论文部分内容阅读
可持续增长率是企业现有财务资源所能够支持的销售收入的最大增长率,代表企业最适宜的增长速度。它克服了企业完全依靠内部资金(包括自然负债增加和留存收益增加)或主要依靠外部资金(包括增加负债和增发新股)均无法支持销售长期持续增长的缺陷,强调在不耗尽财务资源情况下实现企业销售增长与有限财务资源平衡的理念。在一定的假设条件下,企业销售的增长必然引起资产的增加,而资产的增加等于负债和股东权益的增加,因此,可持续增
The sustainable growth rate is the maximum growth rate of sales revenue that an enterprise can support its existing financial resources, representing the most appropriate growth rate for an enterprise. It overcomes the shortcomings that an enterprise can not support long-term sales growth due to its reliance solely on internal funds (including increased natural liabilities and retained earnings) or relies mainly on external funds (including additional liabilities and new issuance of new shares), emphasizing that without financial resources exhausted Achieve business sales growth and limited financial resources balance concept. Under certain assumptions, the growth of enterprise sales will inevitably lead to the increase of assets, while the increase of assets equals the increase of liabilities and shareholders’ equity. Therefore, the sustainable growth