The Research On The Theory And Application Of Sustainable Growth Rate Modeling

The problems of Management Increase is the main content and obstacle of company's Financial strategy and Management and has increasingly aroused great concern among home and overseas scholars . Many cases indicate that being lack of knowledge and research on Company's SGR(Sustainable Growth Rate) , many companies go bankrupt because of financial crisis caused by blind high development and at the same time many other companies lose the chances of steady ,high and healthy development .Therefore ,study on SGR is of great importance .This passage state in three parts on the theory and application of SGR models with the background of the listed companies, and on the basis of basic financial theory and the financial problems of Management Increase .Firstly ,through comparative analysis method , it specifies various conceptions and models of SGR and lay much emphasis on the analysis of SGR conceptions and the study of SGR modeling . It shows that SGR is not identically equal to the traditional balance growth, and not just refers to the SGR on sales .but contains more comprehensive connotation .From the dynamic view ,it includes the SGR on sales and on profits as well ,which are the sources of SGR .In comparison ,SGR Modeling constructed on various conception basis not only includes the SGR static modeling on traditional sales ,but also contains the SGR dynamic modeling on improved sales and SGR Modeling on interest per share .Through the improvement and analysis of these models ,it can easily find the key of company's Management Increase .Then, on the basis of the SGR Modeling conceptions and financial significance, this passage embodies modern classical financial theory .such as capital structure theory, dividend policy theory and decision-making of capital theory .It states fully and completely the footstone of financial theory of SGR in the aspect of financial policy and operating efficiency .and therefore ,from the theoritically view ,proves the basic motive force of SGR is not the arrangement of financial policy and system, but the capital efficiency and the correctness of decision-making of capital investment. Owing to the logical similarities between the SGR and financial target this part ends in the new view of this financial target selections .Finally, according to the SGR Models and the results of modern analysis ,it analyse the problems of the listed company from the view of SGR And at the same ,it discusses the application of SGR Modeling in financial planning .And with the specific exampleof QingDao Beer ,a listed company ,it discusses further the problems of Mangement Increase and gives some suggestions .