| With the rapid development of the Internet,e-commerce has arisen,more and more retail enterprises have begun to establish online channels to expand marketing distribution,thereby enhancing competitiveness.However,online channels bring opportunities to enterprises is also likely to bring risks.Some companies have benefited from increasing online channels and have developed rapidly.Other companies have been in crisis because of the lack of expected online channels.So,issues about whether retail enterprises can add value to shareholders by adopting online channel strategies,how do different characteristics of companies’ construction of online channels and ways to build online channels affect shareholders’ returns are need to theoretical and empirical research.On the basis of reviewing domestic and international research on the construction of online channels,this paper uses short-term and long-term event study methods to explore the short-term and long-term effects of adding online channel on the stock returns of retail enterprises.Classified samples on regional distribution,online channel construction mode,and corporate nature provides a reference for investors and corporate decision makers.The research shows that the stock market has a significant positive response to the constructions of online channels,and investors support the companies’ online channel strategy in the short-term.Retail enterprises located in areas with good e-commerce development and state-owned enterprise construction online channels can obtain more excess returns,and retail enterprises adopting self-built platforms can bring more significant positive directions than cooperating with third parties.In the long run,the adoption of online channel construction strategies by retail enterprises will impose a negative impact to shareholder returns.Retail enterprises located in areas with slower ecommerce development and state-owned enterprises have more negative excess returns.The self-built platform has a significant negative excess return on stock returns,while the way of cooperation with third parties has no significant effect.Therefore,retail enterprises should consider long-term considerations when investing in online channels,and comprehensively consider the characteristics of enterprises themselves,and rationally adopt online channel construction methods.The innovations of this paper are mainly in three aspects: First,different from the theoretical analysis and case analysis in the existing research,this paper uses the event research method to conduct an empirical study on the impact of online channels for retail enterprises construction.Second,this article uses the stock return rate as a measure.Compared with the financial indicators used in previous studies,it can fully reflect the impact of online channels on retail enterprises.Third,this paper has carefully classified the sample companies and can provide countermeasures for corporate decision makers better. |
