基于生命周期的创业板上市企业成长脆弱性机理研究

Research on Growth Vulnerability of GEM Listed Enterprises Based on Life Cycle

创业板上市企业高科技性的特点,决定了其高成长性的企业属性。根据企业生命周期理论假说,在其创新发展中必然经历不同的发展阶段,每个阶段的脆弱性呈现出独自的特点,有不同的脆弱性评价体系指标。针对4个不同成长阶段具体分析了脆弱性与抗弱度的博弈关系:此起彼消,互相共融。在初创阶段和衰退阶段,其脆弱性大于抗弱度,而在成长阶段和成熟阶段,其脆弱性小于抗弱度。创业板上市企业要持续健康发展,减少脆弱性引致的风险,必须通过企业的创新机制,提高应对环境变化的能力。

GEM listed enterprises have high-tech features, and determine the high growth of enterprises property. According to the life cycle theory hypothesis of the enterprises, in development process they experience inevitably different development stages. In each stage the vulnerability shows its own characteristics, and has the different vulnerability evaluation index system. The paper analyzes the vulnerability and resistance to weak game relationship of the four different growth stages. They have the falling and mutual communion characteristics. In the initial stage and declined stage, the vulnerability is greater than the anti weak. In the growth stage and mature stage, the vulnerability is less than the anti--weak. GEM listed enterprises sustain and develop, and reduce the risk caused by the vulnerability. They improve the ability to respond to a changing environment through the innovative mechanisms.