财务可持续增长模型在企业的应用分析——以青岛啤酒为例

The Analysis of the Application of Financial Sustainable Growth Model in the Enterprises:Take Qingdao beer as the exampl

以希金斯的财务可持续增长模型为理论基础,分析青岛啤酒2004-2013年的增长状况,研究发现:青啤的实际增长速度基本与可持续增长速度保持一致,其增长效率是销售净利率、总资产周转率、权益乘数与留存收益等驱动因素共同作用的结果.研究表明:青啤管理增长中还需要通过不断加强成本控制,增强盈利能力;强化营运资本的投融资管理,提高营运绩效;优化资本结构,控制财务风险;优化股利政策,增强后续融资能力等措施来保障企业的可持续增长.

With Higgins financial sustainable growth model as the theoretical basis, this paper analyzes the growth status of Qingdao Beer from 2004 to2013. The study has found that Qingdao Beer＇s actual growth rate is basically consistent with its sustainable growth rate, and its growth efficiency is a result of multiple driving factors, including net profit margin on sales, circulating rate of total asset, equity multiplier and retained earning. The research has shown that, in order to safeguard Qingdao Beer＇s sustainable growth, Qing- dao Beer needs to continuously strengthen its cost control, enhance profitability, strengthen investment and financing management of the operating capital, improve operational perfor- mance, optimize the capital structure, control the financial risk, optimize dividend policy, strengthen the follow-up financing ability, etc.