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1、AbstractAbstractAlongwiththeintegrationoftheglobaleconomic,companiesarefacingtotheincreasinglycompetitiveenvironment.ThecommonpursuitofmostChineseenterprisesistoseeksurvivalanddevelopmentthroughexpansion.Asthefinancialcrisiscompanygrowing,thefinancialp
2、roblemsinenterpriseexpansionareincreasinglyhighlighted.ThispaperbasesontheSurvivalfactortheory,combinetheenterprisefailurecasesinChina,exploringtherelationsbetweenthefeaturesofexpansivecompanyandcorporatefinancialcrisis,economycyclefluctuationandcorpor
3、atefinancialcrisis,industrialfactorsandcorporatefinancialcrisisbylogisticpaneldatamodel(randomeffect).Thecontentmainlyincludesfourparts:Thefirstpartreviewstherelationsbetweencorporatefeaturesandcorporatefinancialcrisis,economycyclefluctuationandcorpora
4、tefinancialcrisis,industrialfactorandcorporatefinancialcrisis,aimstofindoutideasandtheframebycardingthecurrentresearch,whichpavethepathtostudytheinfluencefactorsofexpansivecorporatefinancialcrisis.Thesecondpartcombthedefinitionofexpensiveenterprises,wa
5、ysandspecialfinancialactivitiesinthefirst;Secondly,combinethefailurecasestoexploretheinfluenceofitsoccurringfinancialcrisisbytheexpensivecorporatefeatures,andreachfinancialcharacteristicparameters;Thirdly,analyzetherelationsbetweeneconomycyclefluctuati
6、onandcorporatefinancialcrisisinthebasisofthedrivingfactorsoftheeconomycycle.Finallyillustratethattheindustrialfactorisalsoimportantdeterminantstotheprobabilityofexpensivecorporatefinancialcrisisoccurrencebythetwosidesofindustrialpolicyandthetypesofindu
7、strycompetition.Thethirdpartisempiricalanalysisupontheexpensivecorporatefinancialcrisis.ThispartexploretheinfluenceofitsoccurringfinancialcrisisbytheexpensiveIIAbstractcorporatefeatures,economycyclefluctuationandindustrialfactorbylogisticpaneldatamodel
8、(randomeffect),adoptinglistedexpensivecompaniesin2005-2010asthesample,takingnegativenetoperativecashflowafterdeductinginterestexpenseasthesignofcorporatefinancialcrisis.Inselectingindicators,thisarticlechoosesthefinancialindicatorstorep