Shang Lin, Liu Yifan, Xu Pingxiang
Department of Economics, Tianjin University of Commerce, China.
Heliyon. 2023 Oct 7;9(10):e20799. doi: 10.1016/j.heliyon.2023.e20799. eCollection 2023 Oct.
Utilizing stock market data of express delivery companies that have been listed on the stock market of China, this paper intends to examine the two alternative store chain ownership, namely corporate-owned versus franchised, which is more resilient to external shocks. Based on the price data of 1034 trading days from December 2, 2019, to September 30, 2022, the Quandt-Andrews method is used to compare the companies of corporate-owned store chain with those of franchised store chain. The results reveal that the stock market performance of the express delivery industry underwent a huge structural change during the COVID-19 epidemic. Moreover, because of the stringent pandemic control measures, there are significant differences in structural changes between the two types of express delivery companies, corporate-owned store chain as opposed to franchised store chain. The structural changes occurred earlier for the former, which suggests that the companies of corporate-owned store chain are more resilient to recovery. This study can provide helpful insight into better risk control for companies managing retail stores and choosing "rainy day assets" portfolios for investors in times of financial uncertainty.
利用中国股票市场上已上市的快递公司的股票市场数据，本文旨在研究两种不同的连锁门店所有权形式，即公司直营与特许经营，哪种形式对外部冲击更具弹性。基于2019年12月2日至2022年9月30日1034个交易日的价格数据，采用Quandt-Andrews方法对公司直营连锁门店公司与特许经营连锁门店公司进行比较。结果显示，在新冠疫情期间，快递行业的股票市场表现经历了巨大的结构变化。此外，由于严格的疫情防控措施，两种类型的快递公司，即公司直营连锁门店与特许经营连锁门店，在结构变化上存在显著差异。前者的结构变化更早出现，这表明公司直营连锁门店公司在复苏方面更具弹性。本研究可为管理零售门店的公司更好地进行风险控制以及在金融不确定性时期为投资者选择“雨天资产”投资组合提供有益的见解。
