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摘要：随着社会的不断进步，经济的不断发展，企业在日益复杂的市场环境中发展也变得尤为艰难。企业如何能够更好地发展并实现可持续增长，这是横在管理层面前的一道难题。企业在发展过程中考虑最多的就是资金，资金利用不当就会增加企业的经营风险和财务风险，那如何能够保证资金的适度呢？既然企业在发展过程中追求的理想状态是可持续增长，在财务管理上来讲，我们也应当重视可持续增长率这一指标。本文利用希金斯可持续增长模型，通过分析房地产行业样本公司的实际增长率与可持续增长率，判断并了解该行业的增长状况。然后，根据其实际发展情况，介绍缩小实际增长率与可持续增长率之间差异的财务策略。26838
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毕业论文关键词：可持续增长率 希金斯可持续增长模型 财务策略
Sustainable Growth Capability Analysis of Real Estate-- With Poly Real Estate
Abstract: Enterprise development is an important way for enterprises to improve the core competitiveness. With the progress of society and the development of economy, the development of enterprises has become particularly difficult which is in an increasingly complex market environment. It is a problem that cross in front of the management how to develop better and achieve sustainable growth . In the development process what enterprises consider the most is financial resources, too small will not be able to meet the needs of enterprise sales growth and too much will lead to corporate financial funds wasted resources and increased business financial risk. How to ensure appropriate funding it? The ideal state enterprises in the development process of the pursuit of sustainable growth, so in financial management, we must pay attention to the sustainable growth rate. In this paper, we can judge and understand the sustainable growth conditions in the industry through the analysis of real estate companies with sustainable growth rate of real growth by Higgins sustainable growth model. Then, based on their actual growth, we introduce financial strategy when the real growth rate is higher or lower than the sustainable rate of growth.
Key Words：Sustainable Growth Rate, Model Actual Growth Rate of Higgins, Financial Strategy
目 录
一、引言 1
（一）研究背景及意义 1
（二）研究思路及研究的具体框架 2
二、可持续增长能力理论 4
（一）企业增长理论 4
1、企业增长方式 4
2、企业增长指标 5
（二）可持续增长理论 5
（三）可持续增长模型分析 6
1、可持续增长率坐标分析 6
2、可持续增长率因素分析 7
三、房地产行业可持续增长能力的实证研究 9
（一）实证目的 9
（二）样本选取与数据来源 9
（三）指标度量方法 9
（四）描述性统计 10
（五）实证检验及结果分析 10
（优尔）实证结论 12
四、可持续增长的财务策略 14
（一）可持续增长率与实际增长率 14
（二）财务策略 14
1、实际增长率小于可持续增长率的财务策略 14
2、实际增长率大于可持续增长率的财务策略 15
（三）保利地产可持续增长和财务策略分析 15