Research On Capital Chain Management Under Diversified Operation Of Internet Enterprises

In recent years,we have witnessed the take-off of China ’s Internet industry,but the market competition has become increasingly fierce.In this situation,some Internet companies have begun to diversify in order to enhance their market competitiveness.Diversification is indeed helpful to disperse enterprise risks and obtain multi-channel capital inflows,but there are also endless capital chain problems.This paper hopes to find out the capital chain problems of Internet enterprises in the process of diversification,explore the causes behind them,and put forward some suggestions to help enterprises achieve a balance between development and healthy capital chain.Firstly,this paper combs the relevant literature on the diversification of Internet enterprises,the causes of capital chain management problems of Internet enterprises and the key points of management.Then,it defines the relevant concepts and finds the theory that is enlightening to this paper.After combing the current situation of capital chain management,the causes of capital chain problems,the focus of management and the establishment of management measures under the diversified operation of Internet enterprises,this paper takes this as the framework as the basis of the following case analysis.Next,this paper selects the Perfect World as a typical case study object,and divides the capital chain management into three parts : fund raising,fund use and fund return.Then,combined with the specific events and actual situation of the Perfect World,it analyzes the current situation of the capital chain,the problems and causes of the capital chain management.Finally,it puts forward suggestions for the capital chain management.The research conclusions are as follows :(1)From the perspective of fund raising stage,financial expenses remain high and repayment pressure is high.The Perfect World relies too much on debt financing,and short-term borrowing in debt financing is much larger than long-term borrowing.This financing structure is not healthy and is not conducive to long-term stable development;(2)From the perspective of capital use stage,diversified investment has not been formed to disperse risks,and R&D innovation has not been paid enough attention.The Perfect World has a single field of foreign investment and lacks innovative investment internally.In addition,due to the conventions of the game industry,the Perfect World spends a lot of money on ’ purchases ’ every year,making sales extremely expensive,but with little income;(3)From the perspective of the capital return stage,the capital return channel is single and the core revenue capacity declines.As a pillar of revenue,the revenue-generating capacity of the game sector has declined,and the return of the film and television industry is not good,which is a drag on the overall capital return.