网络时代零售业上市公司效率及微观影响因素的实证研究

Empirical Study on Efficiency of Listed Companies in Retail Industry and Microcosmic Influencing Factors in Internet Age

中文关键词:  零售业上市公司  零售效率  全要素生产率(TFP)  零售渠道

英文关键词:listed company in retail industry  retail efficiency  total factor productivity (TFP)  retail channel

中文摘要:

      文章选取36家已建立网上渠道的零售业上市公司和10家未开通网上渠道的零售上市公司2010—2013年的投入产出数据,采用数据包络分析(DEA)方法,对采取线上线下渠道的零售企业的效率进行比较分析,结果显示,36家开通网上渠道的零售业上市公司的TFP指数为1.031,远高于10家未开通网上渠道的零售企业的全要素生产率(TFP)指数0.892。为进一步验证渠道因素对零售企业效率的影响,将46家零售上市公司的TFP作为因变量,通过Tobit回归,对影响零售业上市公司效率的微观因素进行分析,研究表明,股权集中度、存货周转率及渠道因素与零售业效率正相关；资产负债率与零售业效率负相关；股权制衡度对零售效率的影响不显著。 

英文摘要:

      This paper selects 36 listed companies in retail industry which have established online channels and 10 listed companies which have not established online channels, using their input-output data during the years from 2010 to 2013, based on DEA Malmquist index method, to make a comparative analysis of the efficiency between online and offline channels of retail companies. The results show that the TFP index of the former was 1.031, far higher than that of the latter with the TFP index at 0.892.In order to further verify the impact of channel factors on the efficiency of retail enterprises, with the TFP of the 46 retail listing companies as dependent variable, using Tobit regression to analyze the microcosmic factors affecting the efficiency of retail listed companies, the result shows that the equity concentration, inventory turnover and channel factors are positively related to the efficiency of retail industry, that the asset-liability ratio is negatively related to the efficiency of retail industry, and that the impact of equity balance degree is not significant upon the retail efficiency. 