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虽然目前国内许多上市公司将发展作为公司战略管理的首要问题,但往往忽略了发展的可持续性,致使企业陷入财务危机。因此,企业有必要保持一种合理、持续的增长速度,企业发展应当与企业各资源协调和配合,即实现可持续发展。本文在借鉴国内外增长理论的基础上,对可持续发展相关概念进行界定,对可持续增长模型进行了阐述分析。然后从财务角度切入,以生物制药行业上市公司为研究对象,基于范霍恩的可持续增长模型,结合威尔科克森符号秩检验法和配对样本T检验法对其可持续发展状况进行实证检验,实证结果表明我国生物制药上市公司未能实现可持续发展,盲目追求高速增长现象较为严重。最后利用线性回归分析对实证结果作进一步分析,对我国生物制药类上市公司实现可持续发展提出改进对策与建议。
Although many domestic listed companies regard development as the primary issue of their strategic management, they often neglect the sustainability of development and cause the enterprises to fall into financial crisis. Therefore, it is necessary for enterprises to maintain a reasonable and sustained rate of growth. Enterprises should coordinate and cooperate with all resources of enterprises to achieve sustainable development. Based on the theories of growth both at home and abroad, this paper defines the related concepts of sustainable development and elaborates the sustainable growth model. Then from the perspective of finance, this paper takes the bio-pharmaceutical industry listed company as the research object, and based on Van Horn’s sustainable growth model, combined with Wilcoxon’s signed-rank test and paired-sample T-test to verify the sustainable development of listed companies Tests and empirical results show that China’s bio-pharmaceutical listed companies failed to achieve sustainable development, blind pursuit of rapid growth is more serious. Finally, the linear regression analysis of the empirical results for further analysis of China’s bio-pharmaceutical listed companies to achieve sustainable development proposed countermeasures and suggestions.