 Solution

For an additive length function $\lambda$ finite on the graded pieces, define the Poincare series of a graded moduleThe Hilbert-Serre theorem states thatfor a Laurent polynomial $f(t)\in \mathbb{Z}[t,t^{-1}]$.

Induct on $s$. For the last generator $x_s$ of degree $k_s$, multiplication gives an exact sequence whose kernel is the $x_s$-torsion and whose cokernel is $M/x_{s}M$. Additivity of $\lambda$ yieldsBoth modules on the right are finite graded modules over the algebra generated by $x_1,\dots ,x_{s-1}$. The induction hypothesis gives the asserted denominator. The case $s=0$ is a finite Laurent polynomial because $M$ is finitely generated over $A_0$.