Research On Financing Strategy Of Z Online Education Enterprises Based On The Theory Of Enterprise Growth Cycle

With the progress of science and technology and the popularization of the Internet,people have more convenient and fast ways and tools to learn;The state has issued various policies to encourage education technology and information technology and support online education industry.Parents of the younger generation are seeking more efficient and better educational services.In such an environment,the online education industry is booming,and Z Enterprise is one of the leaders of the online education ranks.Online education enterprises only have a history of more than 20 years,and entered a period of rapid development in 2014.In recent years,new online education enterprises have emerged constantly,and market competition has been strengthened,especially in terms of customer acquisition.The methods of using "community effect" and low-price public welfare courses to gain customers no longer have competitive advantages,and marketing expenditure is under great pressure.Moreover,Z is in the critical period of transformation and upgrading,and it needs long-term secure and stable financial support for the exploration of new business and new mode,so it is facing a huge funding gap.This paper is divided into six chapters.Firstly,the writing background,purpose and research methods are clarified,and the domestic and foreign research literature on enterprise life cycle theory and online education related theories are sorted out.The theoretical basis of this paper,"preferential order financing theory",is discussed,and the capital structure,capital cost and current main financing channels in China are clarified.Secondly,the establishment background,business system,development history and main financial indicators of the research object Z Enterprise are introduced.Combining qualitative analysis and quantitative analysis,it is clear that Z Enterprise 2003-2010 is the initial period,2011-2014 is the growth period,and 2015-present is the maturity period.This article focuses on the pen in each stage of the analysis of the financing strategy,vertically combed the situation during the life of the financing strategy and capital structure,summing up the financing characteristics of each stage,the financing strategy formulation background and the financing effect,and the selected case and Y D in related industry enterprise and enterprise weighted average cost of capital of the horizontal comparison Analyze the advantages and disadvantages of Z Company’s financing strategy and operation management.Finally,the paper summarizes the financing problems of online education enterprises,and puts forward countermeasures and suggestions for enterprises themselves,online education industry,macro-level policies and various financial institutions.Z enterprise is one of the leading enterprises in the industry.Its market value exceeds New Oriental and ranks the first in the education industry.Therefore,the research on Z enterprise is typical and representative.This paper combines literature research method and case analysis method,divides the life cycle based on the theory of enterprise growth cycle,and studies the financing strategies at different stages of development.On the one hand,it provides information for Z enterprise to make future financing strategies as a reference,on the other hand,it can also be used for reference and enlightenment to the vast number of enterprises in the industry.