The Life Cycle，Business Strategy，and Selection and Transition of the Financial Patterns in Chinese Family-owned Companies
The biggest bottleneck that the family-owned companies in China have faced during their growth process isfinancing difficulty.This paper discusses how the Iife cycle.business strategy,and other factors affect the selection and transition of financial patterns in Chinese family-owned companies under thefinancing difficulty background.Based on the case of the Mengniu Dairy Company,this paper constructs an integrated theoretical framework,and points out that life cycle and business strategy are two important factors influencing selection and transition of family-owned companies’financial patterns in China.The life cycle directly affects family-owned companies’optional financial patterns and their transitions；the business strategy affects the demand for financial capital of family-owned companies and thereby indirectly affects the selection and transition of family-owned companies’financial patterns.In addition， the Iife cycle affects the selection and transition of family-owned companies’financial patterns by affecting the choice of business strategy.
Business strategy Family-owned companies Financial pattern Financing difficulty Life cycle
Yan-fang XU Wei CAO Rui-zhong ZHANG
Business School.Renmin University of China.Beijing.P.R.C.100872
国际会议
The Second China Private Economy Innovation International Forum(第二届中国民营经济创新国际论坛)
浙江台州
英文
424-431
2009-08-21（万方平台首次上网日期，不代表论文的发表时间）