我国零售业公司价值特征影响因素研究——基于零售上市公司的实证分析

The Research of the Characteristic Influencing Factors on Corporate Value of Retail Industry in China——Empirical Analysis Based on Retail Listed Companies

自我国零售业全面对外开放以来,本土零售商在拥有更广阔发展空间的同时必须面对外资零售进入带来的竞争压力。因此,零售企业不再只关注其目前获利情况,更为关注的是公司的长远利益,即公司价值。文章将公司价值与零售业相融合,力求探讨一个行业代表性的价值因素,使本土零售企业能够明确自身定位。研究选取零售业全面开放后2005-2010年六年零售上市公司的年报数据为样本数据,在国内外学者研究基础上从资本结构、股权结构、规模经济、人力资本、产业因素及财务因素六个方面综合分析零售业公司价值的特征因素,为今后有关零售业进一步研究提供参考价值并对其未来发展提出合理化建议。

Since China joined the World Trade Organization, China＇s retail industry faces unprecedented open situations, which are both the opportunity and the challenge for the Chinese retailers. Therefore, the retail industry is not only concerned about the company＇s current earnings, but more concerned about the company＇s long-term interests, that is, Corporate Value. This paper combines corporate value and retail industry to explore the representative factors of an industry and keep the local retail enterprises clear about their position. Based on the research of domestic and foreign scholars, this research selects the annual report of the listed company from 2005 to 2010 after the opening of retail industry as the sample data. The analysis includes the capital structure, ownership structure, economies of scale, human capital, industry factors and financial factors. Therefore, the study provides the reference value and the rational suggestions for further research on retail industry.