Study On The Sustainable Growth Of Chinese Publishing Listed Enterprises From Financial Perspective

Chinese public companies were late for restructuring enterprise moderniz--ation as the reason for history and national policy, and they have recently tran-sformed from public institution in planned economy to economic company in market economy, Some of them completed listing and suffering from the test of market. The twelfth5-year plan outline of culture reformation and development was issued on February fifteen of2012. On the same day, the vice-general administration of press and publication-Wu Shulin said when interviewed by the media:" To ensure the development of culture industry, we will make full use of listing tool to promote the core enterprise listed in a planed way and with focuses". General administration of press and publication-Liu Bingjie said on the2012responsible person symposium of principle publication medium groups:" on the basis of completing transforming from business publication unit to enterprise reconstruction, we will immediately start the second reformation". It meant to further promote conversion of the internal operating mechanism, vigorously encourage publication medium enterprise listed and increase efforts to merger, reorganize and reform industrial layout. Therefore there will be more Chinese publication medium enterprise listing on the basis of the49ones.Listing of a company has the strength to raise founds, diversify of risk, inc--rease brand popularity and many other advantages. At the same time it had a higher request for listed enterprises’management and more scientific decision--s-making of the development of enterprise and the speed of increasing. It nee--ded us to use enterprise development growth theory of management, carried on the systematic thinking and analysis and provided theoretical support for the Chinese publishing listed enterprises. As the enterprise growth managme--ent tool,"Sustainable growth model" is the important reference standard when the enterprises formulate the long-term growth speed. The healthy growth of enterprise must be based on the coordination and balance of sales target, business efficiency and financial resources, and sales growth rate in accordan- -ce with the business reality and market situation. Therefore, the article analyz--ed the sustainable growth situation of Chinese publishing listed enterprises by sustainable growth model". It provided a scientific basis and method for Chine--se publishing listed enterprises to make a reasonable development speed.This article selected11publishing listed enterprises as the object of study according to the industry classification standards of CSRC (China Securities Regulation Commission. Firstly, the article constructed a new growth model by improving the Higgins sustainable growth model which was suitable and actual for Chinese publishing listed enterprise development on the basis of summari--zing the relevant research fruits of the domestic and oversea scholars. Secon--dly, the article had a statistics test and empirical analysis for the2009-2011continuous three years’data of the11sample enterprises. The study found that:generally speaking, Chinese publishing listed enterprises maintained a financial sustainable growth trend. From the aspect of year by year, except in2009Chinese publishing listed enterprises didn’t meet the Wilconcox test because of nine sample enterprises’ over-speed growth. In2010and2011, Chinese publishing listed enterprises achieved sustainable growth, passed Wilconcox pairing sample test.Based on the analysis of above, the article put forward several counterme--asures from the business integrating, assets restructuring and dividend policy to make some reference for Chinese publishing listed enterprises implement of sustainable growth.The paper’s main contribution was that introduced sustainable growth model into Chinese publishing listed enterprises financial management and had the whole sample test for all the11publishing listed enterprises. Through the empirical analysis of the sample enterprises’sustainable growth status, the paper provided a new idea for Chinese publishing listed enterprises growth management.