| When measuring the performance of business with the concept of EVA,enterprises should use their raised funds to create additional value that is higher than the cost of capital.At the same time,enterprises should pursue a sustainable growth mode,which shows that corporate finance is sustainable financial growth.The sustainable growth of enterprises is the largest growth of enterprises without the exhaustion of corporate financial resources.Continuous growth means that the value of enterprises is increasing.In the process of development,enterprises need a lot of resources to support the growth of business value.This requires managers to optimize and adjust their financing structure in time.There is a close link among the EVA,the financial sustainable growth and the financing structure.We expect to find out the relationship and combining with the case of Ningbo Shanshan Co.,Ltd.,to study this problem deeply.On this basis the analysis of the three related theory,using model of FanXinjian to analyse the financial data and business data of Shanshan Co.,Ltd.Constitute the EVA/SGR matrix by combining EVA with sustainable growth,the optimization suggestion is different in the corresponding different quadrant in model.In the case analysis,the sustainable growth rate(SGR)of Shanshan Co.,Ltd.remained at a relatively stable level,the actual growth rate fluctuate on the SGR,it can be said Shanshan Co.,Ltd.has achieved sustainable growth.But since 2012,EVA has fluctuated greatly.If the operator wants to achieve the goal of maximizing the wealth of shareholders,they must make timely adjustments to the development strategy and financing structure of enterprises.Through the comprehensive analysis,the article puts forward some suggestions: improving the ability of internal financing,dispose of the investment projects of poor performance and use the equity financing reasonably.In conclusion,the EVA/SGR model has a certain guiding significance and reference in the optimization of financing structure. |
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