Study Of High-tech Firm Exit

The increase of economic efficiency comes from two aspects:one is the improvement of internal configuration of enterprises,and the other is the elimination of inefficient enterprises. The current studies of enterprises mainly focus on their efficiency of internal configuration and pay little attention to the exit of enterprises.From the perspective of firm exit,this paper explores in detail and systematically the relative factors that affect the exit of high-tech firms,the different effects of different forms of ownerships on high-tech firm exit,and the trend of the influences of market force and administrative power on firm exit.Based on Cox Proportional Hazard Rate Model,this research shows that the higher the scale of enterprise assets,efficiency,technical income and R & D investment,the lower the probability of firm exit;and it's much easier for the enterprises of higher asset-liability ratio to exit;but the influences of the asset-liability ratio on the enterprises of different ownerships are different: non-public ownership enterprises are the most affected,and for the public ownership enterprise, the higher its relationship of administrative subordination,the less influence it receives,which indicates that the impact of administrative barrier on firm exit still remains.This paper also validates that the efficiency is increasingly becoming an important factor in the exit of high-tech firms,which proves that the market force becomes more and more powerful with the development of economic reforms and improvement of enterprise system.Furthermore,the empirical study shows that the forms of ownership and the relationship of administrative subordination are becoming less protective in the exit of high-tech enterprises,which reveals that the administrative protection for firm exit is gradually decreasing.Besides,the influences of technical income and R & D investment on the high-tech firm exit are apparent,which to some extent reflect some common characteristics of the high-tech firms in China.