I 摘要 随着共享经济的规模指数级增长，很多创业者和投资者都瞄准了“共享”市 场，共享经济模式带来了疯狂融资，很多共享公司估值一路飙升，这是传统产 业所无法比拟的。但是值得注意的是，估值的飙升和融资的疯狂是否匹配？共 享公司该如何有效控制疯狂融资背后的风险？因此，结合共享经济特点，探寻 共享公司融资风险的特点和诱因，对其风险控制问题加以研究，对于共享公司 的健康发展具有重要的意义。 Airbnb公司作为共享经济模式鼻祖，共享经济在房屋租赁领域的典型案例， 它的盈利模式和商业模式是后来共享经济企业模仿的对象。从2008年成立之初 的融资困难到目前估值达到310亿美元，融资额度高达40亿美元的背后是否存 在巨大的融资风险，这是一个值得关注的问题。为此，本文以Airbnb公司为研 究对象，首先从Airbnb公司的融资模式、融资需求、融资环境等方面对其融资 现状进行了阐述；接着分析了Airbnb公司经营模式可能带来的潜在风险，进而 基于内部运营风险和外部环境风险两个方面对其可能存在的融资风险进行了深 入分析。同时在风险分析的过程中引入了财务杠杆系数分析法和功效系数法对 Airbnb公司的融资风险进行了识别与评价；最后，针对上述的融资风险分析， 提出了相应的风险控制对策，从而保证Airbnb公司合理有效融资，实现可持续 发展。本文的研究不仅对共享经济融资风险控制的相关研究提供了有益补充， 而且也对其他共享经济企业融资风险控制的实践具有借鉴意义。 关键词：Airbnb公司；融资风险；风险控制 Abstract II Abstract Share Economic is one of the hot topic words in these years. The potentialfor the share economic increases exponentially. A great ofentrepreneurs andinvestors are spot the share market trends and creative strategies to take advantage of it.The share economic have seen their valuations soars as investors bet that the industryis entering a new golden age, fuelled by a booming market that is opening up new business areas which is unmatched by traditional industries. However, it is worth noting that the soaring valuations and financing madness match? How can the sharing company effectivelycontrol the risks behind crazy financing? Therefore,it is a great of significancestudyfor the shared companiestoexploring the incentives offinancing riskandcontrolsit whichcombed thecharacteristics of shared economyfor the healthy development. This paper takes AirbnbCompanyas the research object and studies its financing risk control. AirbnbCompanyas a trypical example of shared economy is founded in 2008.itis a special housing leasingonlineplatformwhich could matches travelers with lodgings ranging from apartments for a night or villas for a month, and helps property owners to promote and monetize unused spaces and it also delights tralvers ,who get a cheaper and usually more interesting place to stay.Airbnbface a very difficult financing situation at the early start but after they get the first rasing founds from Y combinatory, the user base and employees was doubling over the course of a few months, and then Airbnb began working with property management groups to rent outproperties. This paper analyzes the financing status of the company from the financing mode, financing demands, financing environment and other aspects of Airbnb, and then this article analyzes the potential risks that the business model of Airbnb might bring, and conducts a further analysis on the possible financial risks based on the two aspects of internal operation and external environment risks. At the same time, the financial leverage coefficient analysis and efficiency coefficient method are Abstract III introduced in the process of risk analysis to identify and evaluate the financing risks of Airbnb. Finally, based on the above financing risk analysis, the corresponding risk control countermeasures are put forward to ensure the reasonable and effective financingof Airbnb and the realization of sustainable development. The research of this paper not only provides a useful supplement to the research on the risk control of sharing economy financing, but also has reference significance to the practice of financing risk control of other shared economic enterprises. Key words:AirbnbCompany; financing risk; risk control 目录 IV 目录 第一章导论.............................................................................................1 第一节研究背景与问题提出..............................................................................1 一、研究背景.......................................................................................................................1 二、问题的提出...................................................................................................................4 第二节研究思路和方法......................................................................................6 一、研究思路.......................................................................................................................6 二、研究方法.......................................................................................................................8 第三节研究意义和贡献......................................................................................9 一、研究意义.......................................................................................................................9 二、研究贡献.......................................................................................................................9 第二章理论基础和文献综述...............................................................10 第一节相关理论基础........................................................................................10 一、共享经济的定义和类型.............................................................................................10 二、共享经济的生态系统.................................................................................................11 三、共享经济的典型模式.................................................................................................12 第二节共享经济融资模式相关理论................................................................17 一、交易成本理论.............................................................................................................17 二、协同消费理论.............................................................................................................18 三、多边平台理论.............................................................................................................18 第三节风险控制的相关理论............................................................................19 一、融资风险类型.............................................................................................................19 二、融资风险识别方法.....................................................................................................23 第四节共享经济融资风险控制文献综述........................................................25 目录 V 一、国外共享经济融资风险控制文献综述.....................................................................25 二、国内共享经济融资风险控制文献综述.....................................................................27 第三章Airbnb共享经济模式概况和融资现状分析...........................31 第一节Airbnb公司的基本介绍........................................................................31 一、公司基本概况.............................................................................................................31 二、公司发展历程.............................................................................................................32 第二节Airbnb公司的商业模式........................................................................33 一、Airbnb公司的价值模式.............................................................................................33 二、Airbnb公司的盈利模式.............................................................................................34 第三节Airbnb公司融资的方式和融资环境的分析........................................35 一、Airbnb公司融资方式的发展阶段.............................................................................35 二、Airbnb公司融资环境分析.......................................................................................