摘要
企业生命周期理论为理解企业动态发展提供了重要框架，而财务战略作为企业经营的核心环节，在不同生命周期阶段的适配性选择对企业可持续发展具有深远影响。本研究基于企业生命周期视角，探讨了企业在初创期、成长期、成熟期和衰退期的财务战略选择逻辑及其绩效表现。通过构建理论模型并结合实证分析，研究采用多元回归方法对我国A股上市公司2010年至2022年的面板数据进行检验，结果表明，不同生命周期阶段的企业在融资结构、投资决策和股利政策等方面存在显著差异。具体而言，初创期企业更倾向于股权融资以降低风险；成长期企业注重扩大再投资规模以追求高增长；成熟期企业则强调优化资本结构与稳定股东回报；衰退期企业则需调整财务策略以应对流动性压力。本研究的创新点在于将企业生命周期与财务战略选择系统性结合，并通过量化指标验证其实际效果，弥补了现有文献中关于动态财务战略研究的不足。研究结论为企业管理者制定适应性财务战略提供了理论依据，同时为投资者评估企业价值及政府制定产业政策提供了参考。
关键词：企业生命周期；财务战略选择；融资结构；投资决策；股利政策
Abstract
The theory of the corporate life cycle provides an essential fr amework for understanding the dynamic development of enterprises, while financial strategy, as a core component of business operations, plays a critical role in shaping sustainable development through its alignment with different stages of the life cycle. This study examines the logic and performance implications of financial strategy choices during the start-up, growth, maturity, and decline phases from the perspective of the corporate life cycle. By constructing a theoretical model and employing empirical analysis, the research utilizes panel data from A-share listed companies in China between 2010 and 2022, applying multiple regression methods to test the hypotheses. The findings indicate significant differences in financing structures, investment decisions, and dividend policies across various life cycle stages. Specifically, start-up firms tend to rely more on equity financing to mitigate risks; growth-stage firms focus on scaling up reinvestment to achieve high growth; mature firms prioritize optimizing capital structure and ensuring stable shareholder returns; and declining firms must adjust their financial strategies to address liquidity pressures. The novelty of this study lies in its systematic integration of the corporate life cycle with financial strategy selection, further validating its practical effects through quantifiable indicators, thereby addressing gaps in the existing literature regarding dynamic financial strategies. The conclusions offer theoretical support for managerial decision-making in formulating adaptive financial strategies, while also providing valuable insights for investors assessing enterprise value and policymakers designing industrial regulations.
Keywords：Enterprise Life Cycle; Financial Strategy Choice; Financing Structure; Investment Decision; Dividend Policy
目 录
摘要 I
Abstract II
一、绪论 1
(一) 企业生命周期与财务战略的研究背景 1
(二) 研究企业生命周期视角下财务战略的意义 1
(三) 国内外研究现状分析 2
二、企业生命周期理论与财务战略框架 2
(一) 企业生命周期的核心概念解析 2
(二) 不同阶段的财务特征分析 3
(三) 财务战略在生命周期中的定位 3
(四) 生命周期与财务战略的匹配机制 4
三、各生命周期阶段的财务战略选择分析 4
(一) 初创期的财务战略重点 4
(二) 成长期的资金需求与资本结构优化 5
(三) 成熟期的利润分配与投资策略 5
(四) 衰退期的成本控制与资产重组 6
四、财务战略实施的影响因素与优化路径 6
(一) 外部环境对财务战略的影响 6
(二) 内部资源与能力的约束分析 7
(三) 财务战略调整的动态机制 7
(四) 提升财务战略有效性的建议 8
结 论 9
参考文献 10
