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National Research University Higher School of EconomicsStudent ThesesThe Empirical Analysis of Technical Efficiency of Russian Retail Companies

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Alina Blinova
The Empirical Analysis of Technical Efficiency of Russian Retail Companies
Finance
(Master’s programme)
10
2017
The present master thesis «The Empirical Analysis of Technical Efficiency of Russian Retail Companies» focuses on the efficiency analysis of Russian retail companies over the period 2011-2015. It consists of 4 chapters, 112 pages, 69 sources of literature, 7 pictures, 12 tables and 29 applications.

The problem of technical inefficiency of Russian retail companies and comparative analysis of their technical efficiency was disclosed in the context of the indicators that define the level of their creditworthiness evaluated by parametric and non-parametric methods of analysis – Data Envelopment Analysis (DEA) and Stochastic Frontier Analysis (SFA).

The results showed that the technical efficiency of retail trading companies in the years 2011-2015 was at the critically low level. The market operates a small number of leading companies that remained technically efficient at the same time by two models in spite of the influence of competition and adverse economic conditions.

In order to reach and maintain steady positions in the trade market, retailers need to pay the attention to a problem of low-quality assets management, fill up the volume of companies’ funds in order to cover the risk and finance liabilities, to increase business pace in the presence of borrowed funds, to reduce the amount of the immobilized funds in equity volume. It is also necessary to reduce the period of realization of current assets up to 1 year, because they constrain a possibility successful pay off of the companies’ borrowed funds.

The scale of business and the specific retail segment doesn't exert the significant impact on the creditworthiness estimates. The companies’ experience in the trade market positively affects creditworthiness, but the influence of this indicator is not significant.

Keywords: retail, technical efficiency, production process, efficiency frontier, creditworthiness, Data Envelopment Analysis, Stochastic Frontier Analysis

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