本文选取2003~2007年中国制造业771434家样本企业建立微观面板数据,采用生存分析中的互补双对数模型,深入考察企业微观金融健康对企业生存的潜在决定性影响;同时又根据中国企业出口高参与度这一典型特征事实,进一步考虑了企业的国际化成长在上述影响中的调节作用;最后又根据中国企业所有制特点考察了不同所有制类型企业的这种作用关系的差异。结果表明,企业的微观金融健康状况对其存活率有着显著的正面影响。进一步细分所有制类型的分类分析表明,国有和非国有两类企业各自的国际化成长,通过不同的微观金融健康指标进一步显著降低了企业经营失败的概率。在此基础上,针对当前“新常态”背景下如何提高中国企业的市场生存能力、实现企业的可持续健康发展,提出了有针对性的政策建议。 This paper selected 771434 sample companies in manufacturing industry in China from 2003 to 2007 to establish micro-panel data, and by using the complementary logistic model in survival analysis, the potential decisive impact of micro-financial health on the survival of enterprises was investigated in depth. At the same time, The fact of participation, which is a typical feature, further takes into account the regulatory role of the internationalization of enterprises in the above-mentioned impact. Finally, this paper examines the differences in the roles of different ownership-type enterprises according to the characteristics of Chinese enterprise ownership. The results show that the micro-financial health of enterprises has a significant positive impact on its survival rate. The further analysis of the sub-types of ownership shows that the respective international growth of state-owned and non-state-owned enterprises further significantly reduces the probability of business failures through different micro-financial health indicators. On this basis, in view of the current “new normal” background how to improve the market viability of Chinese enterprises to achieve sustainable and healthy development of enterprises, put forward targeted policy recommendations.