CAJ | 학술논문

自我国零售业全面对外开放以来,本土零售商在拥有更广阔发展空间的同时必须面对外资零售进入带来的竞争压力。因此,零售企业不再只关注其目前获利情况,更为关注的是公司的长远利益,即公司价值。文章将公司价值与零售业相融合,力求探讨一个行业代表性的价值因素,使本土零售企业能够明确自身定位。研究选取零售业全面开放后2005-2010年六年零售上市公司的年报数据为样本数据,在国内外学者研究基础上从资本结构、股权结构、规模经济、人力资本、产业因素及财务因素六个方面综合分析零售业公司价值的特征因素,为今后有关零售业进一步研究提供参考价值并对其未来发展提出合理化建议。
자아국령수업전면대외개방이래,본토령수상재옹유경엄활발전공간적동시필수면대외자령수진입대래적경쟁압력。인차,령수기업불재지관주기목전획리정황,경위관주적시공사적장원이익,즉공사개치。문장장공사개치여령수업상융합,력구탐토일개행업대표성적개치인소,사본토령수기업능구명학자신정위。연구선취령수업전면개방후2005-2010년륙년령수상시공사적년보수거위양본수거,재국내외학자연구기출상종자본결구、고권결구、규모경제、인력자본、산업인소급재무인소륙개방면종합분석령수업공사개치적특정인소,위금후유관령수업진일보연구제공삼고개치병대기미래발전제출합이화건의。
Since China joined the World Trade Organization, China＇s retail industry faces unprecedented open situations, which are both the opportunity and the challenge for the Chinese retailers. Therefore, the retail industry is not only concerned about the company＇s current earnings, but more concerned about the company＇s long-term interests, that is, Corporate Value. This paper combines corporate value and retail industry to explore the representative factors of an industry and keep the local retail enterprises clear about their position. Based on the research of domestic and foreign scholars, this research selects the annual report of the listed company from 2005 to 2010 after the opening of retail industry as the sample data. The analysis includes the capital structure, ownership structure, economies of scale, human capital, industry factors and financial factors. Therefore, the study provides the reference value and the rational suggestions for further research on retail industry.