数字经济背景下电商企业财务分析与优化研究——以京东集团为例

Financial Analysis and Optimization Research of E-Commerce Enterprises in the Context of the Digital Economy—A Case Study of JD.com

摘要: 近年来，互联网经济迅猛发展，网络零售产业成为拉动中国经济增长的新引擎。而京东集团股份有限公司是我国大型综合电商平台之一，在激烈的市场竞争以及社会经济转型的过程中，京东集团股份有限公司的财务报表质量及其业绩表现也受到了广泛关注。笔者基于京东集团股份有限公司最近几年(2020~2024年度)财务报告资料，采用比率分析法、趋势分析法、结构分析法对京东集团股份有限公司财务报表质量进行评价。对公司的成长能力、利润能力、营运能力和偿债能力进行分析评价发现：京东公司盈利稳定性不足，销售净利率波动较大；营运能力呈现分化，存货周转改善但应收账款周转明显下滑；资本结构总体稳健，但短期流动性趋紧，财务杠杆温和上升。对此，本文从拓展高附加值业务、强化信用与营运资金管理、控制财务杠杆等方面提出建议，以期为公司实现健康、可持续发展提供参考。

Abstract: In recent years, the rapid development of the internet economy has made online retail a new engine driving China’s economic growth. As one of China’s large comprehensive e-commerce platforms, JD.com, Inc. has attracted widespread attention regarding the quality of its financial statements and operational performance amidst fierce market competition and ongoing socio-economic transformation. Based on the financial report data of JD.com, Inc. from 2020 to 2024, this paper evaluates the quality of its financial statements using ratio analysis, trend analysis, and structural analysis. The analysis of the company’s growth capability, profitability, operational capacity, and solvency reveals the following: the company’s profit stability is insufficient, with significant fluctuations in net profit margin; operational capabilities show divergence, as inventory turnover has improved while accounts receivable turnover has declined noticeably; although the capital structure remains generally sound, short-term liquidity has tightened marginally, and financial leverage has risen moderately. Accordingly, this paper puts forward recommendations such as expanding high value-added business lines, strengthening credit and working capital management, and controlling financial leverage, with the aim of supporting the company’s healthy and sustainable development.