The operating efficiency here refers to the net profit rate of sales and the turnover rate of assets.
Financial policy refers to dividend payment rate and capital structure.
Sustainable growth rate = return on shareholders' equity ×( 1- dividend rate) /( 1- return on shareholders ×( 1- dividend rate)) =ROE* retention rate /( 1-ROEx retention rate)
Extended data:
Financial management is the management of asset purchase (investment), financing (financing), operating cash flow (working capital) and profit distribution under a certain overall goal.
Financial management is an integral part of enterprise management. It is an economic management work to organize enterprise financial activities and handle financial relations according to financial laws and regulations and financial management principles.
To put it simply, financial management is an economic management work to organize enterprise financial activities and deal with financial relations.
Basic theory:
The theory of capital structure is a theory to study the relationship between corporate financing mode and structure and corporate market value.
From 65438 to 0958, modigliani and Miller concluded that in a perfect and effective financial market, enterprise value has nothing to do with capital structure and dividend policy-MM theory.
Miller won the 1990 Nobel Prize in Economics for MM theory, and Modleya won the 1985 Nobel Prize in Economics.
Modern modern portfolio theory and CAPM modern modern portfolio theory are theories about the best portfolio.
Markowitz put forward this theory in 1952, and his research conclusion is that as long as the returns between different assets do not change the perfect positive correlation, the investment risk can be reduced through asset portfolio, for which Markowitz won the 1990 Nobel Prize in Economics.
Capital asset pricing model is a theory to study the relationship between risk and return.
Sharp and others come to the conclusion that the risk return rate of a single asset depends on the risk-free return rate, the risk return rate of market portfolio and the risk of risky assets. Sharp won the 1990 Nobel Prize in Economics.
Option pricing theory is a theory about determining the value or theoretical price of options (stock options, foreign exchange options, stock index options, convertible bonds, convertible preferred stocks, warrants, etc.). ).
Scholes put forward the option pricing model in 1973, also known as B-S model.
Since 1990s, option trading has become the main theme in the world financial field. Scholes and Morton won the 1997 Nobel Prize in Economics.