从可持续增长到可持续价值创造

On Developing Strategies from Sustainable Value Creation instead of Sustainable Growth Rates

许多企业将销售收入的持续增长视为其首当其冲的第一要务,但是可持续增长并不必然促成可持续价值创造,即使是快速的“可持续增长”也是如此。因此,企业不应该首先确定销售增长目标,相反,销售增长应该是追求股东价值最大化目标的结果。企业要实现股东价值最大化,除了要保证销售收入的增长外,还必须使得企业的经营利润率高于保值经营利润率,并努力使这一状态持续更为长久的时间。

Many firms develop strategies from sustainable sales growth rate.However,sustainable growth rates do not necessarily lead to sustainable value creation and even impressive sustainable growth rates can be accompanied by shareholder value decreases.Growth rates should not be established as the targets at the beginning of the strategic planning process.In the shareholder approach,sales growth is not a target,but a consequence of the strategic planning process that attempts to maximize shareholder value.The size of shareholder value creation potential is jointly determined by the sales growth rate,threshold margin and duration.