业态战略、企业规模、资本结构与零售企业成长——以零售上市公司为样本

Format Strategy,Enterprise Scale,Capital Structure and Retail Enterprise Growth:A Sample of Listed Retail Enterprises

作为零售企业成长中同时存在的两种战略,多业态战略和单一业态战略本身各有其利弊。在企业规模与资本结构的共同作用下,单一业态战略相较于多业态战略对零售企业成长的影响较大;企业规模与零售企业成长显著正相关;资产负债率对零售企业成长有显著的正向作用,而长期负债率对零售企业成长则有显著的负向影响;企业年龄与零售企业成长之间存在负向关系,但关系强度较弱,且在统计上不显著;区域类型对零售企业成长没有显著影响。为了促进零售企业成长,零售企业要发展自己的主力业态,使之成为企业成长的支柱,然后在时机成熟时向多业态的盈利模式转化;要进行适度的规模扩张;要确定资本结构的合理水平,并从根本上降低长期负债率。

Multi-format strategy and single-format strategy coexist in the growth of retail enterprise and have their own advantages and disadvantages. Under combined influence of enterprise size and capital structure, the single format strategy has more effects on the growth of retail enterprises than multi-format strategy. The firm scale has distinctively positive effects on retail enterprise growth. The impact of total liability ratio on enterprise growth is distinctively positive, but the long-term liability ratio has a distinctive negative effect on retail enterprise growth. The enterprise＇s age has weak and non-distinctive negative relation with the growth of retail enterprise, and the type of region has no distinctive effect on the retail enterprise growth. To promote its growth, the retail enterprise should develop its own major format and make it a mainstay, then turn to profitable mode of multi-format when there is a good chance; it should carry out moderate scale expansion, determine a reasonable capital structure and reduce long-term debt ratio fundamentally.