基于会计信息的企业可持续增长速度的边界

BOUNDARIES FOR SUSTAINABLE GROWTH RATE OF ENTERPRISE BASED ON ACCOUNTING INFORMATION

企业的目标是价值最大化,而实现目标的前提是企业必需保持一种合理、持续的增长速度.企业可持续增长速度可帮助企业动态调整企业价值最大化.本文根据范霍恩和希金斯的静态可持续增长理论和迈克尔.詹森的有效现金流量假说,设置了三个可持续增长速度,构建了基于会计信息的企业可持续增长速度的边界,并用案例予以了佐证.

The goal of an enterprise is to maximize its value,and the premise ior achieving the goat is for the enterprise to retain a reasonable and sustainable growth rate. Enterprise sustainable growth rate is a growth rate with dynamic and continuous adjustment for pursuing enterprise value maximization. There are dynamic and efficient boundaries for the growth rate with different resources. According to the static sustainable growth theory by James C. Van Horne and Robert C. Higgins and the free cash flow hypothesis by Michael Jensen,the paper sets three sustainable growth rates and constructs boundaries for enterprise sustainable growth rates based on accounting information, and introduces a case as a proof.