Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 140

The self-sustainable growth rate (SSGR) is the maximum rate at which a firm can grow without sales of new common equity. A firm that has a high SSGR relative to its targeted growth rate can execute its business strategy without having to dilute the interests of existing shareholders, submit its plans and intentions to the scrutiny of a stock offering, and incur the relatively high costs of stock issuance. Also, a firm that has a high SSGR relative to its competitors is bound to have some strategic advantage in exploiting the random flow of growth opportunities that come to every industry. Regardless of the popularity of this concept, the financial adviser and analyst must understand its possible application and limitations in order to put it to best use.