企业生命周期理论是企业成长发展所遵循的一般规律,国内外学者普遍认为一个正常企业的生命周期应包括创业、高速增长、成熟平稳、衰退和企业再造五个阶段。不同生命周期阶段的企业具有不同的企业内外部环境,企业应根据所处阶段的特点相机制定最优的债务融资决策。1、债务融资结构的种类及特点 The theory of enterprise life cycle is the general rule followed by the growth and development of enterprises. Domestic and foreign scholars generally believe that the life cycle of a normal enterprise should include five stages: start-up, rapid growth, maturity, recession and reengineering. Enterprises with different life cycle stages have different internal and external environments. Enterprises should make optimal debt financing decisions based on the characteristics of the stage. 1, the types and characteristics of debt financing structure