融资约束与零售企业经营模式选择

Financing Constraints and Retail Enterprises'Choice of Operation Modes

回归零售本质、强化自营能力是零售企业实现可持续发展的关键路径,然而当前众多零售企业放弃了自营,更偏好联营。为找出这一矛盾的症结所在,基于不完全契约理论,构建了融资约束背景下不同零售企业经营模式对应的供应商和零售商之间的收益分配模型,将自营率作为零售经营模式变量引入理论模型,以解释零售业联营模式占优的现象。理论分析结果显示,融资约束的提升会降低零售企业的自营率。进一步地,利用2017—2019年我国境内经营的176家零售企业相关数据进行实证分析发现,融资约束在很大程度上限制了我国零售企业对自营模式的自由选择,且私营零售企业和百货零售企业受融资约束的影响更大。因此,一方面要拓宽融资渠道、优化资本结构、加强市场监管,为零售企业提供良好的融资条件;另一方面要通过品牌建设、供应链完善、提高市场集中度等,强化零售企业的自营能力。

Returning to the essence of retail and strengthening their self-operation capability is the crux for retail enterprises to achieve sustainable growth.However,many retail enterprises prefer joint-operation over self-operation today.To examine the reasons behind this preference of retail enterprises,this paper,on the basis of the incomplete contracting theory,constructs different income distribution models for the suppliers and retailers of retail enterprises with different business models under the background of financing constraints.Specifically,researchers introduce the“self-operation rate”,a variable in the retail business model,into the basic model to explain the dominance of joint-operation in the retail industry.Theoretical analysis shows that deterioration of financing constraints has an inhibitory effect on the self-operation rate of retail enterprises.Based on the relevant data of 176 retail enterprises operating in China from 2017 to 2019,researchers find that financing constraints to a large extent limit the freedom of Chinese retail enterprises in choosing the self-operation mode,and this effect is more significant among private retail enterprises and department stores.To create friendly financing conditions for the retail enterprises,we should broaden the financing channels,improve the capital structure and strengthen market regulation.Meanwhile,we should also strengthen the self-operation capability of retail enterprises through brand building,improving the supply chain and enhancing market concentration,among other measures.