尽管市场环境复杂多变、企业成长的制约因素众多、成长路径难以复制,但企业高成长仍具有自身的内在规律。相对于非高成长企业而言,高成长高科技企业在资金运营方面具有一定的内在特征。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。

Although the complex and changeable market environment,many restricted factors,and difficultly copied growth path, but the high-growth Enterprises still have inherent law. Compared with non high-growth enterprises, high-growth HTEs have inherent features in the aspects of financial operations. Used the LOGIT model in Shanghai and Shenzhen listed companies as the sample frame, the result shows a significant different to high-growth HTEs in efficiency of capital turnover,debt and leverage, but the benefit, withdrawal and other capital operation effect are not obvious. These features have important implications for the formulation and implementation of HTEs in high- growth strategy.

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湖北省社科“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)