iii 摘要 近年来，随着网络直播技术的发展、移动通信技术的全面推广，以及智能手 机的普及，基于互联网发展起来的网络直播迅速普及。早期的网络直播多以游戏 直播为主，后来随着直播平台的升级其经营种类也不断丰富。但在直播行业快速 发展的同时也伴随着诸多问题，网络直播的外部环境正在不断发生变化。各大网 络直播平台企业在行业迅速发展的浪潮中迅速发展的同时，行业的种种制度随着 国家相关规范制度的制定、监管力度的加大也渐趋规范，网络直播行业的头部企 业优势逐渐扩大，马太效应显现，但是也伴随着大量网络直播公司亏损倒闭的情 况，其中不乏如熊猫直播、全民直播等知名公司，企业的快速发展受到不少因素 的制约。斗鱼公司作为国内网络直播行业的代表性企业，随着近几年人们娱乐需 求的增长，借助行业快速发展的机遇，其发展前景被人看好，但是在近几年的经 营过程中斗鱼公司长期处于亏损经营的状态，为其收入贡献较大的顶级主播也因 封禁或跳槽而受到影响，其经营管理是否如人们直观感受的良好？作为能够反映 企业经营状况的财务绩效以及财务绩效的各方面是否存在问题？因此，对斗鱼公 司近几年的财务绩效进行评估十分重要，本文将重点分析斗鱼公司在近几年发展 历程中的财务绩效，建立合适的风险评估体系对其财务绩效进行评价。 本文首先从研究背景和研究意义出发，回顾国内外学者对财务绩效评价相关 理论及评价方式的研究，之后对斗鱼公司基本情况做出介绍，结合斗鱼公司企业 发展过程、市场环境变化及企业财务状况，运用财务绩效评价的理论对斗鱼的发 展现状进行分析，并利用功效系数法建立斗鱼公司财务绩效评价体系。对其财务 绩效从偿债能力、营运能力、盈利能力及发展能力进行评价，发现斗鱼公司的整 体财务绩效水平在2019年得到了提升，但是斗鱼公司的盈利能力水平依旧较低， 最后根据本文对斗鱼的各项能力指标评价结果，对斗鱼公司的未来发展提出措施 建议，希望能为以后企业发展战略的选择提供一些帮助。 通过本次研究，有助于评价斗鱼公司在现阶段的发展状况，提高对自身财务 绩效的认知水平，使公司能够更稳健的发展。同时，希望本文的研究能为我国网 络直播行业企业的财务绩效研究提供参考，帮助我国网络直播行业的稳健发展。 关键词：财务绩效；财务绩效评价；熵值法；功效系数法 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT In recent years, with the development of network live broadcast technology, the comprehensive promotion of mobile communication technology, and the popularization of smart phones, the network live broadcast based on the development of the Internet is rapidly popularized. In the early stage, online live broadcast mainly focused on game live broadcast. But in the next period time, netwok live broadcasts business types are constantly enriched, because of the upgrading of live broadcast platform. However, with the rapid development of the live broadcasting industry, there are many problems. The external environment of the network live broadcasting is constantly changing. With the rapid development of the industry, the various systems of the industry are becoming more and more standardized along with the formulation of relevant national regulations and the increase of supervision, the advantages of the head enterprises of the network live broadcasting industry are gradually expanding, and the Matthew effect is emerging, but also with the loss and bankruptcy of a large number of network live broadcasting companies, many of which are like bears The rapid development of well-known companies such as cat live is restricted by many factors. As a representative enterprise of the domestic network live broadcast industry, with the growth of people's entertainment demand in recent years, with the opportunity of rapid development of the industry, its development prospects are promising. However, in recent years, the company has been in a state of loss operation for a long time, and the top-level anchor who has contributed a lot to its income has also been affected by the closure or job hopping. Its business status Is the situation as good as people's intuitive feeling? Is there any problem in the financial performance that can reflect the business operation? Therefore, it is very important to evaluate the financial performance of Douyu company in recent years. This paper will focus on the analysis of the financial performance of Douyu company in recent years, and establish a suitable risk assessment system to evaluate its financial performance. This paper start from the research background and significance, then examinations the research of domestic and foreign scholars on the theories and methods of financial performance evaluation, then introduces some basic information of Douyu company , examines the present situation of Douyu company's development by using the theory of financial performance evaluation, combined with the development process of Douyu company, the changes of market environment and the financial situation of the company, 北京交通大学硕士专业学位论文 ABSTRACT v and uses the effect Coefficient method is used to establish the financial performance evaluation system of Douyu company. Finally, according to the performance evaluation results of this paper, the paper puts forward some measures and suggestions for the future development of Douyu company, hoping to provide some help for the future development strategy choice of the enterprise. Through this study, it is helpful to evaluate the development of Douyu company at this stage, improve the level of cognition of its own financial performance, and enable the company to develop more steadily. At the same time, I hope that this study can provide a reference for the financial performance research of enterprises in China's webcast industry, and help the steady development of China's webcast industry. KEYWORDS：Financial Performance; Financial Performance Appraisal; Entropy Method; Efficiency Coefficient Method 北京交通大学硕士专业学位论文 目录 vi 目录 摘要 ........................................................................................................................ III ABSTRACT ............................................................................................................ IV 1 引言 .................................................................................................................... 1 1.1 研究背景与研究意义 ......................................... 1 1.1.1 研究背景 .............................................................................................. 1 1.1.2 研究意义 .............................................................................................. 2 1.2 研究内容与基本框架 ......................................... 2 1.2.1 研究内容 .............................................................................................. 2 1.2.2 论文基本框架 ...................................................................................... 3 1.3 研究方法 ................................................... 4 2 理论基础与文献综述 ........................................................................................ 6 2.1 理论基础 .................................................. 6 2.1.1 绩效评价 .............................................................................................. 6 2.1.2 财务绩效分析 ...................................................................................... 7 2.1.3 财务绩效评价方法 .............................................................................. 8 2.2 文献综述 .................................................. 10 2.2.1 国内外研究现状 ................................................................................ 10 2.2.2 文献述评 ............................................................................................ 13 3 斗鱼公司发展概况及财务状况 ...................................................................... 14 3.1 斗鱼公司发展概况 .......................................... 14 3.1.1斗鱼公司简介 ..................................................................................... 14 3.1.2斗鱼直播融资发展历程 ..................................................................... 14 3.1.3斗鱼直播主营业务 ............................................................................. 15 3.2斗鱼公司财务状况分析 ...................................... 16 3.2.1总体财务情况 ..........................