蒂姆·科勒、马克·戈德哈特均为麦肯锡公司金融和价值评估与管理的专家,他们撰写了大量有关公司价值管理方面的文章。两位专家对企业价值创造的理解很简单,他们认为企业的价值创造来自由企业创造的现金流减去相当于投到其他行业的机会成本。而现金流可以分解成两个核心的因素,一个是增长的速度,还有一个是投资回报率,通过这两个因素的分析,就可以了解企业价值创造情况怎么样、在今后价值创造的潜力有多大。《商学院》:对于企业,你认为是追求现金回报率重要还是增长重要?应该如何平衡两者的关系?蒂姆·科勒:是现金回报率重要还是增长重要并没有固定公式,它往往取决于某个具体公司或者某个特点行业的生产周期。以互联网为例,假如该公司是刚刚起步,为 Tim Kohler and Mark Goldhart, both McKinsey’s experts in financial and value assessment and management, wrote a number of articles on corporate value management. The two experts’ understanding of the creation of enterprise value is simple. They think the value creation of an enterprise is based on the cash flow created by the enterprise minus the opportunity cost equivalent to other industries. The cash flow can be decomposed into two core factors, one is the growth rate, and the other is the return on investment, through the analysis of these two factors, we can understand how the enterprise value creation, in the future value creation potential How big Business School: Do you think pursuing a cash return is important or growing important for an organization? How to balance the two? Tim Kohler: There is no fixed formula for whether a cash return is important or not. It often depends on A specific company or a particular industry production cycle. Take the Internet as an example, if the company is just starting out