Process:

1. Self-financing plus venture capital before listing.

Before 1997, it relied on its own investment, investment from its father and investment from old friends, and then relied on venture capital funds for support. After listing, the stock price went crazy, and it relied on additional equity financing.

2. Issue bonds for financing when the stock price is low.

It changed to bond financing in 2004. It is estimated that Bezos felt that the stock price was too low.

3. In the context of rising stock prices and too high debt ratio, choose equity financing.

Since 2016, Amazon has changed its financing methods again, from debt financing to stock financing, and repaid debts through stock financing. So, by the beginning of 2017, Amazon's net asset-liability ratio fell back to 35%.