在電子商務蓬勃的發展下，零售業者採取電子商務策略逐漸成為趨勢。本研究以104家跨國零售業者為研究對象，有鑑於電子商務的銷售量會與實體通路之間可能會互相影響，會產生內生化的問題，因此必須使用聯立方程模型去處理panel data；研究結果顯示電子商務銷售量會正向影響實體通路銷售量，表示零售業者虛實通路整合後會產生協同效果；除此之外本研究亦發現相關多角化程度會反向調節電子商務與實體通路銷售量間的關係，減弱兩者之間的綜效程度；而在實體通路規模方面則會正向調節電子商務與實體通路銷售量間的關係，增強兩者間的綜效程度。

With the rapid development of the e-commerce, the adoption of the e-commerce has become the latest trends to retailers. In terms of the interaction effect between e-channel and physical channel, we used the simultaneous equation model to test the impact of e-commerce adoption on physical channel sales. We investigated 104 multinational retailers and found that the e-commerce sales had directly positive effect to the physical channel sales. In other words, the integration of e-commerce and physical channel will have synergistic effect. In addition, we also found that the related diversification scale will negatively moderate the relationship between e-commerce and physical channel. Besides, the physical network size will positive moderate the relationship between e-commerce and physical channel, that is to say the physical network size will enhance the synergistic effect between physical channel and virtual channel.

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