江苏医药业上市公司可持续增长的实证研究*

[摘要] 罗伯特· 希金斯的可持续增长模型认为，可持续增长率是指在不需要耗尽财务资源的情况下，公司销售所能增长的最大比率。本文以可持续增长模型作为理论基础，对江苏医药业上市公司可持续增长情况了进行实证研究。研究表明：江苏医药业上市公司的实际增长率超过可持续增长率，并且呈现逐年上升的趋势，这种快速增长会加速企业财务资源的消耗。进一步从财务角度分析了可持续增长的动力因素，并提出了相应的对策建议。

[关键词]可持续增长模型；医药业上市公司； 动力因素；权益资本

Empirical study on the Sustainable Growth of listed companies in Pharmaceutical Industry in Jiangsu province

[Abstract]  According to the sustainable growth model by Robert Higgins，the Sustainable Growth Rate is that, under the condition without using up the finance resources, maximal-ratio of company sales growth that can be achieved. This paper based on the theory of the Sustainable Growth Model (SGM) makes an empirical study on the Sustainable Growth on listed companies in pharmaceutical industry in Jiangsu province.The study shows that the real growth rate of listed companies in pharmaceutical industry in Jiangsu province exceeds the sustainable growth rate, which trends to rising year by year, and that the fast growth will speed up consumption on company finance resources. This paper also makes a further analysis on sustainable growth power factors from a financial perspective and forwards relevant countermeasures and suggestions。

[key words]  Sustainable Growth Model (SGM); listed companies inPharmaceuticalIndustry;

power factors; equity capital.