轻资产运营对电商平台财务绩效的影响研究——基于上市公司的实证分析

Research on the Impact of Asset-Light Operations on the Financial Performance of E-Commerce Platforms—An Empirical Analysis Based on Listed Companies

摘要: 本文选取2018~2023年中国A股、港股及美股上市的15家主流电子商务企业为研究样本，实证检验轻资产运营模式对企业财务绩效的影响效应。采用双向固定效应模型进行回归分析，结果显示：企业盈利能力(ROA)与轻资产程度在5%统计水平上显著正相关，表明降低固定资产占比、聚焦核心业务有助于提升资本回报效率；进一步研究发现，企业规模对上述效应具有显著负向调节作用，即轻资产运营的绩效提升效果随着企业规模的扩大呈现边际递减特征。异质性检验表明，轻资产运营的正向绩效效应在平台型企业中更为显著，非平台型企业未观测到统计上显著的影响。稳健性检验通过滞后两期解释变量、剔除特殊年份等方式验证了研究结论的可靠性。本研究为数字化转型背景下电商企业优化资产结构配置提供了理论支持与实践启示。

Abstract: This paper selects 15 mainstream e-commerce enterprises listed in China’s A-share market, Hong Kong Stock Exchange and US stock market from 2018 to 2023 as research samples to empirically test the impact of asset-light operation mode on corporate financial performance. Using a two-way fixed effects model for regression analysis, the results show that corporate profitability (ROA) is significantly positively correlated with the degree of asset-lightness at the 5% statistical level, indicating that reducing the proportion of fixed assets and focusing on core businesses helps improve capital return efficiency. Further research finds that firm size has a significant negative moderating effect on the above effect, that is, the performance improvement effect of asset-light operation decreases marginally with the expansion of firm size. Heterogeneity tests show that the positive performance effect of asset-light operation is more significant for platform enterprises, while no statistically significant effect is observed for non-platform enterprises. Robustness tests verify the reliability of the research conclusions by lagging explanatory variables for two periods and excluding data from special abnormal years. This study provides theoretical support and practical enlightenment for e-commerce enterprises to optimize asset structure allocation under the background of digital transformation.