零售企业数字化转型对经营效率的影响研究——基于上市企业年报的文本挖掘分析

在构建以国内大循环为主体、国内国际双循环相互促进的新发展格局下,零售企业数字化转型具有重要的现实意义。基于2010—2019年中国实体上市零售企业的年报信息,采用文本挖掘法测算了零售企业的数字化转型水平,并实证检验了零售企业数字化转型对经营效率的影响机制与效应。实证结果表明,数字化转型显著促进了零售企业经营效率的提升。从影响机制来看,数字化转型通过扩大市场规模和改善管理效率对经营效率产生正向影响;从数字化转型的分维度来看,数字化技术的应用对经营效率的提升有显著促进作用,而数字化商业模式和数字化渠道的作用不显著。从异质性分析来看,数字化转型对零售企业经营效率的提升效应主要体现在国有企业当中;规模过大会抑制零售企业数字化转型对经营效率的提升作用;东中部地区零售企业数字化转型对提升经营效率的影响显著,但是这一影响在西部地区并不显著。因此,加快推进数字化转型升级,加大数字化技术应用力度,发挥国有企业示范作用,以及克服“大企业病”,均是促进零售企业经营效率提升的关键。

How Digital Transformation Affects the Operational Efficiency of Retail Enterprises:An Text Mining Analysis Based on Listed Companies' Annual Reports

The digital transformation of retail enterprises is of great practical relevance under the background of constructing a new development pattern in which the domestic circulation predominates while both the domestic and international circulations can play their respective roles.Based on the annual reports of China's listed retail enterprises between 2010 and 2019,this paper measures the level of digital transformation of retail enterprises by using text mining method,and build a mediating effect model to test the mechanisms through which digital transformation affects the operational efficiency of retail enterprises.The empirical results show that digital transformation of retail enterprises significantly improves their operating efficiency.This paper further argues that the positive impacts of digital transformation on business efficiency are realized through expanding market scale and improving management efficiency.Specifically,the application of digital technologies can significantly improve business efficiency while the effects of digital business models and digital channels are not significant.When it comes to the issue of heterogeneity,digital transformation tends to have stronger effects on the efficiency of state-owned enterprises.With regard to the effects of digital transformation,however,the large size of enterprises can become an inhibiting factor after reaching a certain threshold.As for regional variations,digital transformation tends to more significantly improve the efficiency of enterprises in China's eastern and central regions compared with those in western regions.This paper concludes by proposing the following policy suggestions:accelerating the digital transformation and upgrading of retail enterprises;popularizing the application of digital technologies;enabling the state-owned enterprises to play an exemplary role;and tackling the“big company disease”.All the above-mentioned measures are indispensable to improving the operation efficiency of retail enterprises.