📚 Growth and survival of firms | 企业的增长与生存
In competitive and concentrated markets, firms must decide not only what price to charge or how much to produce, but also how to expand, defend market share and remain viable over time. This article examines the motives for firm growth, the main internal and external growth methods, the costs and benefits of size, and the reasons why small firms can survive alongside large corporations.
在竞争性市场和集中市场中，企业不仅要决定收取什么价格或生产多少产量，还要决定如何扩张、捍卫市场份额并长期维持生存。本文考察企业增长的动机、内外部增长的主要方式、规模的成本与收益，以及小企业为何能与大企业并存。
1. Why firms grow: motives and objectives | 企业为何增长：动机与目标
Firms may pursue growth to increase profits, gain market power, reduce average costs through economies of scale, diversify risk, and satisfy managerial ambitions such as higher salaries or prestige. In the standard theory of the firm, profit maximisation remains a central assumption, but growth can be an intermediate step toward long-run profit security.
企业追求增长可能是为了增加利润、获得市场势力、通过规模经济降低平均成本、分散风险，以及满足管理者对更高薪酬或声望的追求。在标准厂商理论中，利润最大化仍是核心假设，但增长可以成为实现长期利润安全的中间步骤。
Growth may also reflect the need to survive against larger rivals. In industries with falling average costs or network effects, a firm that does not grow may become uncompetitive and face takeover or exit.
增长也可能反映企业需要与更大竞争对手抗衡以求生存。在平均成本下降或存在网络效应的行业中，不增长的企业可能失去竞争力，面临被收购或退出。
2. Internal growth: organic expansion | 内部增长：有机扩张
Internal growth, also called organic growth, occurs when a firm expands its own capacity by investing in new capital, hiring more labour, opening new outlets or developing new products. It is financed through retained profits, share issues, or borrowing.
内部增长，又称有机增长，是指企业通过投资新资本、雇用更多劳动力、开设新门店或开发新产品来扩大自身产能。其资金来源包括留存利润、发行股票或借款。
Organic growth is usually slower but less risky than mergers because the firm retains full control, builds on existing knowledge, and avoids the cultural clashes of integration.
有机增长通常比并购更慢，但风险更小，因为企业保持完全控制权，依托现有知识，并避免整合过程中的文化冲突。
3. External growth: mergers and takeovers | 外部增长：兼并与收购
External growth involves combining with another firm through a merger (mutual agreement) or a takeover (one firm buys control of another). This route can deliver rapid expansion, acquire new brands, eliminate a rival, or secure access to technology and distribution.
外部增长涉及通过合并（双方协议）或收购（一方购买另一方控制权）与其他企业联合。这种路径可以实现快速扩张、获得新品牌、消除竞争对手，或确保获得技术和分销渠道。
However, external growth often carries high transaction costs, integration problems, and the risk of overpaying for the target firm. The expected synergy may fail to materialise if management cultures clash or if key staff leave.
然而，外部增长往往伴随高交易成本、整合问题以及为目标企业支付过高价格的风险。如果管理文化冲突或关键人员离职，预期的协同效应可能无法实现。
4. Types of integration: horizontal, vertical and conglomerate | 整合类型：横向、纵向与混合
Horizontal integration occurs when firms in the same industry and at the same stage of production merge, such as two supermarkets. It can increase market share and economies of scale, but may be blocked by competition authorities if it substantially reduces competition.
横向整合发生在同一行业、同一生产阶段的企业合并，例如两家超市合并。它可以提高市场份额和规模经济，但如果大幅削弱竞争，可能被竞争监管机构阻止。
Vertical integration links firms at different stages of the same supply chain. Backward integration means buying a supplier, while forward integration means buying a distributor or retailer. This can reduce transaction costs and guarantee inputs or outlets.
纵向整合将同一供应链不同阶段的企业联系起来。后向整合指收购供应商，前向整合指收购分销商或零售商。这可以降低交易成本并保障投入品或销售渠道。
Conglomerate integration combines firms in unrelated markets, often to spread risk across different product lines. The main drawback is that management may lack expertise in the new industry.
混合整合将不相关市场中的企业合并，通常是为了在不同产品线之间分散风险。主要缺点是管理层可能缺乏新行业的专业知识。
| Type | 类型 | Definition | 定义 | Main benefit | 主要优点 |
|---|---|---|
| Horizontal | 横向 | Same industry and stage | 同一行业和阶段 | Market share and scale economies | 市场份额和规模经济 |
| Vertical | 纵向 | Different stages of same supply chain | 同一供应链不同阶段 | Lower transaction costs and secure inputs/outlets | 降低交易成本并保障投入/销路 |
| Conglomerate | 混合 | Unrelated markets | 不相关市场 | Risk diversification | 风险分散 |
5. Economies of scale and firm growth | 规模经济与企业增长
As a firm grows, it can benefit from economies of scale, which reduce long-run average cost as output increases. Internal economies include technical economies from specialised machinery, managerial economies from division of labour, purchasing economies from bulk buying, and financial economies from cheaper borrowing.
随着企业增长，它可以获得规模经济，即随着产量增加长期平均成本下降。内部规模经济包括来自专业化机器的技术经济、来自劳动分工的管理经济、来自批量采购的采购经济，以及来自更低借款成本的财务经济。
These cost advantages can create barriers to entry for smaller rivals and allow large firms to earn higher profit margins or lower prices, reinforcing their market position.
这些成本优势可为较小竞争对手创造进入壁垒，使大企业能够获得更高利润率或降低价格，从而巩固其市场地位。
6. Diseconomies of scale: limits to growth | 规模不经济：增长的制约
Growth does not lower costs indefinitely. Beyond a certain output level, a firm may suffer from diseconomies of scale, where long-run average cost begins to rise. Causes include communication breakdowns, coordination problems, low worker motivation in very large organisations, and slow decision-making.
增长并不会无限降低成本。超过某一产量水平后，企业可能出现规模不经济，即长期平均成本开始上升。原因包括沟通不畅、协调问题、大型组织中员工积极性低以及决策缓慢。
The minimum efficient scale (MES) is the lowest output at which long-run average cost is minimised. If MES is low relative to market demand, many firms can coexist; if MES is high, the market may support only a few large firms.
最低有效规模（MES）是使长期平均成本最低的最低产量。如果 MES 相对于市场需求较低，许多企业可以共存；如果 MES 较高，市场可能只能容纳少数大企业。
7. Survival of small firms | 小企业的生存
Despite the cost advantages of large firms, small firms survive in many markets. They often serve niche markets where demand is too small or too specialised for large-scale production, or they offer personalised services and local knowledge that large firms cannot replicate.
尽管大企业具有成本优势，小企业在许多市场中依然生存。小企业通常服务于需求规模过小或过于专业化的利基市场，或者提供大企业难以复制的人性化服务和本地知识。
Small firms also benefit from lower fixed costs, flexible decision-making, and access to online platforms that reduce marketing and distribution barriers. Some small firms operate as subcontractors to larger firms or fill market gaps ignored by mass producers.
小企业还受益于较低的固定成本、灵活的决策，以及降低营销和分销壁垒的在线平台。一些小企业作为大企业的分包商经营，或填补大规模生产者忽视的市场空白。
8. Principal-agent problem and growth | 委托代理问题与增长
The principal-agent problem arises when the owners (principals) hire managers (agents) who may pursue their own goals, such as revenue growth or empire building, instead of maximising shareholder profit. This can lead to excessive growth at the expense of efficiency.
当所有者（委托人）聘请管理者（代理人）时，可能会出现委托代理问题，因为管理者可能追求自己的目标，如收入增长或建立企业帝国，而不是最大化股东利润。这可能导致以效率为代价的过度增长。
To align incentives, firms use performance-related pay, share options, monitoring by boards, and the threat of takeover. In practice, many firms adopt a satisficing approach, achieving acceptable profit while pursuing growth and stability.
为协调激励，企业采用绩效薪酬、股票期权、董事会监督和收购威胁等手段。在实践中，许多企业采取满意化做法，在获得可接受利润的同时追求增长和稳定。
9. Alternative objectives: profit satisficing and revenue maximisation | 替代目标：利润满意化与收入最大化
The assumption of profit maximisation is often relaxed in the real world. Baumol argued that managers may maximise sales revenue rather than profit, because their salaries, status and job security are often linked to the size of the firm.
在现实中，利润最大化的假设经常被放宽。鲍莫尔认为管理者可能最大化销售收入而不是利润，因为他们的薪酬、地位和工作保障往往与企业规模相关。
Simon’s satisficing model suggests firms aim for a satisfactory level of profit while also meeting other objectives such as market share, sustainability and employee welfare. This explains why firms may continue to grow even when extra growth adds little to profit.
西蒙的满意化模型表明，企业的目标是达到令人满意的利润水平，同时满足市场份额、可持续性和员工福利等其他目标。这解释了为什么企业在额外增长对利润贡献很小时仍继续扩张。
10. Constraints on growth: finance, regulation and competition | 增长的制约因素：融资、监管与竞争
Firm growth is constrained by access to finance. Small and medium-sized enterprises often face higher borrowing costs or limited collateral, which restricts their ability to invest. Even large firms may face shareholder resistance to risky expansion.
企业增长受到融资渠道的制约。中小企业往往面临更高的借款成本或有限的抵押品，从而限制了投资能力。即使是大型企业，也可能面临股东对冒险扩张的抵制。
Regulation and competition policy also limit growth, especially through merger controls that block acquisitions which would create excessive market power. Environmental, labour and planning regulations can raise the cost and time needed for expansion.
监管和竞争政策也限制增长，特别是通过合并控制阻止那些会形成过度市场势力的收购。环境、劳动和规划法规会增加扩张所需的成本和时间。
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