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Sustainable Growth Strategies in Financial Management

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Explore sustainable growth models in financial management including new asset financing, liabilities, equity, and capital sources analysis. Case studies and graphical representations included.

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Sustainable Growth Strategies in Financial Management

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  1. MANAGING GROWTH CHAPTER FOUR

  2. FIGURE 4-1 New Sales Require New Assets, Which Must Be Financed Liabilities and owners’ equity Assets New assets supporting increased sales New borrowings Increases in Owners’ equity

  3. FIGURE 4-2 A Graphical Representation of Sustainable Growth Balanced growthg* = 1.4 x ROA Cash deficits Balanced growthg* = 0.4 x ROA Cash surpluses

  4. TABLE 4-1 A Sustainable Growth Analysis of U.S. CellularCorporation, 1997-2001

  5. FIGURE 4-3 U.S. Cellular Corporation’s Sustainable Growth Challenges, 1997-2001

  6. TABLE 4-2 Sources of Capital to U. S. Nonfinancial Corporations, 1965-2001 Available at http://www.federalreserve.gov/releases/z1/current/data.htm

  7. TABLE 4-3 A Sustainable Growth Analysis of Ametek, Inc., 1997-2001

  8. FIGURE 4-6 Ametek, Inc.’s Sustainable Growth Challenges, 1997-2001

  9. FIGURE 4-5 Net New Equity Issues 1965-2001

  10. FIGURE 4-5 (Continued) Sources. Federal Reserve System, Flow of Funds Accounts ofthe United States, www.federalreserve.gov/releases/z1/current/data.htm. Bank of Japan, Flow of Funds, Non-financial Corpor- ations, http://www.boj.or.jp. U.K. Office of National Statistics, Financial Account: Non-financial Corporations, www.statistics .gov.uk. Note: $169.4 billion of equity issued by Vodafone to acquire Mannesmann in 2000 are omitted from U.K. figures because German equity falls by an equal amount.

  11. FIGURE 4-6 Gross Public Equity Issues and Initial Public Offerings, 1970-2001

  12. FIGURE 4-6 (Concluded) Note: New equity is publicly issued stock including preferred stock. IPOs exclude overallotment options but include the international tranche, if any. Sources: Federal Reserve Bulletin, Table 1.46, "New Security Issues U.S. Corporations," various issues for gross public equity issues; Securities Data Corporation as cited in Jay R. Ritter, "Some Factoids About the 2001 IPO Market," bear.cba.ufl.edu/ritter/ipo2001.pdf.

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