| Whether the E-commerce market can improve market efficiency and market transparency has always been a topic of concern in the academic circles at home and abroad.There are two main theoretical points of view."Friction-Free Trading Hypothesis" : The development of e-commerce in online transactions will lead to the same average price in online markets,and the price dispersion among different retailers in the market will gradually decrease or even disappear.On the contrary,the development of online E-commerce can’t reduce the price mean or price dispersion.This paper compares the online and offline price mean and dispersion from an empirical point of view in order to verify the validity of the "Frictionless Trading Hypothesis".This paper chooses physical goods(electrical appliances)and service goods(hotel reservation)as the research objects.By using Python crawler on-line and off-line field survey,we collected 21 944 price data of 45 issues(20 issues of household appliances market and 25 issues of hotel reservation market)from August to December 2018.From the four perspectives of price,price dispersion degree,the influence of Festival effect on price mean and price dispersion,and the comparative analysis of two kinds of markets,this paper observes the difference of price mean and dispersion between online and offline under the influence of different time periods and festivals.This paper is divided into two parts:The theoretical combing part includes the relevant literature of "Frictionless Trading Hypothesis" theory,empirical research,and the literature of price mean and price discrete influencing factors.In this paper,the relevant theories,empirical studies and related factors of these three aspects are sorted out,and the existing research results are summarized and categorized.The empirical research part.This paper collects the real online and offline data and carries out empirical research and comparative analysis on two types of commodities from four perspectives: average and dispersion distribution of online and offline prices,dynamic variation of online and offline price dispersion,statistical test of online and offline price difference,price measurement model analysis.During the investigation period,the data collected by the two types of commodities in this study partly supported the "Frictionless TradingHypothesis",and the discrete degree of prices on and off the line of different types of commodities can not be generalized.In terms of price mean,although there is a certain gap between the online and offline price mean of the two commodities,there is no significant difference for most of the time.It does not support the hypothesis that the development of e-commerce in frictionless trading theory will lead to the online price mean being significantly smaller than the offline price mean.In terms of price dispersion,the online price dispersion of household appliances market is lower than the critical value of effective market,and the online price dispersion of both types of goods is lower than that of offline.After eliminating the influence of sellers,products,time and other factors,the online and offline price dispersion of hotel booking commodities has significant difference.Supporting the development of e-commerce in Frictionless Transaction theory will lead to online price dispersion.The hypothesis that price dispersion decreases and online price dispersion is less than offline price dispersion.However,the market price dispersion of hotel commodity online has not decreased to the effective market threshold.There is no significant difference between online and offline price dispersion of household appliances commodities after eliminating other influencing factors.It does not support the hypothesis that the development of e-commerce in frictionless trading theory will lead to the decrease of online price dispersion and the degree of online price dispersion is less than offline.The specific conclusions are as follows:(1)There are differences between online and offline price averages,but the differences are small.The average price of most kinds of household appliances on-line is lower than offline.The average price of different star hotels on-line is higher than on-line.The online and offline dispersion of the two types of goods is less than that of the offline dispersion,and the online and offline dispersion gap of the electrical market is larger than that of the hotel reservation market.(2)The off-line market price dispersion of household appliances is greater than the effective market threshold,and the on-line market is smaller than the effective market threshold.The price dispersion of online and offline market of hotel booking commodities is greater than the critical value of effective market.However,whether online or offline,the overall price dispersion of household appliances commodity market is much smaller than that of hotel reservation market.(3)The dispersion of offline shopping prices during the Mid-Autumn Festival and National Day has increased significantly,but the online price dispersion remains at a normal level;the price dispersion of the Double Eleventh Shopping Festival has decreased,the price dispersion of the Double Twelve Shopping Festival has increased,and the offline price dispersion has slight microwave fluctuation.In the non-special period of time,the online and offline price dispersion of hotel reservation shows a zigzag distribution.During the MidAutumn Festival,the 11 th and Canton Fair,the higher the market demand,the higher the online and offline price dispersion.(4)For most of the study period,there was no significant difference in the average sales price of the same type of goods/hotels between online and offline vendors.On-line and offline festivals and special periods,there are price increases both on-line and off-line.The gap between on-line and off-line price averages is widening.The Festival effect has a greater impact on on on-line and off-line price averages.The influence of on-line shopping festivals on online price dispersion of electrical goods is slightly greater than that of off-line shopping festivals on off-line price dispersion.(5)After eliminating the influence of other factors such as sellers,products and time,the price of electrical appliances declines slowly with the passage of time,and the efficiency of electrical appliances market is higher than that of hotel reservation market. |
PDF Full Text Request