Seeking the Optimal Equilibrium: Amazon's Strategy for Balancing Debt and Equity

Against the backdrop of the retail industrys digital transformation and intensified global competition, capital structure has become pivotal in underpinning corporate strategic implementation and risk resilience. This study focuses on Amazon, adopting a single case study as the approach. By synthesizing insights from 11 authoritative literatures, it dissects the dynamic adjustments of Amazons capital structure across its life -cycle stages: growth, expansion, and maturity. In the growth stage, Amazon leverages debt financing to drive business expansion; during the expansion phase, it deploys asset-backed financing to fuel logistics and technological advancements; and in the maturity stage, it taps into supply chain finance to boost capital efficiency. This analysis validates the applicability of the business-capital synergy theory within the retail sector. Notably, Amazons capital structure optimization offers a paradigmatic reference for retail enterprises. It enriches the theoretical discourse on capital structure optimization in the retail industry and provides actionable guidelines for firms to balance capital efficiency and risk management, enabling adaptation to digital transformation imperatives and fostering the sustainable development of the retail sector.