The Driving Mechanism And Measurement Reseach On Firms’ Accelerated Growth

Firm growth is of great significance to the improvement of industrial competitiveness and the development of national economy and society,and it is also an important guarantee for the promotion of social employment.Therefore,it has been the focus and hot topic of extensive attention in the field of economics and management at home and abroad.Researchers have conducted extensive research on the mechanism and influencing factors of firm growth,and formed many theoretical viewpoints.However,in the practice of firm growth,it is not difficult to find that there are huge differences in the growth rate of different firms.The growth rate of some firms is much higher than that of other competitors in the industry,that is,they have "accelerated,growth.Such firms are of great significance for China’s economic transformation,improving the speed and quality of economic development and creating employment opportunities.But what is the concept of firms’ accelerated growth?What are the drivers of firm accelerated growth?How about the measurement methods and defining criteria for the accelerated growth of firms?Such as the above problems,the traditional theory of firm growth can’t give a reasonable explanation.Based on the traditional firm growth theory,this paper analyzes the phenomenon of accelerated growth of firms,and studies the definition,characteristics,connotation,diversified modes and driving factors of accelerated growth of enterprises,as well as the measurement methods and standards of accelerated growth of firms.The main research work and conclusions are as follows:(1)The concept of"acceleration" is introduced in this paper to describe the basic concepts and characteristics of the accelerated growth of firms.That is to say,the accelerated growth of a firm is a process in which the growth rate of the enterprise is increased within a certain period of time and the growth acceleration is greater than 0.In addition,compared with competitors,the larger the acceleration is,the greater the potential for future growth will be.Accelerated growth of firms has the basic characteristics of relativity,dynamics,continuity and risk.(2)From the perspective of connotation of firm growth,the four-dimensional space model system is constructed.In other words,the connotation of accelerated growth of firms includes the following four dimensions:time characteristic dimension,firm size dimension,firm quality dimension and firm innovation ability dimension,on this basis,the relationship between each dimension is deeply analyzed.The accelerated expansion of firm scale,the accelerated improvement of quality and the accelerated enhancement of innovation capability work together to form a so virtuous cycle,that firms can surpass their competitors and achieve accelerated growth.(3)From the perspective of the main driving force for the accelerated growth of firms,it is proposed that the accelerated growth model of firms has the characteristics of diversification,that is to say,the accelerated growth of firms can be divided into the following different models:the scale-driven accelerated growth pattern,quality development-oriented accelerated growth pattern,innovation-driven accelerated growth pattern and multi-factor synergistic accelerated growth pattern,which including scale-quality dual factor driven type,scale-innovation dual factor driven type,quality-innovation dual factor driven type,and three factors balanced to accelerate growth.Furthermore,the connotation,characteristics,specific manifestation and driving mechanism of each accelerated growth mode are analyzed and described.(4)From the perspective of firm competitive advantage,the relationship between technological innovation and firm growth is examined and analyzed.On this basis,enterprises with accelerated growth and those without accelerated growth are classified,the method based on panel data regression model demonstrates that,the promotion of frim’s innovation ability is one of the important driving force of firm’s accelerated growth.(5)On the basis of the above research,appropriate measurement indexes are selected to construct the "SQI" model measurement index system(i.e.,the three-dimensional measurement index system of size,quality and innovation ability)for the accelerated growth of firms.Based on the "SQI"three-dimensional measurement index system,combined with the concept and measurement formula of firm growth acceleration,this paper synthesized the firm growth acceleration index of 236 manufacturing firms listed on GEM,and finally obtained the ranking of the above 236 firms in terms of their accelerated growth,and analyzed the different modes of firm growth acceleration.(6)Although the growth of firms should pursue the joint improvement and development of scale,quality and innovation capacity,in reality,firms tend to pursue the expansion of scale excessively.Therefore,this paper studies the relationship between the accelerated expansion of firm scale and the healthy growth of firms.The conclusion shows that there is an inverted U-shaped relationship between the acceleration of the expansion of firm scale and the healthy growth of enterprises.It reveals that the expansion of firm scale should be adapted to firm’s own management level,the blind pursuit of the rapid expansion of scale will increase the probability of firm management dilemma,adverse impact on the healthy growth of firms.This conclusion is consistent with the main idea of the theory of scale economy,which reflects the rationality of measuring the growth of firms by acceleration.