零售业上市公司营销效率和盈利效率评价机理研究--基于两阶段DEA的视角

Research on Marketing Efficiency and Profit Efficiency of Retail Listed Companies-Based on two-stage DEA Model

伴随着整个中国经济环境的不景气,国内大消费概念的零售业上市公司的营销状况和盈利水平备受关注。在这样的情境下,本文以网点和渠道数、营销人员数、销售费用投入比例、销售费用增长率作为第一阶段输入变量,以主营业务收入和存货周转率作为第一阶段的产出指标和第二阶段的投入指标,最后以毛利率和净资产收益率作为第2阶段的产出变量,采用两阶段的DEA-BCC模型对30家沪深交易所的零售业上市公司的营销效率和盈利效率进行了测评,并依据营销效率和盈利效率的高低把企业划分为四类:今日之星型、大有可为型、昨日黄花型和赔钱赚吆喝型。研究结果表明:我国零售业上市公司营销效率和盈利效率总体水平偏低,电商的蓬勃扩张极大的挤压了日益凋零的零售业公司的生存空间和利润,从而导致了营销投入产出回报率相对低下。

Along with Chinese gloomy economy environment, the marketing and profitability of domestic retail listed companies with large consumption concept have received much concerns. In such context, network and channel number, number of marketers, investment ratio and growth rate of marketing expenses are taken as input indicators, main business income and inventory turnover are taken as output indicators in first stage and input indicators in second stage, and then taken gross margin and ROE as the final output. Through the model of DEA-BCC and final results, this paper classified 30 retailed listed companies into four types- star, potential, the setting sun and loss for attraction. The results showed that marketing efficiency and profitability efficiency of domestic retail listed companies remained at a lower level, expansion of e-Commerce has squeezed the living space of traditional retailing which lead to a low profit with a highly investment.