高新技术制造企业生命周期划分的实证研究——基于资本市场四大板块的经验数据

Empirical Research of Life Cycle Division of the High-tech Manufacturing Enterprises——Based on the Empirical Data of the Multi-level Capital Market

在总结各类型企业生命周期的划分基础上,选取资产规模、主营业务收入增长率、现金流等指标,采取定性和定量相结合的方法对我国上市高新技术制造企业的生命周期进行了划分。并且,探究了企业生命周期与各层次资本市场之间的对应关系,验证了企业生命周期理论在多层次资本市场构建中的具体运用。研究发现,我国不同层次的资本市场与高新技术制造企业生命周期发展规律存在良好的对接关系。

Since large amount of previous research using qualitative method to divide life cycle of enterprise , this article selects asset scale , operating revenue growth rate and cash flow as variables to divide life cycle of high -tech listed-companies.Meanwhile , this study initially proves the relationship of existing Chinese capital market structure and the life cycle theory in high -tech enterprises.