销售百分比法-操作（Percentage of sales - operation）

销售百分比法-操作（Percentage of sales - operation） 销售百分比法-操作(Percentage of sales - operation) The basic assumption of the percentage of sales method Business percentage = asset sales / sales revenue steady operating assets The percentage of sales operating liabilities = operating liabilities / sales revenue unchanged Cost / sales revenue unchanged The steps of prediction 1. to determine the percentage of sales of assets and liabilities of the project The percentage of sales = base operating assets (operating liabilities) 83019 sales base 2. expected operating assets and liabilities and operating funds total demand The management of assets (liabilities) = expected sales revenue * sales percentage of each project 3. funds total operating assets = percentage of sales * new sales - the percentage of sales operating liabilities * new sales The use of financial assets is expected to be 4. The 5. is expected to increase the amount of retained earnings and external financing The increase of retained earnings = plan sales net interest rate (1 * * sales plan dividend payment rate) The amount of external financing (= business asset sales percentage * new sales) - (business debt sales percentage * new sales plan) - net sales sales plan (1 * * dividend payment rate) - available financial assets The 6. is expected to increase the loan or increase the equity (considering the target capital structure and financing priority) The total financing demand (total assets = total - base operating assets expected) - (business is expected to total liabilities Total Liabilities - base management) The financing order of priority: the use of existing financial assets; increase retained earnings; increase financial liabilities; increase capital Retained earnings increase = sales revenue is expected to net sales plan * * (1 - the dividend payment rate) The amount of external financing assets = Liabilities increased - increase - increase retained earnings Retained earnings = net profit increase plan - ordinary shares dividends External financing sales growth ratio A percentage of stable assumptions for each additional 1 yuan sales income and the need for additional external financing (external financing accounted for the percentage of sales growth ratio) If the available financial assets was 0, the percentage of sales of assets and liabilities the percentage of sales remained unchanged, so: External financing amount = percentage of sales revenue increased * operating assets and liabilities management sales percentage increase in sales revenue is expected to - * * sales expected sales net interest rate (1- * expected dividend payment rate) With both sides divided by sales revenue increase: External financing sales growth ratio = operating assets sales percentage - operating liabilities (1 + [percentage of sales growth rate of sales / Sales) growth rate]* expected sales net interest rate * (1- payout ratio) If the available financial assets of 0, External financing accounted for sales growth than the percentage of operating assets = percentage of sales - sales percentage - operating liabilities disposable financial assets (base / income * sales growth rate (1 +) - sales growth rate) / sales growth rate is expected to]* sales net interest rate * (1- payout ratio) Internal growth rate External financing is 0 growth rate Promote the sales growth of the capital increase is assumed only from operating liabilities and current retained earnings, but not from external borrowing or increase in equity funds, enterprises can achieve the growth rate. If the available financial assets of 0, then according to the: The percentage of sales operating assets - liabilities management plan - the percentage of sales net sales professional (1 + sales growth rate) / sales growth rate is expected to]* sales net interest rate * (1- payout ratio) The calculated growth rate is the internal growth rate. If the available financial assets of 0, then according to the: The percentage of sales operating assets - liabilities management - the percentage of sales of financial assets (base / disposable income * sales growth rate (1 +) - sales growth rate) / sales growth rate is expected to]* sales net interest rate * (1- payout ratio) The calculated growth rate is the internal growth rate. The sustainable growth rate is maximum ratio is not the issuance of new shares and maintain the current operational efficiency and financial policy under the conditions of the sale of the company to grow. Assumptions 1. additional shares that increase in debt is the only source of external financing; 2. the operating efficiency of the same - asset turnover and sales net interest rate to maintain the current level; Three Financial policy unchanged -- asset liability ratio and dividend policy (retained earnings ratio). According to the new equity calculation of sustainable growth rate The sustainable growth rate = equity growth rate = equity increase in shareholders' equity / at the beginning of the period = (net profit * the revenue for the period of retention rate at the beginning of the period) / shareholders' equity At the beginning of the period = net interest rate * equity capital profit for the period of retention rate = (net profit / the term sales) * (the final sales income / total assets) * (the final total assets / initial equity) * profit for the period of retention rate = * * the number of net sales total assets turnover at the beginning of the period end total assets equity multiplier * profit retention rate According to the final equity calculation of sustainable growth rate The sustainable growth rate = increase retained earnings / equity at the beginning of the period (= increase retained earnings / equity / (final) / final ending equity shareholders) (increase retained earnings / ending equity)] (= increase retained earnings / equity / (final) 1- increase retained earnings / final shareholders) = (profit retention rate * * * equity multiplier net sales total assets turnover rate (1-) / profit retention rate * equity multiplier * * net sales total assets turnover) = (net interest rates * profit retention rate (1-) / net interest rates * profit retention rate)