| The goal of financial management of enterprise is to realize the maximum of enterprise value, with the improvement of the growth rate, the profits of enterprises and enterprise's value will increase, but growth has its limits. Much slow or fast increase can bring the same serious drawback to development of enterprises, then how to utilize the limited financial resource, realize the balancebetween the growth of sale and fund increase has become the focus of business and theory circles. With Robert Higgins presenting sustainable growth model for the first time in 1977, the idea of sustainable growth has been approved extensively abroad and it is applied in big company, such as HP, IBM, etc. In domestic, a lot of listed companies regard growth as primary problem of company's strategic management, but ignore the sustainable growth, then it result in over-estimating the capacity of sustainable growth. It is very common for the company to fall into ST or PT when it is short of assorted approval of resource inside. So, it is not always lucky to grow at top speed. Sustainable growth always is limited in stationary condition. The article does a deep research to sustainable growth of the listed company by adopting norm study method combining with empirical research.There are four parts in this article. The first part is the prelude that introduces the goal of research and the current situation of sustainable growth theory. The second part is the theoretical foundation of the article where we detail the financial sustainable growth model while analyze the influencing factor of sustainable growth of the listed company. In the third part, sustainable growth rate is calculated based on Higgins' sustainable growth model. Furthermore, the financial sustainable growth state of the sample of the listed company is analyzed by using Wilcoxon Signed Ranks from three angleswhich are the whole, the trade and the region. As a result, sustainable growth state is not optimistic. So, more work is needed to do during the period of the financial growth management. Aiming at the problem existing in the financial sustainable growth, the fourth part is to bring forward the countermeasure and proposal. At the same time, regarding one listed company as an example to analyze how to apply the management of the financial sustainable growth to the corporation. |
