Typology of enterprises in high-tech sectors of Russia by their growth in 2013-2017

The article provides a grouping of enterprises according to the dynamics of revenue and a comparative analysis of the differences between the obtained groups of enterprises on a wide range of qualitative and quantitative indicators. The aim of the paper is to identify patterns of successful development of enterprises in high-tech sectors in a crisis by determining the typical characteristics of rapidly growing groups of enterprises and their differences from other groups of enterprises. The object of the research is the enterprises of high-tech industries and services of Russia. The distribution of enterprises into groups and the assessment of the significance of differences in indicators between groups of enterprises is carried out using economic and mathematical methods of analysis. Study period: 2013-2017. The full sample includes 1814 enterprises or 9070 observations for each indicator (panel data). The source of data is the SPARK information system. Results. A significant number of enterprises (157 enterprises) showed high revenue growth (average annual growth of more than 20%) and these enterprises can be considered as gazelle enterprises in a crisis. The analysis showed differences in the sectoral structure and territorial distribution of the formed groups of enterprises. It was found that the share of pharmaceutical and aircraft manufacturing enterprises is higher in the groups that showed high revenue growth compared to the full sample. In the territorial distribution, we determined that the localization in the agglomerations contributed to either high growth or a significant drop in revenue during the crisis. We found that the leading groups of enterprises, compared with other enterprises of the full sample, are younger in age, larger in size, and are characterized by higher growth rates of key financial indicators, as well as higher profitability and financial risk. However, the patterns of behavior of the studied indicators depending on the grouping of enterprises by revenue dynamics are different for different indicators. A linear relationship was revealed only for revenue growth and growth rates of other financial indicators and profitability indicators. For the remaining groups of indicators, nonlinear dependencies are observed. For a number of indicators (age, share of own capital, current liquidity ratio, share of fixed assets in assets, etc.), the dependences are similar to the quadratic function and the values of the indicators of the groups of leading enterprises and outsiders are comparable

Keywords: high-tech sectors, industry, services, development, gazelle companies, typology of enterprises, crisis, Russia, economic and mathematical analysis


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