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现有的销售百分比法假设非敏感性资产(主要是固定资产)不变,即不考虑固定资产的变动对资金需要量的影响。在实际中,由于经济周期循环、经营杠杆驱动、企业生命周期更替和资本结构影响等因素的综合作用,固定资产投资规模表现出变动性。销售百分比法下人为地将固定资产认定为非敏感性资产具有不合理性。本文从销售百分比法的基本原理出发,对销售百分比法的基本模型进行了适当修正,将固定资产变化对资金需要量的影响纳入到基本模型中,试图更为精确地预测企业资金需要量。
The current sales percentage method assumes that non-sensitive assets (mainly fixed assets) remain unchanged, ie, without regard to the impact of changes in fixed assets on funding requirements. In practice, the scale of investment in fixed assets shows a change due to the combined effects of such factors as the cycle of economic cycles, the operation-driven leveraging, the replacement of business life cycles and the impact of capital structure. Under the sales percentage method, artificial recognition of fixed assets as non-sensitive assets is irrational. Based on the basic principle of the sales percentage method, the paper modifies the basic model of the sales percentage method, and includes the influence of the changes of fixed assets on the capital requirements into the basic model in an attempt to predict the financing needs of enterprises more accurately.