会计学院知识库

近年来，随着科学技术的进步与发展，互联网已经逐渐渗透到社会生活的各个方面，极大地改变了公众的生活方式。作为一种新兴的社交方式，网络直播已成为当下最具影响力的互联网模式之一。网络直播平台虽然诞生不久，却经历了起步、爆发、稳定、调整等多个阶段，现如今面临着如何实现持续健康发展的困境。盈利是企业持续健康发展的基础，而企业的盈利模式决定了其盈利能力,网 络直播平台的盈利模式因此而成为备受关注的焦点。同时，价值链是盈利模式的前提和基础，而盈利模式是价值链的体现和保障，二者同为企业价值创造的一体 两面。由此，基于价值链视角全面深入地探索网络直播平台的盈利模式，将价值创造的核心贯穿于整个研究，对丰富价值链与盈利模式的相关研究具有一定的现实意义。

本文选取国内第一家上市网络直播平台虎牙直播作为案例研究对象。首先，对网络直播的概念、价值链与盈利模式的概念及相关理论进行概述，为后续分析奠定基础。其次，通过梳理虎牙直播的价值链形成内部、纵向及横向的三维分析框架，从价值链与盈利模式的关系出发，深入分析盈利模式的构成要素，即盈利对象、盈利点、盈利来源、盈利杠杆及盈利屏障等，归纳出虎牙直播盈利模式的特点。随后，从偿债能力、营运能力、盈利能力、发展能力及现金流量等五个方面，对虎牙直播盈利模式下的财务表现进行评价。最后，结合定性分析与定量评 价，基于内部、纵向及横向价值链视角，指出虎牙直播盈利模式存在着服务缺乏 竞争力、付费用户转化低等问题，并有针对性地提出提升用户个性体验、打造直播社交体系等优化建议，以期能为虎牙直播的现存发展困境提供创新思路，同时为直播行业的其他企业提供借鉴，以助力网络直播行业持续健康发展。

In recent years, with the progress and development of science and technology, the Internet has gradually penetrated into all aspects of social life, greatly changing the way of life of the public. As an emerging social method, livebroadcastinghas become one of the most influential Internet models. Although the live streamingplatform was born not long ago, it has gone through multiple stages such as starting, breaking out, stabilizing, and adjusting, facing the dilemma of how to achieve sustainable and healthy development. Profit is the foundation of a company's sustainable and healthy development, and its profit model determines its profitability, so the profit model of the live streamingplatform has become the focus of attention. At the same time, the value chain is the prerequisite and foundation of the profit model, and the profit model is the embodimentand guarantee of the value chain,which are the two sides of corporate value creation. Therefore, a comprehensive and in-depth exploration of the profit model of the live streamingplatform based on the value chain perspective, penetratingthe core of value creation throughout the entire research, has certain practical significance for enriching the research on value chain and profit model.

This article selects the first domestic listed live streamingplatform Huya Live as the case study object. Firstly, it summarizes the concept of livebroadcasting, andthe concept and related theories of value chain and profit model, to lay the foundation for subsequent analysis. Secondly, it forms an internal, vertical and horizontal three-dimensional analysis frameworkthrough combing the value chain of Huya Live and analyzes the components of the profit model,namely profit targets, profit points, profit sources, profit leverage and profit barriers, starting from the relationship between the value chain and the profit model, to summarize the characteristics of Huya Live's profit model. Subsequently, it evaluates the financial performance of Huya Live's profit model from the five aspects of debt solvency, operating ability, profitability, development ability and cash flow. Finally, combining qualitative analysis and quantitative evaluation, based on the perspective of internal, vertical and horizontal value chains, it points out the problems in Huya Live's profit model such as lack of competitiveness in services and low conversion of paying users, and makes targeted optimization suggestions such as improving the user's personal experience and creating a live broadcasting social system. It is hoped that it can provide innovative ideas for the existing development dilemma ofHuya Live, and provide reference for other companies in the same industry, to help the continuous and healthy development of the webcast industry.