中文摘要：

如何测度企业垂直整合战略，一直是现有企业战略研究的关键。从行业生命周期视角研究发现，不同行业生命周期的企业融资结构与垂直整合战略是不同的，行业发展期和成长期的企业相对偏好股权融资，行业成熟期和衰退期的企业在国家产业政策扶持下，更易获得债务融资；从动态角度来看，企业垂直整合程度越高，融资结构偏离目标融资结构的绝对程度就越小，而企业在实施垂直整合战略时，成长期的企业对偏离目标融资结构的容忍度相对较高，其他时期则更愿意向目标融资结构靠拢。

英文摘要：

How to measure corporate strategy of vertical integration has been a key issue for the existing corpo- rate strategy researches. From the perspective of industry life cycle, it is found that corporate financing structure and vertical integration strategy varies in different industry life cycles. Corporations in developing period prefer equity financing while those in maturity or declining period have easier access to debt financing with the support of national industrial policy. From a dynamic point of view, the higher the degree of vertical integration one cor- poration has, the closer its financing structure gets to the target financing structure. During the implementation of vertical integration strategy, corporations in growth are more tolerant about the deviation from the target fi- nancing structure while those in other periods are more willing to get closer to the target financing structure.