互联网对零售企业经营能力的影响

在电商零售发展的背景下，越来越多的实体零售企业增加了电商销售渠道。基于2001-2017年47个零售上市公司的数据，文章运用双重差分模型（DID），选取了存货收入比与固定资产收入比作为衡量零售企业经营能力的指标，估计了增加电商零售渠道对二者的影响。研究发现：（1）增加电商渠道能够显著降低12%的零售企业库存收入比，提高零售企业的经营能力，该影响具有持续性与递增趋势，且商超类企业改善程度更高；（2）互联网并没有显著影响零售企业的固定资产收入比，说明大型实体零售企业大多采用的是商店与电商渠道共同发展的双渠道策略。研究结果说明互联网有利于零售效率提升，且应该注重电商-商店融合的双渠道新零售业态-构建。

Impact of Internet-applications on the Operational Efficiency of Physical Retailers

With rapid e-commerce development, more and more physical retailers set up online sales channels. Based on the data of 47 Chinese listed retailing enterprises from 2001 to 2017, this paper uses the Difference-in-difference Model to test the impact of the added online channels to the inventory/income ratio and fixed asset/income ratio. The results show, first the added online channel can reduce 12% inventory/income ratio significantly, which means the Internet can improve the operational efficiency of retailer. This effect continually increases with time. Meanwhile, the grocery retailers selling low-experience goods gain much more from online channels compared to the retailers selling high-experience goods. Second, the added online channels do not significantly reduce the fixed asset/income ratio, which means that the physical retailer develops both channels at the same time. All these results indicate that the Internet can improve the operational efficiency, and the dual channels which contain both physical and online selling outlets are an important new retailing type.