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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Too Little Growth

Slow-growth companies-those whose sustainable growth rate exceeds actual growth-have growth management problems too, but of a different kind. Rather than struggling continually for fresh cash to stoke the fires of growth, slow-growth companies face the dilemma of what to do with profits in excess of company needs. This might appear to be a trivial or even enviable problem, but to many enterprises it is a very real and occasionally frightening one.

To get a closer look at the difficulties insufficient growth creates, consider the position of $3 \mathrm{M}$ Company, a diversified corporation with well-known brands such as Scotch Tape, ACE Bandages, and Post-It Notes. Table $4.3$ presents a five-year sustainable growth analysis of $3 \mathrm{M}$ using ratios calculated from the company’s financials, which are not shown. 3M’s sustainable growth rate in sales has exceeded its actual growth rate by a wide margin every year for the last five years. Although a declining asset turnover ratio lessened the problem somewhat, this trend was offset by rising leverage. What did management do with all the excess cash generated? They returned it to investors in the form of increased cash dividends and share repurchases. $3 \mathrm{M}$ paid over $\$ 15$billion in dividends in the last five years, decreasing its retention ratio from 47 percent to 37 percent.$3 \mathrm{M}$also distributed$\$15$ billion in the form of share repurchases. The company’s cash balance rose only modestly, from $\$ 2.4$billion in 2016 to$\$4.6$ billion in 2020. It appears that 3M’s solution to its sustainable growth challenge is to pay out substantial sums to its shareholders.
Figure $4.4$ says the same thing graphically. $3 \mathrm{M}$ has raised its balanced growth line over the period primarily by increasing financial leverage, and it has consistently operated in the cash surplus portion of the graph. As a result, $3 \mathrm{M}$ is paying more cash out to its shareholders, which shows up in its declining retention ratio.

## 会计代写|财务管理代写Financial Management代考|Ignore the Problem

This response takes one of two forms: Management can continue investing in its core businesses despite the lack of attractive returns, or it can simply sit on an ever-larger pile of idle resources. The difficulty with either response is that, like dogs to a fire hydrant, underutilized resources attract unwelcome attention. Poorly utilized resources depress a company’s stock price and make the firm a feasible and attractive target for a raider. If a raider has done her sums correctly, she can redeploy the target firm’s resources more productively and earn a substantial profit in the process. And among the first resources to be redeployed in such a raid are usually incumbent managers, who find themselves suddenly reading help-wanted ads. Even if a hostile raid does not occur, boards of directors and activist shareholders are increasingly likely to give the boot to underperforming managements.

Another way to characterize the relationship between investment and growth is to distinguish between good growth and its evil twin, bad growth. Good growth occurs when the company invests in activities offering returns in excess of cost, including the cost of capital employed. Good growth benefits owners and is rewarded by a higher stock price and reduced threat of takeover. Bad growth involves investing in activities with returns at or below cost. Because ill-advised activities are always readily available, a bad growth strategy is easy to execute. If all else fails, the company can always overpay to purchase the sales and assets of another business. Such a strategy disposes of excess cash and makes the firm larger, but these cosmetic results only mask the fact that a bad growth strategy wastes valuable resources, and stock markets are increasingly adept at distinguishing between good and bad growth and punishing the latter. The moral to the story, then, is that it is not enough for slow-growth companies to grow more rapidly; they must do so in a way that benefits shareholders. All other forms of growth are a snare and a delusion. (We will say more about value-creating investment activities in Chapters 7 and 8.)

# 财务管理代考

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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