中华老字号企业可持续增长研究

A Study on the Sustainable Growth of China's Longevity Enterprises from the Financial Perspective

中华老字号是中国长寿企业的代名词。可持续发展是实现中华老字号健康长寿发展的前提,而作为衡量企业可持续发展的重要指标,可持续增长又是重中之重。文章以2006年商务部确定的中国430家中华老字号企业中的39家上市企业为研究样本,以希金斯可持续增长模型为理论依据,实证分析中国长寿企业的可持续增长率与实际增长率之间的关系。研究表明:从企业角度分析,2000—2014年平均可持续增长率洋河股份排名第一,通葡股份排名垫底;从行业分类角度分析,酿酒类与中药类排名靠前;从历年平均角度分析,2000、2001、2007、2008、2009、2012、2013年企业基本实现了可持续增长,除此之外未实现可持续增长。从全样本角度分析,总体增长过快,在经济结构转型期向着增长不足的趋势发展。对此,从财务管理、人力资源和内部运营等企业管理角度出发,对促进长寿企业的可持续增长提出参考建议。

China＇s Time-Honored Brand refers to those longevity enterprises in China. Sustainable development is the basis of the healthy development of China＇s Time-Honored Brand, and sustainable growth plays the key role as an important indicator of sustainable development. Based on the Higgins sustainable growth model, this paper studies 39 listed companies of 430 China＇s Time-Honored Brand which were determined by the Ministry of Commerce in 2006, and analyzes the relationship between sustainable growth rate and the real growth rate of the Chinese longevity enterprises. Research shows that from the perspective of enterprise, Yanghe Brewery Joint-Stock Co., Ltd. ranked first in the average annual sustainable growth rate from2000 to 2014, while Tonghua Grape Wine Co., Ltd. ranked bottom; from the perspective of industry, wine-making industry and traditional Chinese medicine rank top; from the perspective of average annual growth rate, in 2000, 2001, 2007, 2008, 2009, 2012 and 2013, almost all these enterprises achieved sustainable growth; from the perspective of the whole sample, the overall growth is too fast and there is a trend of a lack of growth in the period of economic restructuring. This paper puts forward some suggestions to promote the sustainable growth of longevity enterprises from the perspective of finance, human resources and the operation of enterprise.