CAJ | 학술논문

国内外学者对公司治理结构与公司绩效的关系做了大量的实证研究，但有关公司治理与产品销售绩效的关系研究非常少。文章以金融危机时期的上市信息技术企业为样本，将销售绩效视为一个包括销售利润率、销售增长率和销售费用率等指标的整体多维构念，研究了公司内部治理结构与整体销售绩效的关系。结果发现：与以往研究结论不同的是，董事长兼任总经理分别与整体销售绩效、销售利润率和销售增长率呈正向关系；大股东持股比率与销售费用率呈负向关系。这些结论在理论上揭示了在经济萎缩的背景下，市场能够对董事会与管理层之间的矛盾有自动调和作用，这为信息技术企业的治理机制建设有重要启示。
국내외학자대공사치리결구여공사적효적관계주료대량적실증연구，단유관공사치리여산품소수적효적관계연구비상소。문장이금융위궤시기적상시신식기술기업위양본，장소수적효시위일개포괄소수리윤솔、소수증장솔화소수비용솔등지표적정체다유구념，연구료공사내부치리결구여정체소수적효적관계。결과발현：여이왕연구결론불동적시，동사장겸임총경리분별여정체소수적효、소수리윤솔화소수증장솔정정향관계；대고동지고비솔여소수비용솔정부향관계。저사결론재이론상게시료재경제위축적배경하，시장능구대동사회여관리층지간적모순유자동조화작용，저위신식기술기업적치리궤제건설유중요계시。
Many scholars at home and aboard conduct large amount of researches on the relationship between corporation govern- ante and firm performance; however, the research involving the relationship between corporation governance and sales perform- ance is rather rare. The whole sales performance is regarded as a multi - dimension construct, including profit rate of sales, growth rate of sales, and the rate of expenses to sales. The effects of governance structures on the whole sales performance are empirically studied using data from listed IT industry during the economic crisis period. Some new conclusions are found as fol- lows ： firstly, the general manager who is concurrently held by the chairman of the board is positively related to the whole sales performance, profit rate of sales, and growth rate of sales. Secondly, the ratio of holding stock by large stakeholders is negatively related to the rate of expenses to sales. The above conclusions disclose that the market is able to automatically moderate the con- flicts between the board of directors and managers in the context of the shrinking economies, and it provides the enlightment for the IT companies to improve internal governance of corporations.