“德隆系”失败原因研究综述

An Overview of the Research on the Causes for the Failure of "Dlong Group"

在经济转型时期的中国,许多企业在成长的过程中,由于宏观层面上受到经济周期波动的影响,或者由于微观层面上自身不能适应经济发展对产业结构升级的要求,或者由于违规经营等原因而出现了财务危机,德隆系是其中最典型的案例。德隆系的成功曾经是学界津津乐道的奇迹,德隆系后来的失败又激起了学者的许多反思,许多学者对德隆系的成败进行了剖析。本文对德隆系成功与失败的原因研究进行了综述,并指出这些研究具有一定的合理性,具有一定的理论价值,但忽视了德隆系成败理论框架建立的基础——中国经济转型。

In the period of economic transition, a number of Chinese enterprises are plagued with financial crisis, to which many causes are blamed, including the fluctuation of business cycle at the macro level, or the updating of industrial structure at the micro level, or the illegitimate management. ＂Dlong Group＂ is a case in point： its subsequent failure triggered much reflection among scholars, many of who have made criti- cal analysis of the causes for its failure.This paper conducts an overview of the research on the causes for the failure of ＂Dlong Group＂, while indicating the rationality and theoretical significance of previous research, the paper argues that such research ignores the basis upon which the theoretical framework of the failure of ＂Dlong Group＂ is built, that is, the economic transition in China.