organic growth rate是什麼成長率？

* organic growth rate是什麼東西？直接譯作「有機成長率」好嗎？譯成「自然成長率」，不知好不好？這篇文章把organic growth譯為「內生性增長」。這篇文章則譯為「自然增長」。譯為「自然增長」好像不太好，因為給人「自然而然」就會成長的錯誤印象。

信報財經新聞把這個詞譯成「內部增長」，並且解釋如下：

一家企業的內部增長，主要指公司透過增加生產能力及輸出更多產品或服務，從而獲得增長。傳統上，它與併購得來的產值增長是相對的，也不會計及匯兌上的收益。簡言之，內部增長是指企業以本身滾存資金作內部投資而換來的增長，當中也包括設立部門拓展新市場的得益。

在網路上另外找到的一個網頁說，organic growth是由內而發，成本效益高的業務擴張方式。

據Wikipedia的Organic growth一詞的解釋，organic growth rate是指企業經由產出（output）和營業額（sales）增加，帶來的擴張速率，有別於經由合併、收購之類的成長。還有，一般來說，organic growth rate也排除匯率的影響。Wikipedia的解釋說，包含匯率的影響，但排除縮編或減資（divestitures）和收購的成長，通常稱作核心成長（core growth）。Wikipedia還有更詳細的解釋。

綜合以上所述，organic growth rate譯為「內生性成長率」或者「內生性增長率」或許是相當貼切的。

organic growth的相反詞，也就是經由併購而致營業額成長，當然就是inorganic growth了。

例句：
The number one question is the organic growth rate, how much cash you generate to drive growth. Our goal is two to three times the global GDP. A company of GE’s size requires developing a $12 billion company every year. GE has to create a company the size of Nike every year to be able to have that kind of growth, and that’s the challenge.（《Judgment》（博客來網路書店的中文網頁介紹或Amazon.com的英文網頁介紹引用奇異公司〔General Electric；GE〕執行長傑夫‧伊梅特（Jeff Immelt）的話）

延伸閱讀：

* Actuant Organic Growth at 3% in 1Q
Modern Distribution Management, CO - 2007/12/19
The manufacturer had 3% organic growth. Robert Arzbaecher, President and CEO of Actuant said: “Robust Industrial segment sales as well as continued strength ...

* Fund Focus: Turn Emerging Growth Fund
U.S. News & World Report, DC - Dec 11, 2007
"You don't want to assign too high of a valuation to a company whose organic growth rate is much lower than its reported growth rate. ...

* Stocks in the Spotlight Tuesday
Barron's - Dec 18, 2007
Quicksilver announced 2008 guidance of 255 millions of cubic feet equivalent per day, "which implies a surprisingly strong 71% organic growth rate," noted ...

* Ahead of the Bell: Sonoco's analyst day
BusinessWeek - Dec 7, 2007
Jain said the company's organic growth rate has been mostly weak during the past seven quarters, except for the 2007 first quarter. ...

* Bertelsmann promises more value and growth by 2015
Reuters - Dec 13, 2007
"By 2015 our organic growth rate will exceed 4 percent and our return on capital will be higher than 8 percent," he added. Ostrowski, who has been with ...

* Bertelsmann Says Sales to Top EU30 Billion by 2015 (Update1)
Bloomberg - Dec 13, 2007
The media company plans to boost its so-called organic growth rate to more than 4 percent by 2015, and have a return on invested capital of more than 8 ...

* PPG Chairman Bunch Outlines Company's Accelerated Transformation

Reuters - Nov 30, 2007
Last month, the company reported record sales for the thirdquarter from continuing operations of $2.8 billion, including itshighest organic growth rate of ...
PPG

* Analyst Actions: Bidz.com, Verigy, Overstock.com, CBRL Group
BusinessWeek - Nov 28, 2007
Given that eBay shares are trading at 0.6 times 2009 GMV and its organic growth rate remains higher than OSTK's, he finds eBay to be the preferred ...

* Laird lauds performance in 2007 as outstanding
Financial Times, UK - Dec 11, 2007
Mr Hill said the group expected to exceed the operating margin of 13.8 per cent of the first half while the organic growth rate of 30 per cent would be ...

* Nokia's dour outlook drags European stocks lower
International Herald Tribune, France - Dec 4, 2007
"Luxury-sector prospects have deteriorated and the industry organic growth rate is likely to slow from 13 percent in 2007," analysts at the bank wrote in a ...

* I-trax Acquiring ProFitness Health Solutions
CNNMoney.com - Nov 28, 2007
"We believe that acquiring ProFitness Health Solutions will add to our projections for an already-strong organic growth rate in 2008. ...

* Nestle acquires Ruzskaya Confectionery Factory in Russia for ...
Forbes, NY - Nov 26, 2007
It generated sales of about 51 mln usd last year, and has an estimated organic growth rate of 40 pct this year. Nestle (other-otc: NSRGY. ...

【新銳藝術】【靜謐-20f.2000】