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中文摘要：
中国500强有世界级愿景的企业具有高速的成长性,本文研究了其成长的逻辑。由于预算软约束的存在,500强企业不断提高负债,以促进规模的增长。本文研究发现,随着企业财务杠杆的提高,流动资产也大幅度增长,并对企业成长起到部分中介作用,而固定资产在企业总资产比重中显著下降,绝对量也没有显著地提高。这说明,企业在成长过程中,主要依靠的是资源,而没有提高其增长的技术含量,并实现产业升级。销售的增长增加了企业的价值,但是在资产负债率的调节作用下,企业价值反而下降,500强企业的世界级愿景在引领企业做大的同时没有做强。
英文摘要：
Chinese top 500 enterprises which have world-class visions grow rapidly,and this paper investigates the logic under the growth. Because of the soft budget constraint,the top 500 enterprises enlarge their debts continually in order to promote the growth of their scales. This paper finds that as the enterprises＇ financial leverage increase,the current assets augment substantially as well,and it brings partial mediating effects to the growth of the enterprises. But the percentage of the fixed assets to the total assets decreases sharply. This reveals that the growth of the enterprises mainly depends on resources,but not on the techniques. The sales growth increases the value of the enterprises,while decreasing the moderating effect of financial leverage. The world-class visions of the Chinese top 500 enterprises only lead the enterprises to larger scales but fail to help them grow stronger.
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