Study On Performance Evaluation Of A Share Listed Companies In Cross-border E-commerce Based On Business Model Classification

With the rapid development of information and internet technologies,the application of e-commerce in international trade has become increasingly widespread.It is informational,networked,and electronic,bringing business opportunities to enterprises.The globalization of e-commerce has led to the development of cross-border e-commerce.Cross-border e-commerce is increasingly becoming an important form of foreign trade,changing the traditional pattern of world trade.Up to now,there are few researches on the performance and evaluation of cross-border e-commerce companies which is important to its development.So the research on performance and evaluation of cross-border e-commerce companies has both an important theoretical value and a strong practical significance to its high-efficient and orderly development.This article uses the financial data of 26 Chinese cross-border e-commerce A-share listed companies from 2014 to 2016,combining the characteristics of the cross-border e-commerce business model,selects representative indicators of the performance of listed companies,and uses factor analysis method to evaluate comprehensive performance.First of all,based on the value chain theory,this paper divides the cross-border e-commerce business model into three types: Self-support cross-border electronic commerce,platform service cross-border electronic commerce and integrated service cross-border electronic commerce.Study finds that the comprehensive performance level of China's cross-border e-commerce listed enterprises is general.The performance level of the same enterprise fluctuates greatly.There are few cross-border e-commerce companies that have balanced development in the industry,and most of the cross-border e-commerce companies have short performance capability.The cross-border e-commerce comprehensive performance of integrated service and platform service are superior to self-employed cross-border e-commerce.Integrated service providers are stronger in profitability,growth and operation capability,while self-management mode is more prominent in solvency.Integrated service providers have more profit growth points,the logistics and marketing efficiency are helpful for growth ability,its better access to information enhance operational capacity.Self-support mode has a fast withdraw of fund and lower leverage ratio guarantee its solvency.