生命周期、经营战略与民营企业的融资模式——基于蒙牛乳业的案例研究

基于对蒙牛乳业的个案分析，本文构建了一个整合的理论框架。该理论框架认为：生命周期、经营战略是影响中国民营企业融资模式选择及变迁的两个重要因素；生命周期直接影响民营企业可供选择的融资模式，经营战略影响民营企业对金融资本的需求量，进而间接影响民营企业的融资模式。此外，生命周期通过影响企业经营战略的选择而影响民营企业的融资模式。本文的研究结论有助于民营企业依据生命周期、经营战略的不同，选择合适的融资模式。

Life Cycle, Business Strategy, and the Selection of Private Enterprises' Financing Patterns: a Case Study Based on Mengniu Diary

Based on the case of Mengniu Dairy Company, this paper constructs and integrates theoretical framework, and points out that life cycle and business strategy are two important factors influencing selection and transition of private enterprises＇ financing patterns in China. The life cycle directly affects private enterprises＇ optional financing patterns and their transitions; and the business strategy affects the demand for financial capital of private enterprises and thereby indirectly affects the selection and transition of private enterprises＇ financing patterns. In addition, the life cycle affects the selection and transition of private enterprises ＇ financing patterns by affecting the choice of business strategy.