第
30
卷
摇
第
6
期 雷
摇
蕾
:
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
摇 摇
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Empirical Study on Efficiency of Listed Companies in Retail Industry and
Microcosmic Influencing Factors in Internet Age
LEI Lei
(
School of Management
,
Henan University of Economics and Law
,
Zhengzhou
,
Henan 450046
,
China
)
Abstract
: 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鄄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郾 031, far higher than that of the latter with the TFP index at
0郾 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鄄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.
Key Words
: listed company in retail industry; retail efficiency;total factor productivity (TFP); retail channel
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