中小民营企业可持续增长案例分析—以北京自强不干胶制品有限公司为例摘要可持续增长率是企业现有财务资源所能够支持的销售收入的最大增长率,代表企业最适宜的增长速度。企业的财务管理目标是企业价值最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标, 有利于企业价值的持续增加；而将企业价值最大化作为财务管理目标又有利于企业的可持续增长, 可持续增长率与财务管理目标密切相关。本文将北京自强不干胶制品有限公司为案例研究中小民营企业可持续增长率与企业自身的财务能力和资源相关性作为研究起点,试图探讨可持续增长率对企业发展的影响。关键词：可持续增长率；财务管理目标；企业价值；现金流量AbstractSustainable growth rate is the biggest rate of sales revenues growth sustained by an enterprise’s financial resources, which rep resents the suitable growth speed of t he enterprise. The goal of enterprise’s financial management is enterprise value maximization. But the key factor of enterprise value is expected cash flow which sales revenues growth caused. To use sustainable growth rate as sales revenues growth can favor a sustainable increase in enterprise value , and use enterprise value maximization as financial management goal can favor a sustainable growth too1 There is a higher correlation between sustainable growth rate and financial management goal1 This article take t he correlation of sustainable growth rate and financial management goal as starting point s for research , and attempts to understand sustainable growth rate in view of financial management goal.Key words : Sustainable growth rate ;Financial management goal;Enterprise value;Cash flow目 录一、引言..................................................................................................................2（一）研究背景与意义.........................................................................................21．研究背景.........
