股权融资和稳定股利政策下的可持续增长率模型

企业发展是企业谋求其长期生存发展的有效途径,但企业的长期过快增长通常导致财务资源高度紧张,企业增长过慢可能导致企业在竞争中处于不利地位,企业应该在保持目标经营效率和财务政策条件下,利用股东权益的增长获取相应的负债增长,保持企业销售增长与财务资源增长同步,使企业持续均衡发展。本文在介绍了内部增长率的基础上,分析了可持续增长率模型及其隐含的基本假设,在此基础上,推导出新情况下的可持续增长率模型,并对新模型在财务规划中的应用进行了初步探讨。

Sustainable Growth Rate Modeling under the Policy of Equity Growth and Fix Amount of Dividends

the development of enterprise is the effective way to live longer, but develop too quickly and slowly will do the same harm to enterprises. They should get relevant debt growth through equity interest growth, keep sales the same increasing rate as financial resources and the sustainable development of enterprises under the condition of maintaining target operating efficiency and finance policy. The essay introduces internal growth rate and analyze sustainable growth rate (SGR) model and basic connotative assumptions. On the basis of that, the modeling of sustainable growth rate is derived and its application is discussed under different financial planning circumstances.