财务管理分析与案例(英文版)3.pptVIP

* Irwin/McGraw-Hill Chapter 4 Managing Growth Copyright ? 2001 by The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 4-1 New Sales Require New Assets, Which Must Be Financed New borrowings Increases in Owners’ equity New assets supporting increased sales Assets Liabilities and owners’ equity Copyright ? 2001 by The McGraw-Hill Companies, Inc. All rights reserved. FIGURE 4-2 A Graphical Representation of Sustainable Growth Cash deficits Balanced growth g* = 1.4 ? ROA Balanced growth g* = 0.4 ? ROA Cash surpluses Copyright ? 2001 by The McGraw-Hill Companies, Inc. All rights reserved. T