Sustainable growth rate在CFA考試中是可持續(xù)增長(zhǎng)率，那在CFA中的考試題如何呢？我們先看看如何理解這個(gè)知識(shí)點(diǎn)！

可持續(xù)增長(zhǎng)率是指不發(fā)行新股、不改變經(jīng)營(yíng)效率( 不改變銷售凈利率和資產(chǎn)周轉(zhuǎn)率)和財(cái)務(wù)政策( 不改變權(quán)益乘數(shù)和利潤(rùn)留存率)時(shí)，其銷售所能達(dá)到的增長(zhǎng)率。

Which of the following ratios will most likely result in an increase in a company’s sustainable growth rate?

A、Higher dividend payout

B、Higher tax burden

C、Lower interest burden

【Answer】B

【analysis】

B is correct.Sustainable growth rate=Retention ratio×ROE The higher a company’s return on equity(ROE)and its ability to finance itself from internally generated funds(a higher retention ratio),the greater its sustainable growth rate.In the five-factor ROE,any factor that increases ROE will increase sustainable growth:ROE=Tax burden×Interest burden×Earnings before interest and taxes margin×Asset turnover×Leverage A higher tax burden ratio(Net income/Earnings before tax)implies that the company can keep a higher percentage of pre-tax profits;this result implies a lower tax rate and a higher ROE.

A is incorrect.Higher retention(lower payout)increases sustainable growth.

C is incorrect.Lower interest burden means that the company has high borrowing costs,reducing pre-tax income relative to EBIT and reducing ROE and sustainable growth.