| The vigorous development of e-commerce breaks the limitations of time and space,changes the form of trade and greatly accelerates the circulation of commodities in the whole society.This helps to reduce the cost of enterprises and improve their competitiveness.However,companies cannot grow without strong financial support.With the rapid development of e-commerce,the listed companies of e-commerce may suffer from capital shortage and value impairment,so the listed companies of e-commerce need to consider sustainable development.Through case study,comparative analysis and rank sum test,this paper selects the two largest e-commerce enterprises,namely Alibaba and Jingdong,and makes a comparative analysis of their sustainable growth rate and actual growth rate.Then,the paper mainly discusses the driving factors of sustainable growth of enterprises,and decomposes four indicators,namely,net sales interest rate,asset turnover rate,equity multiplier and retained earnings rate.Finally,this paper tries to find out the financial factors influencing the sustainable growth of the e-commerce industry by combining the financial strategy matrix,and then gets the related problems of the two enterprises in financial management and gives some suggestions.The conclusions of the study are as follows:The first is that Alibaba and JingDong have their own unique competitive advantages.For Alibaba,the relatively complete economic ecology is its competitive capital.For Jingdong,its strong logistics system can generate synergies and reduce costs,while adhering to self-operation ensures its product quality.Secondly,the actual growth rate of Alibaba fluctuates around the sustainable growth rate,and the situation is good.However,the actual growth rate of Jingdong is far higher than the sustainable growth rate,and the situation is relatively terrible.Thirdly,in terms of capital structure control,Alibaba has done relatively well,with strong debt paying ability and reasonable financial risk control,while Jingdong’s excessive current liabilities in recent years also make it bear greater financial risks.Fourth,in terms of the distribution of corporate dividends,both of the above enterprises have strong appeal in the market.They basically do not distribute dividends,but use all the profits obtained for investment or operation.At present,there are few studies on the financial sustainable growth of e-commerce listed companies,so the research in this paper may help e-commerce listed companies to achieve sustainable growth. |
