Abstract: Under the quasi-financial model, enterprises should conduct reasonable analysis and effective evaluation of debt financing risks. This paper used the variable weight element extensibility model to evaluate the debt financing risk of Suning.com. Through the sensitivity analysis method, the influence of the change of evaluation index value on the weight of index and evaluation results was deeply explored. The case analysis results showed that:① Suning.com debt financing risk level was high risk, biased towards general risk.② With the increase of index value, the change trend of the weight of each indicator was quite different.③ As the common value of each indicator became larger(smaller), the characteristic value of the hierarchical variable gradually became larger(smaller).④ With the change of the value of each index, there was a certain difference in the change trend of the characteristic value of the grade variable. In particular, when the values of the four indicators of asset cash recovery, investment decision-making ability, liquidity rate and passing expansion rate changed, the grade bias would change.⑤ The four indicators of asset cash recovery rate, investment decision-making ability, current asset turnover rate and passing inflation rate were the sensitivity indicators that affected the risk evaluation results of Suning.com debt financing. The research conclusions of this paper were helpful to take targeted measures to control the debt financing risk of Suning.com.