網路購物興起對3C實體店面之影響

The Impact of the Rise of Online Shopping on the 3C Physical Stores

本研究選定實體店面的上市公司：順發(6154)、燦坤(2430)、全國電子(6281)及網路購物上市公司：網家(8044)、商店街(4965)作為研究的對象，並收集2009年第一季至2014年第二季之每季營業收入（22季）及每股盈餘資料（其中商店街自2010年第三季起），以了解網路購物的興起，對實體店面的影響。
本研究以單根檢定及共整合方法，加以了解網路購物興起對3C實體店面之影響。實證結果顯示，網家及商店街網路購物對順發及燦坤實體店面在營收方面有負面影響。順發、燦坤及全國電子三家實體店面中，只有全國電子的營收及每股盈餘與網家及商店街網路店面有著共整合之關係，較不受網路購物的影響。

In this study, three listed companies with physical stores: Sunfar Computer Company (6154), Tsann Kuen Enterprise (2430), and E-life Mall Corporation (6281), and two listed online shopping companies: PChome Online (8044) and PChome Store (4965), are the subjects, and the data of quarterly operating incomes and earnings per share from the first quarter of 2009 to the second quarter of 2014 (for PChome Store, from the third quarter of 2010) are collected, so as to understand the impact of the rise of online shopping on physical stores.
The unit root test and co-integration model are used in this study, to understand the impact of the rise of online shopping on 3C physical stores. The empirical results show that the shopping on PChome Online and PChome Store has a negative impact on the revenues of the Sunfar’s and Tsann Kuen’s physical stores. Among Sunfar, Tsann Kuen and E-life Mall, only the revenues and earnings per share of E-life Mall’s physical stores have the co-integration relationship with the online stores of PChome Online and PChome Store, not comparatively influenced by the online shopping.