Research on Cash Flow Risk Management of E-Commerce Enterprises Based on the Perspective of Value Chain—A Case Study of Pinduoduo

随着电子商务行业的蓬勃发展，现金流管理已经成为电商企业实现可持续发展的关键一环。本文从价值链视角出发，以拼多多作为研究对象，深入探究其在经营过程中所面临的现金流风险。研究发现，在内部价值链层面，拼多多仓储环节、技术开发环节和销售环节均存在现金流压力。在外部价值链方面，债权人偿债压力以及商家资金周转困境将对拼多多现金流稳定性形成影响。因此，本文针对拼多多内外部价值链各环节的风险，提出了具体的优化现金流管理的建议，以期为电商企业提升现金流管理水平提供理论与实践参考。With the vigorous development of the e-commerce industry, cash flow management has become a key link for e-commerce enterprises to achieve sustainable development. From the perspective of the value chain, this paper takes Pinduoduo as the research object to deeply explore the cash flow risks it faces in the business process. The study finds that at the internal value chain level, Pinduoduo has cash flow pressure in the warehousing link, technology development link, and sales link. In terms of the external value chain, the debt repayment pressure from creditors and the capital turnover difficulties of merchants will affect the stability of Pinduoduo’s cash flow. Therefore, aiming at the risks in each link of Pinduoduo’s internal and external value chains, this paper puts forward specific suggestions for optimizing cash flow management, in order to provide theoretical and practical references for e-commerce enterprises to improve the level of cash flow management.