摘要
本文基于微观数据研究＂互联网＋＂对传统产业的影响,考察上市公司选择＂互联网＋＂战略的动因,以及该战略伴随的市场反应与会计业绩变化。公司通常出于两类目的进行＂互联网＋＂,其中85%是为了促进现有产品或服务的销售（销售型）,15%则是参与互联网相关的产业（多元化型）。我们发现：（1）降低交易成本是企业进行＂互联网＋＂的重要动因,公司的销售费用率和营业成本水平越高,越倾向于选择＂互联网＋＂战略;相对于多元化型＂互联网＋＂公司,销售型＂互联网＋＂公司具有更强的降低交易成本动机;（2）与未实施＂互联网＋＂的控制样本相比,销售型和多元化型＂互联网＋＂公司在宜告日附近的市场反应显著为正;（3）销售型和多元化型公司在＂互联网＋＂后两年的经营业绩并无显著提升,交易成本没有明显下降,产品周转速度和货款周转速度也没有显著提升。本文的发现意味着,尽管交易成本越高的公司越有动机实施＂互联网＋＂战略,但＂互联网＋＂对传统产业企业业绩的贡献至少在短期内尚未显现,而资本市场的反应可能偏于乐观。
This paper examines the effects of ＂Internet＋ ＂ on traditional industries,focusing on the determinants of Chinese listed companies＇ decisions to adopt the ＂Internet＋＂strategy,market reactions surrounding the announcements, and subsequent firm performance. We find that 85% of companies adopted the strategy to promote sales of existing products or services（i. e., sales-purpose）, whereas 15% of companies adopted the strategy to get involved in the internet-related businesses（i. e., diversifying-purpose）. There are a number of key findings. First, reducing transaction cost is one of the main reasons that companies choose ＂Internet＋＂ strategy,as companies are more likely to adopt the ＂Internet＋＂ strategy if they have higher marketing expenses or operating costs, and this effect is particularly strong for sales-purpose companies. Second, companies enjoy a significant and positive market reaction surrounding the initial announcement. Third,companies adopting the ＂Internet＋ ＂strategy do not exhibit a significant increase in accounting performance in terms of transaction costs, inventory turnover, accounts receivable turnover, and aggregate return on assets within two post-adoption years. Our findings suggest that, although transaction costs are important motives for companies to adopt the strategy of ＂ Internet ＋ ＂, firm performance is not readily enjoyed at least in the short term, and capital market reaction could be over-optimistic.
出处
《中国会计评论》
CSSCI
2017年第2期133-154,共22页
China Accounting Review
基金
国家社科基金重大招标项目“转型发展新阶段中国经济增长动力研究”(批准号:14ZDB120)的阶段性成果
国家自然科学基金面上项目(批准号:71273289)
霍英东教育基金会(141086)
北京市会计类专业群(改革试点)建设项目的资助
