基于不同发展战略实施模式下的创业板上市公司成长性研究

雷辉; 李辉

基于不同发展战略实施模式下的创业板上市公司成长性研究

引用本文：雷辉,李辉.基于不同发展战略实施模式下的创业板上市公司成长性研究[J].财经理论与实践,2013,(6):40-44

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作者	单位
雷辉,李辉	（湖南大学工商管理学院，湖南长沙410082）

中文摘要:通过构建于2011年之前在创业板上市的公司的成长性评价模型，实证分析不同发展战略实施模式与创业板上市公司成长性之间的关系。结果表明：创业板上市公司在实施发展战略时，最倾向于选择内部发展模式，其次是战略联盟模式，之后是混合模式，最后是外部并购模式；外部并购模式使得创业板上市公司成长性绩效有显著提高，混合模式次之，内部发展模式使其成长性绩效出现先降后升，且继续成长的潜力较大，战略联盟模式使得成长性绩效呈持续下降趋势但影响不显著。

中文关键词:创业板上市公司成长性内部发展外部并购战略联盟混合模式

The Growth of Companies Listed on GEM: Based on the Different Modes of the Implementation of Development Strategy

Abstract:In this paper, the evaluation model of the growth of companies listed on GEM before 2011 is constructed and an empirical study of the relationship between different implementation modes of development strategy and the growth of companies listed on GEM is conducted. The results showed that: companies listed on GEM are most likely to choose internal development mode when they implement development strategy, followed by strategic alliance mode,then mixed mode,then the external acquisition mode; External acquisition mode makes the GEM-listed companies' growth performance improved significantly, followed by mixed mode, internal development mode makes growth performance decreased and then increased, and continues to have great potential in growth, strategic alliance mode makes growth performance continued to show a downward trend but the effect was not significant.

keywords:The growth of companies listed on GEM Internal development External acquisition Strategy alliance Mixed mode

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