Structural Equation Model Testing Of The Factors Affecting Enterprise Growth And Their Action Mechanism Based On The Samples Of Large Enterprises In China

Enterprise growth is the inevitable process of enterprise's survival and development,and is affected by many factors from inside and outside the enterprise.This paper attempts to analyze the impact of these factors on the growth of enterprises and its specific mechanism from four dimensions:production factors input,M&A and reorganization,technological innovation and international operation.This paper chooses the structural equation model as an analytical tool to reveal the effects of factor input,merger and acquisition,technological innovation and international operation on the growth of enterprises,and the effects of the corresponding observed variables.The research contents of this paper include the following three aspects:firstly,through literature review,clear research variables and put forward research hypotheses;secondly,build the path model of each variable,collect sample data,and use structural equation model to test hypotheses;thirdly,put forward relevant policies and countermeasures according to the test results.The thesis is divided into six chapters.The first chapter is the introduction,mainly introduces the background of this paper and research issues raised,elaborates the evolution of the theme of this paper at home and abroad as well as the theoretical and practical significance of carrying out this study,clarifies the research object,content and logical framework of this paper,explains the paper will be used with the research method and the technical route of the promotion indicate the innovative achievements of this paper,which have made the readers clearly grasp the research basis,ideas,content,value and significance of this paper.The second chapter is the literature review of enterprise growth research,mainly reviewing and sorting out the published research literature,including the introduction of the origin and evolution of enterprises,the review of foreign important research literature from 10 perspectives of classical economic theory of enterprise growth,such as the classical economic theory of enterprise growth and the neoclassical traditional analysis of enterprise growth,and from this paper reviews and collates the relevant domestic literatures from seven perspectives,such as the basic theory of enterprise growth and the sustainable growth of enterprises.Chapter 3 is the study of variables and research hypotheses,involving the setting of implicit variables and observation variables,and on the basis of literature review,10 implicit variable hypotheses and 39 observation variable hypotheses are proposed.The fourth chapter is the research object selection and data processing.The paper takes the large enterprises involved in the top 500 Chinese enterprises,the top 500 Chinese manufacturing enterprises and the top 500 Chinese service enterprises as the research objects,and collects the research data on this basis.The fifth chapter is the empirical test of research hypothesis.Firstly,the research model is constructed and revised,and then the sample data is substituted into the output results of the model calculation and the test results of path coefficient.On this basis,the calculation and test results of the action path of hidden variables and the action path of observed variables are analyzed concretely,and the test conclusions of all hypotheses are drawn.Chapter 6 is the conclusion and prospect of the study,summarizes five important research conclusions,and puts forward four countermeasures and suggestions to promote the quality of enterprise growth,points out the shortcomings in the research process of this paper,and prospects the follow-up research progress.In this paper,we test the hypothesis by using the date of the top 500 manufacturing enterprises in China in 2017 as subsample,and only the hypothesis H4(enterprise factor input has a significant positive impact on enterprise growth)is strictly supported.There are four of the other nine hypotheses(hypothesis H1,hypothesis H5,hypothesis H6 and hypothesis H9)which are not included in the test category due to modeling reasons,and have to be supplemented by correlation analysis.Among the other five hypotheses that were not supported,hypothesis H2 could be considered valid to some extent,but not rigorous.Although the paths represented by hypothesis H3 and hypothesis H7 do show weak positive effects,they are not significant and therefore do not support the hypothesis of significant positive effects.The path coefficients represented by hypothesis H8 and hypothesis H10 are weakly negative,which is completely opposite to the hypothetical direction of positive influence,and therefore neither of them can be tested.Of the 39 sub-hypotheses,18 were strictly supported;2 showed a higher positive impact,but failed to pass the test because of a slightly higher significance level than 0.05;7 research hypotheses had the same direction of action as the original hypothesis,but had little effect,and did not pass the test.In addition,there are 12 research hypotheses that actually show different degrees of negative impact,contrary to the original hypothesis,and therefore can not be supported.Based on the empirical results of sample data,the research finds that:(1)The factors affecting the growth of enterprises are complex and the effect is uncertain;(2)Factor input is an important basis for enterprises to carry out technological innovation and a key force to promote the growth of enterprises;(3)R&D intensity can not only help the growth rate,but also effectively improve the quality of enterprise growth;(4)International operation is an important force to accelerate the growth of enterprises,and the improvement of growth quality is more from overseas assets;(5)M&A quantity can accelerate the growth of enterprises,but also improve the quality of enterprise growth.Therefore,in order to promote the quality of enterprise growth and achieve high-quality development,enterprises should take measures in the following four aspects:(1)Continuously optimize the allocation of assets and take the quality of assets as the key to promote the quality of growth;(2)Take technological innovation as an important driving force to improve the quality of growth,and vigorously promote the transformation of achievements;(3)Further deepen international operations,actively promote mergers and acquisitions and reorganization that are conducive to improving quality and efficiency;(4)Do a good job in talent storage and development,and strengthen the development of human resources with high quality.