Study On The Financial Chain Crisis And Early Warning Mechanism Of Internet Enterprises

Under the changeable socioeconomic conditions,enterprises are facing fierce market competition.Capital chain is the basis for enterprises to survive.enterprises will not be able to maintain normal management If the capital chain breaks.In practice,bankruptcy caused by the crisis of capital chain is common.Therefore,strengthening the management of capital chain and establishing an effective fund management mechanism are very important for enterprises to achieve sustainable development.Internet enterprise management has the characteristics of fast market change,large capital demand,and many uncertainties.It is more likely to occur capital chain crisis.How to optimize the management of capital chain of Internet enterprise has become the focus of relevant research,but there are few studies combined with specific enterprises.This paper takes Letv as an example to study the causes of the crisis in the capital chain of Internet enterprises,and to establish a corresponding early warning mechanism to provide a scientific tool for the management of the capital chain of Internet enterprises,which is conducive to the healthy operation of the capital chain.Firstly,this paper summarizes the relevant literature and theory of capital chain management at home and abroad,combs the thread of existing research,and clarifies the breakthrough research focus.Secondly,it analyses the current situation of the capital chain management of Internet enterprises and explores the causes of the crisis of the capital chain.It is found that abnormal asset-liability ratio,technology input ratio and cost-to-income ratio will lead to capital chain crisis.Then,combining with the case of Letv,the development process of capital chain crisis is analyzed in detail,and the causes of capital chain crisis are explored from four aspects: profitability,operating capacity,solvency and development capacity.On this basis,the early warning mechanism of capital chain crisis is established by using the method of entropy and efficiency coefficient.Specifically,the entropy method is used to select the financial and non-financial indicators needed for crisis early warning,and then the efficiency coefficient method is used to construct the early warning model,and the early warning model is applied to evaluate the management of the fund chain of Letv from 2010 to 2017.Finally,this paper puts forward some policy suggestions to optimize the management of Internet enterprise’s capital chain from the aspects of early warning of enterprise’s capital chain,profit model,enterprise financing,enterprise investment and internal control system.