我国零售企业经营效率评价与微观影响因素分析——基于22家百强零售上市公司的实证

Operation Performance Evaluation and the Analysis of Micro-influencing Factors of the Domestic Retail Enterprises:Empirical Study Based on 22 Listed Companies from the Top-100 Retail Enterprises

选取2009年中国百强零售企业中的22家上市公司为样本,首先通过收集其2009年年末从业人数、门店数、资产总额、经营费用、主营业务收入、净利润等指标进行DEA效率评价,评价结果显示,目前国内大部分零售业上市公司的运营结构不合理,资源配置效率较低,且大多数处于规模效率递增阶段。其次,运用Tobit模型对影响其效率的产权结构、股权结构、资本结构、企业盈利能力、上市时间长短等微观影响因素进行实证分析,结果表明,零售企业的净资产收益率、产权结构、资产负债率、公司上市时间等因素与上市公司的经营效率存在明显的相关性,股权集中度对企业的经营效率不会造成直接的影响。

This paper chooses 22 listed companies from the top-100 retail enterprises in China in 2009 as samples.Firstly,Data Envelopment Analysis is used to make efficiency appraisal by collecting indexes such as year-end cyrs number,retail store number,operation costs,main business income and net profit.The result shows that nowadays the operation structure of most retail listed companies is not reasonable,the distribution efficiency of resources is very low,and most listed companies are in the scale efficiency increasing condition.Secondly,an empirical study is made by using the TOBIT model to analyze the micro-influencing factors which affect efficiency.For instance,property right structure,equity structure,capital structure,enterprise earnings ability and time for company listed.The empirical analysis shows that factors of rate of return on equity structure,property right structure,the debt-to-asset ratio,time for company listed are obviously correlated to the operation efficiency of the listed companies,but ownership concentration degree is not directly correlated.