摘要： 独角兽企业是颠覆性技术创新的核心载体与新质生产力培育的关键主体。在“十五五”规划期间，应立足全球视野与中国情境，系统剖析独角兽企业发展的现实特征。具体而言，全球独角兽总量攀升但增幅收窄，呈现出中美双极主导、多极崛起与硬科技深度转向态势；中国独角兽呈现出区域梯度集聚、专利量质齐升、战略性新兴产业高度聚焦的特征。基于上述特征，要构建内部能力自驱和外部环境赋能双向耦合的动力机制模型，揭示科技创新、资源整合、组织进化、风险抵抗“四力协同”的正反馈逻辑，及其与创新环境、营商环境、竞争环境、法治环境的联动互促关系。最后，从创新生态、资源配置、组织变革、风险防控四方面入手，为培育具有全球竞争力的独角兽企业提供理论参考。

关键词: 独角兽企业, 高成长企业, 内外协同, 动力机制, 实践进路

Abstract: Unicorn enterprises serve as the core carrier of disruptive technological innovation and a key player in fostering new quality productive forces. Based on a global perspective and Chinese context, it systematically analyzes the realistic characteristics of unicorn enterprise development. Specifically, the total number of global unicorns is rising but with a narrowing growth rate, showing a trend of bipolar dominance by China and the United States, multi-polar emergence, and a deep shift toward hard technology. Chinese unicorns are characterized by regional gradient agglomeration, simultaneous improvement in both the quantity and quality of patents, and a high concentration in strategic emerging industries. On this basis, it constructs a dynamic mechanism model featuring the two-way coupling of internal capability-driven growth and external environment enabled empowerment, and reveals the positive feedback logic of the “synergy of four capabilities”, namely scientific and technological innovation, resource integration, organizational evolution, and risk resistance, as well as their interactive and mutually reinforcing relationships with the innovation environment, business environment, competitive environment, and legal environment. Finally, centering on the internal-external synergy framework, it proposes practical paths for high-quality development from four dimensions: innovation ecology, resource allocation, organizational reform, and risk prevention and control, providing theoretical references and policy implications for cultivating globally competitive unicorn enterprises.

Key words: unicorn enterprises, high-growth enterprises, internal-external synergy, dynamic mechanisms, practical pathways