The Optimized Selection Research Of Sustainable Growth Model In The Financial Strategy Matrix

With the development of economic globalization, China capital market and international capital market conform gradually.Ever-changing international economic environment make the modern enterprise management difficulty.For the requirements of enterprise management improved, the modern financial strategic management theory emphasizes that the enterprise management goal should pay more attention to corporate sustainable growth and enterprise value.In 2000, Gabriel Hawawiniand and Claude Vieri establish the Financial Strategy Matrix model combined with enterprise value theory and the model of sustainable growth rate. The Economic Value Added(EVA) and the difference between the Sustainable Growth Rate(SGR) and the Actual Growth Rate(AGR) determine changes in the value and shortage of capital, help managers to take intuitive judgment of the business and financial growth, then develop and adapt to the company’s financial and operating capability of financial budget and decision-making, and provide new ideas for the development of corporate financial strategy.At present, Because of its simplicity and clarity of the characteristics Higgins SGR Model is used the most widely in the theory circle of our country. But in the rapid changing capital market, it is difficult to meet the its demanding applications hypothesis, so many scholars also began to study Van Horn SGR Model, Rappaport SGR Model, Colley SGR Model and other sustainable growth rate model. Therefore, the reasonable choice of SGR Model will directly affect the distribution of the enterprise in the matrix, and has a significant impact on the strategic decision.This paper selects listed companies of the Nonferrous Metal Industry in Shanghai and Shenzhen stock markets as the research object. Relying on guiding ideology of Sustainable Growth Theory and EVA theory, it comprehensivly use of comparative analysis, qualitative research and quantitative research combined research methods. First of all, based on the above four kinds of introduction of SGR Model, analysis the limitations of the model. Secondly, analyze and determine the growing index effecting enterprise value, and do empirical analysis by using two independent samples T test with the selected indicators to make sure of SGR has a significant impact on the enterprise value change initially. Then build Logistic regression model for Logistic regression analysis using SPSS21.0 with the sample data. Get regression analysis results at 95% significant levels, and find the influence level of every SGR calculated by the above 5 SGR Models. Make sure the best SGR Model of the most significant effect on the change of value of the enterprise. Finally, put forward relevant countermeasures, in order to contribute to the future promotion of enterprise value. The research results of this paper help managers to choose the appropriate SGR model, and help to make further adjustments on the basis of the existing capital structure and operating efficiency to promote the enterprise value promotion.