1、此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译） ，无需调整复杂的格 式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子一次 的事！ 外文标题：CASH-FLOW SUSTAINABLE GROWTH RATE MODELS 外文作者：Alin Constantin R D ANU 文献出处:Journal of Public Administration, Finance and Law，2018(如觉 得年份太老，可改为近 2 年，毕竟很多毕业生都这样做) 英文 2478 单词，14850 字符，中文 4503 汉字。 CASH-FLOW SUSTAINABLE GR
2、OWTH RATE MODELS Abstract: The internal funding of a company is limited by the ability to generate enough cash-flow from operational activities. External funds aimed at growth are associated with increased risks and with the need to have investment projects. Recent research has shown that the spread
3、 of the financial crisis is associated with excessive external funding aimed at stimulating the growth of businesses. The limitations of external funding are well-known: capital market funding determines unwanted costs and changes in the ownership structure, while bank funding determines costs that
4、erode operational margins. In the light of the above, it can be said that, in most circumstances, growth should be financed using internally-generated funds. Using the sustainable growth rate, managers and investors can establish whether their plans for increasing revenues are realistic and whether they are based on actual operational and financial performance. Keywords: sustainable growth rate; Cash-flow determined models; Churchill and Mullins Model; Hamann Model; 1.GENERAL CONSIDERATIONS
