我国稀土企业经历了产业发展从快速扩张到低迷再到寻求科学发展的过程， 仍然面临严峻考验，其中追求快速增长导致财务风险的出现，对很多企业而言， 是其面临的重大问题。审视财务可持续增长问题，对于从根源上控制和化解财务 危机，引导企业健康发展意义重大。 本文以北方稀土为案例研究对象，利用收集的财务数据，通过Higgins可持 续增长模型计算可持续增长率，对比企业实际增长率，结果发现，相比于可持续 增长率，企业实际增长率要相对更高，企业有增长过快现象。在此基础上，进一 步对企业可持续增长的驱动因素：销售净利率、总资产周转率、权益乘数以及留 存收益率展开全方位的研究分析。分析显示，企业增长过快主要是由于上市之初 主营业务收入连续多年大幅上升，而且呈上升走势的权益乘数和维持较高水平的 留存收益率都不能抑制销售净利率下降以及较低水平的总资产周转率导致的可持 续增长率走低造成的。 研究发现,增长过快使得企业面临着销售净利率低，应收账款占资金比重高， 资本结构和债务期限结构不合理，以及股利分配政策不合理等问题。根据存在问 题，本文有针对性地提出优化企业可持续增长方面的对策建议：加强成本费用控 制,增强企业盈利能力；提高资产管理水平,提升资产运营效率；优化资本结构， 改善债务期限结构；合理权衡收益留存与股利支付等。 关键词：财务可持续增长，影响因素，北方稀土 II Abstract China's rare-earth corporations still face grim tests when the rare-earth industrial development from rapid expansion to depression to seeking scientific development. Financial risk which is caused by the irrational pursuit of the sales growth, is a major problem for many enterprises.Therefore,it has certain theoretical and practical significance to research on the financial sustainable growth of enterprises, which is helpful in controlling and resolving the financial crisis from its root. This paper takes Northern Rare Earth as a case,used the date we have collected,after compared SGR counted by Higgins model and its real Growth Rate,we find that the case growth to rise sharply relative to sustainable growth.On this basis, further comprehensive to study the impact of net profit margin on sales, total asset turnover, equity multiplier and retention rate on the sustainable growth of enterprises in the paper. According to the research, the main reason for the rapid growth of enterprises is that the primary business income has increased significantly year by year at the beginning of listing, moreover, the rising equity multiplier and the high retained rate of return cannot restrain the sustainable growth rate decline caused by the decline of the net profit margin on sales and low levels of the total asset turnover rate. The study found that the problems are the low net profit margin on sales ,larger receivable proportion of account,unreasonable capital structured and debt maturity structure, and unreasonable dividend distribution.Based on the above case results,management of sustainable growth of enterprises,we should pay attention to control cost and improve profitability; attach importance to raise capital management level and improve the capital operation. At the same time,we should optimize capital structure and debt maturity structure and adjust the dividend policy to promote to realize the sustainable growth of enterprises.