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将整体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指标的多维构念,并以金融危机时期(2007～2009年)的上市信息技术企业为样本,研究了公司内部治理结构对整体销售绩效的影响。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;大股东持股比例与销售费用率存在负向关系;高管层年度薪酬水平分别与整体销售绩效、销售利润率和销售费用率正向相关;管理层领取年度薪酬的人员比例与整体销售绩效、销售利润率均呈负向关系。这些结论从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,这对信息技术企业的治理机制建设有重要启示。
The overall sales performance is regarded as a multidimensional concept including sales profit rate, sales growth rate and sales expense ratio. Taking the listed IT enterprises in the financial crisis period (2007-2009) as a sample, the internal corporate governance structure Impact on overall sales performance. The result shows that the difference between the former research conclusion and the former is that the chairman and the general manager have a positive relationship with the overall sales performance, the sales profit rate and the sales growth rate respectively; the proportion of the large shareholder holding shares has a negative relationship with the sales expense ratio; The annual remuneration levels are positively related to the overall sales performance, sales profit margin and sales expense ratio, respectively. The proportion of management personnel receiving annual remuneration is negatively related to the overall sales performance and the sales profit margin. These conclusions theoretically reveal that under the background of shrinking economy, the market can automatically reconcile the contradictions between the board of directors and management, which has important implications for the construction of governance mechanisms for information technology enterprises.