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论文编号：	14724
作者编号：	2120223644
上传时间：	2024/6/6 23:52:23
中文题目：	线上销售对企业债务融资成本的影响研究
英文题目：	Research on the impact of online sales on corporate debt financing cost
指导老师：	李姝
中文关键字：	线上销售；商业模式；另类数据；债务融资成本
英文关键字：	Online sales; Business model; Alternative data; Debt financing costs
中文摘要：	在经济全球化与互联网技术迅猛发展的背景下，电子商务应运而生并在企业中得到了广泛应用。电子商务深刻地改变了人们的生活方式，推动了传统产业的升级，成为带动我国经济发展的新引擎。我国信息技术先进，人口规模庞大，电子商务具有广阔的发展前景。由此，社会各界十分重视电子商务，电子商务成为了学术界的研究热点，学者们对企业的互联网电商模式展开了大量研究。然而，现有研究鲜有涉及电商对资本市场中债权人的影响。企业创新商业模式，开展线上销售，在平台上产生了线上销售另类数据，线上销售数据可以从第三方数据库中获取，含有企业未来营业收入和现金流信息，可以降低企业与利益相关者之间的信息不对称。此外，企业的线上销售模式还会影响企业的生产、经营等各个环节，可以增强企业的持续经营能力，提高资金的流动性。因此，线上销售会对资本市场中的利益相关者产生影响，我国企业一直存在着融资难、融资贵的问题，本文希望探讨线上销售对债权人信贷决策的影响，为企业降低债务融资成本提供思路。 本文选取2015-2022年沪深A股上市公司的数据作为样本，考察线上销售与债务融资成本之间的关系，从公司风险与偿债能力这两个角度进行了机制分析，在进一步分析中，本文从企业成长性、分析师关注度、审计质量、企业履约能力这四个角度进行了异质性分析。研究发现：（1）进行线上销售可以降低企业的债务融资成本；（2）机制检验结果表明，线上销售可以通过减少公司风险、增强企业的偿债能力来降低债务融资成本；（3）进一步分析发现，线上销售降低企业债务融资成本的作用在成长性较高、分析师关注度较高、审计质量较高、企业履约能力较强的企业中更显著。 本文的研究丰富了线上销售与债务融资成本的相关文献，有助于认识并理解线上销售特殊的商业模式对企业产生的影响，以及线上销售产生的另类数据具有的信息价值，对政府部门、公司以及债权人具有启示性作用。 关键词：线上销售；商业模式；另类数据；债务融资成本
英文摘要：	With the rapid development of economic globalization and Internet technology, e-commerce came into being and has been widely used in enterprises. E-commerce has profoundly changed people’s way of life, promoted the upgrading of traditional industries, and become a new engine to drive China’s economic development. China has advanced information technology and a large population, so e-commerce has broad development prospects in China. As a result, the community attaches great importance to e-commerce, and e-commerce has become a research hotspot in the academic community. Scholars have conducted a great deal of research on the Internet e-commerce models of firms. However, there are few studies on the impact of e-commerce on creditors in the capital market. The enterprise innovates the business model, develops the online sale, generating online sales alternative data on the platforms. Online sales data can be obtained from third-party databases, and contains the information of enterprises’ future operating income and cash flow, which can reduce information asymmetry between the enterprise and stakeholders. In addition, the enterprise’s online sales model can affect the production, operation and other aspects of the enterprise, which can enhance the enterprise’s ability to continue to operate and improve the liquidity of funds. Therefore, online sales will have an impact on stakeholders in the capital market. Chinese enterprises have always suffered from problems of difficult and expensive financing. This paper hopes to explore the impact of online sales on creditors’ credit decisions and provide ideas for enterprises to reduce debt financing costs. Using a sample of A-share listed companies in Shanghai and Shenzhen from 2015 to 2022, this paper examines the relationship between online sales and debt financing costs. From the two angles of corporate risk and solvency, this paper analyzes the mechanism. In further analysis, this article conducts heterogeneity analysis from four perspectives: enterprise growth, analyst attention, audit quality and enterprise performance ability. The research has found that: (1) Online sales can reduce the cost of debt financing; (2) The mechanism test results show that online sales can reduce the cost of debt financing by reducing corporate risks and enhancing the solvency of enterprises; (3) Further analysis shows that the effect of online sales on reducing corporate debt financing costs is stronger in enterprises with higher growth, higher analyst attention, higher audit quality and stronger performance ability. This paper enriches the relevant literature on online sales and debt financing costs, and helps to understand the impact of the special business model of online sales on enterprises, as well as the information value of the alternative data generated by online sales. The findings are revelatory for government departments, companies, and creditors. Key Words: Online sales; Business model; Alternative data; Debt financing costs
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