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本文基于双重差分估计方法思想,利用中国零售企业上市公司数据,通过动态面板模型差分GMM估计评估了中国实体零售商开展网络销售业务对其整体销售额的影响。研究发现,在控制了劳动投入与资本投入对产出的影响,并控制了时间效应之后,没有充分证据表明开展网络销售业务显著提高了实体零售商的整体销售额。并且在区分了零售商的业态形式,分别对超市业态样本与百货业态样本进行回归分析时,回归结果基本一致。而基于两步法思想对前述回归结果进行稳健性检验时,也得到了一致的结果。针对这一结果,本文尝试从中美零售行业结构差异的对比分析中给予适当的解释。基于本文的研究结论,实体零售商不能仅仅将互联网视为一种新的销售渠道,而应充分利用互联网技术改造自身,寻求数字化转型。
Based on the double difference estimation method, this paper uses the data of Chinese listed companies in retailers to evaluate the impact of online retailers on the overall sales of Chinese retailers through the differential GMM estimation of dynamic panel model. The study found that after controlling the impact of labor input and capital investment on output and controlling the time effect, there is no sufficient evidence that the online sales business significantly increased the overall sales of entity retailers. And in the distinction between the retailer format, respectively, when the supermarket format samples and department store format samples for regression analysis, the regression results are basically the same. The same result was obtained when the aforementioned regression results were robustly tested based on the two-step method. In response to this result, this article attempts to give an appropriate explanation from the comparative analysis of the structural differences between the retail industry in China and the United States. Based on the conclusion of this article, the entity retailer can not just regard the Internet as a new sales channel, but should make full use of Internet technology to transform itself and seek digital transformation.