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1、InTheirOwnWordsROBERTC.HIGGINSONSUSTAINABLEGROWTHMostfinancialofficersknowintuitivelythatittakesmoneytomakemoney.Rapidsalesgrowthrequiresincreasedassetsintheformofaccountsreceivable,inventory,andfixedplant,which,inturn,requiremoneytopayforassets.Theyalsoknowthatif
2、theircompanydoesnothavethemoneywhenneeded,itcanliterally“growbroke.”Thesustainablegrowthequationstatestheseintuitivetruthsexplicitly.Sustainablegrowthisoftenusedbybankersandotherexternalanalyststoassessacompany’screditworthiness.Theyareaidedinthisexercisebyseveral
3、sophisticatedcomputersoftwarepackagesthatprovidedetailedanalysesofthecompany’spastfinancialperformance,includingitsannualsustainablegrowthrate.Bankersusethisinformationinseveralways.Quickcomparisonofacompany’sactualgrowthratetoitssustainableratetellsthebankerwhati
4、ssueswillbeatthetopofmanagement’sfinancialagenda.Ifactualgrowthconsistentlyexceedssustainablegrowth,management’sproblemwillbewheretogetthecashtofinancegrowth.Thebankerthuscananticipateinterestinloanproducts.Conversely,ifsustainablegrowthconsistentlyexceedsactual,t
5、hebankerhadbestbepreparedtotalkaboutinvestmentproductsbecausemanagement’sproblemwillbewhattodowithallthecashthatkeepspilingupinthetill.Bankersalsofindthesustainablegrowthequationusefulforexplainingtofinanciallyinexperiencedsmallbusinessownersandoverlyoptimisticent
6、repreneursthat,forthelong-runviabilityoftheirbusiness,itisnecessarytokeepgrowthandprofitabilityinproperbalance.Finally,comparisonofactualtosustainablegrowthrateshelpsabankerunderstandwhyaloanapplicantneedsmoneyandforhowlongtheneedmightcontinue.Inoneinstance,aloana
7、pplicantrequested$100,000topayoffseveralinsistentsuppliersandpromisedtorepayinafewmonthswhenhecollectedsomeaccountsreceivablethatwerecomingdue.Asustainablegrowthanalysisrevealedthatthefirmhadbeengrowingatfourtosixtimesitssustainablegrowthrateandthatthispatternwasl
8、ikelytocontinueintheforeseeablefuture.Thisalertedthebankerthatimpatientsupplierswereonlyasymptomofthemuchmorefundamentaldiseaseofoverlyrapidgrowth,andth
