voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2022-3-77-97voprecotest-3750Research ArticleМИКРОЭКОНОМИКАMICROECONOMICSСтилизованный цикл жизни быстрорастущих фирм в РоссииStylized life cycle of high-growth companies in Russiahttps://orcid.org/0000-0003-3724-7149БарановаЕ. И.BaranovaE. I.

Баранова Елена Игоревна, к. э. н., ст. преподаватель

Москва

Elena I. Baranova

Moscow

elena.baranova@ru.pwc.comhttps://orcid.org/0000-0002-5011-9830ЮдановА. Ю.YudanovAndrei Y.

Юданов Андрей Юрьевич, д.э.н., проф., ординарный профессор

Москва

Andrei Y. Yudanov

Moscow

yudanov@yandex.ruФинансовый университет при Правительстве РФРоссияFinancial University under the Government of the Russian FederationRussian Federation202210032022037797Copyright © Voprosy Ekonomiki, NP, 20222022Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/3750

В статье предпринята попытка эмпирически выявить стилизованный цикл жизни быстрорастущих компаний (фирм-газелей, БРК). Этот цикл рассчитан в реальном времени путем обобщения динамики основных показателей 11 поколений БРК (7743 фирмы). На базе его анализа установлены не отраженные ранее в литературе эффекты. 1) Наличие триггерной точки, в которой смена бизнес-модели вызывает катастрофическое ухудшение основных показателей, но одновременно открывает путь к быстрому росту в новом направлении (феномен «внутреннего созидательного разрушения»). 2) Опережающий рост прибыльности по сравнению с выручкой на этапе быстрого роста БРК. Это объясняет механизм самофинансирования на данном этапе в условиях дискриминации БРК со стороны внешних инвесторов. 3) Сохранение повышенной инвестиционной активности газелей после окончания этапа быстрого роста. Наращивание инвестиций свидетельствует о том, что экс-БРК предпринимают реальные усилия по возобновлению роста и, следовательно, обладают потенциалом в качестве объектов государственной поддержки.

The article is devoted to the empirical identification and analysis of the stylized life cycle of high-growth companies (gazelle firms, HGFs). The stylized cycle is calculated in real time by summarizing the dynamics of the main indicators of 11 generations of HGFs (7743 firms). On the basis of this analysis, the effects not previously described were established. (1) The presence of a trigger point at which a change in the business model causes a catastrophic deterioration in the main indicators, but at the same time opens the way to rapid growth in a new direction (the phenomenon of internal creative destruction). (2) Outstripping growth in profitability compared to revenue in the midst of a phase of rapid growth of HGFs. This fact explains the mechanism of self-financing of the rapid growth stage in the conditions of well-known discrimination of HGFs by external investors. (3) Preservation of increased investment activity of gazelles after the end of the stage of rapid growth. The high level of investment shows that ex-HGFs are making real efforts to resume growth and, therefore, have the potential as objects of state support.

быстрорастущие компаниигазелистилизованные фактыцикл жизни фирмытриггерная точкасозидательное разрушениеhigh-growth companiesHGFsgazellesstylized factslife cycle of the companytrigger pointcreative destructionReferencesБаранова Е. И. (2017). Опыт эмпирического определения цикла жизни фирмы // Экономика, налоги и право. Т. 10, № 3. С. 92—105.Baranova E. I. (2017). Experience of empirical estimation of the company life cycle. Economics, Taxes & Law, Vol. 10, No. 3, pp. 92—105. (In Russian).Бархатов В. И., Плетнев Д. А. (2015). Успешность быстрорастущих предприятий среднего бизнеса в России // Вестник Пермского национального исследовательского политехнического университета. Социально-экономические науки. № 4. С. 65—81.Barkhatov V. I., Pletnev D. A. (2015). Success of fast-growing medium-sized enterprises in Russia. Vestnik Permskogo Natsionalnogo Issledovatelskogo Universiteta. Social and Economic Sciences, No. 4, pp. 65—81. (In Russian).Безручко П., Розин М. (2021a). Три логики организационной трансформации: часть первая, логика эволюции // Harvard Business Review Россия. 25 мая. https://hbr-russia.ru/management/upravlenie-izmeneniyami/871263/Besruchko P., Rosin M. (2021a). Three logics of organizational transformation: Part one, the logic of evolution. Harvard Business Review Russia, May 25. (In Russian). https://hbr-russia.ru/management/upravlenie-izmeneniyami/871263/Безручко П., Розин М. (2021b). Три логики организационной трансформации: часть вторая, логика адаптации // Harvard Business Review Россия. 7 июня. https://hbr-russia.ru/management/upravlenie-izmeneniyami/873039/Besruchko P., Rosin M. (2021b). Three logics of organizational transformation: Part two, the logic of adaptation. Harvard Business Review Russia, June 7. (In Russian). https://hbr-russia.ru/management/upravlenie-izmeneniyami/873039/Безручко П., Розин М. (2021c). Три логики организационной трансформации: часть третья, персональная логика // Harvard Business Review Россия. 18 июня. https://hbr-russia.ru/management/upravlenie-izmeneniyami/874655/Besruchko P., Rosin M. (2021c). Three logics of organizational transformation: Part three, personal logic. Harvard Business Review Russia, June 18. (In Russian). https://hbr-russia.ru/management/upravlenie-izmeneniyami/874655/Земцов С. П., Чернов А. В. (2019). Какие высокотехнологичные компании в России растут быстрее и почему // Журнал Новой экономической ассоциации. № 1. С. 68—99. https://doi.org/10.31737/2221-2264-2019-41-1-3Zemtsov S. P., Chernov A. V. (2019). What high-tech companies in Russia grow faster and why? Journal of the New Economic Association, No. 1, pp. 68—99. (In Russian). https://doi.org/10.31737/2221-2264-2019-41-1-3Ивашковская И. В., Константинов Г. Н., Филонович С. Р. (2004). Становление корпорации в контексте жизненного цикла организации // Российский журнал менеджмента. № 4. С. 19—34.Ivashkovskaya I. V., Konstantinov G. N., Filonovich S. R. (2004). Formation of a corporation in the context of the life cycle of the organization. Russian Journal of Management, No. 4, pp. 19—34. (In Russian).Медовников Д. С., Оганесян Т. К., Розмирович С. Д. (2018). Актуальные тренды развития российских быстрорастущих технологических компаний (на основе опроса компаний, участвующих в рейтинге «ТехУспех»). М.: Институт менеджмента инноваций.Medovnikov D. S., Oganesyan T. K., Rozmirovich S. D. (2018). Current trends in the development of Russian fast-growing technology companies (based on a survey of companies participating in the TechUspekh rating). Moscow: Institute of Innovation Management. (In Russian).Медовников Д. С., Оганесян Т. К., Розмирович С. Д., Степанов А. К., Шишов Е. С. (2021). Российские быстрорастущие компании: Размер популяции, инновационность, отношение к господдержке. М.: НИУ ВШЭ.Medovnikov D. S., Oganesyan T. K., Rozmirovich S. D., Stepanov A. K., Shishov E. S. (2021). Russian fast-growing companies: Population size, innovativeness, attitude to state support. Moscow: HSE Publ. (In Russian).Полунин Ю. А., Юданов А. Ю. (2016). Российские быстрорастущие компании: испытание депрессией // Мир новой экономики. № 2. С. 103—112.Polunin Y. A., Yudanov A. Y. (2016). Russia’s high-growth companies: Tested through depression. The World of New Economy, No. 2, pp. 103—112. (In Russian).Полунин Ю. А., Юданов А. Ю. (2020a). Господдержка быстрорастущих компаний: рождение новой идеологии промышленной политики? // Мир новой экономики. Т. 14, № 1. С. 62—76. https://doi.org/10.26794/2220-6469-2020-14-1-62-76Polunin Y. A., Yudanov A. Y. (2020a). The public policy to support high growth firms: Is a new ideology of industrial policy born? The World of New Economy, Vol. 14, No. 1, pp. 62—76. (In Russian). https://doi.org/10.26794/2220-6469-2020-14-1-62-76Полунин Ю. А., Юданов А. Ю. (2020b). Метод анализа экономических процессов в условиях нестабильности (на примере анализа динамики выручки российских компаний) // Экономический журнал ВШЭ. Т. 24, № 4. С. 622—649. https://doi.org/10.17323/1813-8691-2020-24-4-622-649Polunin Y. A., Yudanov A. Y. (2020b). Method for analyzing economic processes in conditions of instability (on the example of analyzing the dynamics of revenue of Russian companies. HSE Economic Journal, Vol. 24, No. 4, pp. 622—649. (In Russian). https://doi.org/10.17323/1813-8691-2020-24-4-622-649Semenova N. M. (2015). Financing of fast-growing companies: Specifics and problems. Economics and Entrepreneurship, No. 5, Part 1, pp. 799—806. (In Russian).Semenova N. M. (2015). Financing of fast-growing companies: Specifics and problems. Economics and Entrepreneurship, No. 5, Part 1, pp. 799—806. (In Russian).Yudanov A. (2007). Fast growing firms (“gazelles”) and the evolution of Russian economy. Voprosy Ekonomiki, No. 2, pp. 85—100. (In Russian). https://doi.org/10.32609/0042-8736-2007-2-85-100Yudanov A. (2007). Fast growing firms (“gazelles”) and the evolution of Russian economy. Voprosy Ekonomiki, No. 2, pp. 85—100. (In Russian). https://doi.org/10.32609/0042-8736-2007-2-85-100Adizes I. (1979). Organizational passages — Diagnosing and treating lifecycle problems of organizations. Organizational Dynamics, Vol. 8, No. 1, pp. 3—25. https://doi.org/10.1016/0090-2616(79)90001-9Adizes I. (1979). Organizational passages — Diagnosing and treating lifecycle problems of organizations. Organizational Dynamics, Vol. 8, No. 1, pp. 3—25. https://doi.org/10.1016/0090-2616(79)90001-9Adizes I. (1989). Corporate lifecycles: How and why corporations grow and die and what to do about it. Englewood Cliffs, NJ: Prentice Hall.Adizes I. (1989). Corporate lifecycles: How and why corporations grow and die and what to do about it. Englewood Cliffs, NJ: Prentice Hall.Aldaas A. (2021). The effect of firm life cycle on profitability: Evidence from Jordanian firms. Management Science Letters, Vol. 11, pp. 1919—1926. https://doi.org/10.5267/j.msl.2021.1.009Aldaas A. (2021). The effect of firm life cycle on profitability: Evidence from Jordanian firms. Management Science Letters, Vol. 11, pp. 1919—1926. https://doi.org/10.5267/j.msl.2021.1.009Anthony J. H., Ramesh K. (1992). Association between accounting performance measures and stock prices: A test of the life-cycle hypothesis. Journal of Accounting and Economics. Vol. 15, No. 2—3, pp. 203—227. https://doi.org/10.1016/0165-4101(92)90018-WAnthony J. H., Ramesh K. (1992). Association between accounting performance measures and stock prices: A test of the life-cycle hypothesis. Journal of Accounting and Economics. Vol. 15, No. 2—3, pp. 203—227. https://doi.org/10.1016/0165-4101(92)90018-WArti G. G., Medvedev D., Olafsen E. (2019). High-growth firms: Facts, fiction, and policy options for emerging economies. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-1368-9Arti G. G., Medvedev D., Olafsen E. (2019). High-growth firms: Facts, fiction, and policy options for emerging economies. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-1368-9Benedetti Fasil C., Domnick C., del Rio J.-C., Fákó P., Flachenecker F., Gavigan J. P., Janiri M. L., Stamenov B., Testa G. (2021). High growth enterprises in the COVID-19 crisis context: Demographics, environmental innovations, digitalization, finance and policy measures. Luxembourg: Publications Office of the European Union. https://doi.org/10.2760/63402Benedetti Fasil C., Domnick C., del Rio J.-C., Fákó P., Flachenecker F., Gavigan J. P., Janiri M. L., Stamenov B., Testa G. (2021). High growth enterprises in the COVID-19 crisis context: Demographics, environmental innovations, digitalization, finance and policy measures. Luxembourg: Publications Office of the European Union. https://doi.org/10.2760/63402Birch D.L. (1979). The job generation process. Cambridge, MA: MIT Program on Neighborhood and Regional Change.Birch D.L. (1979). The job generation process. Cambridge, MA: MIT Program on Neighborhood and Regional Change.Brown R., Mawson S. (2013). Trigger points and high-growth firms: A conceptualization and review of public policy implications. Journal of Small Business and Enterprise Development, Vol. 20, No. 2, pp. 279—295. https://doi.org/10.1108/14626001311326734Brown R., Mawson S. (2013). Trigger points and high-growth firms: A conceptualization and review of public policy implications. Journal of Small Business and Enterprise Development, Vol. 20, No. 2, pp. 279—295. https://doi.org/10.1108/14626001311326734Brown R., Mawson S., Mason C. (2017). Myth-busting and entrepreneurship policy: The case of high growth firms. Entrepreneurship and Regional Development, Vol. 29, No. 5—6, pp. 414—443. https://doi.org/10.1080/08985626.2017.1291762Brown R., Mawson S., Mason C. (2017). Myth-busting and entrepreneurship policy: The case of high growth firms. Entrepreneurship and Regional Development, Vol. 29, No. 5—6, pp. 414—443. https://doi.org/10.1080/08985626.2017.1291762Chandler A. (1962). Strategy and structure. Cambridge, MA: MIT Press.Chandler A. (1962). Strategy and structure. Cambridge, MA: MIT Press.Coad A. (2007). Firm growth: A survey. Papers on Economics and Evolution, No. 0703. Max Planck Institute of Economics.Coad A. (2007). Firm growth: A survey. Papers on Economics and Evolution, No. 0703. Max Planck Institute of Economics.Coad A., Daunfeldt S.-O., Halvarsson D. (2018). Bursting into life: Firm growth and growth persistence by age. Small Business Economics, Vol. 50, No. 1, pp. 55—75. https://doi.org/10.1007/s11187-017-9872-8Coad A., Daunfeldt S.-O., Halvarsson D. (2018). Bursting into life: Firm growth and growth persistence by age. Small Business Economics, Vol. 50, No. 1, pp. 55—75. https://doi.org/10.1007/s11187-017-9872-8Daunfeldt S.-O., Halvarsson D. (2015). Are high-growth firms one hit wonders? Evidence from Sweden. Small Business Economics, Vol. 44, No. 2, pp. 361—383. https://doi.org/10.1007/s11187-014-9599-8Daunfeldt S.-O., Halvarsson D. (2015). Are high-growth firms one hit wonders? Evidence from Sweden. Small Business Economics, Vol. 44, No. 2, pp. 361—383. https://doi.org/10.1007/s11187-014-9599-8Dickinson V. (2011). Cash flow patterns as a proxy for firm life-cycle. Accounting Review, Vol. 86, No. 6, pр. 1969—1994. https://doi.org/10.2308/accr-10130Dickinson V. (2011). Cash flow patterns as a proxy for firm life-cycle. Accounting Review, Vol. 86, No. 6, pр. 1969—1994. https://doi.org/10.2308/accr-10130Dillen Y., Laveren E., Martens R., De Vocht S., Van Imschoot E. (2014). Growth persistence and profile robustness of high-growth firms. International Journal of Entrepreneurial Venturing, Vol. 6, No. 4, pp. 299—330. https://doi.org/10.1504/IJEV.2014.066836Dillen Y., Laveren E., Martens R., De Vocht S., Van Imschoot E. (2014). Growth persistence and profile robustness of high-growth firms. International Journal of Entrepreneurial Venturing, Vol. 6, No. 4, pp. 299—330. https://doi.org/10.1504/IJEV.2014.066836Gardner J. W. (1965). How to prevent organizational dry rot. Harper‘s Magazine, October, pp. 27—32.Gardner J. W. (1965). How to prevent organizational dry rot. Harper‘s Magazine, October, pp. 27—32.Greiner L. (1972). Evolution and revolution as organizations grow. Harvard Business Review, Vol. 50, No. 4, pp. 37—46.Greiner L. (1972). Evolution and revolution as organizations grow. Harvard Business Review, Vol. 50, No. 4, pp. 37—46.Hanks S. H., Watson C. J., Janssen E., Chandler G. N. (1994). Tightening the life-cycle construct: A taxonomic study of growth stage configurations in high-technology organizations. Entrepreneurship: Theory & Practice, Vol. 18, No. 2, pp. 5—29. https://doi.org/10.1177/104225879401800201Hanks S. H., Watson C. J., Janssen E., Chandler G. N. (1994). Tightening the life-cycle construct: A taxonomic study of growth stage configurations in high-technology organizations. Entrepreneurship: Theory & Practice, Vol. 18, No. 2, pp. 5—29. https://doi.org/10.1177/104225879401800201Hinfelaar S., Corbey M., de Roon F. (2019). Company life cycle models and business valuation. Maandblad voor Accountancy en Bedrijfseconomie, Vol. 93, No. 9/10, pp. 285—296. https://doi.org/10.5117/mab.93.37561Hinfelaar S., Corbey M., de Roon F. (2019). Company life cycle models and business valuation. Maandblad voor Accountancy en Bedrijfseconomie, Vol. 93, No. 9/10, pp. 285—296. https://doi.org/10.5117/mab.93.37561Hölzl W. (2014). Persistence, survival, and growth: A closer look at 20 years of fast-growing firms in Austria. Industrial and Corporate Change, Vol. 23, No. 1, pp. 199—231. https://doi.org/10.1093/icc/dtt054Hölzl W. (2014). Persistence, survival, and growth: A closer look at 20 years of fast-growing firms in Austria. Industrial and Corporate Change, Vol. 23, No. 1, pp. 199—231. https://doi.org/10.1093/icc/dtt054Kaldor N. (1961). Capital accumulation and economic growth. In: F. A. Lutz, D. C. Hague (eds.). The theory of capital. Proceedings of a conference held by the International Economic Association. London: Palgrave Macmillan, pp. 177—222.Kaldor N. (1961). Capital accumulation and economic growth. In: F. A. Lutz, D. C. Hague (eds.). The theory of capital. Proceedings of a conference held by the International Economic Association. London: Palgrave Macmillan, pp. 177—222.Levie J. D., Lichtenstein B. (2010). A terminal assessment of stages theory: Introducing a dynamic states approach to entrepreneurship. Entrepreneurship: Theory & Practice, Vol. 34, No. 2, pp. 317—350. https://doi.org/10.1111/j.1540-6520.2010.00377.xLevie J. D., Lichtenstein B. (2010). A terminal assessment of stages theory: Introducing a dynamic states approach to entrepreneurship. Entrepreneurship: Theory & Practice, Vol. 34, No. 2, pp. 317—350. https://doi.org/10.1111/j.1540-6520.2010.00377.xMcKelvie A., Wiklund J. (2010). Advancing firm growth research: A focus on growth mode instead of growth rate. Entrepreneurship: Theory & Practice, Vol. 34, No. 2, pp. 261—288. https://doi.org/10.1111/j.1540-6520.2010.00375.xMcKelvie A., Wiklund J. (2010). Advancing firm growth research: A focus on growth mode instead of growth rate. Entrepreneurship: Theory & Practice, Vol. 34, No. 2, pp. 261—288. https://doi.org/10.1111/j.1540-6520.2010.00375.xMogos S., Davis A., Baptista R. (2021). High and sustainable growth: Persistence, volatility, and survival of high growth firms. Eurasian Business Review, No. 1/2021, pp. 135—161. https://doi.org/10.1007/s40821-020-00161-xMogos S., Davis A., Baptista R. (2021). High and sustainable growth: Persistence, volatility, and survival of high growth firms. Eurasian Business Review, No. 1/2021, pp. 135—161. https://doi.org/10.1007/s40821-020-00161-xMonteiro G. F. A. (2019). High-growth firms and scale-ups: A review and research agenda. RAUSP Management Journal, Vol. 54, No. 1, рр. 96—111. https://doi.org/10.1108/RAUSP-03-2018-0004Monteiro G. F. A. (2019). High-growth firms and scale-ups: A review and research agenda. RAUSP Management Journal, Vol. 54, No. 1, рр. 96—111. https://doi.org/10.1108/RAUSP-03-2018-0004Pletnev D., Barkhatov V. (2020). Ups and downs of high-growth firms in Russia. In: G. Prostean et al. (eds.). Innovation in sustainable management and entrepreneurship (Springer Proceedings in Business and Economics). Cham: Springer, рр. 127—136. https://doi.org/10.1007/978-3-030-44711-3_10Pletnev D., Barkhatov V. (2020). Ups and downs of high-growth firms in Russia. In: G. Prostean et al. (eds.). Innovation in sustainable management and entrepreneurship (Springer Proceedings in Business and Economics). Cham: Springer, рр. 127—136. https://doi.org/10.1007/978-3-030-44711-3_10Scale-Ups.EU (2020). European scale-up report 2019. Scale-Ups.EU, 15 January. http://files-eu.clickdimensions.com/vlerickcom-au1op/files/european-scaleup-report.pdf?1578995809631&_cldee=cGV0ZXIub29tc0BmZG1hZ2F6aW-5lLmJl&recipientid=contact-1d759184a48adf118a58005056a64c14-d083e6033444443899b9840613779a58&esid=7da28923-b036-ea11-9411-005056973a2dScale-Ups.EU (2020). European scale-up report 2019. Scale-Ups.EU, 15 January. http://files-eu.clickdimensions.com/vlerickcom-au1op/files/european-scaleup-report.pdf?1578995809631&_cldee=cGV0ZXIub29tc0BmZG1hZ2F6aW-5lLmJl&recipientid=contact-1d759184a48adf118a58005056a64c14-d083e6033444443899b9840613779a58&esid=7da28923-b036-ea11-9411-005056973a2dWarusawitharana M. (2018). Profitability and the lifecycle of firms. The B.E. Journal of Macroeconomics, Vol. 18, No. 2, рр. 1—30. https://doi.org/10.1515/bejm-2017-0124Warusawitharana M. (2018). Profitability and the lifecycle of firms. The B.E. Journal of Macroeconomics, Vol. 18, No. 2, рр. 1—30. https://doi.org/10.1515/bejm-2017-0124Yan Z., Zhao Y. (2010). A new methodology of measuring corporate life-cycle stages. International Journal of Economic Perspectives, Vol. 4, No. 4, рр. 579—587.Yan Z., Zhao Y. (2010). A new methodology of measuring corporate life-cycle stages. International Journal of Economic Perspectives, Vol. 4, No. 4, рр. 579—587.Yoo J., Lee S., Park S. (2019). The effect of firm life cycle on the relationship between R&D expenditures and future performance, earnings uncertainty, and sustainable growth. Sustainability, Vol. 11, No. 8, article 2371. https://doi.org/10.3390/su11082371Yoo J., Lee S., Park S. (2019). The effect of firm life cycle on the relationship between R&D expenditures and future performance, earnings uncertainty, and sustainable growth. Sustainability, Vol. 11, No. 8, article 2371. https://doi.org/10.3390/su11082371

The authors declare that there are no conflicts of interest present.