企业平衡增长管理策略研究

On Management Strategy for a Balanced Growth of Enterprises

企业平衡增长作为一种超越增长不足或增长过度的理想增长状态,几乎是所有企业追求的目标。然而,企业能否平衡增长不仅受企业经营和财务两方面诸多因素的制约,同时还与企业所处的发展阶段密不可分。根据平衡增长理论模型,结合企业不同发展阶段的特征,企业可以通过提高资产报酬率,改变企业的目标资本结构或股利政策,调整实际增长率等策略解决企业成长和成熟阶段平衡增长的矛盾。

A Balanced growth of enterprises, as an ideal growth rate which overcomes the rapid growth or the slow growth, has become almost all enterprises＇ dream. However, as to an enterprise, whether to attain the balanced growth is not only constrained by its financial ratios, but also closely connected with its present development stagel According to the theory of Balanced Growth Management and the properties analysis of enterprise＇s life cycle, three basic strategies are put forward to sustain the balanced growth in the paper： the first is to raise the Return On Assets, the second is to adjust the target capital structure or the Retention Rate; the last is to change the Actual growth rate.