CAJ | 학술논문

文章以2012财年中国IT行业上市公司的数据为例,运用分位数回归分析方法证明：营销成本是影响企业产品销售额的主要原因;企业资产、劳动力规模和企业管理层能力则是影响企业运营成本的主要因素.基于这一分析,文章构造了以营销能力和运营能力为自变量、资产收益率为因变量的方程.文章认为,企业绩效是衡量企业运营状况的重要指标.随着企业规模的扩大,管理层管理能力对运营成本的边际作用趋向递减;员工数量和企业资产对运营成本的边际作用趋向递增.随着企业销售规模的扩大,营销投入对销售额的边际作用趋向递增.运营和营销能力对企业盈利水平均有积极影响,但边际作用都是递减的.为了实现企业绩效的长期可持续增长,运营能力和营销能力需要相互匹配.
문장이2012재년중국IT행업상시공사적수거위례,운용분위수회귀분석방법증명：영소성본시영향기업산품소수액적주요원인;기업자산、노동력규모화기업관리층능력칙시영향기업운영성본적주요인소.기우저일분석,문장구조료이영소능력화운영능력위자변량、자산수익솔위인변량적방정.문장인위,기업적효시형량기업운영상황적중요지표.수착기업규모적확대,관리층관리능력대운영성본적변제작용추향체감;원공수량화기업자산대운영성본적변제작용추향체증.수착기업소수규모적확대,영소투입대소수액적변제작용추향체증.운영화영소능력대기업영이수평균유적겁영향,단변제작용도시체감적.위료실현기업적효적장기가지속증장,운영능력화영소능력수요상호필배.
Adopting the financial data of listed firms in Chinese IT industry in fiscal year 2012, this paper u- ses quantile regression analysis method to prove that marketing cost is the main reason affecting sales volume of firm, while assets, size of labor force and firm managerial ability are the determinants of the operating cost. Based on such analysis, this paper constructs an equation considering marketing capability and operations capability as the independent variables, and return on assets （ROA） as the dependent variable. This paper argues that firm perform- ance is an important indicator to measure the firm operation status. Along with the expansion of firm scale, the mar- ginal effect of the managerial ability on operating cost tends to decrease, while the marginal effect of labor size and firm assets tend to be incremental. Furthermore, with the expansion of sales scale, the marginal effect of marketing investment on sales volume tends to be incremental. Operations and marketing capabilities have a positive impact on firm profitability level, but the marginal effect is progressively decreasing. In order to achieve long-term sustain- able growth of firm performance, operations capability and marketing capability should suppose to match each other.