Nowadays low-carbon development has become a hot issue of the whole world.This article first introduces the background of low-carbon economy,and then explains the importance of retailing companies in social economy an...Nowadays low-carbon development has become a hot issue of the whole world.This article first introduces the background of low-carbon economy,and then explains the importance of retailing companies in social economy and the reasons why they should operate in low-carbon mode.More specifically,low-carbon operation can not only improve the competitiveness of a retailing company by reducing operation cost and formatting good corporate image,but also benefit the whole society by reducing environment pollution and promoting low-carbon consumption and production.Only by adopting low-carbon operation pattern can retailing companies confront the fierce international competition.To illustrate the above point of view,several cases of famous western retailing companies will be analyzed in this essay.Tesco,Wal-Mart and Carrefour are all typical examples in low-carbon operation because they all have great green and sustainability initiatives.Based on the advanced experiences of the above-mentioned companies,this essay discusses the low-carbon operation ways,putting forward some valuable suggestions on this problem.From a technical perspective,retailing companies should adopt advanced technologies relating to low-carbon operation.On the other hand,management level of retailing companies should be enhanced to ensure the application effect of low-carbon technologies.Retailing companies should improve the ability of internal management to excavate the internal potential and build green supply chain to corporate with strategic partners.Finally,this article gives the conclusion of the whole analysis.展开更多
This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was...This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was formed with a sample of 110 companies observed for 12 years(2010~2021).Each observation is measured quarterly.Traditional explanatory variables are adopted in the study,including profitability,company size,tangibility of assets,internal financing ability,tax ratio,growth opportunities,and volatility.By employing the Fama-Macbeth approach,the regression results are interpreted to determine the impact of independent variables upon the leverage a company takes on.To solve the reverse causality problem,we include the lag term(last quarter’s data)of the debt-to-equity ratio as control variables.Consistent with previous theoretical and empirical studies,firms’leverage ratio is positively related to size,tangibility,tax ratio,and last quarter’s debt level.Companies’profitability and internal financing ability are negatively correlated with their debt-to-equity ratio.Firms’earning volatility and growth opportunities do not show significant relationship with the debt-to-equity ratio.The study has provided more empirical evidence on capital structure theories regarding emerging financial markets.展开更多
基金supported by the Social Science Project in Hebei Province(Grant Nos.HB15YJ018,HB15GL030)
文摘Nowadays low-carbon development has become a hot issue of the whole world.This article first introduces the background of low-carbon economy,and then explains the importance of retailing companies in social economy and the reasons why they should operate in low-carbon mode.More specifically,low-carbon operation can not only improve the competitiveness of a retailing company by reducing operation cost and formatting good corporate image,but also benefit the whole society by reducing environment pollution and promoting low-carbon consumption and production.Only by adopting low-carbon operation pattern can retailing companies confront the fierce international competition.To illustrate the above point of view,several cases of famous western retailing companies will be analyzed in this essay.Tesco,Wal-Mart and Carrefour are all typical examples in low-carbon operation because they all have great green and sustainability initiatives.Based on the advanced experiences of the above-mentioned companies,this essay discusses the low-carbon operation ways,putting forward some valuable suggestions on this problem.From a technical perspective,retailing companies should adopt advanced technologies relating to low-carbon operation.On the other hand,management level of retailing companies should be enhanced to ensure the application effect of low-carbon technologies.Retailing companies should improve the ability of internal management to excavate the internal potential and build green supply chain to corporate with strategic partners.Finally,this article gives the conclusion of the whole analysis.
文摘This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was formed with a sample of 110 companies observed for 12 years(2010~2021).Each observation is measured quarterly.Traditional explanatory variables are adopted in the study,including profitability,company size,tangibility of assets,internal financing ability,tax ratio,growth opportunities,and volatility.By employing the Fama-Macbeth approach,the regression results are interpreted to determine the impact of independent variables upon the leverage a company takes on.To solve the reverse causality problem,we include the lag term(last quarter’s data)of the debt-to-equity ratio as control variables.Consistent with previous theoretical and empirical studies,firms’leverage ratio is positively related to size,tangibility,tax ratio,and last quarter’s debt level.Companies’profitability and internal financing ability are negatively correlated with their debt-to-equity ratio.Firms’earning volatility and growth opportunities do not show significant relationship with the debt-to-equity ratio.The study has provided more empirical evidence on capital structure theories regarding emerging financial markets.
