【从“双11”看中国消费新活力 | Las ventas de productos en el Día de los Solteros alcanzan niveles récord en China】El 11 de noviembre se celebra en China el Día de los Solteros, un festival de compras que en la plataforma del comercio electrónico Tmall contó con un récord de 290.000 marcas participantes y más de 14 millones de tipos de productos con descuentos. Más: https://t.cn/A6xbXEYU
【El impulso de los deportes electrónicos en China】#EDG获得S11冠军# La etiqueta #EDG campeón# atrajo hasta el domingo por la mañana a 209 millones de usuarios y el número parece seguir en aumento. La transmisión en vivo del torneo contó con más de 200 millones de espectadores en populares aplicaciones móviles chinas, y la cifra se vio fortalecida por internautas en otros canales.
Es decir, aproximadamente una de cada 30 personas en el planeta fue testigo del éxito chino.
Es decir, aproximadamente una de cada 30 personas en el planeta fue testigo del éxito chino.
财政政策与增长辅导
本期QA是来自静海的藤原静香同学，站在太阳底下的年轻人，坦荡，真诚，炽热、莽撞，似乎生命里有一种永远的等待，何需担忧黄昏何时会来临，又何需感喟“莫道桑榆晚，为霞尚满天”呢？
Financial policy and growth
1、Percent of Sales Approach (cont’d)
Initially, growth in sales typically is not matched by growth in assets
This difference must be eliminated before the pro forma balance sheet will balance
External Financing Needed (EFN) is effectively the ‘plug’. It does not matter whether we assume the ‘gap’ is filled by
new debt or new equity (for positive EFN), or
retired debt, stock repurchase or dividends (for negative EFN)
2、Steps in preparation of Pro Forma Balance Sheet
Express balance-sheet items that vary with sales as a percentage of sales.
Multiply the percentages determined in step 1 by projected sales to obtain the amount for the future period.
When no percentage applies, simply insert the previous balance-sheet figure into the future period.
3、External Financing and Growth
At low growth levels, internal financing (retained earnings) may exceed the required investment in assets.
As the growth rate increases, the internal financing will not be enough, and the firm will have to go to the capital markets for financing (debt vs. equity).
Financial planning: relationship between growth and external financing required
4、The Internal Growth Rate
how much the firm can grow assets using retained earnings as the only source of financing.
Case: Hoffman Co.
本期QA是来自静海的藤原静香同学，站在太阳底下的年轻人，坦荡，真诚，炽热、莽撞，似乎生命里有一种永远的等待，何需担忧黄昏何时会来临，又何需感喟“莫道桑榆晚，为霞尚满天”呢？
Financial policy and growth
1、Percent of Sales Approach (cont’d)
Initially, growth in sales typically is not matched by growth in assets
This difference must be eliminated before the pro forma balance sheet will balance
External Financing Needed (EFN) is effectively the ‘plug’. It does not matter whether we assume the ‘gap’ is filled by
new debt or new equity (for positive EFN), or
retired debt, stock repurchase or dividends (for negative EFN)
2、Steps in preparation of Pro Forma Balance Sheet
Express balance-sheet items that vary with sales as a percentage of sales.
Multiply the percentages determined in step 1 by projected sales to obtain the amount for the future period.
When no percentage applies, simply insert the previous balance-sheet figure into the future period.
3、External Financing and Growth
At low growth levels, internal financing (retained earnings) may exceed the required investment in assets.
As the growth rate increases, the internal financing will not be enough, and the firm will have to go to the capital markets for financing (debt vs. equity).
Financial planning: relationship between growth and external financing required
4、The Internal Growth Rate
how much the firm can grow assets using retained earnings as the only source of financing.
Case: Hoffman Co.
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