我国创业板上市企业成长脆弱性机理分析

Analysis on Growth Vulnerability of GEM Listed Enterprises

我国创业板市场处于初步发展阶段,其上市企业具有高科技性的独特特点,这一特点确定了其高成长性的企业属性。根据企业的生命周期理论假说,在其创新发展的过程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,有各异的脆弱性评价体系指标,并针对四个不同的成长阶段具体分析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,提高应对变化环境的能力。

GEM listed enterprises have high - tech features, and determine the high growth of enterprises features. According to the life cycle hypothesis, the enterprises, in development process, experience inevitably different development stages. In each stage the vulnerability shows unique characteristics, and has the different vulnerability evaluation index sys- tem. The paper analyzes the vulnerability and resistance to weak game relationship in the four different growth stages. They have the falling and mutual communion characteristics. In the initial stage and declining 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 enter- prises should reduce the risk caused by the vulnerability for sustainable development and improve the ability to respond to a changing environment through the innovative mechanisms.