Empirical study on financial sustainable growth of the family-controlled listed companies in Zhejiang province

被引：3
|
作者：
Song, Qiqi [1 ]
Zhou, Hong [1 ]
机构：
[1] Zhejiang Univ City Coll, Sch Business, Hangzhou 310003, Zhejiang, Peoples R China
来源：
INFORMATION SCIENCE AND MANAGEMENT ENGINEERING, VOLS 1-3 | 2014年 / 46卷
关键词：
family-controlled listed companies; sustainable growth; actual growth;
D O I：
10.2495/ISME20130361
中图分类号：
TP [自动化技术、计算机技术];
学科分类号：
0812 ;
摘要：
The family company is a new force of China's economic. There has been little empirical study for such companies' financial sustainable growth. The paper is based on Robert Higgins' sustainable growth model to calculate the sustainable growth rate (SGR) and the actual growth rate of 30 family-controlled listed companies in Zhejiang province in 2008-2011. The main contribution of the paper is to use 15 financial indicators to make a financial sustainable growth assessment model. The empirical result is that 55% of Zhejiang family-controlled listed companies is the excessive growth. Further, excessive growth ratio is found to be negatively associated with earnings per share, the asset-liability ratio, and operating cash flow. The result can provide a reference for the adjustment of the future financial policy.
引用
收藏
页码：271 / 278
页数：8
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