The Empirical Research On The Sustainability Of Listed Companies' Value Increase

In recent years, fast growth of sales has been the ultimate goal for more and more firms;but unfortunately, the bankrupt firms for fast growth almost amount to those for development lag. For the former, it is not their products, technology and services that cannot accepted by the market, but the fast growth that make these firms cannot control the firm size and exhaust the limited resources of firms. Just for the above causes, the thesis conducts an empirical research on the sustainability of the listed companies' value increase, and hopes to provide theoretical guidance for the development of firms and empirical proof for clarify the correct way of firm growth.The thesis first defines the value-increase companies by using EVA, and proposes the basic hypotheses, and uses independent samples T test and logistic regression to prove the hypotheses, as the followed:(a) There is a significant difference for the growth between the value-increase firms (EVA>0) and non-value-increase firms (EVA<0);averagely, the growth of value-increase firms is higher than that of non-value-increase firms.(b) Fast sales growth and total assets growth do not always mean that the operation of firms is value creation, that is, although there exits the difference for the growth between value-increase firms and non-value-increase firms, the sales growth and total assets growth do not amount to the firms realize the sustainable value increase.(c) Sustainable growth rate is the highest sales growth rate that the firms can obtain under the normal operation conditions;therefore, compared with sales growth rate, SGR can objectively reflect the sustainability of firm growth. The higher the SGR, the higher the possibility of firm's value increase will be.