基于“可持续增长”理论的房地产上市公司增长模式研究  

The Growth Model Research on the Listed Real Estate Company Based on the "Sustainable growth rate" Theory

作　　者：张红[1] 高帅[1] 

机构地区：[1]清华大学房地产研究所,北京100084

出　　处：《经济与管理》2015年第2期91-96,共6页Economy and Management

基　　金：国家自然科学基金项目(71373143)

摘　　要：基于罗伯特·C.希金斯的可持续增长理论模型,对房地产上市公司的增长方式进行研究表明,房地产上市公司的实际增长率部分年份超过了可持续增长率,但房地产上市公司及时调整,大部分年份实现了"可持续增长"模式,避免了财务恶化。在此基础上剖析影响房地产上市公司可持续增长率与实际增长率的内因,以及部分年份二者背离的原因,给出防范财务风险的预案;相应总结房地产上市公司为了实现可持续增长,使其与实际增长较为匹配可采取的措施,为其他行业的健康发展提供相应借鉴。Based on the classical Robert.C. Higgins sustainable growth model, for the empirical research of the sustainable growth of the Chinese listing Real estate company, the real growth rate（RGR） supassed the sustainable growth rate（SGR）. But the listing corporation adjust the relationship of SGR with RGR timely, making the real estate enterprises to achieve sustainable growth, avoid financial deterioration. On the basis of analyzing the internal factors affecting the real estate listing Corporation sustainable growth rate and the real growth rate, reason and part year two deviation, given the financial risk prevention plan; The corresponding summary of the real estate listing Corporation to achieve sustainable growth, the real growth, and more measures to be taken, to provide the corresponding reference for the healthy development of other industries.

关 键 词：实际增长率 可持续增长率 房地产上市公司 影响因素 权益资本 

分 类 号：F830.2[经济管理—金融学]