企业规模与成长性:基于非线性视角与我国中小上市公司经验数据

Enterprise Scale and Growing Quality:Based on the Nonlinear Perspective and Listed SMEs in China

本文从多维度、非线性视角分析了企业规模与我国中小企业成长性的关系,以及企业生存状态对这种关系的影响。基于我国433家中小上市公司的经验数据表明:第一,我国中小上市公司的资产规模与绩效之间存在显著的U型关系,而与成长潜力存在倒U关系;第二,销售规模与企业成长潜力之间呈显著的倒U关系,而员工规模对我国中小上市公司成长性的作用形式则是线性的。第三,企业规模各因子效能的发挥受到我国中小上市公司生存质量和成长阶段的制约。上述研究结论为我国中小上市公司规模的扩张提供了最优的路径选择,也证明了良好的外部生存环境对于转轨时期企业成长的重要意义。

This paper makes an academic research on the relationship between enterprise scale and the growth of listed SMEs in China, as well as the influence taken by enterprise survival state in the relationship based on the Sample data from 433 listed SMEs. The findings of this paper show that, firstly, there is significant u-shaped relation between asset scale and enterprise performance, and significant inverse u-shaped relation between asset scale, sales scale and enterprise growth potential, Secondly, it＇s linear relationship between employee scale and growth of SMEs in China Thirdly, survival quality and growth stage restrict significantly on the exertion of scale factors＇ efficency. Our study offers evidence for searching optimum enterprise scale for listed SMEs, and additionally, the significance of good external environment for enterprise growing on transition period in China.