| Since reform and opening up,the economic of China rapidly developing,the growth of GDP from 1978 to 364.5 billion yuan in 2014 to 47.1564 trillion yuan,up by 129 times.As production cell of the national economy,the enterprise growth largely determines the development of the national economy level.The contribution of enterprise cannot be left unrecognized.It is generally believed that growing slowly the enterprise easy to lose market.But according to the survey,the number of companies went bankrupt because of growing too fast as much as a number of companies went bankrupt because of growing slowly.Drive by the misconceptions that enterprise value and profits will,enterprise simply pay attention to expansion.They invest a lot invest a lot of energy and financial resources,manpower on sales growth,market possession.As a result,enterprise profit efficiency drops,shortage of resources,money is tight,or even bankruptcy.In this case,the research of sustainable growth can help enterprises to seize the moment and get a rapid and healthy development.With the rapid development of market economy,the competition between enterprises,enterprise management center of gravity to modern financial transfer.In the face of market uncertainty and complexity of environment,enterprise want to sustainable growth,and sustainable profitability,not only to strengthen their financial management,and combined with the strategy,give full play to its integration of resource allocation in function.Firstly,literature research methods were used to study and sum up both domestic and foreign literatures on sustainable growth and financial strategy selection.In reference to related literature,we use logical and combine the qualitative analysis with quantitative analysis to make profound conclusions.Secondly base on the theory of financial strategy and sustainable growth theory,we combine case analysis the problems of Suning commerce group co.ltd's financial strategy under the view of sustainable growth.And then analyzes the reason of problems.At last proposes some suggestions to improve Suning commerce group co.ltd's financial strategy.This paper includes five chapters,the structure is as follows: The first part is introduction.It introduces the background of study as well as its significance,literature review both home and abroad,research ideas,research methods and essay framework.The second part is an overview of sustainable growth and financial strategy.This part defines the concept of sustainable growth and financial strategy.And this part also introduces the sustainable growth model and the content of the enterprise financial strategy and the environment,and the relationship between the sustainable growth and financial strategy.Cases in the third part introduces the background and Suning commerce group co.ltd of financial strategy,and the problems existing in the current.Base on the company financial status and the main financial strategy,calculate the net interest rate,total asset turnover,equity multiplier and yield.And then use Higgins model to calculate the sustainable growth rate.And then under the condition of Suning commerce group co.ltd's quotient,the paper introduces the Suning commerce group co.ltd's operating strategy,investment strategy,financing strategy and distribution strategy.At last according to the different between Suning commerce group co.ltd sustainable growth rate and the actual growth situation,analyzed the problems existing in the financial strategy.Including working capital operation efficiency is low,the unreasonable debt structure,part of the project investment efficiency is low,low level of dividend payments.The fourth part is based on the problems existing in the course of Suning commerce group co.ltd financial strategy and find out the cause of the problem: enterprise operating strategy ultra,liabilities structure in the accounts payable ratio is too high,diversification strategy make the enterprise resources scattered,capital demand big company transformation and ownership concentration.It lay the foundation for improving the formulation and implementation of financial strategy measures.The fifth part is the suggestions of improve SSuning commerce group co.ltd's financial strategy.Base on the reason of Suning commerce group co.ltd's problems,put forward the suggestions to perfect the current financial strategy.Through to analyse the the main content of business financial strategy and existing problens,we think its sustainable growth management is appropriate.But at the same time the sustainable growth rate is falling.Suning commerce group co.ltd on its financial strategy should also make appropriate adjustments.So,the company's sustainable growth of financial goals can be better implementation.Also it could provides reference value to the similar industry. |
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