运营能力和营销能力对企业绩效的贡献——中国IT行业上市公司数据分析

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。

The Impact of Operations Capability and Marketing Capability on Firm Performance: An Empirical Study on Chinese Listed Firms in IT Industry

Adopting the financial data of listed firms in Chinese IT industry in fiscal year 2012, this paper uses 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 performance is an important indicator to measure the firm operation status. Along with the expansion of firm scale, the marginal 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 sustainable growth of firm performance, operations capability and marketing capability should suppose to match each other.