国内军民融合企业融资风险影响因素研究

Research on Financing Risk Factors of Civil-military Integration Enterprises in China

中国军民融合改革已进入全面实施阶段,对军民融合企业发展的研究也逐渐丰富。解决军民融合企业融资问题,可以促进军民融合深度发展格局的形成。文章基于模糊集的定性比较分析,从外部环境与企业自身能力两个角度研究军民融合企业融资风险的影响因素。从众多因素指标中,结合军民融合企业特点,以融资风险水平为结果变量,分析获利能力、营运能力、管理者素质、外部研发环境与军民融合建设水平五个条件变量的要素组态对融资风险水平的影响。研究发现,提高企业获利能力并处于军民融合建设水平较高的环境中,能够有效降低融资风险;企业规模会对以融资风险水平为结果的组态要素产生一定影响。

Civil-military integration reform has entered the stage of comprehensive implementation in China,and the research on the development of civil-military integration enterprises is gradually enriched.Solving the financing problems of civil-military integration enterprises can promote the formation of the deep development pattern of civil military integration.Based on the qualitative comparative analysis of fuzzy sets,this paper studies the influencing factors of financing risk of civil military integration enterprises from the perspective of external environment and enterprise's own ability.From many factors and indicators,combined with the characteristics of civil-military integration enterprises,taking the financing risk level as the result variable,this paper analyzes the influence of the factor configuration of five conditional variables on the financing risk level,including profitability,operation ability,management quality,external R&D environment and civil-military integration construction level.It is found that improving the profitability of enterprises and being in a high level of civil military integration construction environment can effectively reduce the financing risk;The enterprise scale will have a certain impact on the configuration elements with the financing risk level as the result.