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      2

      Peter Drucker, “The Delusion of ‘Profits’”, The Wall Street Journal, February 5, 1975, p. 10.

      3

      Термин «скорость сжигания», или «сжигание капитала», чаще всего используют применительно к стартапам. Скорость сжигания капитала указывает на скорость убывания финансовых ресурсов компании.

      4

      Личное письмо от Finn Mayer-Kuckuk, 12 декабря 2011 года.

      5

      https://www.wiwo.de/finanzen/boerse/stelter-strategische-verluste-sind-wieder-sexy/24253188.html

      6

      Rolf Winkler, “Uber and Lyft Get Creative With Numbers, but Investors Aren’t Blind to the Losses”, Wall Street Journal Online, May 14, 2019.

      7

      Georg Giersberg, “Gewinn vor Kosten”, Frankfurter Allgemeine Zeitung, January 19, 2017.

      8

      Личная переписка, 6 января 2013 года.

      9

      Willi Koll, Inflation und Rentabilität, Wiesbaden: Gabler, 1989.

      10

      Louis Perridon, Manfred Steiner und Andreas W. Rathgeber, Finanzwirtschaft der Unternehmung, 17. Edition, Munich: Vahlen, 2016.

      11

      https://www.daimler.com/dokumente/investoren/berichte/geschaeftsberichte/daimler/daimler-ir-jahresfinanzbericht-2017.pdf, p. 251.

      12

      CompuGroup Medical S.E., annual report 2017; see https://www.bundesanzeiger.de/ebanzwww/wexsservlet.

      13

      Joel M. Stern und John S. Shiely, The EVA challenge: Implementing value-added change in an organization, New York: Wiley 2001 as well as Bennet Stewart, The quest for value: the EVA management guide, New York: Harper Business, 1991.

      14

      Charles G. Koch, The Science of Success: How Market-Based Management Built the World’s Largest Private Company, Hoboken, N.J.: Wiley 2007.

      15

      Alfred Marshall, Principles of Economics, 1. Edition, London: Macmillan 1890.

      16

      Harry M. Markowitz, Portfolio Selection, New Haven: Yale University Press 1971.

      17

      William F. Sharpe, Portfolio Theory and Capital Markets, New York: McGraw Hill 1970.

      18

      После слияния с FiatChrysler в 2021 году группа называется Stellantis.

      19

      Если компания применяет кассовый метод учета, то срок оплаты по дебиторской задолженности сильно влияет на прибыль, а не только на ликвидность.

      20

      Carsten Linz, TIS Customer Day, Frankfurt, November 2018, p. 23.

      21

      “The Biggest Burners”, Fortune, July 29, 2019, pp. 16, 17.

      22

      “Herd Instincts”, The Economist, April 20, 2019, pp. 23–26.

      23

      http://boerse.ard.de/boersenwissen/boersenlexikon/freier-cash-flow-100.html

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