing Factors Of New Retail Business In China

With the rapid development of Internet technology and the change of people's consumption habits,e-commerce has gradually become the mainstream of commercial,occupying the market share of traditional retail.In order to adapt to the Internet environment and break through the current development bottleneck,traditional retail enterprises have begun to transform to online development.Nowadays,after the explosive growth of online retail,it has entered a steady stage.Online passenger flow tends to be stable,the cost of getting customers increases,and the proportion of experiential consumption gradually increases.The profit of retail enterprises focusing on physical stores is gradually decreasing in the environment of e-commerce development.As a result,some retail business enterprises once again use the Internet,emerging big data technology and logistics technology to open up a "new retail" model to seek breakthroughs.Since the "new retail" was put forward in 2016,this emerging industry has developed vigorously.Electronic commerce enterprises and traditional retail enterprises continue to enter the market.Under the guidance of various favorable policies,the new retail business enterprises in China have also achieved good development.New retail business enterprises will increase many new businesses and processes,so they need a lot of funds to support new business directions which will increase the operating costs and financial risks of enterprises.As the result of it,enterprises need to improve their own financing efficiency to deal with this problem.First of all,this paper analyzes the development and financing status of new retail business enterprises.This part focuses on the summary of the overall situation of the new retail industry,including the development status of the industry and financing status,and financing status of the new retail business enterprises mainly for the financing methods and financing environment analysis.Secondly,this part uses DEA model to measure the financing efficiency of new retail enterprises.Through the research on the efficiency of sample enterprises,the financing efficiency of these new retail enterprises before and after the transformation is compared and analyzed.Then,we analyze the relevant factors affecting the financing efficiency of new retail enterprises,and use regression model to explore the deterministic relationship between them and the financing efficiency of enterprises.Finally,it puts forward suggestions to improve the financing efficiency of new retail companies from the perspectives of enterprises themselves and the government.Based on the analysis of the financing efficiency of the new retail business,three conclusions are drawn.Firstly,new retail enterprises mainly focus on external financing,accounting for about 60% of the financing scale,especially equity financing,and this is similar to the traditional retail industry.Secondly,among the 42 sample enterprises,there are 13 EAD effective enterprises,and the scale efficiency of the industry is high.This shows that the overall financing efficiency of new retail business enterprises is relatively high,but there is room for optimization and improvement of scale efficiency and technical efficiency of some enterprises.According to the comparative analysis before and after the transformation,it is found that the financing efficiency of the industry has been improved after the transformation.It shows that the transformation to "new retail" is in line with the development trend of the retail market,and is conducive to improving the profitability and development ability of enterprises.Thirdly,by building a multiple regression model,this paper makes a correlation analysis of the factors affecting the financing efficiency of new retail business enterprises.From the analysis results,we can see that there is no significant linear relationship between total assets and financing efficiency of new retail enterprises.Financial expenses,dividend payment rate and asset-liability ratio are negatively correlated with the financing efficiency of enterprises.The growth rate of main business income,return on equity and total asset turnover are positively correlated with the financing efficiency of new retail enterprises.