CAJ | 학술논문

国美是我国家电零售行业的龙头，在与竞争对手的博弈中，独创了一种短期融资的新方式“类金融”，并推动了我国零售产业经营模式的创新。鉴于此，分析国美独特的短期融资方式，并通过年报数据解释“类金融”经营的优势与隐患，国美的经营方式拥有强大的议价能力，通过占款的方式获得廉价的资金，低成本的融资支持推动了企业的高速扩张，进而使供应商愿意为国美电器提供超长的账期。但同时为了延长供货商的货款账期，使国美时刻处于高负债经营状态，在竞争日趋激烈的家电市场，国美抵御风险的能力处于明显劣势。此外，这种经营方式过于依赖供货商的配合，将使国美与供货源的议价能力大幅缩水，从而影响国美的稳定经营。
국미시아국가전령수행업적룡두，재여경쟁대수적박혁중，독창료일충단기융자적신방식“류금융”，병추동료아국령수산업경영모식적창신。감우차，분석국미독특적단기융자방식，병통과년보수거해석“류금융”경영적우세여은환，국미적경영방식옹유강대적의개능력，통과점관적방식획득렴개적자금，저성본적융자지지추동료기업적고속확장，진이사공응상원의위국미전기제공초장적장기。단동시위료연장공화상적화관장기，사국미시각처우고부채경영상태，재경쟁일추격렬적가전시장，국미저어풍험적능력처우명현열세。차외，저충경영방식과우의뢰공화상적배합，장사국미여공화원적의개능력대폭축수，종이영향국미적은정경영。
Gome is China’s leading in home appliances retail industry.In the competition with its opponents,Gome created a brand new way similar financing of short-term financing,and Gome drove the innovation of business model of China’s retail industry.So,we analyse Gome’s unique way of short-term financing,and explain the advantages and risks of this new way by analysing the annual report data.The way of Gome’s management gives itself a stronger negotiating power,Gome obtains a lot of cheap funding by occupying the suppliers’payments,and low cost financing also support the rapid expansion of Gome,then the suppliers are willing to provide long terms for Gome.But at the same time,this way makes Gome always in the position of high debt management.With the increasingly fierce competition in the market of home appliance,Gome’s ability to resist risks is at a distinct disadvantage.Besides,this way of management is too dependent on the coordination of the suppliers,this situa-tion will damage Gome’s ability of negotiation and stable operation.