沃尔玛百货有限公司，即沃尔玛公司（WalMart Inc.）（NYSE：WMT），是一家美国的世界性连锁企业，总部位于美国阿肯色州的本顿维尔（Bentonville，小石城西北方向）。沃尔玛以营业额计算为全球最大的公司，其控股人为沃尔顿家族，主要涉足零售业，是世界上雇员最多的企业，截止至2021年，其连续8年在美国《财富》杂志世界500强企业中居首位。现公司有8,500家门店，分布于全球15个国家，主要有沃尔玛购物广场、山姆会员店、沃尔玛商店、沃尔玛社区店等四种营业方式。本文计算2009年至2021年沃尔玛利润、资产、员工数量、股东权益四项指标与营业收入的相关系数，以单位根检验、协整检验、格兰杰因果检验、脉冲响应与多元回归模型，检视利润、资产、员工数量、股东权益分别对沃尔玛营业收入的影响状况。研究结果显示，企业的营业收入与资产的相关系数整体上具有长期收敛性。                                                                 

关键词：沃尔玛、单位根检验、协整检验、格兰杰因果检验、脉冲响应          

Walmart Department Stores, Inc., WalMart Inc. (NYSE: WMT) is an American worldwide chain headquartered in Bentonville, Arkansas, northwest of Little Rock. Walmart is the world’s largest company in terms of turnover, its controlling shareholder is the Walton family, mainly involved in retail, the world's largest employees, as of 2021, it ranked first in the Fortune Global 500 for eight consecutive years. At present, the company has 8,500 stores, distributed in 15 countries around the world, operating in 50 states in the United States and Puerto Rico, mainly Walmart shopping mall, Sam's club, Walmart store, Walmart community store and other four business methods. This paper calculates the correlation coefficients between Walmart's profits, assets, employee number, and shareholders' equity in the past years, and examines the impact of profits, assets, employees, and shareholders' equity on Wal-Mart's operating income by unit root test, cointegration test, Granger causal test, and impulse response. The results of the study show the correlation coefficient between an enterprise's operating income and assets as a whole has long-term convergence.

Keywords: Walmart, Unit Root Testing, Cointegration Test, Granger Causal Test, Impulse Response