“烧钱”的神话:公司IPO初期的增长战略选择

The Myth of “Burning Money”: The Initial Growth Strategy of Firm in Early Post-IPO Period

以牺牲利润来换取快速的规模扩张和市场占有是新创公司的一种主流增长战略,但这种"烧钱"战略是否带来预期的增长并没有得到足够的研究关注和证实。本文以沪深A股2000-2010年之间上市的公司为样本,实证分析IPO初期两种不同的增长战略对公司长期增长的影响。结果表明,接近半数的公司在上市的前两年采取了"烧钱"战略,以牺牲利润来换取快速的规模扩张,但它们长期的资产、营收和市值复合增长率均低于偏重利润的公司。通过案例比较我们发现,IPO初期偏重利润的公司集中投资于已有主营业务,项目投产快且盈利早,既补充了运营资金又有利于再融资,使得公司能稳定增长而避免经营上的大起大落;"烧钱"的公司重点投资新领域,周期长获利慢,市场风险的累积往往使后期收益低于预期,同时,原业务因投资不足而相对停滞、萎缩,甚至出现亏损,迫使公司不断地再融资,虽然其中少数公司能通过后续再融资而获得巨大成功,但大部分公司会因再融资障碍而陷入困境,因此,"烧钱"战略会导致公司增长率明显离散。综上,当前盛行的"烧钱"扩张并非是一种普遍有效的增长战略。

Sacrificing profit to size expansion and market share is a mainstream growth strategy of entrepreneurial firms,but the question whether it can indeed lead to expected growth remains unsolved. With firms getting listed during 2000 ~2010 in Shanghai and Shenzhen stock markets,this study investigates the influence of two different growth strategies in early post-IPO period on firms＇ long-term growth. The results show that nearly half firms have＂burned money＂,sacrificing profit to size expansion during the first two years after IPO,but their long-term growth of asset,revenue and market value are all lower than those firms that pay more attention to profit. Further results from case study suggest that,the firms that pay more attention to profit concentrate investments on the existing primary businesses that can go soon into operation and earnings,which is helpful for future operation and refinancing,bringing fast growth without fierce fluctuations; on the contrary,those ＂burning money＂firms invest intensively in new areas,which leads to market risks accumulating with long project cycles,making these firms earn less than expectations,besides,their original businesses will shrink or take a loss due to under-investment,further forcing them to refinance. Despite a few of them can finally gain constant refinancing,most are indeed constrained by the refinancing barrier. Therefore,＂burning money＂strategy will disperse firm growth rate. To sum up,the current＂burning money＂expansion is not a general and effective growth strategy.