Research On The Influence Of Equity Concentration On Financing Preference In E-commerce Industry

The majority of listed companies in China belong to equity concentrated enterprises.The problem caused by this is that the control of the company is actually taken by the controlling shareholders or a few major shareholders,which has a great impact on the company’s business decisions,especially financing activities.Therefore,it is more in line with China’s national conditions to effectively solve the capital structure problem caused by the centralization of shareholder control rights.At the same time,the country is vigorously promoting the innovation and entrepreneurship of small and medium-sized enterprises,which inevitably face the financing dilemma of small and medium-sized enterprises.However,most of China’s ecommerce enterprises are small and medium-sized enterprises at the beginning of their establishment,and the penetration rate of the e-commerce industry to all walks of life and the influence of the majority of Chinese consumers are increasing day by day.Therefore,starting from the specific e-commerce industry,this paper studies the correlation between ownership concentration and enterprise financing behavior,which has important theoretical significance and practical guiding significance for enterprises to choose a reasonable ownership structure.This paper takes the correlation between ownership structure and financing preference as the research object,based on the relevant theories of corporate finance,financial management and management science,mainly adopts the method of empirical research,and gradually develops the research ideas of "literature review"--"question raising"--"theoretical analysis"--"industry status"--"empirical research".In the specific study,the development process of China’s e-commerce industry and the changes of ownership concentration and financing preference over the years are firstly sorted out and described,and then baozun E-commerce,a representative enterprise in the e-commerce industry,is selected for a case study,so as to test the data of a large sample.The empirical results show that equity concentration does exist in listed companies in China’s e-commerce industry,and the degree of equity concentration is significantly related to the company’s financing structure:the preference of equity financing increases with the increase of equity concentration.Based on the research results,this paper analyzes the necessity of equity structure reform in China’s e-commerce industry,and puts forward corresponding suggestions for the problems existing in financing activities.In general,this paper is based on the theoretical analysis,and through the way of empirical study,to explore the "e-commerce" the equity of a particular industry,the relationship between the concentration and the financing preference of symbolization will study more,avoid differences to the empirical results,the influence of the industry to do by face to in-depth study,as well as by the point and the extension.