Sustainable growth rate在CFA考试中是可持续增长率，那在CFA中的考试题如何呢？我们先看看如何理解这个知识点！

可持续增长率是指不发行新股、不改变经营效率( 不改变销售净利率和资产周转率)和财务政策( 不改变权益乘数和利润留存率)时，其销售所能达到的增长率。

Which of the following ratios will most likely result in an increase in a company’s sustainable growth rate?

A、Higher dividend payout

B、Higher tax burden

C、Lower interest burden

【Answer】B

【analysis】

B is correct.Sustainable growth rate=Retention ratio×ROE The higher a company’s return on equity(ROE)and its ability to finance itself from internally generated funds(a higher retention ratio),the greater its sustainable growth rate.In the five-factor ROE,any factor that increases ROE will increase sustainable growth:ROE=Tax burden×Interest burden×Earnings before interest and taxes margin×Asset turnover×Leverage A higher tax burden ratio(Net income/Earnings before tax)implies that the company can keep a higher percentage of pre-tax profits;this result implies a lower tax rate and a higher ROE.

A is incorrect.Higher retention(lower payout)increases sustainable growth.

C is incorrect.Lower interest burden means that the company has high borrowing costs,reducing pre-tax income relative to EBIT and reducing ROE and sustainable growth.