【摘要】 我国第一代民营企业曾经为我国经济增长立下了汗马功劳,但是随着市场的饱和、竞争的加剧,它们又面临着整体"衰落"以及发展速度下降,这引发了人们对民营企业持续成长问题的思索。本文以2000～2006年的民营上市公司为研究样本,研究影响我国民营企业成长的主要因素。研究发现,提高财务弹性和聘请"四大"审计可以避免上市公司在短期内陷入困境;增加独立董事比重可降低公司在短期内陷入财务困境的风险,促进公司长期的持续成长;大股东持股比重过高虽然可以在避免短期财务困境,但是在长期却可能引发持续成长危机;如果公司所在行业竞争程度较低或者公司所在地区政府干预较强时,虽然短期内公司不易陷入财务困境,但在长期却不利于企业持续成长。因此要促进上市公司的持续成长的手段主要有提高独立董事比重,降低第一大股东持股比重,提高竞争程度和减轻政府干预。更多还原

【Abstract】 Private corporations have contributed a lot to economic development of China.But as a result of severe competition,the profit ability of these companies has been descending which stimulates us thinking about the sustained growth of the private corporations.We establish Iogit equations on the sample of the private listed companies from 2000 to 2006 to test the main factors which influence sustained growth.We find that in the short term listed companies could make use of liquidity enhancement and external auditing of high quality to avoid financial distress.Increasing the number of independent directors could avoid financial distress and contribute to the sustained growth.Though too many large shareholders’shares holdings could avoid financial distress in short term,it raises crisis in the long term.If a company in a protective industry or in a region with more government intervention,it could avoid financial distress in short term.But in the long term,it could not achieve sustained growth.In a word,if we want to contribute to sustained growth of private listed companies,we must increase the number of independent directors,reduce large shareholders’ shares holdings,promote competition and reduce government intervention.更多还原