Abstract: Firms are the lifeblood of a country's economic development, and the in-depth study of the influence factors of firms' rise and fall can help promote the healthy growth of firms. According to the annual data of 140 micro firms in China between 2011 and 2016, the rise and fall of firms are analyzed dynamically by event history analysis。The survival function and risk function graph obtained by the Kaplan-Meier product limit estimation method show that China's high-tech industry has higher health probability and lower probability of crisis than traditional industrial firms. Further study on the influencing factors of firm health is carried out by Cox proportional risk model. The results show that: technological innovation is the protective factor which can significantly improve the health probability of firms, the relationship between the health status of the firm and the process of regional marketization is the inverted U-shaped relationship. Furthermore, the protective degree of technological innovation to firms is improved after the introduction of marketwise factors. In addition, the acceleration of corporate profitability can significantly promote the healthy development of firms, firms' health probabilities are related in a U-shape to firms' accelerated expansion of scale. Based on the above conclusions, this paper puts forward some suggestions to promote the healthy growth of firms from the perspective of innovation-driven, market and government regulation and the scale expansion of firms.