高成长高科技企业资金运营特征——基于沪深股市上市公司样本数据  

Study on Fund Operation Characteristics of High-growth HTEs : Based on Sample Data of Listed Companies in Shanghai and Shenzhen Stock Markets

作　　者：李红松[1,2] 熊莉[1] Li Hongsong1＇2, Xiong Li1(1. School of Management , Wuhan University of Science and Technology; 2. Center for Industry of Policy and Management Research, Wuhan University of Science and Technology, Wuhan 430081, Chin)

机构地区：[1]武汉科技大学管理学院 [2]武汉科技大学服务科学与工程研究中心,湖北武汉430081

出　　处：《科技管理研究》2018年第6期93-98,共6页Science and Technology Management Research

基　　金：湖北省社科基金项目"高成长高科技企业资金运营特征及金融支持对策研究"(2016099);湖北产业政策与管理研究中心项目"高成长中小科技企业资金运营特征与湖北省的金融支持对策研究"(2015A08)

摘　　要：以沪深上市公司为选样框、运用LOGIT模型的分析结果表明,资金周转效率、负债及杠杆经营对于决定高科技企业高成长具有显著影响,而资金运营效益、资金回笼及其他资金运营方面影响并不明显,上述特征对于制定和实施高科技企业的快速成长战略具有重要的启示意义。Despite the complex and changeable market environment, many restricted factors, and difficultly in copied growth path, the high - growth enterprises still have inherent features. Compared with non high - growth enterprises, high -growth HTEs have inherent features in the aspects of financial operations. Taking the LOGIT model in Shanghai and Shenzhen listed companies as the sample frame, the result shows the efficiency of capital turnover, debt and leverage im- pose significant influence on high - growth HTEs, but the benefit, withdrawal and other capital operation effect are not ob- vious. These features have important implications for the formulation and implementation of HTEs in high - growth strate- g）＇.

关 键 词：高成长 高科技企业 资金运营 

分 类 号：F224.9[经济管理—国民经济]