In recent years, influenced by external economic environment and policy, resource-based enterprises have integrated and merged on a large scale. The sustainable growth of resource-based enterprises has important significance for China's macroeconomic operation. The way of merger that enterprises adopt has influence on the sustainable development of the enterprise in the process of merger and reorganization. Taking case method, this article selects two typical resource-based enterprises and uses Higgins model to calculate the sustainable growth rate and the real growth company. The financial data of the two enterprises before and after the merger are compared and the result shows that the actual growth of the enterprise adopting asset acquisition tends to depart from the sustainable growth rate after the merger. Through scientific integration and operation, the risk of excess growth can be effectively controlled to make the actual growth rate close to the sustainable growth rate.%近年来，无论是受外部经济环境还是政策的影响，资源型企业进行了大规模整合兼并。资源型企业能否实现可持续增长对国家宏观经济运行有重要意义。企业采用的兼并方式在兼并重组过程中对企业后续发展的可持续性有影响。本文采用案例研究法，选取两家具有代表性的资源型企业，通过Higgins模型计算出可持续增长率和公司实际增长率，比较两家企业在兼并前后一段时间内的财务数据，结果得到，采取资产收购方式的企业在兼并后更容易出现实际增长对可持续增长率背离的现象。通过科学的整合和运营，能对超额增长的风险控制进行有效控制，使得实际增长率接近可持续增长率水平。
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