会计学院知识库

随着科技发展的推动，越来越多零售企业利用互联网实现了转型升级，网络
购物平台快速崛起，涌现出了许多优秀的网络零售平台。在过去零售电商发展过
程中，阿里巴巴、京东独占鳌头，作为后起之秀的拼多多在激烈的竞争环境中，
从众多优秀的电商平台中脱颖而出，通过不断探索，满足价格敏感度较高的中低
端客户的需求，打造了属于自己的商业模式，在短短的几年时间内业绩成倍增长。
2023 年末，拼多多市值超过阿里巴巴，成为在美国上市的中国公司中市值最高
的企业，其独特的商业模式创造了社交电商业绩的奇迹。
本文以电商企业拼多多作为研究对象，首先通过对研究背景的介绍，阐述该
研究主题的理论意义和实践意义。其次，通过文献分析法梳理了商业模式与绩效
的关系。再次，在明确商业模式概念的前提下，基于商业模式分析框架的四个维
度，即价值主张、价值创造、价值传递和价值获取，分别对应价值定位、客户细
分、关键业务、核心资源、重要伙伴、渠道通路、客户关系、收入来源和成本结
构九个要素，全方位深入剖析案例企业商业模式对业绩的影响。并且从财务与非
财务角度对拼多多社交电商商业模式对绩效的影响进行分析，在财务视角中采用
财务比率分析法和因子分析法，同时通过与同类型的电商企业进行对比分析，以
更客观的方式评价案例企业商业模式对业绩的影响。从非财务角度，分析了拼多
多近年来活跃用户数、平台商品交易总额以及获客成本的变化情况。通过上述分
析，发现拼多多存在的问题并提出针对性建议。
通过本文的研究发现，案例企业社交电商商业模式对企业的发展起到了积极
的作用。拼多多的商业模式中，价值主张通过间接方式影响其财务表现，而价值
创造、传递和获取对财务绩效有直接的影响。对于像拼多多这样的成熟社交电商
企业，其商业模式不仅强化了发展能力，也对盈利能力产生积极效应，而对偿债
和营运能力的正面影响则相对较弱。社交电商的商业模式对企业绩效影响显著，
但需要在发展过程中持续优化，并注意发挥不同要素间的协同效应。
 

With the development of science and technology, more and more
retail enterprises have realized transformation and upgrading by using the
Internet. Online shopping platforms have risen rapidly, and many
excellent online retail platforms have emerged. In the past, Alibaba and
JD.com dominated the development of retail e-commerce. As newcomers, Pinduoduo stood out from many excellent e-commerce platforms in the
fierce competitive environment. Through continuous exploration, it met
the needs of price sensitive mid to low end customers and created its own
business model. In just a few years, its performance doubled. At the end
of 2023, Pinduoduo's market value surpassed Alibaba, becoming the
highest value Chinese company listed in the United States. Its unique
business model has created a miracle in social e-commerce performance. This study focuses on Pinduoduo, an e-commerce company, as its
primary research subject. Firstly, it introduces the research background, elucidating the theoretical significance and practical value of the research
topic. Secondly, through literature analysis, it outlines the relationship
between business models and performance. Thirdly, with a clear
understanding of the concept of business models, based on the four
dimensions of the business model analysis framework, namely value
proposition, value creation, value delivery, and value capture, it delves
into the impact of the case company's business model on performance by
dissecting nine elements: value positioning, customer segmentation, key
activities, core resources, key partners, channel distribution, customer
relationships, revenue sources, and cost structure. Additionally, it
examines how Pinduoduo's social e-commerce business model affects its
performance, considering both financial and non-financial aspects. From
a financial standpoint, it utilizes financial ratio analysis and factor
analysis, while also conducting comparative analysis with similar
e-commerce enterprises to evaluate the impact of the case company's
business model on performance in a more objective manner. From a
non-financial perspective, this analysis examines the changes in
Pinduoduo's active user count, total merchandise volume on the platform, and customer acquisition cost in recent years. Through this analysis, the
issues faced by Pinduoduo are identified, and targeted recommendations
are proposed.

The research findings of this paper reveal that the social e-commerce model of the case enterprise has played a positive role in its development. In Pinduoduo's business model, the value proposition indirectly affects its financial performance, while value creation, delivery, and capture have a direct impact on financial performance. For mature social e-commerce enterprises like Pinduoduo, their business models particularly enhance development capabilities, followed by positive effects on profitability, while the positive impact on debt repayment and operational capability is relatively weaker. The business model of social e-commerce significantly impacts enterprise performance, but it requires continuous optimization during development and attention to leveraging synergies between different elements.