战略性新兴产业企业生命周期不同阶段金融支持研究

Financial Support on Different Life Cycle Stages for Firms in Strategic Emerging Industry

文章在会计指标综合打分法和销售收入法的基础上,判断战略性新兴产业企业生命周期阶段,并结合不同计量模型,探寻与生命周期不同阶段最为吻合的金融支持因素。文章得到了以下几个方面结论:(1)新兴产业企业近年来大多步入了成长期和成熟期,同时,衰退期企业数量有所增加;(2)成长期和成熟期企业比较倾向于间接金融,而成熟期后期或衰退期企业更愿意选择股权形式来得到金融支持,直接融资在这一阶段发挥了更加显著的作用;(3)针对生命周期不同阶段需要选择恰当的金融支持方式,否则会带来战略性新兴产业新一轮产能过剩,不利于新兴产业的进一步发展。

On the basis of accounting indicators comprehensive evaluation method and sales method,this paper evaluates the life cycle for firms in strategic emerging industry.Combined with different econometric models,it explores the most appropriate financial support for different stages in the life cycle.The paper has the following conclusions:(1)in recent years,most of the firms in emerging industries have been in the growth stage and mature stage,but it is noteworthy that the number of firms in the decline phase has increased;(2)firms in growth period and mature period are more likely to obtain financial support through indirect source,however,firms in late mature period and recess period tend to choose equity support,direct source play a more significant role in this phase;(3)according to different stages of life cycle,firms need to choose different financial support modes,otherwise it will bring a new round of overcapacity of the emerging industry,which would be harmful to its further development.