在归纳独角兽企业成长的四大关键因素(创始人特征、企业创新能力、企业成长年限和区域因素)的基础上，收集我国2018年51家独角兽企业的相关数据，利用线性和非线性回归方法对前三个因素与独角兽企业成长间的关系进行检验；收集我国2017年的36个城市和对应独角兽企业的相关数据，用区位影响因子法对区域因素与独角兽企业成长间的关系进行检验。实证分析显示：①企业创始人特征(学历和兼任CEO)对独角兽企业成长是必要而非充分条件;②企业创新能力对独角兽企业成长有着正向的影响作用，企业成长时间对独角兽企业成长具有显著影响且6年左右为最佳;③城市新经济发展水平和高素质人口规模对独角兽企业成长有显著的正向影响作用。

Through literature review and analysis of the overall situation of unicorn companies, the following four factors are the key factors affecting the growth of unicorn companies: founder characteristics (founder’s academic degree and concurrent CEO), enterprise innovation abilities, business growth years and regional factors. By collecting relevant data of 51 unicorn enterprises in 2018 in China, using linear regression and quadratic function nonlinear regression method to test the relationship between the first three factors and the growth of unicorn enterprises; By collecting data on 36 cities and corresponding unicorn companies in 2017 in China，the relationship between regional factors and the growth of unicorn enterprises was tested by the location influence factor method. The empirical research found that: ①founder’s academic degree and concurrent CEO of the company are necessary and insufficient conditions for the growth of the unicorn enterprise; ② the innovation ability of the enterprise has a positive influence on the growth of the unicorn enterprise, and the growth time of the company has a significant impact on the growth of the unicorn company and there is a best growth time of about 6 years;③The city's new economic development level and high-quality population have a significant positive impact on the growth of unicorn enterprises.

F119

国家自然科学基金项目（电子商务虚拟集群创业传导机制研究：基于复杂网络视角）