Research On Capital Structure Selection In The Process Of O2O Transformation In Retail Industry

In 2009,with the rapid application and development of Internet technology in China,e-commerce emerged and soon entered the stage of rapid development,bringing huge impact to the traditional retail industry.With the rapid development of online market,with the emergence of new consumer groups and business models,the market begins to enter the era of consumer dominance.As the leader of the traditional home appliance retail industry,suning soon realized the great change that the Internet may bring to the retail industry.Facing the increasingly fierce competitive pressure,rapid change of innovative technology and frequent market changes,suning took the lead in deciding to "touch the net" reform and implementing O2 O strategic transformation.In 2013,suning cloud commerce was formally established.Combining with its own situation and industry development trend,suning cloud commerce proposed a transformation strategy with its own characteristics that combines online and offline services and diversified development of the four business segments.After a painful period of difficult transformation,the strategic transformation results of suning cloud commerce broke out comprehensively in 2017.The online business made a breakthrough,the integration and layout of offline business achieved initial results,and the logistics and financial service system was further improved.This paper first introduces the background of the big era of the O2 O strategic transformation of suning cloud business,and sorts out the motivation and transformation content of the O2 O strategic transformation of suning cloud business.Then,taking the O2 O strategic transformation of suning cloud commerce as the background,the characteristics of capital structure selection in different stages of suning cloud commerce transformation were analyzed and compared in stages,and the motivations of capital structure selection in different stages of suning cloud commerce transformation were explored and analyzed from three aspects of macroeconomic environment,industry factors and enterprises' ownfactors.The capital structure,as the result of the enterprise's financing portfolio in a certain period,plays a decisive role in the enterprise's debt paying ability and refinancing ability,and thus has an important impact on the enterprise's future profitability.Reasonable capital structure choice has a direct impact on the business decision and long-term development of enterprises,and is crucial to the stable implementation of the O2 O strategic transformation of enterprises.Therefore,based on the analysis of suning's capital structure choice,the author evaluates the effect of suning's capital structure choice under the background of O2 O transformation from three aspects of capital raising,balancing operation risk and financial risk,and cooperating with the strategic transformation of enterprise competition.In addition,different stages based on the transformation of the enterprise capital structure choice motivation of comparative analysis,can really understand the objective and subjective factors influencing the enterprise capital structure choice,and under all kinds of objective conditions,the capital structure selection in the work of Su Ningyun business transformation existing problems,and put forward the joint itself character and actual condition of reasonable and targeted optimization advice,help enterprises to better the capital structure theory combined with the actual and operation of an enterprise.From the research conclusion,after 8 years of exploration,suning cloud business has basically succeeded in O2 O strategic transformation.In the whole transformation period,the capital structure of suning commerce shows the characteristics of mainly equity financing and low financial leverage.Its capital structure choice is basically in line with the enterprise's own situation and market development trend.While helping the enterprise to raise funds for daily operation and transformation strategy implementation,it also balances the proportion of debt capital and equity capital to ensure the financial stability of the enterprise and coordinate with the transformation of the enterprise's competitive strategy.In the process of capital structure selection,macroeconomic factors,industry factors and enterprises' own factors have different degrees of influence on the choice of enterprise capital structure.