导　　师： 章丽萍

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 华东交通大学

摘　　要： 随着社会经济的发展,上市公司逐步发展成为企业的中坚力量和精英,成为现代区域经济发展的原动力和加速器,成为区域经济发展中最有活力、最具创造力、最富竞争力的微观主体。上市公司已成为推动全省经济增长的一股重要力量,在促进江西经济发展、经济结构调整、现代企业制度建设方面发挥了举足轻重的作用。从财务角度研究公司的可持续增长,有助于对上市公司的可持续增长状况进行系统的分析,找出其中存在的问题,使其在营销、财务和制造方面做出更有根据、更明智的决策;有助于上市公司会计信息的使用者做出更理性的选择;同时,从财务角度研究公司的可持续增长,可以及时指导江西省已上市、拟上市及其他中小型企业的增长策略,使其健康平稳发展,从而为江西省经济快速发展夯实基础,为中部崛起的愿望能早日实现发挥着重要的作用。 在评述企业持续发展理论的基础上,对比分析了典型的可持续增长模型,对上市公司可持续增长的内部和外部影响因素进行了深刻的分析。采用对比研究的方法,研究了江西省上市公司的发展现状,分析了江西省上市公司的发展环境。基于江西省上市公司发展现状,借助美国资深财务学家罗伯特·希金斯可持续增长模型,选择江西省截止2007年底已在上海、深圳证券交易所上市且剔除被ST、发生连续亏损等后的20家A股上市公司为研究对象,运用威尔科克森的数理统计方法从总体、行业、年份、公司等四个方面检验了江西省上市公司2000-2007年度的可持续增长情况。 从总体和年份来看,样本均未实现可持续增长;从行业来看,仅有农林牧渔业与医药、生物制品制造业行业实现了可持续增长,且大多数是处于快速增长;从单个公司来分析,20家样本公司有12家上市公司实现了可持续增长,另外8家未实现可持续增长。而且,实际增长率与财务可持续增长率能够保持基本一致的公司很少,盲目追求高速增长的情况非常严重,这说明财务可持续增长问题并未得到上市公司足够的重视,江西省上市公司可持续增长状况不容乐观。 以实证分析结果为依据,从股权结构、治理结构、融资结构、资产运营能力等方面进一步探究了江西省上市公司财务可持续增长中存在的问题和产生的原因,并有针对性的给出了促进江西省上市公司可持续增长的建议。 With the development of social economy, listed companies have worked up to be the backbone of modern enterprises, which on the other hand has been the driving force and accelerator, the most dynamic, creative, competitive micro-participates of modern regional economic development. Now listed companies have turned into a kind of significant power to promote economical growth of the entire province and played a decisive role in driving economic development, adjustment of the economic structure and construction of modern enterprise system in Jiangxi Province. Research from a financial angle of the corporate sustainable growth helps to systematically analyze the status of the listed companies by identifying the problems and making much far wiser decision in marketing, finance and manufacture; helps the supervisor in listed companies who concern about accounting information make more reasonable choices. Meanwhile, Research from the financial standpoint of the corporate sustainable growth helps to give a timely guide to strategic growth of the have-been listed companies, to-be listed corporations and medium and small-sized enterprises to develop in a stable and healthy way, by which enhances the foundation for the rapid development of Jiangxi Province. Far more, that is an indispensable key for Jiangxi province to be the rising power of central China. On the basis of briefing the sustainable development of enterprises, this text comparatively analyzes the typical model of sustainable growth and makes an in-depth analysis on the internal and external factors that affect sustainable growth of listed companies. By adopting comparative study method the paper studies present development circumstances of listed companies of the Jiangxi Province and analyzing state-of-the-art of listed companies in Jiangxi province. On the basis of state-of-the-art of listed companies in Jiangxi province, by virtue of Sustainable Growth Model of Robert Higgins, one American senior financial scholar, selecting 20 listed companies in A share that have occurred successive loss and delisted in Shanghai Stock Exchange and Shenzhen Stock Exchange by the end of 2007, the paper inspects instance of sustainable growth of listed companies in Jiangxi province during 2001-2007 in terms of population, industry, year, corporation etc, by means of Wilcoxon’s method of mathematics statistics from financial point of view. Judging from the population and age, the sampled corporations have not achieved sustainable increase yet. Only agriculture, forestry, animal husbandry and fishery and medicines, biological products manufacturing industry achieve sustainable growth, and most of which make a rapid growth. Analyzing from the selected sample companies, of 20 samples, 12 listed companies achieved sustainable growth and the other 8 companies have not yet. Furthermore, few of them achieve to keep actual growth rate consistent with financial actual growth rate, and aimless pursuit of hi-speed growth is very obvious which shows listed companies have not attached importance to its financial sustainable growth. Therefore the status of sustainable growth of listed companies in Jiangxi Province is not so expecting. Evidence-based analysis from the ownership structure, management structure, the structure of financing, asset operating capabilities, etc. the text explores problems and the causes lies in the financial sustainable growth of the listed companies in Jiangxi Province and makes targeted suggestions in promoting sustainable growth of listed companies in Jiangxi Province.

关 键 词： 可持续增长 财务 影响因素 问题 对策

分 类 号： [F275]

领　　域： [经济管理] [经济管理]