希金斯可持续成长模型探析

本文探讨了希金斯可持续成长模型的理论渊源,分析了其存在的缺陷和应用中应注意的问题。推导了动态可持续成长模型及其各种变形,提出了用销售百分比法预测可持续成长速度的局限性,给出了用资产增长速度代替销售增长速度的可持续成长模型。

Analysis on Higgins Sustainable Growth Model

This article firstly discussed the theory origin of Higgins Sustainable Growth Model, pointed out the defects of the Model and the questions should be noticed in its application. Then, the author discussed the Dynamic Sustainable Growth Model and its transitions, analyzed the limits of forecasting sustainable growth rate through percentage-of-sales method. Lastly, the author suggested a sustainable growth model with assets growth rate instead of sales growth rate.