我国上市公司生命周期划分方法实证比较研究  

Comparative Research of Life Cycle Models of Chinese Companies in Stock Market

作　　者：曹裕[1] 陈晓红[1] 王傅强[1] 

机构地区：[1]中南大学商学院,长沙410083

出　　处：《系统管理学报》2010年第3期313-322,共10页Journal of Systems & Management

基　　金：教育部长江学者和创新团队发展计划资助项目(IRT0761);湖南省社科基金资助项目(07YBB019);湖南省中小企业研究中心资助项目

摘　　要：在对已有企业生命周期阶段模型进行梳理的基础上,重点分析了文献中出现的管理熵法、产业增长率法和现金流法3种常用的企业生命周期划分方法,并在此基础上,运用中国沪深两市上市公司数据展开实证比较研究。研究发现,虽然以上方法在不同学者各自的研究中均具有一定的适用性,但对中国上市公司生命周期阶段进行划分的结果却并不一致,不同方法所得结果之间在统计上存在显著性差异。运用以上方法对我国上市公司不同生命周期阶段资本结构的差异进行了研究。结果表明,所采用的3种方法的划分结果并不能很好反应企业不同生命周期阶段资本结构的差异。因此,有必要进一步加强对企业生命周期阶段划分模型的研究。On the basis of carding the existing life cycle stage models,this paper focus on analyze three commonly used method of division of enterprises life cycle,which is respectively managerial entropy method,industry growth rate method and cash flow method and does an empirical research to compare these three methods above by the data of listed companies in China＇s Stock Market.We find that although the（above） methods have a degree of applicability in different scholars＇ research,but the above life cycle division models don＇t give consistent results for China＇s listed companies,and the different is statistically significant.We also use the above method to research the differences of Chinese listed companies＇ capital structure in different life cycle stages,the results show that the three methods of division can＇t give a very good results and should not react the capital structures＇ difference in different life cycle stages for Chinese listed companies.Therefore,it is necessary to further strengthen the research of the enterprises＇ life cycle stage-division model.

关 键 词：生命周期 管理熵 产业增长率 现金流 非参数检验 

分 类 号：F276.6[经济管理—企业管理]