Жизненный цикл организации и агрегированный показатель роста

Abstract

Life cycle of organization is popular and well established concept in the management science. But it is still undervalued in corporate financial analysis. The authors contribute to the concept of the life cycle of the firm with financial approach based on applied corporate finance .We discuss how the quality of the corporate capital should be considered on the basis of three financial dimensions of any firm – liquidity, investment risk and value - at different stages of the life cycle. We show the necessity to add financial crisis to the overall picture of the life cycle of organization and propose to differentiate between the analysis of corporate liquidity and liquidity of the owner’s capital. When analyzing the quality of corporate capital at different life cycle’s stage the liquidity of the owner’s capital must be assessed with free cash flow to the equity measurers. We finally demonstrate that financial analyst has to consider how financial dimensions of the firm change stage by stage within the life cycle and introduce specific performance measurer – aggregate growth factor (AGF).