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企业所处生命周期不同,其发展战略、治理结构与资本结构也不同,为了保持企业可持续发展,企业的治理结构、融资行为与不同生命周期阶段的发展战略应保持动态协调,否则,就可能会陷入财务与经营困境,甚至破产倒闭。本文以三九企业集团(简称三九集团)的蜕变为例,对其不同发展战略阶段进行了剖析,意在汲取经验教训、探索企业可持续发展路径,引导更多企业健康发展。
In order to maintain the sustainable development of enterprises, the corporate governance structure, financing behavior and development strategies in different life-cycle stages should be dynamically coordinated. Otherwise, it may be possible for enterprises Will fall into financial and operational difficulties, or even bankruptcy. Taking the transformation of Sanjiu Enterprise Group (hereinafter referred to as Sanjiu Group) as an example, this article analyzes the different stages of its development strategy with the purpose of drawing lessons and exploring the path of sustainable development of enterprises and guiding more enterprises to develop healthily.