产业生命周期理论是影响企业外部环境的重要因素,企业在投资决策时必须考虑在产业生命周期的不同阶段采取不同策略:第一,需求明朗和快速上升阶段,采用激进的债务融资,扩大规模和市场份额。第二,残酷竞争阶段,推出新产品,注意销售收入、现金流、利润的结合;通过保守的财务选择,储备融资能力。第三,分化整合阶段,优势企业需要锻炼自己的兼并技能。第四,平衡与联盟阶段,必须找到发展核心业务的新途径,创造新一轮的增长机会。 The theory of industrial life cycle is an important factor that affects the external environment of enterprises. When making investment decisions, enterprises must consider different strategies in different stages of the industrial life cycle. First, when demand is clear and rapidly rising, aggressive debt financing is adopted to expand the scale and market share. Second, the stage of brutal competition, the introduction of new products, pay attention to sales revenue, cash flow, the combination of profits; through conservative financial options, reserve financing ability. Third, differentiation and integration phase, the advantages of enterprises need to exercise their own mergers and acquisitions skills. Fourth, in the balance and alliance phase, new ways of developing core businesses must be found, creating a new round of growth opportunities.