摘要
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。企业的财务管理目标是企业价值最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标,有利于企业价值的持续增加;而将企业价值最大化作为财务管理目标又有利于企业的可持续增长,可持续增长率与财务管理目标密切相关。本文将以可持续增长率与财务管理目标的相关性作为研究起点,试图从财务管理目标的角度来进一步认识可持续长率。
Sustainable growth rate is the biggest rate of sales revenues growth sustained by an enterprise＇s financial resources, which represents the suitable growth speed of the enterprise. The goal of enterprise＇s financial management is enterprise value maximization. But the key factor of enterprise value is expected cash flow which sales revenues growth caused. To use sustainable growth rate as sales revenues growth can favor a sustainable increase in enterprise value, and use enterprise value maximization as financial management goal can favor a sustainable growth too. There is a higher correlation between sustainable growth rate and financial management goal. This article take the correlation of sustainable growth rate and financial management goal as starting points for research, and attempts to understand sustainable growth rate in view of financial management goal.
出处
《中央财经大学学报》
CSSCI
北大核心
2006年第9期93-96,共4页
Journal of Central University of Finance & Economics
关键词
可持续增长率
财务管理目标
企业价值
现金流量
Sustainable growth rate Financial management goal Enterprise value Cash flow
