创业企业融资和运营协同决策研究综述

Review on Synergistically Financial and Operational Decision-making of Entrepreneurial Firms

现有的理论及实证研究表明,创业企业的增长潜力往往受制于有限的内部资本,因而严重依赖于外部融资。创业企业外部融资方式主要有债务融资和股权融资两大类,受制于资金约束的创业企业如果缺乏融资与运营的有效协同,将无法存活与成长。文章对相关文献进行了分类和梳理,发现目前有关创业企业融资和运营协同决策的理论研究大多考虑到了创业企业相对于成熟企业的独特性,不再将利润最大化作为主要决策目标,而是按照创业企业所处的生命周期不同阶段,将存活和成长作为主要决策目标分别构建数学模型进行求解和分析。文章最后探讨了现有理论研究在单一决策目标的选择、债务融资能力的界定、运营决策变量的设置等方面的不足,并提出了有待改进之处。

Existing theoretical and empirical research show that growth potential of entrepreneurial firms are often subject to limited internal capital and heavily dependent on external financing consisting of debt financing and equity financing. Entrepreneurial firms subject to capital constraints couldn’t survive well and grow up without effective coordination of financial and operational decision-making. The paper sorts out the main research literature and finds that most theoretical research consider the uniqueness of the entrepreneurial firms relative to mature firms. They regard survival and growth instead of profit maximization as the main decision-making objective to build mathematical model, to evaluate and analyze respectively. The paper explores the flaw of existing theoretical research on the choice of single decision objective, definition of debt financing ability, set of operational decision variables, and putts forward research suggestions in future.