Research On The Effect Of Business Model On Corporate Value From The Financial Dimensio

With the continuous development of big data and information technology,network platforms continue to emerge,and scholars’ research on network platforms continues to increase.Compared with traditional physical enterprises,the network platform has quasi-market attributes,and its value realization method also has certain uniqueness.In the network platform,the impact of large-scale embedding of settled enterprises and consumers on their value realization has attracted widespread attention from the theoretical community,especially the impact of business models on value under largescale embedding,while the research on the effect of the financial dimension of business models on their value realization is relatively lacking,especially the study of single cases.With the continuous advancement of service economy and experience economy,the network platform is no longer simply pursuing exchange value,but satisfying the experience value of consumers on the basis of taking into account the value of customer service,and customers have become important participants in the value creation of online platforms.Based on this,this paper explores the effect of business model on enterprise value from the perspective of finance,in order to expand the boundary of business model and enterprise value research,hoping to provide certain reference for the practice of network platform enterprises in business model innovation.Taking Pinduoduo as the research object,this paper uses text mining,comparative research and case analysis to study the impact of business models on enterprise value in the financial dimension.This paper uses confirmatory cases to explore the effect of Pinduoduo’s financial strategy,cash flow structure,stakeholders,resource allocation and profit model on its value.It is found that: first,in terms of strategic drive,Pinduoduo’s financial strategy mainly focuses on increasing investment and increasing private equity financing,which is relatively consistent with the current development stage of Pinduoduo,but the cash flow structure is relatively unstable and there are certain operational risks;At the same time,stakeholder stickiness is also a problem to think about.In general,there is short-term and instability in enterprise value realization.Second,in terms of capital asset allocation,Pinduoduo’s solvency is getting better and better,and its operational risk is lower than that of other similar enterprises,but its financial risk is increasing,and the capital structure has obvious potential risks,which poses a threat to the long-term realization of enterprise value.Third,in terms of profit drive,through the analysis of Pinduoduo’s revenue,profit,cost and other business model elements,it is found that its revenue capacity has a large space for development,although the overall cost and expense expenditure is more,but improving it will enhance its own value creation ability.The innovation of this paper can be summarized as follows: on the one hand,the innovation of research perspective,the discussion of value co-creation in previous literature is mostly based on value chain theory,information asymmetry theory,etc.,this paper deeply analyzes the interlocking relationship between business model elements in the financial dimension from the perspective of booster theory,explores how Pinduoduo designs business models,uses various elements to gradually promote the realization of enterprise value and the effect achieved,and enriches the previous research boundaries and research perspectives.On the other hand,it is the innovation of research content,and the article is a coupling study of business model elements and enterprise value behavior under the financial dimension.In the past,most of the research was based on univariate empirical evidence or case studies of business models or enterprise value,but this paper intends to use the method of text mining to consider the driving force and stakeholder coupling relationship between business model elements and enterprise value in the financial dimension,explore the effect of business model on enterprise value,and promote the long-term and maximization of enterprise value of network platforms.