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1、P1:OTA/XYZP2:ABCc05JWBT347/MckinseyJune10,201014:18PrinterName:Hamilton5GrowthThebusinessworldisgrippedbygrowth.Thepopularviewisthatacompanymustgrowtosurviveandprosper,andthereiscertainlysometruthtothis.Slow-growingcompaniespresentfewerinterestingopportunitiesformanag
2、ersandsomayhavedifficultyattractingandretainingtalent.Theyarealsomuchmorelikelytobeacquiredthanfaster-growingfirms:overthepast25years,mostofthe340companiesthathavedisappearedfromtheS&P500indexwereacquiredbylargercompanies.Thatexplainswhytoday’spubliccompaniesareundertre
3、mendouspressuretogrow.However,growthcreatesvalueonlywhenacompany’snewcustomers,projects,oracquisitionsgeneratereturnsoninvestedcapital(ROICs)greaterthanthecostofcapital,aswediscussedinChapter2.Andfindinggood,high-value-creatingprojectsbecomesincreasinglydifficultascompa
4、niesgrowlargerandtheirindustriesevermorecompetitive.Toillustrate,in1990,ayearinwhichWal-Martadded57,000newemployees,thecompany’srevenuesgrewby26.3percent.In2003,thecompanygrewphysicallysomuchbiggerthatithadtoaddanother100,000employees,butitsrevenuegrowththatyearwasonl
5、y4.8percent.Toreplicate1990’srevenuegrowth,evenat2003’simprovedlevelsofproductivity,Wal-Martwouldhaveneededtoaddnearlyhalfamillionpeopleinasingleyear—achallengebyanystandards.Achievingtherightbalancebetweengrowthandreturnoninvestedcapitaliscriticallyimportanttovaluecr
6、eation.Ourresearchshowsthatforcompa-nieswithahighROIC,shareholderreturnsareaffectedmorebyanincreaseinrevenuesthananincreaseinROIC.1Indeed,wehavefoundthatifsuchcompanieslettheirROICdropabit(thoughnottoomuch)toachievehighergrowth,theirreturnstoshareholderscanimprove.Con
7、versely,forcompanieswithalowROIC,increasingROICwillcreatemorevaluethangrowingwill.1SeeT.KollerandB.Jiang,“HowtoChoosebetweenGrowthandROIC,”McKinseyonFinance,no.25(Autumn2007):19–22.81P1:OTA/XYZP2:ABCc05JWBT347/MckinseyJune10,201014:18PrinterName:Hamilton82GROWTHJustas
8、executivesneedtounderstandwhethertheirstrategieswillleadtohighreturnsoninvestedcapital,aswediscussedinthepreviouschapter,the
