财务报表、现金流量与财务计划(PPT 60页).pptVIP

The time period is called the planning horizon. This firm could grow assets at 6.71% without raising additional external capital. Relying solely on internally generated funds will increase equity (retained earnings are part of equity) and assets without an increase in debt. Consequently, the firm’s leverage will decrease over time. If there is an optimal amount of leverage, as we will discuss in chapter 13, then the firm may want to borrow to maintain that optimal level of leverage. This idea leads us to the sustainable growth rate. Note that no new equity is issued. The sustainable growt