基于时序数据的高技术企业成长性分析

Grownth analysis of high-tech enterprises based on time series data

针对现有关于高技术企业成长性的研究多以截面数据为样本,无法体现出成长性变化趋势的不足,采用突变级数法构建了企业成长性系数,并利用这一系数对上市高技术企业的成长性进行了实证研究。结果表明:高技术企业在一段时间内具有较高的成长性,但随着时间的推移,成长性体现出明显的下降趋势,意味着该高技术行业逐步进入成熟期。另外,高技术企业在获得较高成长性的同时,也面临着很高的经营风险。

Current research on high -teeh enterprises growth is mostly based on cross -section data, which could not show the trend of growth movement. In this paper, catastrophe progression method is used to construct growth coefficient, and empirical study is excuted on public high - tech enterprises. Result shows that high - tech enterprises have high growth in a period of time, ande then growth coef- ficient goes down which shows that this industry phases out into autumn. In addition, while achieving high growth, the high - tech en- terprises also bear high operating risk.