东北高速基于可持续增长的财务管理策略研究工商管理专业论文.docxVIP

Abstract With the most development advantages in economic operation, listed companies in China have become the backbone contributing to the industry’s growth. However, short of the outlook of scientific development and the direction of financial management strategies of company growth, many of them have achieved short-term growth at the expense of the long-term development and as a result of the weak sustainable development capability. Northeast Expressway CO.Ltd is such a company. Therefore, it is particularly important and valuable to identify its problemes in sustainable growth and find the solutions from the perspective of financial management. In this paper, firstly, the research of NECT’s development situations from 199 to 2006 is made. On this basis, the problems of making actual growth higher (lower) than sustainable growth are found: the problem concerned with company’s financial policy and the problem existing in the company’s operation. Through the in-depth analysis, the reasons of current problems in the development of NECT are pinpointed, such as the capital structure preferences for internal gains, the distemperedness in the internal control system, the confusion of diversified decision-making procedures, the defect of corporate governance structure, the lack of executives constraint, insufficient incentive and motivate vacancy. This paper defines the sustainable growth, bases its research on Higgins’ sustainable growth model, makes in-depth analysis of the four elements that affect the sustainable gowth such as retained earnings growth ratio, financial leverage, net profit ratio, and asset turnover ratio, and plans from the perspective of financial management to utilize enterprise resources to achieve the goal of sustainable growth. On these bases, the study of financing structure at home and abroad, financing preference and the relations with the enterprise’s sustainable growth is made. According to our companies’ financing preferences different fr