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南京邮电大学专业学位硕士研究生学位论文
摘要
传统欧亿·体育（中国）有限公司在进行互联网转型过程中，往往会追求大而全而忽略了专而精，通过多元化战
略不断增加企业资产扩大企业规模，却忽略了主营业务的发展。苏宁易购从 2009 年开始进
行营销变革，吹响互联网转型的号角，轰轰烈烈进行亚马逊+沃尔玛的模式创新，到 2020 年
出现财务危机创始人失去控制权，其在转型过程中也犯了类似的问题。本文选择长期占据零
售企业领先地位的苏宁易购作为案例研究对象，研究其出现财务危机的成因。
本文从战略实施角度出发，梳理了苏宁易购互联网转型的三个不同阶段，包括 B2C阶段、
O2O阶段、智慧零售阶段。首先搜集整理苏宁易购 2009~ 2020年财务指标，从盈利能力、营
运能力、偿债能力、发展能力四个维度共选取 19项备选指标作为数据分析对象，利用 SPSS
软件将数据进行归一化处理，得出无量纲数据。再利用熵值法计算财务指标权重，按照权重
大小排序，选择每项能力的前三项，进行相关性检验，排除相关性较大的指标，最终筛选出 10
项指标，再根据功效系数法计算公式求得财务指标的综合得分，确定各个年度财务危机等级。
通过功效系数法对财务危机评价分析，发现其财务危机呈现不断恶化的趋势，由 2009年
的无警状态到 2020年的巨警状态，进一步通过财务指标分析发现了盈利能力不足、营运不稳
定、负债过高、增长过快等现象。
基于宏观分析研究的结论，本文进一步从内外部环境挖掘财务危机形成的原因，借助五
力模型分析工具，从经营活动、筹资活动、投资活动角度分析财务危机形成的因素，最终体
现在三个方面：一是主营业务逐渐失去竞争优势；二是过度依赖借款不善于股权融资；三是
多元化投资忽略了企业内部管理。
关键词: 财务危机 ，功效系数法 ，熵值法 ，战略管理
IV
南京邮电大学专业学位硕士研究生学位论文
Abstract
In the process of Internet transformation, traditional industries tend to pursue large and
comprehensive while ignoring specialization and refinement. They continue to increase enterprise
assets and expand enterprise scale through diversification strategy, but ignore the development of
main business. SUNING CO.,LTD. started marketing reform in 2009, sounded the horn of
Internet transformation. From the vigorous mode innovation of Amazon and WalMart to the
financial crisis, the founder lost control. In the process of transformation, SUNING CO.,LTD.
has also made similar problems. This paper selects SUNING CO.,LTD., which has long
occupied the leading position of retail enterprises, as the case study to study the causes of its
financial crisis.
From the perspective of strategic implementation, this paper combs three different stages of
SUNING CO.,LTD. Internet transformation, including B2C stage, o2o stage and smart retail
stage. Firstly, collect and sort out the financial indicators of SUNING CO.,LTD. from 2009
to 2020, select 19 alternative indicators from the four dimensions of profitability, operating capacity,
solvency and development capacity as the data analysis object, normalize the data with SPSS
software, and obtain dimensionless data. Then use the entropy method to calculate the weight of
financial indicators, sort according to the weight, select the first three items of each ability, conduct
correlation test, exclude the indicators with large correlation, and finally screen out 10 indicators,
and then obtain the comprehensive score of financial indicators according to the calculation formula
of efficacy coefficient method to determine the financial crisis level of each year.
Through the evaluation and analysis of the financial crisis by the efficacy coefficient method, it
is found that the financial crisis presents a deteriorating trend, from the state of no alarm in 2009 to
the state of huge alarm in 2020. Further through the analysis of financial indicators, it is found that
the profitability is insufficient, the operation is unstable, the debt is too high, the growth is too fast
and so on.
Based on the conclusion of macro analysis and research, this paper further excavates the causes
of financial crisis from the internal and external environment, and analyzes the factors of financial
crisis from the perspective of business activities, financing activities and investment activities with
the help of five forces model analysis tools. It is finally reflected in three aspects: first, the main
business gradually loses its competitive advantage; Second, over reliance on borrowing and not
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