Managing Growth(11页).pptVIP

Chapter 4 Managing Growth FIGURE 4-1 New Sales Require New Assets, Which Must Be Financed FIGURE 4-2 A Graphical Representation of Sustainable Growth TABLE 4-1 A Sustainable Growth Analysis of Triad Guarantee Inc., 1994 - 1998 FIGURE 4-3 Triad Guarantee Inc., Sustainable Growth Challenges, 1994 - 1998 TABLE 4-2 Sources of Capital to U.S. Nonfinancial Corporations, 1965 - 1998 FIGURE 4-4 Net New Equity Issues, 1965 - 1998 FIGURE 4-5 Gross New Equity Issues and Initial Public Offerings, 1970 -1998 FIGURE 4-5 (Concluded) Footnote TABLE 4-3 The Timberland Company, Sustainable Growth Calculations, 1995 - 1998 FIGURE 4-6 Timberland Company’s Sustainable Growth Problems, 1995 -1998 *Copyright ? 2001 by The McGraw-Hill Companies, Inc. All rights reserved. Irwin/McGraw-Hill* New borrowings Increases in Owners’ equity New assets supporting increased sales Assets Liabilities and owners’ equity Cash deficits Balanced growth g* = 1.4 ? ROA Balanced growth g* = 0.4 ? ROA Cash surpluses Sources: Federal Reserve System, Flow of Funds Accounts, 1949-78, and Flow of Funds Accounts, various issues. Available at http://www.bog.frb.fed.us/releases/z1/htm. Sources: Federal Reserve System, Flow of Funds Accounts, 1949-78 and various issues; OECD, Financial Statistics, Part 2, Financial Accounts of OECD Countries, various issues. Continued Note: New equity includes limited partnerships, preferred stock, and other equity. Sources: Federal Reserve Bulletin, Table 1.46, “Securities Markets and Corporate Finance,” various issues for gross new equity issues; Securities Data Corporation as cited in Scott Reeves, “Best Worst,” Barron’s, December 15, 1997, for initial public offerings. Half Table 4-3 Triad Table 4-3 Sheet1 Set SPWS_WBID B9724533-32CB-11D3-A3D1-EF0EF84990FD Ticker TGIC TICKER: SIC: Sales-Net Common Equity-Total Com Shares Outstanding Net Income (Loss) Profit margin Retention ratio Asset turnover Financial leverage Sustainable growth rate Actual - sustainable growth rate Actua