移动互联网时代企业商业模式、价值共创与治理风险——基于瑞幸咖啡财务造假的案例分析Business Model, Value Co-creation and Governance Risk of Enterprises in the Era of Mobile Internet:Case Study on Financial Fraud of Luckin Coffee
张新民;陈德球;
摘要(Abstract):
移动互联网时代,商业模式革新和公司治理变革等对现有公司财务理论和企业财务实践提出了前所未有的挑战。技术变革影响企业商业模式变迁的逻辑。商业模式创新一方面能够通过降低交易成本,增加价值增长点,助力企业实现价值创造,获取竞争优势;另一方面,在实际运营层面却给传统经济体系带来种种挑战。企业产品市场与资本市场如何协同发展、企业产品市场用户流量与财务绩效如何转化成资本市场公司的市值等因素,不仅对企业经营管理意义重大、对企业战略决策成败意义重大,而且对数字经济与实体经济的融合发展意义重大。瑞幸咖啡财务造假事件给我们思考移动互联网时代企业商业模式、价值共创与治理风险提供了一个难得的案例样本。本文从用户数据化与资产结构盈利性、资源聚合与价值共创、产品资本双轮驱动与治理风险管控3个层面,通过瑞幸咖啡财务造假事件,分析移动互联网时代企业商业模式创新的内在驱动力、盈利模式以及潜在的财务风险与治理风险;透视瑞幸咖啡财务造假的内在动因,力图给现代企业在追逐竞争优势和提升企业价值实践中以更多"共创"理念上的启示,从而更好地推进实体经济与数字经济的深度融合。
关键词(KeyWords): 移动互联网;瑞幸咖啡;商业模式;价值共创;治理风险
基金项目(Foundation): 国家自然科学基金重大项目《互联网时代的公司财务行为研究》(项目编号:71790604);国家自然科学基金面上项目《制度距离、创业投资异质性与企业创新效率》(项目编号:71872045)和《家族异质性、制度空隙与企业创新》(项目编号:71572035)等项目的资助
作者(Authors): 张新民;陈德球;
DOI: 10.19744/j.cnki.11-1235/f.2020.0071
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