Research On Operating Efficiency And Its Influencing Factors Of Retail Listed Companies

Retail is the terminal of commodity circulation and also closely related with our life.It is the most direct,broadest and most closed with the masses.Retail is important for commodity circulation and is the leading industry of national economy.However,in recent years,retail sales have got into the low growth period.The increase is less than 10%.Now the retail enterprises have farewelled to the past high-growth era.They cannot depend on simple expansion of the scale any more.The transformation of development ways is a must.They should turn to qualitative from the simple amount.Retail enterprises need to upgrade the quality.And the foundation is to improve their operating efficiency.Low efficiency in China has become a serious obstacle to economic development,The inherent development model and the old management system have been restricting the efficiency of Chinese enterprises.It is of greatly practical significance to analyze the efficiency of enterprises,and to promote the efficiency of enterprises and the development of the national economy as a whole.Based on DEA-Tobit two steps analysis,this paper studies the operating efficiency and its influencing factors of retail listed companies from both theoretical and empirical aspects.Firstly,it systematically reviews the theories of retailing and its influencing factors.Then this thesis expounds the efficiency theory and efficiency evaluation methods.And it also measures and evaluates the operating efficiency of retail listed companies.This paper selects 39 listed retail companies as the research sample and uses Deap2.1 software to measure the operating efficiency of target retailing companies from 2005 to 2015.The paper also analyzes the measurement results from four aspects: comprehensive efficiency,technical efficiency,scale efficiency and scale return.Then,we construct Tobit’s multiple regression model to analyze the influence factors of the operating efficiency.Finally,the thesis summarizes the results of the above empirical analysis,and puts forward some feasible policy suggestions to promote the efficiency and sustainable growth of the retail industry.This study shows that the overall efficiency of China’s retail listed companies is not high.Only 12 companies in the selected 39 sample companies are DEA effective,DEA non-effective enterprises accounted for 69%.DEA non-effective enterprises are mainly due to low technical efficiency.The average efficiency of non-efficient retailing enterprises is about 0.9,and the average of technical efficiency is only about0.8.Tobit model empirical analysis shows that the capital structure,ownership structure,property structure of retail enterprises have a negative effect on the operating efficiency.But the operating has a significant positive impact on efficiency.And marketing level has no effect on efficiency.