直播电商的金融支持模式与风险研究

Research on Financial Support Models and Risks in Live Streaming E-Commerce

摘要: 随着数字经济的快速发展，直播电商已成为连接生产与消费的重要新业态，其金融支持体系在推动产业扩张与价值创新中发挥着核心作用。本文基于金融功能演化视角，系统梳理了直播电商的金融支持模式演进逻辑与风险特征。研究发现，直播电商的金融支持经历了从“交易型金融”向“产业型金融”再到“资本化金融”的演变路径，实现了金融功能从支付结算到资本驱动的纵深拓展。在此过程中，支付嵌入、小额信贷、供应链金融及数据资本化成为金融服务的主要形态。与此同时，金融与产业深度融合也带来了信用、市场与操作等多维度风险，其形成机理主要源于信息不对称、技术适配不足与监管滞后。针对上述风险，本文提出了以“技术治理–制度监管–生态共治”为核心的防控框架，强调数据透明、智能风控、分级监管及多元共治的重要性。研究结论对完善直播电商金融体系、促进数字经济健康发展具有重要的理论价值与现实意义。

Abstract: With the rapid development of the digital economy, live streaming e-commerce has emerged as a vital new business format connecting production and consumption, with its financial support system playing a central role in driving industrial expansion and value innovation. From the perspective of financial function evolution, this paper systematically examines the evolutionary logic and risk characteristics of financial support models in live streaming e-commerce. The study finds that the financial support for live streaming e-commerce has evolved along the path of “transactional finance” to “industrial finance” and further to “capitalized finance,” achieving a deepening expansion of financial functions from payment and settlement to capital-driven mechanisms. Throughout this process, payment embedding, microcredit, supply chain finance, and data capitalization have become the primary forms of financial services. Meanwhile, the deep integration of finance and industry has introduced multidimensional risks, including credit, market, and operational risks, whose formation mechanisms primarily stem from information asymmetry, inadequate technological adaptation, and regulatory lag. In response to these risks, this paper proposes a prevention and control framework centered on “technological governance - institutional regulation - ecological co-governance,” emphasizing the importance of data transparency, intelligent risk control, tiered supervision, and multi-stakeholder co-governance. The research findings hold significant theoretical value and practical implications for improving the financial system of live streaming e-commerce and promoting the healthy development of the digital economy.