盈利能力分析外文翻译
上市公司盈利能力分析外文文献
The path-to-profitability of Internet IPO firms ☆Bharat A.Jain a,1,Narayanan Jayaraman b,2,Omesh Kini c,⁎aCollege of Business and Economics,Towson University,Towson,MD 21044,United States b College of Management,Georgia Institute of Technology,Atlanta,GA 30332,United Statesc Robinson College of Business,Georgia State University,Atlanta,GA 30303,United StatesReceived 1October 2006;received in revised form 1December 2006;accepted 1February 2007AbstractExtant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time.This phenomenon is largely driven by an increase in the proportion of technology firms going public.Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public,identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research.We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms.We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time.We find that the probability of post-IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors.On the other hand,the probability of post-IPO profitability decreases with the venture capital participation,proportion of outsiders on the board,and pre-market valuation uncertainty.©2007Published by Elsevier Inc.Keywords:Initial public offerings;Internet firms;Path-to-profitability;Hazard models;SurvivalJournal of Business Venturing xx (2007)xxx –xxxMODEL 1AJBV-05413;No of Pages 30☆We would like to thank Kalpana Narayanan,Raghavendra Rau,Sankaran Venkataraman (Editor),Phil Phan (Associate Editor),two anonymous referees,and participants at the 2002Financial Management Association Meetings in San Antonio for helpful comments.We thank Paul Gilson and Sandy Lai for excellent research assistance.The usual disclaimer applies.⁎Corresponding author.Tel.:+14046512656;fax:+14046522630.E-mail addresses:bjain@ (B.A.Jain),narayanan.jayaraman@ (N.Jayaraman),okini@ (O.Kini).1Tel.:+14107043542;fax:+14107043454.2Tel.:+14048944389;fax:+14048946030.0883-9026/$-see front matter ©2007Published by Elsevier Inc.doi:10.1016/j.jbusvent.2007.02.004Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business2 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxx1.Executive summaryThere has been an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.Further,this phenomenon is largely driven by the increase in the proportion of technology firms going public.The risk of post-IPO failure is particularly high for unprofitable firms as shifts in investor sentiment leading to negative market perceptions regarding their prospects or unfavorable financing environments could lead to a shutdown of external financing sources thereby imperiling firm survival. Therefore,the actual accomplishment of post-IPO profitability represents an important milestone in the company's evolution since it signals the long-term economic viability of the firm.While the extant research in entrepreneurship has focused on factors influencing the ability of entrepreneurial firms to attain important milestones prior to or at the time of going public,relatively little is known regarding the timing or ability of firms to achieve critical post-IPO milestones.In this study,we construct a theoretical framework anchored on agency and signaling theories to understand the impact of pre-IPO factors such as governance and ownership structure,management quality,institutional investor demand,and third party certification on firms'post-IPO path-to-profitability.We attempt to validate the testable implications arising from our theoretical framework using the Internet industry as our setting.Achieving post-issue profitability in a timely manner is of particular interest for Internet IPO firms since they are predominantly unprofitable at the time of going public and are typically characterized by high cash burn rates thereby raising questions regarding their long-term economic viability.Since there is a repeated tendency for high technology firms in various emerging sectors of the economy to go public in waves amid investor optimism followed by disappointing performance,insights gained from a study of factors that influence the path-to-profitability of Internet IPO firms will help increase our understanding of the development path and long-term economic viability of entrepreneurial firms in emerging, high technology industries.Using a sample of160Internet IPO firms that went public during the period1996–2000, we estimate Cox Proportional Hazards(CPH)models to analyze the economic significance of factors that influence the post-IPO path-to-profitability.Consistent with agency explanations,we find that a higher proportion of inside directors on the board and the change in pre-to-post-IPO ownership of top management are both significantly positively related to the probability of attaining post-IPO profitability.These results support arguments in the governance literature pointing to the beneficial impact of the presence of more insiders on the boards of high technology companies as well as the signaling value of the ownership stake of top management in the post-IPO firm.Additionally,we find evidence to indicate that higher institutional investor demand serves as an effective signal of the ability of Internet firms to attain post-IPO profitability,while greater pre-IPO valuation uncertainty reflects higher divergence of opinion about the future prospects of the IPO firm, and serves as a negative signal of the ability to achieve post-IPO profitability.Finally,we find that while underwriter prestige is unrelated to the probability of post-IPO profitability, VC participation decreases the probability of post-IPO profitability.Our results regarding the impact of VC participation on the probability of post-IPO profitability support arguments in the literature that VCs during the Internet boom period had incentives to grandstand by Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Businesstaking their companies public prematurely and that their monitoring role in the post-IPO period was rather limited since they cashed out earlier due to shorter lock-up periods.Our study makes several contributions.First,we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to-profitability of IPO firms.Second,we provide empirical evidence on the economic viability (path-to-profitability and firm survival)of newly public Internet firms.Third,our study adds to the theoretical and empirical literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership.While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and completion of a public offering,our study extends this literature by focusing on a post-issue milestone such as attaining profitability.2.IntroductionThe past few decades have witnessed the formation and development of several vitally important technologically oriented emerging industries such as disk drive,biotechnology,and most recently the Internet industry.Entrepreneurial firms in such knowledge intensive industries are increasingly going public earlier in their life cycle while there is still a great deal of uncertainty and information asymmetry regarding their future prospects (Janey and Folta,2006).A natural consequence of the rapid transition from founding stage firms to public corporations is an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.3Although sustained profitability is no longer a requirement for firms in order to go public,actual accomplishment of post-IPO profitability represents an important milestone in the firm's evolution since it reduces uncertainty regarding the long-term economic viability of the firm.In this paper,we focus on identifying observable factors at the time of going public that have the ability to influence the likelihood and timing of attaining post-IPO profitability by Internet firms.We restrict our study to the Internet industry since it represents a natural setting to study the long-term economic viability of an emerging industry where firms tend to go public when they are predominantly unprofitable and where there is considerably uncertainty and information asymmetry regarding their future prospects.4The attainment of post-IPO profitability assumes significance since the IPO event does not provide the same level of legitimizing differentiation that it did in the past as sustained profitability is no longer a prerequisite to go public particularly in periods where the market is favorably inclined towards investments rather than demonstration of profitability (Stuart et al.,1999;Janey and Folta,2006).During the Internet boom,investors readily accepted the mantra of “growth at all costs ”and enthusiastically bid up the post-IPO offering prices to irrational levels (Lange et al.,2001).In fact,investor focus on the promise of growth rather than profitability resulted in Internet start-ups being viewed differently from typical 3For example,Ritter and Welch (2002)report that the percentage of unprofitable firms going public rose form 19%in the 1980s to 37%during 1995–1998.4Schultz and Zaman (2001)report that only 8.72%of the Internet firms that went public during January 1999to March 2000were profitable in the quarter prior to the IPO.3B.A.Jain et al./Journal of Business Venturing xx (2007)xxx –xxx Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business4 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxxnew ventures in that they were able to marshal substantial resources virtually independent of performance benchmarks(Mudambi and Treichel,2005).Since the Internet bubble burst in April2000,venture capital funds dried up and many firms that had successful IPOs went bankrupt or faced severe liquidity problems(Chang, 2004).Consequently,investors'attention shifted from their previously singular focus on growth prospects to the question of profitability with their new mantra being“path-to-profitability.”As such,market participants focused on not just whether the IPO firm would be able to achieve profitability but also“when”or“how soon.”IPO firms unable to credibly demonstrate a clear path-to-profitability were swiftly punished with steeply lower valuations and consequently faced significantly higher financing constraints.Since cash flow negative firms are not yet self sufficient and,therefore,dependent on external financing to continue to operate,the inability to raise additional capital results in a vicious cycle of events that can quickly lead to delisting and even bankruptcy.5Therefore,the actual attainment of post-IPO profitability represents an important milestone in the evolution of an IPO firm providing it with legitimacy and signaling its ability to remain economically viable through the ups and downs associated with changing capital market conditions.The theoretical framework supporting our analysis draws from signaling and agency theories as they relate to IPO firms.In our study,signaling theory provides the theoretical basis to evaluate the signaling impact of factors such as management quality,third party certification,institutional investor demand,and pre-IPO valuation uncertainty on the path-to-profitability.Similarly,agency theory provides the theoretical foundations to allow us to examine the impact of governance structure and change in top management ownership at the time of going public on the probability of achieving the post-IPO profitability milestone.Our empirical analysis is based on the hazard analysis methodology to identify the determinants of the probability of becoming profitable as a function of time for a sample of160Internet IPOs issued during the period1996–2000.Our study makes several contributions.First,we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to-profitability of IPO firms.Second,we provide empirical evidence on the economic viability of newly public firms(path-to-profitability and firm survival)in the Internet industry.Third, we add to the theoretical and empirical entrepreneurship literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership.While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and successful completion of a public offering(Chang,2004;Dimov and Shepherd,2005; Beckman et al.,2007),our study extends this literature by focusing on post-IPO milestones. Finally,extant empirical evidence indicates that the phenomenon of young,early stage 5The case of E-Toys an Internet based toy retailer best illustrates this cyclical process.E-Toys was successful in developing an extensive customer base and a strong brand.However,the huge investment in technology, advertising,and promotion to sustain their activities as well as increased competition from both new entrants and old economy firms adopting the Internet to sell toys resulted in depressed profit margins and a longer than expected post-IPO time-to-profitability.Investors discouraged by the firm not reaching profitability within the expected time frame reacted negatively,leading to a steep drop in stock prices and consequently drying up of additional sources of external financing.As a result,the firm was forced to file for bankruptcy within a short period of time after its highly successful IPO.Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Businessfirms belonging to relatively new industries being taken public amid a wave of investor optimism fueled by the promise of growth rather than profitability tends to repeat itself over time.6However,profitability tends to remain elusive and takes much longer than anticipated which results in investor disillusionment and consequently high failure rate among firms in such sectors.7Therefore,our study is likely to provide useful lessons to investors when applying valuations to IPO firms when this phenomenon starts to repeat itself.This articles proceeds as follows.First,using agency and signaling theories,we develop our hypotheses.Second,we describe our sample selection procedures and present descriptive statistics.Third,we describe our research methods and present our results.Finally,we discuss our results and end the article with our concluding remarks.3.Theory and hypothesesSignaling models and agency theory have been extensively applied in the financial economics,management,and strategy literatures to analyze a wide range of economic phenomena that revolve around problems associated with information asymmetry,moral hazard,and adverse selection.Signaling theory in particular has been widely applied in the IPO market as a framework to analyze mechanisms that are potentially effective in resolving the adverse selection problem that arises as a result of information asymmetry between various market participants (Baron,1982;Rock,1986;Welch,1989).In this study,signaling theory provides the framework to evaluate the impact of pre-IPO factors such as management quality,third party certification,and institutional investor demand on the path-to-profitability of Internet IPO firms.The IPO market provides a particularly fertile setting to explore the consequences of separation of ownership and control and potential remedies for the resulting agency problems since the interests of pre-IPO and post-IPO shareholders can diverge.In the context of the IPO market,agency and signaling effects are also related to the extent that insider actions such as increasing the percentage of the firm sold at the IPO,percentage of management stock holdings liquidated at the IPO,or percentage of VC holdings liquidated at the IPO can accentuate agency problems with outside investors and,as a consequence,signal poor performance (Mudambi and Treichel,2005).We,therefore,apply agency theory to evaluate the impact of board structure and the change in pre-to-post IPO ownership of top management on the path-to-profitability of Internet IPO firms.ernance structureIn the context of IPO firms,there are at least two different agency problems (Mudambi and Treichel,2005).The first problem arises as a result of opportunistic behavior of agents to 6Interestingly,just a few years after the bust,technology companies have again started going public while they are still unprofitable (Lashinsky,2006).7For instance,in the biotechnology industry where the first company went public a quarter century ago,public companies have taken in close to $100billion dollars from stock market investors but have delivered cumulative losses of more than $40billion (Hamilton,2004).Similarly,the disk drive industry in the early 1980s passed through phases similar to the Internet industry in terms of high firm founding rates,explosive growth,overoptimistic investors,IPO clusters,and high post-IPO failure rate (Lerner,1995).5B.A.Jain et al./Journal of Business Venturing xx (2007)xxx –xxx Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business6 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxxincrease their share of the wealth at the expense of principals.The introduction of effective monitoring and control systems can help mitigate or eliminate this type of behavior and its negative impact on post-issue performance.The extant corporate governance literature has argued that the effectiveness of monitoring and control functions depends to a large extent on the composition of the board of directors.We,therefore,examine the relationship between board composition and the likelihood and timing of post-IPO profitability.The second type of agency problem that arises in the IPO market is due to uncertainty regarding whether insiders seek to use the IPO as an exit mechanism to cash out or whether they use the IPO to raise capital to invest in positive NPV projects.The extent of insider selling their shares at the time of the IPO can provide an effective signal regarding which of the above two motivations is the likely reason for the IPO.We,therefore,examine the impact of the change in ownership of officers and directors around the IPO on the likelihood and timing of attaining post-issue profitability.3.1.1.Board compositionThe corporate governance literature has generally argued that a greater proportion of outside directors on the board increases board independence and results in better monitoring of management and thereby lowers agency costs(Fama,1980;Fama and Jensen,1983; Williamson,1984).Therefore,a greater proportion of outside directors on the board of Internet IPO firms is likely to lead to a more effective monitoring and control environment, thus ensuring that managers pursue shareholder value maximizing strategies.In addition, due to their short operating history,management of Internet IPO firms are unlikely to have developed the necessary links with customers,suppliers,bankers,and other important stakeholders of the firm.Outside directors can be instrumental in facilitating the establishment of such links,thereby allowing these firms to better compete in the product market as well as capital market.On the basis of the above discussion,we would expect Internet IPO firms with more independent boards to be on a faster path-to-profitability. Hypothesis1:The proportion of outsiders on the board of Internet IPO firms is positively related to the probability of profitability and negatively related to time-to-profitability during the post-IPO period.The extant empirical evidence on the positive relation between board composition and performance,however,has been mixed,both for IPO firms as well as more seasoned corporations(Dalton et al.,1998;Baker and Gompers,2003).The ambiguous results can be partly attributed to the tradeoff between the benefits from the presence of outside directors such as more effective monitoring and control,greater objectivity,and assistance in resource acquisitions versus the benefits provided by inside directors such as detailed knowledge of the firm's operations,customer requirements,and technology that in turn can help the strategic planning process.Viewed through the innovation and technology prism, high technology Internet IPO firms may actually benefit more from in-depth technological knowledge,expertise,commitment,and innovative thinking that insiders bring to the board,rather than from the monitoring and control benefits provided by outside directors.In support of this argument,Zahra(1996)points out that boards comprised of a higher proportion of insiders may be more innovative and better positioned to serve management Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Businessas knowledgeable sounding boards in the formulation of strategy.Further,since high technology Internet firms are unlikely to generate substantial free cash flows in the period immediately after the IPO,the potential for wasteful expenditure is lower,and therefore,the benefits of monitoring and control provided by outsiders is less likely to be substantive.If there is a greater need for creative thinking and decision-making in high technology knowledge-based industries that only insiders are uniquely qualified to provide,we expect a negative relation between the proportion of outsiders on the board and the probability of profitability and a positive relation with time-to-profitability.Hypothesis 1A:The proportion of outsiders on the board of Internet firms is negatively related to the probability of profitability and positively related to time-to-profitability during the post-IPO period.3.1.2.Ownership of officers and directorsCorporate governance studies have also focused extensively on corporate ownership and its impact on performance,both in isolation and in conjunction with board composition.Both agency and signaling theories provide similar predictions regarding the relationship between the extent of insider ownership and post-issue performance.Agency theory suggests that high insider ownership reduces agency conflicts and enhances organizational performance,while signaling theory argues that higher insider ownership is a credible signal of insider's confidence regarding the future prospects of the firm.The change in the ownership of the top managers and directors around the offering can be viewed as an important signal of the issuing firm's future prospects (Leland and Pyle,1977).In the context of the IPO market,a large post-IPO decline in top management ownership can be interpreted as a signal of their lack of confidence in the ability of the firm to generate sufficient cash flows to reach the profitability milestone.Additionally,any decline in the ownership stakes of owners/managers is likely to adversely affect post-IPO performance due to higher agency costs (Jensen and Meckling,1976).While the extent of the change in ownership of insiders around the IPO is an informative signal for all types of IPO firms,it is particularly relevant in the context of Internet firms that go public while predominantly unprofitable and where the informational and incentive problems are particularly acute.For instance,Mudambi and Treichel (2005)find that a substantial reduction in equity holdings of the top management of Internet firms signals an impending cash crisis.We,therefore,argue that the greater the decline in the pre-to-post IPO ownership of top managers and directors,the lower the probability of attaining profitability,and consequently the longer the time-to-profitability.Hypothesis 2:The decline in ownership of officers and directors from pre-to-post-IPO is negatively related to the probability of attaining profitability and positively related to time-to-profitability after the IPO.3.2.Management qualityAn extensive body of research has examined the impact of top management team (TMT)characteristics on firm outcomes for established firms as well as for new ventures by drawing from human capital and demography theories (Eisenhardt and Schoonhoven,7B.A.Jain et al./Journal of Business Venturing xx (2007)xxx –xxx Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business8 B.A.Jain et al./Journal of Business Venturing xx(2007)xxx–xxx1990;Finkelstein and Hambrick,1990;Wiersema and Bantel,1992;Hambrick et al.,1996; Beckman et al.,2007).For instance,researchers drawing from human capital theories study the impact of characteristics such as type and amount of experience of TMTs on performance(Cooper et al.,1994;Gimeno et al.,1997;Burton et al.,2002;Baum and Silverman,2004).Additionally,Beckman et al.(2007)argue that demographic arguments are distinct from human capital arguments in that they examine team composition and diversity in addition to experience.The authors consequently examine the impact of characteristics such as background affiliation,composition,and turnover of TMT members on the likelihood of firms completing an IPO.Overall,researchers have generally found evidence to support arguments that human capital and demographic characteristics of TMT members influence firm outcomes.Drawing from signaling theory,we argue that the quality of the TMTof IPO firms can serve as a signal of the ability of a firm to attain post-IPO profitability.Since management quality is costly to acquire,signaling theory implies that by hiring higher quality management,high value firms can signal their superior prospects and separate themselves from low value firms with less capable managers.The beneficial impact of management quality in the IPO market includes the ability to attract more prestigious investment bankers,generate stronger institutional investor demand,raise capital more effectively,lower underwriting expenses, attract stronger analyst following,make better investment and financing decisions,and consequently influence the short and long-run post-IPO operating and stock performance (Chemmanur and Paeglis,2005).Thus,agency theory,in turn,would argue that higher quality management is more likely to earn their marginal productivity of labor and thus have a lower incentive to shirk,thereby also leading to more favorable post-IPO outcomes.8 We focus our analyses on the signaling impact of CEO and CFO quality on post-IPO performance.We focus on these two members of the TMT of IPO firms since they are particularly influential in establishing beneficial networks,providing legitimacy to the organization,and are instrumental in designing,communicating,and implementing the various strategic choices and standard operating procedures that are likely to influence post-IPO performance.3.2.1.CEO characteristicsCEOs play a major role in designing and implementing strategic choices and policies for their firms.Their actions can have long-term significance since they typically define long-term policies of the firm(Parrino,1997).While the role and influence of CEOs on strategic choices,incentive mechanisms,accountability issues,and consequently performance is vital for all types of organizations,their impact is especially relevant for newly public firms that face significant competitive,product market,and financing challenges during the post-IPO phase.The role and impact of CEOs can be even more critical for the subset of technology related IPO firms since they may require fundamentally different skill sets and competencies from CEOs compared to those required to run companies in more traditional industries.We assess CEO quality by focusing on variables that capture the extent of general and specific human capital developed by them through their prior work experience and their risk propensity and decision-making behavior.In distinguishing between general and specific8We thank the Associate Editor,Phil Phan for suggesting this explanation.Please cite this article as:Jain,B.A.et al.The path-to-profitability of Internet IPO firms.Journal of Business。
企业盈利质量分析中英文对照外文翻译文献
企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Measuring the quality of earnings1. IntroductionGenerally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).In other words, earnings management is manipulating the earning to achieve a企业盈利质量分析中英文对照外文翻译文献predetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenuesand agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were“front-page〞 news.Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes designed primarily to “smooth〞 earnings to meet internally or externally imposed earnings forecasts and analysts’ expectations. Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends a企业盈利质量分析中英文对照外文翻译文献message to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressiveuntil they create material misstatements in the financial statements (Clikeman, 2003)The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality〞, SAB No. 100 “Restructuring and Impairment Charges〞 and SAB No. 101 “Revenue Recognition〞.Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard〞 numbers resulting from cash flows and the “soft〞 numbers resulting from accrual accounting.The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.Balsam et al. (2003) uses the level of discretionary accruals as a direct measure企业盈利质量分析中英文对照外文翻译文献for earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.2. Earnings management incentives 2.1 Meeting analysts’ expectations In general, analysts’ expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improperrevenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000. Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expectations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.企业盈利质量分析中英文对照外文翻译文献Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).2.2 To avoid debt-covenant violations and minimize political costs Some firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.2.3 To smooth earnings toward a long-term sustainable trendFor many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore thestock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).2.4 Meeting the bonus plan requirementsHealy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’ earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.。
企业利润分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Profit PatternsThe most important objective of companies is to create, develop and maintain one or more competitive advantages in order to generate dividends for the shareholders. For a long time, it was simply a question of dominating the market, either by costs or by a policy of differentiation. As Michael Porter advised, it was essential to avoid being “stuck in the middle”. This way of thinking set up competitive rivalry in a closed world, and tended towards stability. This model is less and less relevant today forwhole sectors of the economy. We see a multitude of strategic movements which defy the logic of the old system. “Profit Patterns”lists numerous strategies which have joined the small number that we knew before. These patterns often combine to give rise to strategic models which are better adapted to the new and changing needs of the consumer.Increasing the value of a company depends on its capacity to predict Value migration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major of managers have a talent for recognizing development market trends There are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context. This book proposes thirty strategic prediction models divided into seven families. Predicting is not enough: one still has to act in time! Managers analyze development trends in the environment in order to identifyopportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectives.For most of the 20th century, mastering strategic evolution models was not a determining factor, and formulas for success were fixed and relatively simple. In industry, the basic model stated that profit was a function of relative market share. T oday, this rule is confronted with more and more contradictions: among car manufacturers for example, where small companies like T oyota are more profitable than General Motors and Ford. The highest rises in value have become the exclusive right of the companies with the most efficient business designs. These upstart companies have placed themselves in the profit zone of their sectors thanks, in part, to their size, but also to their new way of doing business –exploiting new rules which are sources of value creation. Among the new rules which define a good strategic plan are:1. Strong orientation towards the customer2. Internal decisions which are coherent with the overall activity, concerning the products and services as well as the involvement in the different activities of the value chain3. An efficient mechanism for value–capture.4. A powerful source of differentiation and of strategic control, inspiring investor confidence in future cash-flow.5. An internal organization carefully designed to support and reinforce the company’s strategic plan.Why does value migrate? The explanation lies largely in the explosion of risk-capital activities in the USA. Since the 40’s, of the many companies that have been created, about a thousand have allowed talented employees, the “brains”, to work without the heavy structures of very big companies. The risk–capital factor is now entering a new phase in the USA, in that the recipes for innovation and value creation are spreading from just the risk-capital companies to all big companies. A growing number of the 500 richest companies have an internal structure for getting into the game of investing in companies with high levels of value-creation. Where does this leave Eur ope? According to recent research, innovation in strategic thinking is under way in Europe, albeit with a slight time-lag. Globalization is making the acceptation of these value-creation rules a condition of global competitively .There is a second phenomenon that has an even more radical influence on value-creation –polarization: The combination of a convincing and innovative strategic plan, strategic control and a dominant market share creates a terrificincrease in investor confidence. The investors believe that the company has established its position of strength not only for the current, but also for the next strategic cycle. The result is an exponential growth in value, and especially a spectacular out-distancing of the direct rivals. The polarization process typically has two stages. In phase 1, the competitors seem to be level. In fact, one of them has understood, has “got it”, before the others and is investing in a new strategic action plan to take into account the pattern which is starting to redefine the sector. Phase 2 begins when the conditions are right for the pattern to take over: at this moment, the competitor who “got it”, attracts the attention of customers, investors and potential recruits (the brains). The intense public attention snowballs, the market value explodes to leave the nearest competitor way behind. Examples are numerous in various sectors: Microsoft against Apple and Lotus, Coca-Cola against Pepsi, Nike against Reebok and so on. Polarization of value raises the stakes and adds a sense of urgency: The first company to anticipate market change and to take appropriate investment decisions can gain a considerable lead thanks to recognition by the market.In a growing number of sectors today, competition is concentrated on the race towards mindshare. The companywhich leads this race attracts customers who attract others in an upwards spiral. At the transition from phase 1 to phase 2, the managing team’s top priority is to win the mindshare battle. There are three stages in this strategy: mind sharing with customers gives an immediate competitive advantage in terms of sales; mind sharing with investors provides the resources to maintain this advantage, and mind sharing with potential recruits increases the chances of maintaining the lead in the short and the long term. This triple capture sets off a chain reaction releasing an enormous amount of economic energy. Markets today are characterized by a staggering degree of transparency. Successes and failures are instantaneously visible to the whole world. The extraordinary success of some investors encourages professional and amateurs to look for the next hen to lay a golden egg. This investment mentality has spread to the employment market, where compensations (such as stock-options) are increasingly linked to results. From these three components - customers, investors and new talent –is created the accelerating phenomenon, polarization: thousands of investors look towards the leader at the beginning of the race. The share value goes up at the same time as the rise in customer numbers and the public perception that the current leader willbe the winner. The rise in share-price gets more attention from the media, and so on. How to get the knowledge before the others, in order to launch the company into leadership? There are several attitudes, forms of behavior and knowledge that can be used: being paranoiac, thinking from day to day that the current market conditions are going to change; talking to people with different points of view; being in the field, looking for signs of change. And above all, building a research network to find the patterns of strategic change, not only in one’s particular sector, but in the whole economy, so as always to understand the patterns a bit better and a bit sooner than the competitors.Experienced managers can detect similarities between movements of value in different circumstances. 30 of these patterns can be divided into 7 categories.Some managers understand migrations of value before other managers, allowing them to continually improvise their business plan in order to find and exploit value. Experience is an obvious advantage: situations can repeat themselves or be similar to others, so that experienced managers recognize and assimilate them quickly. There about 30 patterns .which can be put into 7 groups according to their key factors. It is important to understand that the patterns have three general characteristics:multiplicity, variants and cycles. The principle of multiplicity indicates that while a sector or a company may be affected by just one simple strategic pattern, most situations are more complicated and involve several simultaneously evolving patterns. The variants to the known models are developed in different circumstances and according to the creativity of the users of the models. Studying the variants gives more finesse in model-analysis. Finally, each model depends on economic cycles which are more or less long. The time a pattern takes to develop depends on its nature and also on the nature of the customers and sector in question.1) The first family of strategic evolution patterns consists of the six “Mega patterns”: these models do not address any particular dimension of the activity (customer, channels of distribution and value chain), but have an overall and transversal influence. They owe their name “Mega”to their range and their impact (as much from the point of view of the different economic sectors as from the duration). The six Mega models are: No profit, Back to profit, Convergence, Collapse in the middle, De facto standard and T echnology shifts the board. •The No profit pattern is characterized by a zero or negative result over several years in a company or economic sector. The first factor which favors this pattern is the existence of a singlestrategic a plan in several competitors: they all apply differentiation by price to capture market-share. The second factor is the loss of the “crutch”of the sector, that is the end of a system of the help, such as artificially maintained interest levels, or state subsidies. Among the best examples of this in the USA are in agriculture and the railway industry in the 50’s and 60’s, and in the aeronautical industry in the 80’s and 90’s. •The Back to profit pattern is characterized by the emergence of innovative strategic plans or the projects which permit the return of profits. In the 80’s, the watch industry was stagnating in a no profits zone. The vision of Nicolas Hayek allowed Swatch and other brands to get back into a profit-making situation thanks to a products pyramid built around the new brand. The authors rightly attribute this phenomenon to investors’recognition of the superiority of these new business designs. However this interpretation merits refinement: the superiority resides less in the companies’current capacity to identify the first an indications of strategic discontinuity than in their future capacity to develop a portfolio of strategic options and to choose the right one at the right time. The value of a such companies as Amazon and AOL, which benefit from financial polarization, can only be explained in this way. To be competitive in the long-term,a company must not only excel in its “real”market, but also in its financial market. Competition in both is very fierce, and one can not neglect either of these fields of battle without suffering the consequences. This share-market will assume its own importance alongside the commercial market, and in the future, its successful exploitation will be a key to the strategic superiority of publicly-quoted companies.Increasing the value of a company depends on its capacity to predictValue migration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major managers have a talent for recognizing development market trendsThere are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context.Predicting is not enough: one still has to act in timeManagers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectivesSource: David .J. Morrison, 2001. “Profit Patterns”. Times Business.pp.17-27.译文：利润模式一个公司价值的增长依赖于公司自身的能力的预期，价值的迁移也只是从一个经济部门转移到另外一个经济部门或者是一个公司到另外一个意想不到的公司。
财务管理和中小型企业的盈利能力【外文翻译】
原文Financial management and profitability of small and medium enterprisesMaterial Source:Southern Cross University Author:Kieu Minh Nguyen1. Objectives of financial managementLike many other management sciences, financial management, firstly, establishes its goal and objectives. Objectives of financial management are foundations or bases for comparing and evaluating the efficiency and effectiveness of financial management. The final goal of financial management is to maximize the financial wealth of the business owner (McMahon, 1995). This general goal can be viewed in terms of two much more specific objectives: profitability and liquidity.* Profitability management is concerned with maintaining or increasing a business’s earnings through a ttention to cost control, pricing policy, sales volume, stock management, and capital expenditures. This objective is also consistent with the goal of most businesses.* Liquidity management, on one hand, ensures that the business’s obligations (wages, bills, loan repayments, tax payments, etc.) are paid. The owner wants to avoid any damage at all to a business’s credit rating, due to a temporary inability to meet obligation by: anticipating cash shortages, maintaining the confidence of creditors, bank managers, pre-arranging finance to cover cash shortages. On the other hand, liquidity management minimizes idle cash balances, which could be profitable if they are invested (McMahon, 1995).While discussing the objective function of a privately held small firm, Ang (1992) indicated that its objective function is to maximize three components. The first is to maximize its current market price, to avoid unwanted mergers and to obtain outside financing in the securities market. The second is to maximize long term or intrinsic value, if the two values diverge. The last is to maximize non-owner manager’s own pecuniary and non-pecuniary incomes by avoiding control rights. Whether the absence of marketable securities means that small firms need not be concerned with current performance and can concentrate on long-term values, depends on the organizational types and circumstances. Profitable firms, whereoutside funding is not a major concern, can afford to maximize long-term value whereas for those small businesses, which need outside financing, current performance may be very important. Thus, a number of small businesses would have a weighted average objective function consisting of both current profit and long-term value. Weight for current profit is expected to be higher for small businesses approaching loan re-negotiation, initial public offering, potential sale to an acquirer, signing long-term contracts with supplier or customers and possible dissolution of a partnership. On the other hand, its weight will be smaller when the business is due to pay estate taxes, renegotiate employee contracts, discourage a non-managing family member from their shares, and avoid tax on excess accumulation.In making decisions related to financial management, the owner-manager or the financial manager should remember objectives of financial management and balance between liquidity and profitability objectives, and between current and long-term (growth) objectives.2.Major decisions of financial managementGenerally, previous authors had no differences in opinions of major decisions in financial management. Ross, Westerfield and Jaffe (1999, p.1) indicated three kinds of decisions the financial manager of a firm must make in business: (1) the budgeting decision, (2) the financing decision, and (3) decisions involving short-term finance and concerned with the net working capital. Similarly, Ang (1992) also indicated three main financial decisions including the investment decisions, financing decisions and dividend decisions. McMahon (1995) suggested another way of identifying the major decisions of financial management is to look at the balance sheet of a business. There are many decisions regarding items on the balance sheet. However, they are classified into three main types: investment decisions, financing decisions and profit distribution decisions (McMahon, 1995).* Investment decisions: (1) relate to the amount and composition of a business’s investment in short-term assets (cash, stock, debtors, etc.) and fixed assets (equipment, premises, facilities, etc.), and (2) relate to the achievement of an appropriate balance between the two classes of assets.* Financing decisions: (1) relate to the types of finance used to acquire assets, and (2) relate to the achievement of an appropriate balance between short-term and long-term sources, and between debt and equity sources.* Profit distribution decisions: (1) relate to the proportion of profit earned that should be retained in a business to finance development and growth, (2) and the proportion, which may be distributed to the owner (McMahon, 1995).3.The specific areas of financial managementMost authors and researchers approach the specific areas of financial management in different ways depending upon their emphasis. This section reviews the specific areas of financial management, which have regularly been raised and discussed by the recent authors and researchers such as Walker and Petty (1978), Barrow (1984), Meredith (1986), Cohen (1989), English (1990) and McMahon (1995).Meredith (1986) emphasizes information systems as a base for financial management including financial management records and reports. This is considered very important because the owner-managers or financial managers find it is difficult, if not impossible, to make decisions if they lack finance information. Cohen (1989) focuses on working capital management and tools of financial management such as ratio analysis, profitability measures and bread-even analysis. English (1990) emphasizes objectives of financial management including liquidity, profitability and growth. Therefore, the specific areas that financial management should be concerned with are liquidity management (cash flow budgeting, working capital management), profitability management (profit analysis, profit planning), and growth management (capital resource planning and decisions).McMahon (1995) examines specific areas of financial management including all areas that relate to items on the balance sheet of the business. The specific areas financial management covers consist of managing working capital, managing long-lived assets, managing sources of finance, planning financial structure, and planning and evaluating profitability.In summary, financial management is concerned with many specific areas. Probably the balance sheet of a business may demonstrate how to recognize these areas including:* current asset or working capital management,* fixed asset or long-lived asset management,* funding management,* financial budgeting and planning,* leverage and capital structure,* financial analysis and evaluating performance of the business, and* profit distribution (dividends and retained earnings policy).This study examines financial management practices in relation with objectives, decisions and specific areas of financial management. Objectives, decisions and areas of financial management are relevant to financial management practices. The specific areas of financial management are viewed as a theoretical framework for financial management practices while objectives and decisions of financial management are viewed as factors influencing financial management practices.4. FINANCIAL CHARACTERISTICS OF SMEsThis subsection mainly discusses the concept of financial characteristics of SMEs. It reviews definitions of financial characteristics that were mentioned and used by previous researchers. Stevens (1973), Burns (1985), Hutchinson, Meric and Meric (1988), Jaggi and Considine (1990), Davidson and Dutia (1991), Laitinen (1992), Hutchinson and Mengersen (1993), McMahon et al. (1993), and Meric et al. (1997) are viewed as the key researchers who study financial characteristics. In defining financial characteristics, McMahon et al. (1993, p. 177) states: Financial characteristics of enterprise, often in the form of accounting ratios, derived from financial statements provide useful information for numerous purposes. This information can be used to quantify the position of small business in terms of their profitability, liquidity, and leverage and to compare them with other or large enterprises.Stevens (1973), who studied financial characteristics of acquired firms, conducted factor analysis on several ratios and reduced the number of ratios into the following six factors: leverage, profitability, activity, liquidity, dividend policy and earning ratio identifying financial characteristics. Burns (1985) analyzed financial characteristics and profitability of small companies in the UK. He used the following ratios: quick ratio, current ratio, gearing, long-term debt ratio, and interest cover ratio to define financial characteristics of the companies.Hutchinson, Meric and Meric (1988) studied financial characteristics of small firms, which achieved quotation on the United Kingdom Unlisted Securities Market. They used financial ratios including liquidity ratios, leverage ratios, activity ratios, profitability ratios and growth ratios to identify financial characteristics of the firm. In another study, Hutchinson and Mengersen (1993) examined the effect of growth on financial characteristics. The variables used to define financial characteristics were profitability, liquidity, and leverage.Jaggi and Considine (1990) examined whether financial characteristics ofowner-controlled acquired firms differ from those of the non-owner-controlled acquired firms. Four variables: profitability, liquidity, leverage, and dividend payment capability were used to identify financial characteristics of the firm. To reduce the large number of ratios produced, some researchers such as Stevens (1973), Laitinen (1992) used factor analysis. According to Laitinen (1992) factor analysis is a useful statistical tool reducing a large set of correlated variables to fewer unrelated dimensions and identifying a typology. Laitinen (1992) studied financial characteristics of newly-founded firms and used the following variables: profitability, dynamic liquidity, quick ratio, indebtedness or static solidity, dynamic solidity, logarithmic net sales, and capital intensiveness to identify financial characteristics.Davidson and Dutia (1991) explored whether small firms have distinctively different financial characteristics from larger firms and determined the extent of the under-capitalization problem. In their study, four variables: liquidity, profitability, debt and solvency, and turnover are viewed as the variables to determine financial characteristics of SMEs. Meric et al. (1997) conducted a comparative study on financial characteristics of 87 Japanese and 87 USA chemical firms. In their study, they compared financial characteristics between the USA and Japanese chemical firms by using ten financial ratios. Financial ratios used to define financial characteristics in their study included: (1) operating profit margin, (2) total asset turnover, (3) return on assets, (4) return on equity, (5) fixed charge coverage, (6) common equity ratio, (7) long-term debt ratio, (8) current ratio, (9) quick ratio and (10) inventory turnover.As indicated in the introduction, the objectives of this chapter were to review the literature, find gaps and build a model of the impact of financial management on SME profitability based on this review. These objectives could not be separated as different activities, and all are fulfilled when a model of the impact of financial management on SME profitability was created.Generally, previous researchers provided valuable and detailed insights into financial management, financial management practices and financial characteristics. However, it appears that no investigation has been undertaken of the relationship between financial management including financial management practices and financial characteristics, especially the simultaneous impact of many variables such as accounting information system, financial reporting and analysis, working capital management, fixed asset management, financial planning practices, liquidity,financial leverage and activity ratios on SME profitability.译文财务管理和中小型企业的盈利能力资料来源：南十字星大学作者：Kieu Minh Nguyen1.财务管理目标财务管理像其他许多管理科学一样，首先要建立其目的和目标。
盈利能力外文资料翻译译文
盈利能力外文资料翻译译文XXX has always been one of the XXX。
Capital structure is related to a company's funding costs。
financial risks。
and profitability。
and funding costs and financial risks XXX een a company's capital structure and profitability is not us。
but increasing a company's long-term debt-to-equity。
XXX.The funding costs of long-XXX taxes。
a company's actual capital cost is lower than the rate of return demanded by creditors。
The cost of debt capital is mainly determined by the company's financial structure。
debt repayment ability。
operating cash flow。
operating ability。
operating efficiency。
market interest rates。
and current market economic XXX nary effects。
and the return XXX。
Long-term debt has a greater impact on a company's operating XXX。
and long-term debt faces greater credit default risk。
罗星：星巴克盈利能力分析
西南财经大学天府学院
2017 届
本科毕业论文（设计）
论文题目：《星巴克盈利能力分析》
学生姓名：罗 星
所在学院：西南ห้องสมุดไป่ตู้经大学天府学院
专 业：会计学（ACCA方向）
学 号：41302945
指导教师：柳 玉 寿
2017年4月
西南财经大学天府学院
本科毕业论文（设计）原创性及知识产权声明
（一）调研资料的准备
1、搜集星巴克公司的相关情况，包括背景、社会效益和近几年的财务报告等。
2、查阅相关资料，了解财务报表分析的一些具体分析方法。
3、通过互联网在专业的学术数据库查询浏览与企业盈利能力分析相关的文献报告。
4、寻找星巴克的相关竞争对手在国内运营的有关状况，全面搜集国内外的相关案例并且对比分析，与指导老师充分交流并且耐心听取老师提出的指导意见。
2、比率分析法
分析上市公司的盈利能力，一般情况下，采用的是比率分析法。这种方法主要是对企业数据的利用，来对各项指标的具体数值进行计算，以此来对企业的真实经营情况进行分析，根据计算方法的不同也可以进行细致化的划分：
（1）相关比率分析
指的是同一时期内某个项目和其他项目有关，在这种前提下进行对比所获得的具体比值。以此来对企业的实际情况进行反映。比如利用净利润、资产、权益类项目进行对比，通过详细的对比和计算，得出销售净利率、资产净利率和股东权益报酬率．以此来帮助企业从一个全面的角度认识自身情况，对利润水平有一个充分的了解。本文多次用到这一方法进行分析。
本人郑重声明：所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。
上市公司盈利能力分析 外文文献翻译
文献出处：Gnanasooriyar M S. Profitability analysis of listed manufacturing companies in Sri Lanka: An empirical investigation[J]. European Journal of Business and Management, 2014, 6(34): 358-364第一部分为译文，第二部分为原文。
默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。
制造业上市公司在斯里兰卡的盈利能力分析：一个实证调查摘要：本文是对2008年至2012年期间的选择10家在斯里兰卡的制造业上市公司的盈利能力，以及对四种常用的财务业绩指标分析：总利润（GR），净利润（NP），资产收益率（ROA）和净资产收益率（ROE）。
结果表明，在此期间斯里兰卡制造企业是相当多的盈利在GP和ROA，但利润较低的条件在NP和净资产收益率方面。
结果表明，制造企业的盈利能力是不太令人满意的。
皇家陶瓷有限公司的毛利率和净利率排第一，ABANS电气公司资产收益率第一，皇家陶瓷公司净资产收益率第一。
这项研究的结果对学者，政策制定者，从业人员等有借鉴意义的。
关键词：盈利能力分析，上市制造企业，斯里兰卡引言利润是收入超过相关费用过量在一段时间的活动。
凯恩斯勋爵指出，“利润是驱动企业的发动机”。
每个企业都应该获得足够的利润来生存和发展在一段较长的时间。
这是该指数在经济发展，提高国民收入和生活水平的不断提高。
利润是判断不只是经济准绳，但管理效率和社会目标也。
盈利手段，使利润从组织，公司，公司或企业的所有业务活动的能力。
它显示了如何有效地管理，可以通过使用所有市面上的资源赚取利润。
据Harward和厄普顿，“盈利是“赚其使用返回给定投资的能力。
”然而，长期的盈利能力“不是同义术语‘效率’。
利润率是效率的索引; 和被认为是效率和管理指南，更高的效率的量度。
盈利能力的参考文献
盈利能力的参考文献引言盈利能力是一个企业或组织在一定时期内实现利润的能力。
它是衡量企业经营状况和竞争力的重要指标之一。
随着市场环境的变化和竞争加剧，提高盈利能力成为企业发展的关键任务之一。
本文将介绍一些与盈利能力相关的参考文献，帮助读者了解如何提高盈利能力。
1. “Profitability: The Ultimate Guide” by John Doe这本书是一本关于盈利能力的综合指南。
它详细介绍了如何计算和分析企业的盈利能力，包括常用的财务指标和比率，如净利润率、毛利润率、资产回报率等。
书中还提供了许多案例研究和实用建议，帮助读者理解并应用这些概念。
该书还讨论了盈利能力与其他经营指标之间的关系，如市场份额、销售增长率等。
它强调了盈利能力不仅取决于企业内部因素，还受到外部环境和市场竞争的影响。
通过深入研究这些因素，读者可以更好地理解如何提高企业的盈利能力。
2. “The Art of Profitability” by Adrian Slywotzk y这本书以故事的形式讲述了盈利能力的艺术。
它通过描绘不同行业和企业的案例，展示了如何通过创新和差异化来提高盈利能力。
作者强调了发现和满足客户需求的重要性，并提供了一些实用工具和技巧来实现这一目标。
该书还介绍了一些非传统的盈利模式，如订阅服务、共享经济等。
通过探索这些新兴模式，读者可以获得启发，思考如何应用于自己的企业中，从而提高盈利能力。
3. “Profit First” by Mike Michalowicz这本书提出了一个独特的理念：先分配利润，再进行经营。
作者认为，许多企业在经营过程中往往将利润放在最后考虑，而应该将其作为首要任务。
他介绍了一种简单而有效的方法来管理企业财务，确保每个季度都有可观的利润。
该方法基于分配账户给不同的用途，例如运营账户、利润账户和税款账户。
通过定期分配利润，并将其作为经营的基础，企业可以更好地掌握盈利能力，并有针对性地进行管理。
外文文献企业盈利能力分析
文献出处：标题 : A ssessm ent of Financial R isk in Firm 's Profitability A naly sis作者 : S olomon, Daniela C ristina; M untean, M i rcea出版物名称 : Economy Transdisciplinarity C og nition卷 : 15期 : 2页 : 58 -67页数 : 10出版年份 : 2012A ssessm en t of F in a n c ia l R isk in F ir m ' s P r ofita b i l i t y A n a ly sisA bstract: In the contex t of g lobalization w e are w i tnessing an unprecedented diversification of risk situations and uncertainty in the business w orld, the w hole ex i stence of an org anization being related to risk . The notion of risk i s inextricably l inked to the return. R eturn includes ensuring remuneration of production factors and invested capital but a lso resources manag em ent in terms of efficiency and effectiveness. A full financial and econom ic diag nosis can not be done w i thout reg a rd to the return-risk ra tio.S tock profitability analy s i s should not be dissociated from risk analy s i s to w hich the com pany i s subdued. R isk analy sis i s useful in decision making concerning the use of economic-financial potential or investm ent decisions, in developing business plans, and a lso to inform partners about the enterprise's performa nce level.R i sk takes many form:, operational risk, financial risk and tota l risk , risk of bankruptcy ( other risk categ ories) each influencing the business activity on a g reater or lesser extent. Financial risk analy s i s, realized w i th the use of specific indicators such as: financial leverag e , financial breakeven and leverag e ra tio ( C LF) accompany ing call to debt, presents a major interest to optim ize the financial s tructure and viability of any com pany operating under a g enuine m arket econom y .Key w ords: risk analy sis fina ncial risk , financial leverag e , breakeven point.IntroductionR i sk and return a re tw o interdependent aspects in the activity of a com pany , so the question i s assuming a certain level of risk to achieve the profitability that it a l low s. R eturn can only be assessed but on the basis of supported risk . This risk a ffects econom ic asset returns first, and secondly of capital invested. Therefore it can be addressed both in terms of business, as the org anizer of the production process driven by intention to increase property ow ners and adequate remuneration of production factors and the position of outside financial investors, interested in carry ing the best investm ent, in financial market conditions w i th several areas of return and different risk levels.R isk assessm ent should consider manag ing chang e : people chang e , methods chang e , the risks chang e [ 1 , 36 ] .C onsequently , profitability i s subject to the g eneral condition of risk w here the org anization operates. R i sk takes m any forms, each a ffecting the ag ents' econom ic activity on a lesser or g reater ex tent. For econom ic and financial analy sis a t the micro level presents a particular interest those form s of risk that ca n be influenced, in the sense of reduction, throug h the actions and measures the economic ag ents can underg o.1.. Financial R i sk in Economic Theory and PracticeFinancial activity , in i ts m any seg m ents is influenced by unex pectedly restrictive e lem ents as evolution, often unexpected, not depending directly on economic ag ents. Impact of various factors ( m a rket, competition, tim e factor,inflation, ex chang e rates, interest, com missions, human factors and not least the company culture) often mak es financial decision become a decision under risk.Financial risk characterizes variability in net profit, under the company 's financial structure. There a re no financial templa te features, each business activity prints i ts ow n sig nificant varia tions from case to case. In the case of reta i l ers, "intang ible assets a re less important, but stocks a re significant, and the appeal to credit provider is frequently used, being very useful for treasury business" [ 2 , 40 ] .A n optim a l capital structure w i l l max imize enterprise value by balancing the deg ree of risk and ex pected return rate.M anag em ent of financial risk is an integ ra l part of planning and financial control, subm itted to strateg ic and tactical decisions for a continuous adaptation to inside and outside company conditions, constantly chang ing and it requires:-identification of a reas that are prone to risk;-l ikelihood estima tion of financial risk production;-determining the independence relations betw een financial risk and other significant risks ( operational risk , market risk - interest rate fluctuations);-delim i ta tion of risk and keeping i t under observation to stop or diminish ( minim ize) the effect;-identify causal factors for financial risk, in order to define potential adverse effects induced on the overall activity of the company ;-determining the risk as quantifiable s i ze, as w ell as the effects associated to risk occurrence;-determining the routes to follow and strateg ies to fit the company 's financial activity in an area of financial certainty .Financial risk i ssues can be found a t the heart of R om anian accountant's norma l izors. A ccording to the OM PF 3055 /2 009 , the B oard m ust prepare for each financial y ear a report, called a M anag ers ' report, w hich must include, besides an accurate presentation of development and performance of the entity 's activity and i ts financial position, a lso a description of main risks and uncertainties that i t fa ces.Thus, M anag ers report must provide information on: the objectives and policies of the entity concerning financial risk m anag ement, including i ts policy for risk covering for each major ty pe of forecasted transaction for w hich risk coverag e accounting i s used, and entity 's exposure to market risk, credit risk , l i quidity risk and cash flow .R equired disclosures provide information to help users of financial statem ents in evaluating the risk financial instrum ents, recog nized or not in balance sheet.The m a in categ ories of financial risks a ffecting the company 's performance a re [ 3 ] :1 . M arket risk that com prises three ty pes of risk :0 currency risk - the risk that the value of a financial instrument { Financial instrum ent i s defined according OM FP 3055 /2 009 , A rt. 126 , as: ''... any contract that s im ultaneously g enerates a financial active for an entity and a financial debt or equity instrument for another entity ") w i l l fluctuate because of chang es in currency exchang e rates; the low ering of ex chang e rate can lead to a loss of value of assets denominated in foreig n currency thus influencing business perform ance;0 fa i r value interest rate risk - the risk that the value of a financial instrument w i l l fluctuate due to chang es in market interest ra tes;0 price risk - the risk that the value of a financial instrum ent w i l l fluctuate as a result of chang ing market prices, eveni f these chang es are caused by factors specific to individual instruments or their i ssuer, or factors a ffecting a l l instrum ents traded in the ma rket. The term "market risk " incorporates not only the potential loss but as w e l l the g a in.2.. C redit risk - the risk that a party of financial instrument w i l l not to com ply w i th the undertaking , causing the other party a financial loss.3.. Liquidity risk - ( a lso called funding risk) is risk that an entity meets in difficulties in procuring the necessary funds to m eet com mitm ents related to financial instrum ents. L iquidity risk ma y result from the inability to quickly se l l a financial asset a t a value close to i ts fa i r va lue.4.. Interest ra te risk from cash flow - i s the risk that future cash flow s w i l l fluctuate because of chang es in ma rket interest rates. For ex am ple, i f a variable rate debt instruments, such fluctuations a re to chang e the effective interest rate financial instrument, w i thout a corresponding chang e in its fa i r va lue.Financial environment i s characterized by a hig h interest rate volatility , w hich translates in term s of risk and indiscriminate harm s the va lue and profitability of any enterprise [ 4 , 89 ] . Interest ra te risk on the balance sheet i s reflected by chang es in m arket value of an asset, as the present value of an asset i s determ ined by discounting cash flow s using interest rate or w eig hted averag e cost of capital [ 5 , 89 ] .2 . Financial R isk A ssessmentFinancial risk assessm ent is performed by using specific indicators such as: financial leverag e, financial breakeven and leverag e factor ( C L F) w hose values ex press fluctuations in net profit, under the company 's financial structure chang e .Financial leverag e effectFinancial ri sk or capital concerns the com pany 's financial structure and depends on the manner of funding the activity : i f it is w holly financed by equity , i t w i l l not involve financial risk . This risk appears only if loan financing sources involving charg e to pay interest and show s a direct influence on financial profitability ( of equity ) [ 6 , 170 ] .Debt, the size and cost drives the variability of results and autom a tica l l y chang es the financial risk. The size of influence of financial structure on firm performance has produced financial leverag e effect, w hich can be defined as the m echanism throug h w hich debt a ffects return on equity , return on the ratio of benefits ( net income) and equity .B etw een economic profitability and financial return there i s a tig ht correlation. Financial return is rooted in economic returns. The difference betw een the tw o rates is g enerated by com pany policy options for funding . U sually , on equal economic rate return, financial profitability ra tes vary depending on finance source - from ow n equity or borrow ed capital.In econom ic theory the link betw een financial profitability ra te ( R f) and econom ic ra te of return ( R e) is hig hlig hted by the follow ing equation:...w here: d = averag e interest rate; D= total debts; C pr = ow n equity ;...If for calculation of return ra tes profit tax i s taken into account, the relationship becomes [ 6 , 170 ] :w here: i=the tax rate....W e can see the influence that financial structure, respective "all financial resources or capital composition that financial manag er use to increase the needed funding " [ 7 , 36 ] , has on the overall profitability of the company . B y reporting total debt ( D) to ow n equity ( C PR ) i s determined financial leverag e ( L F) ( or leverag e ratio) reflecting the proportion of g rants to loans and g rants to i ts ow n resources. The report should not ex ceed the value 2 , otherw i se the debt capacity of the enterprise i s considered saturated, and borrow ing above this l im i t lead to the risk of insolvency , both to the borrow er and the lender.The financial leverag e effect ( E L F) results from the difference betw een financial and economic return and "ex pressesthe impact of debt on the entity 's equity , the ratio betw een ex ternal and domestic financing ( dom estic resources) " [ 2 , 40 ] thus reflecting the influence offinancial structure on the perform ance of an entity :...Depending or not on the consideration of income tax , net or g ross ra tes of return can be measured, i.e . net or raw financial leverag e effect, as follow s:Debt i s favorable w hile the interest rate i s inferior to the ra te of economic profitability , w hich has a positive influence on financial ra te of the company .Financial leverag e i s even g reater as the difference betw een economic profitability and interest rate i s hig her, in this respect can be seen several cases presented in Table 1 .Leverag e effect a l low s evolution stimulation for financial profitability according to the chang e in funding policy of the enterprise being an im portant param eter for stra teg ic business decisions [ 8 , 164 -165 ] .B ased on the balance sheet and profit and loss account of tw o studied companies' rates of return and financial leverag e a re determ ined, as presented in table no. 2 .From the analy sis of the data presented in Table 2 w e may see the follow ing conclusions:1.. Economic and financial rates of return, in the case of S .C . A L FA S .A . follow s an upw a rd trend recently analy zed aspect reflecting the increased efficiency in the use of equity capital invested, w hile for S .C . B ETA S .A . evolution is a descendant one.2.. R eturn on equity ( equity efficiency ) w as hig her than the ra te of economic profitability ( econom ic efficiency of assets, invested capital respectively ) throug hout the period under review follow ing a positive financial leverag e ( EL F> 0 ) and hig her econom ic efficiency cost of borrow ing ( R e> d).3.. R educing financial leverag e for S .C . A L FA S .A . reduced the favorable effect of the debt presence on financial efficiency ra te , w hich w as due to low er w e ig ht ra tio of tota l debt and equity g row th.4.. Total debt increased during N-l and N y ears for S .C . B ETA S .A . resulted in increased financial leverag e that potentiates financial return ahead as the economic ra te of return.The evolution of the relationship betw een g ross economic return ( R ebr) and g ross financial profitability ( R fbr) for S .C . A L FA S .A . is g raphically presented in Fig ure 1 , and for S .C . B ETA S .A . in Fig ure 2 .A naly zing the evolution offinancial leverag e ( Fig ure 3 ) one can see that risk capital i s not placed a t a level too hig h, w hich m ig ht jeopardize the financial autonom y of enterprises.S ome financiers, as M odig l i ani and Fisher a rg ue that i t i s more advantag eous for the company to finance from loans than from equity [ 6 , 170 ] as the cost of borrow ed capital ( debt interest) i s a lw a y s deductible company 's tax , w hile the cost of equity ( preserved benefits and dividends) i s not tax deductible for the com pany . S hareholders tend to fa ll into debt to g et more tax sa ving , in this w a y , "indebted enterprise va lue appears to be hig her than the company that i s not under debt"[ 7 , 36 ] .Financial breakeven returnEstablishing the company 's position in relation to financial return breakeven for financial risk analy s i s i s determined taking into account fix ed costs and fix ed financial costs, meaning interest ex penses. In this s ituation turnover is calculated corresponding to a financial breakeven return or "financial standstill".B reakeven thus determ ined depends on four fundam ental variables [ 10 ] :-three parameters that influence the stability results of operations:*stability of turnover;*costs structure;*firm position in relation to i ts dead point;-financial ex penses level, respective the debt policy practiced by the company .B ased on these values safety indicators or position indicators are estimated, presented in Table 3 .w here: C A ^tic= financial breakeven;C f = fix ed ex penses;C hfin = financial ex pensesC V = variable ex penses; CA = turnover;R mcv = variable ex penses rate marg in.Financial risk deepens econom ic risk ( in addition to repa y ment of loans, interest costs need to be paid), and finally g enerates a pay ment default of the company that can lead to bankruptcy risk [ 11 , 36 ] .Financial leverag e ratio ( C L F)Financial risk assessment and evaluation can be m ade based on financial leverag e factor ( C L F). It ex presses the sensitivity of net income ( R net) to operating results variations ( R exp) and m easures the percentag e increase of net incom e in response to increase w i th one percentag e of results from operations. C a lculation relationship is as follow s:...respective: ...The C L F calculation takes into account only the current result and financial ex penses, only that correlate w i th the operation, w hich reduces net income relationship: R net = ( R ex p - C hfin) * ( ! - /)In these c ircum stances, financial leverag e coefficient g a ins ex pression: d c . \ /. .v i R exp...C L F= R qx PIt notes that the financial leverag e ratio i s directly proportional to financial ex penses w hich increase hig her the value of C L F and therefore increase in financial risk .Financial risk as measured by financial leverag e ra tio meets vary ing deg rees depending on know ing the coefficient values from zero to infinity [ 6 , 170 ] :B ased on profit and loss account of the tw o studied companies w e determine financial risk indicators presented in Table no. 4 .It can be noticed that, based on the data in Table 4 , the com panies have a com fortable s i tuation in term s of financial risk , because financial expenses have insig nificant values, and in N-2 y ear their absence a l low ed to obtain a financial leverag e ra tio equal to 1 , companies' ex posure to financial risk being m inor.A ctual turnover for the tw o com panies w ere above breakeven financial ( o ver critical turnover) in the analy zed period, aspect w hich a l low ed the recording of safety m arg ins, safety spaces and positive efficiency g a ins.Graphical representation of comparative evolution of financial leverag e ratio i s sug g estively show n in Fig ure no. 4 .In the case of S . C . A L FA S .A . the entire period financial risk is minor due to low level of financial costs, the company preferring to use only i ts ow n resources to finance the activity . Poor values of financial leverag e ra tio ( very c lose to 1 ) support the previous sta tements.Greatest financial risk to w hich S .C . B ETA S .A . i s ex posed to i s manifested in financial y ear N, w hen the value ofcoefficient C L F is max imum , respectively 1 ,11047 w hich show s increasing dependence of net result on the operating result, and consequently , increased financial risk due to the g ap betw een the index and results of operations index of financial ex penses ( l R ex p <Ichfin)- How ever, financial risk i s minor, the society proves superior financial perform ance as turnover i s w e l l above the critical turnover ( financial breakeven), rang e safety hovering w ell above the 20 % in the analy zed period.C onclusionsDebt had a positive effect on financial profitability m anifested as a "financial leverag e" ( positive leverag e effect). Ex tremely low level of debt and low er value of financial l iabilities inferior to ow n equity makes companies not ri sk y in term s of financial solvency . In this situation, for both com panies, i s m ore advantag eous to use the medium and long term loans to finance business, thus ensuring them an additional profit. U s ing debt should be made w i th caution in order not to l imit the financial independence of firm s and reduce additional debt opportunities in times of crisis.A naly sis of financial risk and leverag e effect that accom pany the call to debt, presents a major interest to optim ize the financial structure and viability of any com pany operating under a real market econom y .The use of loans can be risky for the entity and i ts shareholders, but this m ethod of financing becom es advantag eous for entity shareholders s imply because they are able to hold an asset more im porta nt than equity value, increasing their economic pow er. The financing of company ex pansion activity can be achieved by a s ig nificant increase in borrow ed capital provided economic returns exceed the averag e interest rate.C ompany 's risk assessment on the basis of leverag e coefficients i s required for the predicted behavior analy s i s for estimating future results, w hich must be taken into account in decision m aking process.R efer en ces[ 1 ] M orariu, A ., C recanä,C ., D., ( 2009 ) , ''Internal audit. S tra teg y in manag em ent advising ", Theoretical and A pplied Economics - supplem ent, B ucharest, p. 36 .[ 2 ] M orariu, A ., C recanä, C ., D., ( 2009 ) , ''The im pact of economic performance on financial position", Financial A udit, no. 5 , The C hamber of Financial A uditors from R omania Publish house ( C A FR ) , B ucharest, p. 40 .[ 3 ] OM FP, 3055 /2 009 , A rt. 306 , a l .( 3) .[ 4 ] J offre, P., S im on, Z., ( 2007 ) , Ency c lopédie de g estion, Economie Publish house, Paris, 1989 , quoted by J ianu, L , p. 89 .[ 5 ] J ianu, I., ( 2007 ) , Evaluation, presentation and analy sis of enterprise's performance - A n approach from International Financial R eporting S tandards, C EC C A R Publish house, B ucharest, p. 89 .[ 6 ] Petrescu, S ., ( 2010 ) , A naly sis and financial - accounting diag nostic -Theoreticapplicative g uide, 3 rd edition, revised and enlarg ed, C EC C A R Publish house, B ucharest, p. 170 .[ 7 ] M i roniuc, M ., ( 2007 ) , A ccounting and financial manag ement of the company . C oncepts. Policies. Practices, S edcom L ibris Publish house, Iaçi, p. 36 .[ 8 ] Zait, D., ( 2008 ) , Evaluation and manag em ent of direct investments, S edcom Libris Publish house, Ia §i, p. 164 -165 .[ 9 ] National B ank of R om ania, R eference Interest - history , available on[ 10 ] Quiry , P., Le Fur, Y ., Pierre V emim men ( 2008 ) , Finance d'entreprise 2009 , 7 th edition , Dalloz Publisher, Paris.[ 11 ] B erheci, M ., ( 2009 ) , "The risks in l i fe business and accounting outcom e variability " - Part II, A ccounting , auditing and business expertise, p. 36 .。
营运能力的分析外文中英文翻译
营运能力的分析外文中英文翻译外文翻译原文 Operation ability analysis Material Source: China＇s securities nets 05/17/2020 Author:Techever Operation ability fully utilize existing resources to create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its essence is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterprise＇s operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed, it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixedasset turnover, flow asset turnover, inventory turnover and accounts receivable turnover these five financial ratios to enterprises＇ operating capacity for layered analysis. Operation ability analysis can help investors understand enterprise business conditions and operating management level. With our su ning electric equipment (BBS) (market, for example, 002024) to introduce how to enterprise＇s investors operating capability analysis. Total asset turnover is to show enterprise sales income and total assets of the ratio of average balance. Suning 2020 sales revenue for 91.1 billion yuan, average total assets of 14 million yuan; 2020 sales income increased to 160.4 billion yuan, the average total assets is increased by 2.3 times, reached 31.9 million yuan. Due to the growing rate of total assets than the sales income increase, total asset turnover down to 5 by lead. The rate of decline in 2020 with suning opened the new mass are directly related. In order to complete the “national cloth nets“ thestrategic pattern, suning in 2020 at 65, a new store new landed 20 cities, and the original logistics, service system of radiation radius is limited, so su ning to makes lots of management platform, in order to support the construction of the urbanconstruction in the same after other stores of logistics and management. This makes su ning expansion strategy initial cost of relatively high. Current assets turnover is enterprise＇s sales income and liquidity ratio of average balance. Through this ratio analysis, we can further understanding of enterprise in the short term operation ability changes. From statements that su ning 2020 sales income nearly 1.6 billion yuan, growth rate, while the average flow rate reached more than doubled assets. The liquidity didn＇t bring the same margin large increase of sales income growth, so current assets turnover in 2020 7.36 dropped by the 2020 5.61, explain the efficiency in the use of su ning liquid assets declined. Fixed asset turnover is mainly used for analysis of fixed assets such as factory buildings, equipment, the ratio of the utilization efficiency of the higher and higher, explain utilization, management level, the better. If the fixed asset turnover compared with industry average low, then explaining enterprise of fixed assets utilization is low, might affect the enterprise profitability. It reflects enterprise asset utilization degree. Fixed asset turnover ratio = sales revenue/average net value of fixed assets The average net value of fixed assets = (initialequity + final equity) voting 2 Enterprise inside certain period advocate business wu income with average net current assets ratio of total asset utilization, is appraise enterprise another important indexes. It reflects the enterprise liquid assets turnover rate from enterprise all assets, liquidity of the strongest in current assets Angle of enterprise assets utilization efficiency, in order to further analyze the quality of enterprise assets reveals acoustics major factor. Current assets turnover means certain period for a year) (usually the main business income and total migrant assets ratio of the average balance.therefore, can through to inventory turnover and accounts receivable further analysis of flow asset turnover ratio changes. Suning in stock sales primarily, therefore, accounts receivable accounted for only the liquidity, and inventory 50% 4.75%. Inventory turnover refers to enterprises and inventory cost of sales average balance ratio. For real estate industry inventory turnover is a very key indicators, real estate industry is very special. Usually, inventory turnover is the sooner the better, and real estate industry inventory quantity bigger, the slower the turnover that the strength of the company is the more abundant. Other industry＇s inventory turnover for six or seven times a year of general level, in contrast, in the real estate industry a year about a second, if in six or seven times a year inventory turnover for real estate industry as the company is tiny companies, with a powerful real estate stocks, inventory turnover are very low, because must keep a lot of land reserves, land reserve is his inventory, the houses built yet form sales belong to assets range, depend on these achieve sales.Inventory turnover condition can also be expressed with inventory, namely said days once inventory turnover the time required that the shorter days, the faster inventory turnover. Suning 15.05 inventory turnover in 2020 for 2020, this ratio dropped to 10.33. Accordingly, inventory turnover days from 24 days extended to 35 days. Inventory liquidation speed decreased obviously, explain suning sales ability may exist problems down or inventory excess. Accounts receivable turnover refers to the enterprise certain period income and accounts receivable credit average balance ratio. It reflects the company obtained the account receivable from the right to withdraw money, can be converted into cash needed the length of time. Accounts receivable turnover can be used to estimate the accounts receivable convertedspeed and management efficiency. Recovery quickly can save money, also shows that enterprise credit situation is good, not easy loss of bad happened. Generally believe that the higher the turnover of the good.This index measure enterprise accounts receivable into cash speed. Because credit sales income can＇t easily get, in practice used more sales income is calculated alternative credit income. Suning customers is mainly individual consumer to both clear of money and goods, trading on the basis of the account receivable credit income proportion is very small, so the sales income data obtained by receivable turnover is very high. In general, the higher the ratio of enterprises that enterprise collection receivable and the faster, can reduce the loss of bad, and liquidity strong, enterprise＇s short-term solvency will also strengthen, in some extent could compensate for the current ratio low adverse impact. If the enterprise receivables turnover is too low, then explaining enterprise collection receivable inefficient or credit policy very loose, affect the enterprise use of the capital and capital normal turnover. On real estate enterprise operation ability of financial analysis framework can mainly from three aspects: building management ability index, accountsreceivable turnover and working capital turnover rate. In these three respects based on real estate enterprise combining the characteristics, the selection of the appropriate financial index on real estate enterprises＇ operating capability evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterprises and other enterprises in the operation of the managers do provide quantitative basis for decision-making and analysis methods. Through the case analysis can be found that, because the influence of assets turnover rate, total assets yield level but not necessarily advocate business wu income consistent with gross margin. And commercial real estate and industrial real estate, residential real estate than sex where profit margins, so vanke＇s sales income margin increased year by year, but despite highest when still about 41%, but the lujiazui, and the land is provided income can be as high as 80% gross margin, cofco property of materials processing income also can achieve 75% gross margin. From the trend, the incomes of the three companies are in growth state gross margin. But because the operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets. Three real estate enterpriseoperations in there is a common problem, namely the working capital turnover rate is too slow. Operation ability of the enterprise of the scale of operations and different difference were real estate enterprise can cause inventory turnover rate and working capital turnover rate is different. Residential property turnover rate sex than commercial real estate and industrial real estate, so vanke faster the inventory turnover faster than lujiazui, cofco property because small in scale, the turnover rate close to YuWanKe. But in recent years due to land prices continue to rise, real estate enterprises have been through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the current real estate enterprises in our country there are a large amount of inventory turnover, slow ills. 译文营运能力的分析资料来源：中国证券网 05/17/2020 作者：Techever 营运能力是充分利用现有资源创造社会财富的能力，可以用来评价企业对其拥有资源的利用程度和营运活动能力。
企业盈利能力分析(Profitability Analysis)
企业盈利能力分析（Profitability Analysis）企业盈利能力分析（Profitability Analysis）摘要随着我国经济的高速发展，企业的盈利能力也受到了越来越多的关注。
盈利能力通常是指企业在一定时期内赚取利润的能力。
我们要对一个企业的盈利能力分析，就要借助一系列的盈利能力指标。
企业盈利能力指标是企业的一项重要财务指标，换句话说，就是企业赚取利润的能力。
只有企业获利，才能提现存在的价值，利润是投资者获取投资收益重要保障。
赚取利润是企业存在的首要目标，因此,企业盈利能力分析十分重要。
关键词盈利能力分析指标众所周知，企业经营的主要目的就是为了盈利。
而企业进行盈利能力分析的目的是想利用企业获利能力的有关指标反映和衡量企业的经营业绩，并且通过获利能力分析发现企业经营管理中存在的问题，以便企业更好的盈利。
盈利能力的分析是企业财务分析的重点,财务结构分析、偿债能力分析等,其根本目的是通过分析及时发现问题,改善企业财务结构,提高企业偿债能力、经营能力,最终提高企业的盈利能力,促进企业持续稳定地发展。
一、企业盈利能力分析的内涵盈利能力，是指企业在一定时期内赚取利润的能力。
追求利润最大化是企业的动力所在。
盈利能力分析是企业财务分析的重点,是企业管理活动的出发点和归宿点。
盈利企业经营业绩的好坏最终可通过企业的盈利能力来反映。
无论是企业的管理层、投资者、债权人，或其他利益相关者都非常关心企业的盈利能力。
因为企业盈利能力的大小，与管理人员的工作业绩、投资者的投资收益、债权人的债权安全、企业职工的工资水平乃至整个国家的财政收入等都息息相关。
二、企业盈利能力分析的目的（一）利用盈利能力的有关指标反映和衡量企业经营业绩。
企业经理人员的根本任务,就是通过自己的努力使企业赚取更多的利润。
各项收益数据反映着企业的盈利能力,也表现了经理人员工作业绩的大小。
用已达到的盈利能力指标与标准、基期、同行业平均水平、其他企业相比较,则可以衡量经理人员工作业绩的优劣。
中英文财务指标范文
中英文财务指标范文财务指标可以分为三类：盈利能力指标、偿债能力指标和运营能力指标。
下面将介绍一些常见的财务指标。
盈利能力指标：1. 净利润（Net Profit）：企业在一定期间内实现的总收入减去各项支出和税金后的余额。
2. 毛利润率（Gross Profit Margin）：毛利润与总收入的比率，反映企业商品或服务的生产成本与销售收入之间的关系。
3. 净利润率（Net Profit Margin）：净利润与总收入的比率，表明企业每一单位销售收入产生的净利润。
4. 营业利润率（Operating Profit Margin）：营业利润与总收入的比率，衡量企业核心业务的盈利能力。
5. 利润增长率（Profit Growth Rate）：企业净利润的年度变化率，反映企业盈利能力的增长情况。
偿债能力指标：1. 流动比率（Current Ratio）：流动资产与流动负债的比率，衡量企业短期偿债能力。
2. 速动比率（Quick Ratio）：流动资产中除去存货后与流动负债的比率，反映企业在不变动存货情况下的偿债能力。
3. 现金比率（Cash Ratio）：现金与流动负债的比率，代表企业能够立即偿还债务的能力。
4. 利息支付倍数（Interest Coverage Ratio）：企业利息支出与营业利润的比率，评估企业偿债能力是否足够支付利息。
运营能力指标：1. 库存周转率（Inventory Turnover Ratio）：销售收入与平均库存的比率，反映企业在一定期间内库存的周转情况。
2. 应收账款周转率（Accounts Receivable Turnover Ratio）：销售收入与平均应收账款的比率，衡量企业的应收账款收回速度。
3. 总资产周转率（Total Asset Turnover Ratio）：销售收入与平均总资产的比率，反映企业资产的利用效率。
4. 资本回报率（Return on Equity，ROE）：净利润与股东权益的比率，衡量企业每一单位股东权益所创造的利润。
企业利润分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Profit PatternsThe most important objective of companies is to create, develop and maintain one or more competitive advantages in order to generate dividends for the shareholders. For a long time, it was simply a question of dominating the market, either by costs or by a policy of differentiation. As Michael Porter advised, it was essential to avoid being “stuck in the middle”. This way of thinking set up competitive rivalry in a closed world, and tended towards stability. This model is less and less relevant today for whole sectors of the economy. We see a multitude of strategic movements which defy the logic of the old system. “Profit Patterns” lists numerous strategies which have joined the small number that we knew before. These patterns often combine to give rise to strategic models which are better adapted to the new and changing needs of the consumer.Increasing the value of a company depends on its capacity to predict Valuemigration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major of managers have a talent for recognizing development market trends There are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context. This book proposes thirty strategic prediction models divided into seven families. Predicting is not enough: one still has to act in time! Managers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectives.For most of the 20th century, mastering strategic evolution models was not a determining factor, and formulas for success were fixed and relatively simple. In industry, the basic model stated that profit was a function of relative market share. Today, this rule is confronted with more and more contradictions: among car manufacturers for example, where small companies like Toyota are more profitable than General Motors and Ford. The highest rises in value have become the exclusive right of the companies with the most efficient business designs. These upstart companies have placed themselves in the profit zone of their sectors thanks, in part, to their size, but also to their new way of doing business – exploiting new rules which are sources of value creation. Among the new rules which define a good strategic plan are:1. Strong orientation towards the customer2. Internal decisions which are coherent with the overall activity, concerning the products and services as well as the involvement in the different activities of the value chain3. An efficient mechanism for value–capture.4. A powerful source of differentiation and of strategic control, inspiring investorconfidence in future cash-flow.5. An internal organization carefully designed to support and reinforce the company’s strategic plan.Why does value migrate? The explanation lies largely in the explosion of risk-capital activities in the USA. Since the 40’s, of the many companies that have been created, about a thousand have allowed talented employees, the “brains”, to work without the heavy structures of very big companies. The risk–capital factor is now entering a new phase in the USA, in that the recipes for innovation and value creation are spreading from just the risk-capital companies to all big companies. A growing number of the 500 richest companies have an internal structure for getting into the game of investing in companies with high levels of value-creation. Where does this leave Eur ope? According to recent research, innovation in strategic thinking is under way in Europe, albeit with a slight time-lag. Globalization is making the acceptation of these value-creation rules a condition of global competitively .There is a second phenomenon that has an even more radical influence on value-creation –polarization: The combination of a convincing and innovative strategic plan, strategic control and a dominant market share creates a terrific increase in investor confidence. The investors believe that the company has established its position of strength not only for the current, but also for the next strategic cycle. The result is an exponential growth in value, and especially a spectacular out-distancing of the direct rivals. The polarization process typically has two stages. In phase 1, the competitors seem to be level. In fact, one of them has unde rstood, has “got it”, before the others and is investing in a new strategic action plan to take into account the pattern which is starting to redefine the sector. Phase 2 begins when the conditions are right for the pattern to take over: at this moment, th e competitor who “got it”, attracts the attention of customers, investors and potential recruits (the brains). The intense public attention snowballs, the market value explodes to leave the nearest competitor way behind. Examples are numerous in various sectors: Microsoft against Apple and Lotus, Coca-Cola against Pepsi, Nike against Reebok and so on. Polarization of value raises the stakes and adds a sense of urgency: The first company to anticipate market changeand to take appropriate investment decisions can gain a considerable lead thanks to recognition by the market.In a growing number of sectors today, competition is concentrated on the race towards mindshare. The company which leads this race attracts customers who attract others in an upwards spiral. At the transition from phase 1 to phase 2, the managing team’s top priority is to win the mindshare battle. There are three stages in this strategy: mind sharing with customers gives an immediate competitive advantage in terms of sales; mind sharing with investors provides the resources to maintain this advantage, and mind sharing with potential recruits increases the chances of maintaining the lead in the short and the long term. This triple capture sets off a chain reaction releasing an enormous amount of economic energy. Markets today are characterized by a staggering degree of transparency. Successes and failures are instantaneously visible to the whole world. The extraordinary success of some investors encourages professional and amateurs to look for the next hen to lay a golden egg. This investment mentality has spread to the employment market, where compensations (such as stock-options) are increasingly linked to results. From these three components - customers, investors and new talent – is created the accelerating phenomenon, polarization: thousands of investors look towards the leader at the beginning of the race. The share value goes up at the same time as the rise in customer numbers and the public perception that the current leader will be the winner. The rise in share-price gets more attention from the media, and so on. How to get the knowledge before the others, in order to launch the company into leadership? There are several attitudes, forms of behavior and knowledge that can be used: being paranoiac, thinking from day to day that the current market conditions are going to change; talking to people with different points of view; being in the field, looking for signs of change. And above all, building a research network to find the patterns of strategic change, not only in one’s particular sector, but in the whole economy, so as always to understand the patterns a bit better and a bit sooner than the competitors.Experienced managers can detect similarities between movements of value in different circumstances. 30 of these patterns can be divided into 7 categories.Some managers understand migrations of value before other managers, allowing them to continually improvise their business plan in order to find and exploit value. Experience is an obvious advantage: situations can repeat themselves or be similar to others, so that experienced managers recognize and assimilate them quickly. There about 30 patterns .which can be put into 7 groups according to their key factors. It is important to understand that the patterns have three general characteristics: multiplicity,variants and cycles. The principle of multiplicity indicates that while a sector or a company may be affected by just one simple strategic pattern, most situations are more complicated and involve several simultaneously evolving patterns. The variants to the known models are developed in different circumstances and according to the creativity of the users of the models. Studying the variants gives more finesse in model-analysis. Finally, each model depends on economic cycles which are more or less long. The time a pattern takes to develop depends on its nature and also on the nature of the customers and sector in question.1) The first family of strategic evolution patterns consists of the six “Mega patterns”: these models do not address any particular dimension of the activity (customer, channels of distribution and value chain), but have an overall and transversal influence. They owe their name “Mega” to their range and their impact (as much from the point of view of the different economic sectors as from the duration). The six Mega models are: No profit, Back to profit, Convergence, Collapse in the middle, De facto standard and Technology shifts the board. • The No profit pattern is characterized by a zero or negative result over several years in a company or economic sector. The first factor which favors this pattern is the existence of a single strategic a plan in several competitors: they all apply differentiation by price to capture market-share. The second factor is the loss of the “crutch” of the sector, that is the end of a system of the help, such as artificially maintained interest levels, or state subsidies. Among the best examples of this in the USA are in agriculture and the railway industry in the 50’s and 60’s,and in the aeronautical industry in the 80’s and 90’s.• The Back to profit pattern is characterized by the emergence of innovative strategic plans or the projects which permit the return of profits. In the 80’s, the watch industry was stagnating in a noprofits zone. The vision of Nicolas Hayek allowed Swatch and other brands to get back into a profit-making situation thanks to a products pyramid built around the new brand.The authors rightly attribute this phenomenon to investors’ recognition of the superiority of these new business designs. However this interpretation merits refinement: the superiority resides less in the companies’ current capacity to identify the first an indications of strategic discontinuity than in their future capacity to develop a portfolio of strategic options and to choose the right one at the right time. The value of a such companies as Amazon and AOL, which benefit from financial polarization, can only be explained in this way. To be competitive in the long-term, a company must not only excel in its “real” market, but also in its financial market. Competition in both is very fierce, and one can not neglect either of these fields of battle without suffering the consequences. This share-market will assume its own importance alongside the commercial market, and in the future, its successful exploitation will be a key to the strategic superiority of publicly-quoted companies.Increasing the value of a company depends on its capacity to predictValue migration from one economic sector to another or from one company to another has unimaginable proportions, in particular because of the new phenomena that mass investment and venture capital represent. The public is looking for companies that will succeed in the future and bet on the winner.Major managers have a talent for recognizing development market trendsThere are some changing and development trends in all business sectors. They can be erected into models, thereby making it possible to acquire a technique for predicting them. This consists of recognizing them in the actual economic context.Predicting is not enough: one still has to act in timeManagers analyze development trends in the environment in order to identify opportunities. They then have to determine a strategic plan for their company, and set up a system aligning the internal and external organizational structure as a function of their objectivesSource: David .J. Morrison, 2001. “Profit Patterns”. Times Business.pp.17-27.译文：利润模式一个公司价值的增长依赖于公司自身的能力的预期，价值的迁移也只是从一个经济部门转移到另外一个经济部门或者是一个公司到另外一个意想不到的公司。
上市公司盈利能力分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)The path-to-profitability of Internet IPO firmsAbstractExtant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time. This phenomenon is largely driven by an increase in the proportion of technology firms going public. Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public, identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research. We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms. We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time. We find that the probability of post- IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors. On the other hand, the probability ofpost-IPO profitability decreases with the venture capital participation, proportion of outsiders on the board, and pre-market valuation uncertainty.Keywords: Initial public offerings, Internet firms, Path-to-profitability, Hazard models, Survival1. Executive summaryThere has been an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability. Further, this phenomenon is largely driven by the increase in the proportion of technology firms going public. The risk of post-IPO failure is particularly high for unprofitable firms as shifts in investor sentiment leading to negative market perceptions regarding their prospects or unfavorable financing environments could lead to a shutdown of external financing sources thereby imperiling firm survival. Therefore, the actual accomplishment of post-IPO profitability represents an important milestone in the company's evolution since it signals the long-term economic viability of the firm. While the extant research in entrepreneurship has focused on factors influencing the ability of entrepreneurial firms to attain important milestones prior to or at the time of going public, relatively little is known regarding the timing or ability of firms to achieve critical post-IPO milestones. In this study, we construct a theoretical framework anchored on agency and signaling theories to understand the impact of pre-IPO factors such as governance and ownership structure, management quality, institutional investor demand, and third party certification on firms' post-IPO path-to-profitability. We attempt to validate the testable implications arising from our theoretical framework using the Internet industry as our setting. Achieving post-issue profitability in a timely manner is of particular interest for Internet IPO firms since they are predominantly unprofitable at the time of going public and are typically characterized by high cash burn rates thereby raising questions regarding their long-term economic viability. Since there is a repeated tendency for high technology firms in various emerging sectors of the economy to go public in waves amid investor optimism followed by disappointing performance, insights gained from a study of factors that influence the path-to-profitability of Internet IPO firms will help increase our understanding of the development path and long-term economic viability of entrepreneurial firms in emerging, high technology industries.2. IntroductionThe past few decades have witnessed the formation and development of several vitallyimportant technologically oriented emerging industries such as disk drive, biotechnology, and most recently the Internet industry. Entrepreneurial firms in such knowledge intensive industries are increasingly going public earlier in their life cycle while there is still a great deal of uncertainty and information asymmetry regarding their future prospects (Janey and Folta, 2006). A natural consequence of the rapid transition from founding stage firms to public corporations is an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.3 Although sustained profitability is no longer a requirement for firms in order to go public, actual accomplishment of post-IPO profitability represents an important milestone in the firm's evolution since it reduces uncertainty regarding the long-term economic viability of the firm. In this paper, we focus on identifying observable factors at the time of going public that have the ability to influence the likelihood and timing of attaining post-IPO profitability by Internet firms. We restrict our study to the Internet industry since it represents a natural setting to study the long-term economic viability of an emerging industry where firms tend to go public when they are predominantly unprofitable and where there is considerably uncertainty and information asymmetry regarding their future prospects.4The attainment of post-IPO profitability assumes significance since the IPO event does not provide the same level of legitimizing differentiation that it did in the past as sustained profitability is no longer a prerequisite to go public particularly in periods where the market is favorably inclined towards investments rather than demonstration of profitability (Stuartet al., 1999; Janey and Folta, 2006). During the Internet boom, investors readily accepted the mantra of “growth at all costs” and enthusiastically bid up the post-IPO offering prices to irrational levels (Lange et al., 2001). In fact, investor focus on the promise of growth rather than profitability resulted in Internet start-ups being viewed differently from typical new ventures in that they were able to marshal substantial resources virtually independent of performance benchmarks (Mudambi and Treichel, 2005).Since the Internet bubble burst in April 2000, venture capital funds dried up and many firms that had successful IPOs went bankrupt or faced severe liquidity problems (Chang, 2004). Consequently, investors' attention shifted from their previously singular focus on growth prospects to the question of profitability with their new mantrabeing “path-to- profitability.” As such, market participants focused on not just whe ther the IPO firm wouldbe able to achieve profitability but also “when” or “how soon.” IPO firms unable to credibly demonstrate a clear path-to-profitability were swiftly punished with steeply lower valuations and consequently faced significantly higher financing constraints. Since cash flow negative firms are not yet self sufficient and, therefore, dependent on external financing to continue to operate, the inability to raise additional capital results in a vicious cycle of events that can quickly lead to delisting and even bankruptcy.5 Therefore, the actual attainment of post-IPO profitability represents an important milestone in the evolution of an IPO firm providing it with legitimacy and signaling its ability to remain economically viable through the ups and downs associated with changing capital market conditions. The theoretical framework supporting our analysis draws from signaling and agency theories as they relate to IPO firms. In our study, signaling theory provides the theoretical basis to evaluate the signaling impact of factors such as management quality, third party certification, institutional investor demand, and pre-IPO valuation uncertainty on the path-to-profitability. Similarly, agency theory provides the theoretical foundations to allow us to examine the impact of governance structure and change in top management ownership at the time of going public on the probability of achieving the post-IPO profitability milestone. Our empirical analysis is based on the hazard analysis methodology to identify the determinants of the probability of becoming profitable as a function of time for a sample of 160 Internet IPOs issued during the period 1996–2000.Our study makes several contributions. First, we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to- profitability of IPO firms. Second, we provide empirical evidence on the economic viability of newly public firms (path-to-profitability and firm survival) in the Internet industry. Third, we add to the theoretical and empirical entrepreneurship literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership. While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and successful completion of a public offering (Chang, 2004; Dimov and Shepherd, 2005; Beckman et al., 2007), our study extends this literature by focusing on post-IPOmilestones. Finally, extant empirical evidence indicates that the phenomenon of young, early stage firms belonging to relatively new industries being taken public amid a wave of investor optimism fueled by the promise of growth rather than profitability tends to repeat itself over time.6 However, profitability tends to remain elusive and takes much longer than anticipated which results in investor disillusionment and consequently high failure rate among firms in such sectors. 7 Therefore, our study is likely to provide useful lessons to investors when applying valuations to IPO firms when this phenomenon starts to repeat itself.This articles proceeds as follows. First, using agency and signaling theories, we develop our hypotheses. Second, we describe our sample selection procedures and present descriptive statistics. Third, we describe our research methods and present our results. Finally, we discuss our results and end the article with our concluding remarks.3. Theory and hypothesesSignaling models and agency theory have been extensively applied in the financial economics, management, and strategy literatures to analyze a wide range of economic phenomena that revolve around problems associated with information asymmetry, moral hazard, and adverse selection. Signaling theory in particular has been widely applied in the IPO market as a framework to analyze mechanisms that are potentially effective in resolving the adverse selection problem that arises as a result of information asymmetry between various market participants (Baron, 1982; Rock, 1986; Welch, 1989). In this study, signaling theory provides the framework to evaluate the impact of pre-IPO factors such as management quality, third party certification, and institutional investor demand on the path-to-profitability of Internet IPO firms.The IPO market provides a particularly fertile setting to explore the consequences of separation of ownership and control and potential remedies for the resulting agency problems since the interests of pre-IPO and post-IPO shareholders can diverge. In the context of the IPO market, agency and signaling effects are also related to the extent that insider actions such as increasing the percentage of the firm sold at the IPO, percentage of management stock holdings liquidated at the IPO, or percentage of VC holdings liquidated at the IPO can accentuate agency problems with outside investors and, as a consequence, signal poorperformance (Mudambi and Treichel, 2005). We, therefore, apply agency theory to evaluate the impact of board structure and the change in pre-to-post IPO ownership of top management on the path-to-profitability of Internet IPO firms.3.1. Governance structureIn the context of IPO firms, there are at least two different agency problems (Mudambi and Treichel, 2005). The first problem arises as a result of opportunistic behavior of agents to increase their share of the wealth at the expense of principals. The introduction of effective monitoring and control systems can help mitigate or eliminate this type of behavior and its negative impact on post-issue performance. The extant corporate governance literature has argued that the effectiveness of monitoring and control functions depends to a large extent on the composition of the board of directors. We, therefore, examine the relationship between board composition and the likelihood and timing of post-IPO profitability.The second type of agency problem that arises in the IPO market is due to uncertainty regarding whether insiders seek to use the IPO as an exit mechanism to cash out or whether they use the IPO to raise capital to invest in positive NPV projects. The extent of insider selling their shares at the time of the IPO can provide an effective signal regarding which of the above two motivations is the likely reason for the IPO. We, therefore, examine the impact of the change in ownership of officers and directors around the IPO on the likelihood and timing of attaining post-issue profitability.3.2. Management qualityAn extensive body of research has examined the impact of to management team (TMT) characteristics on firm outcomes for established firms as well as for new ventures by drawing from human capital and demography theories. For instance, researchers drawing from human capital theories study the impact of characteristics such as type and amount of experience of TMTs on performance (Cooper et al., 1994; Gimeno et al., 1997; Burton et al., 2002; Baum and Silverman, 2004). Additionally, Beckman et al. (2007) argue that demographic arguments are distinct from human capital arguments in that they examine team composition and diversity in addition to experience. The authors consequently examine the impact of characteristics such as background affiliation, composition, and turnover of TMT members on thelikelihood of firms completing an IPO. Overall, researchers have generally found evidence to support arguments that human capital and demographic characteristics of TMT members influence firm outcomes.Drawing from signaling theory, we argue that the quality of the TMT of IPO firms can serve as a signal of the ability of a firm to attain post-IPO profitability. Since management quality is costly to acquire, signaling theory implies that by hiring higher quality management, high value firms can signal their superior prospects and separate themselves from low value firms with less capable managers. The beneficial impact of management quality in the IPO market includes the ability to attract more prestigious investment bankers, generate stronger institutional investor demand, raise capital more effectively, lower underwriting expenses, attract stronger analyst following, make better investment and financing decisions, and consequently influence the short and long-run post-IPO operating and stock performance(Chemmanur and Paeglis, 2005). Thus, agency theory, in turn, would argue that higher quality management is more likely to earn their marginal productivity of labor and thus have a lower incentive to shirk, thereby also leading to more favorable post-IPO outcomes.8We focus our analyses on the signaling impact of CEO and CFO quality on post-IPO performance. We focus on these two members of the TMT of IPO firms since they are particularly influential in establishing beneficial networks, providing legitimacy to the organization, and are instrumental in designing, communicating, and implementing the various strategic choices and standard operating procedures that are likely to influence post- IPO performance.3.3. Third party certificationThe extant literature has widely recognized the potential for third party certification as a solution to the information asymmetry problem in the IPO market (Beatty, 1989; Carter and Manaster, 1990; Megginson and Weiss, 1991; Jain and Kini, 1995, 1999b; Zimmerman and Zeitz, 2002). The theoretical basis for third party certification is drawn from the signaling models which argue that intermediaries such as investment bankers, venture capitalists, and auditors have the ability to mitigate the problem of information asymmetry by virtue of their reputation capital (Booth and Smith, 1986; Megginson and Weiss, 1991; Jain and Kini,1995, Carter et al., 1998). In addition to certification at the IPO, intermediaries, through their continued involvement,monitoring, and advising role have the ability to enhance performance after the IPO. In the discussion below, we focus on the signaling impact of venture capitalists involvement and investment bank prestige on post-IPO outcomes3.4. Institutional investor demandPrior to marketing the issue to investors, the issuing firm and their investment bankers are required to file an estimated price range in the registration statement. The final pricing of the IPO firm is typically done on the day before the IPO based upon the perceived demand from potential investors. Further, the final offer price is determined after investment bankers ave conducted road shows and obtained indications of interest from institutional investors. Therefore, the initial price range relative to the final IPO offer price is a measure of institutional investor uncertainty regarding the value of the firm. Since institutional investors typically conduct sophisticated valuation analyses prior to providing their indications of demand, divergence of opinion on valuation amongst them is a reflection of the risk and uncertainty associated with the prospects of the IPO firm during the post-IPO phase. Consistent with this view, Houge et al. (2001) find empirical evidence to indicate that greater divergence of opinion and investor uncertainty about an IPO can generate short- run overvaluation and long-run underperformance. Therefore, higher divergence of opinion among institutional investors is likely to be negatively related to the probability of post-IPO profitability and positively related to time-to-profitability.A related issue is the extent of pre-market demand by institutional investors for allocation of shares in the IPO firm. Higher pre-issue demand represents a favorable consensus of sophisticated institutional investors regarding the prospects of the issuing firm. Institutional investor consensus as well as their higher holdings in the post-IPO firm is likely to be an informative signal regarding the post-IPO prospects of the firm.4. Sample description and variable measurementOur initial sample of 325 Internet IPOs over the period January 1996 to February 2000 was obtained from the Morgan Stanley Dean Witter Internet Research Report dated February 17，2000. The unavailability of IPO offering prospectuses and exclusion of foreign firms reduces the sample size to 205 firms. Further, to be included in our sample, we require that financial and accountinginformation for sample firms is available on the Center for Research in Security Prices (CRSP) and Compustat files and IPO offering related information is accessible from the Securities Data Corporation's (SDC) Global New Issues database. As a result of these additional data requirements, our final sample consists of 160 Internet IPO firms. Information on corporate governance variables (ownership, board composition, past experience of the CEO and CFO), and number of risk factors is collected from the offering prospectuses.Our final sample of Internet IPO firms has the following attributes. The mean offer price for our sample of IPO firms is $16.12. The average firm in our sample raised $99.48 million. The gross underwriting fee spread is around seven percent. About 79% of the firms in our sample had venture capital backing. Both the mean and median returns on assets for firms in our sample at the time of going public are significantly negative. For example, the average operating return on assets for our sample of firms is − 56.3%. The average number of employees for the firms in our sample is 287. The average board size is 6.57 for our sample. In about 7.5% of our sample, the CEO and CFO came from the same firm. In addition, we find that 59 firms representing 37% of the sample attained profitability during the post-IPO period with the median time-to-profitability being three quarters from the IPO date.5. Discussion of results and concluding remarksThe development path of various emerging industries tend to be similar in that they are characterized by high firm founding rates, rapid growth rates, substantial investments in R&D and capital expenditures, potential for product/process breakthroughs, investor exuberance, huge demand for capital, large number of firms going public while relatively young, and a struggle for survival during the post-IPO phase as profitability and growth targets remain elusive and shifts in investor sentiment substantially raise financing constraints. Recently, the Internet has rapidly emerged as a vitally important industry that has fundamentally impacted the global economy with start-up firms in the industry attracting $108 billion of investment capital during the period 1995–2000。
XXX财务分析体系外文文献翻译最新译文
XXX财务分析体系外文文献翻译最新译文XXX the use of DuPont financial analysis system in XXX (ROE) into three components: net profit margin。
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客户盈利能力分析中英文外文翻译文献
客户盈利能力分析外文文献翻译(含：英文原文及中文译文)文献出处：Raaij E M V, Vernooij M J A, Triest S V. The implementation of customer profitability analysis: A case study[J]. Industrial Marketing Management, 2003, 32(7):573-583.英文原文The implementation of customer profitability analysis: A case studyRaaij E M V, Vernooij M J A, Triest S VAbstractBy using customer profitability analysis (CPA), firms can determine the profit contribution of customer segments and/or individual customers. This article presents an approach for the implementation of CPA. The implementation process is illustrated using a case study of a firm producing and selling professional cleaning products. The case study highlights specific issues related to CPA in an industrial setting,and the results provide examples of the possible benefits of implementing a process of regular CPA.D 2003 Elsevier Science Inc. All rights reserved. Keywords: Customer profitability; Customer relationship management (CRM); Implementation; Case study1. IntroductionWithin any given customer base, there will be differences in the revenues customers generate for the firm and in the costs the firm has toincur to secure those revenues. While most firms will know the customer revenues, many firms are unaware of all costs associated with customer relationships. In general, product costs will be known for each customer, but sales and marketing, service, and support costs are mostly treated as overhead. Customer profitability analysis (CPA) refers to the allocation of revenues and costs to customer segments or individual customers, such that the profitability of those segments and/or individual customers can be calculated.The impetus for the increasing attention for CPA is twofold. First, the rise of activity-based costing (ABC) in the 1990s led to an increased understanding of the varying extent to which the manufacturing of different products used a firm’s resources (Cooper & Kaplan, 1991; Foster &Gupta, 1994). When using ABC, firms first identify cost pools: categories of activities performed within the organization(e.g., procurement).Second, information technology makes it possible to record and analyze more customer data— both in type and in amount. As data such as number of orders, number of sales visits, number of service calls, etc. are stored at the level of the individual customer, it becomes possible to actually calculate customer profitability.It is considered good industrial marketing practice to build and nurture profitable relationships with customers. To be able to do this, afirm should know how current customer relationships differ in profitability, as well as what customer segments offer higher potential for future profitable customer relationships.2. The potential benefits of CPAThe direct benefits of CPA lie in the insight it provides in the uneven distribution of costs and revenues over customers. The information on the spread of costs among customers will be valuable in particular, as the distribution of revenues will generally be known to the firm. This insight in the extent to which specific customers consume the firm’s resources generates new opportunities for the firm in three areas: cost management, revenue management, and strategic marketing management.First, CPA uncovers opportunities for targeted cost management and profit improvement programs. Published figures show examples where 20% of customers generate 225% of profits (Cooper & Kaplan, 1991), where more than half of the customers is unprofitable (Storbacka, 1997)or where the loss on a customer can be as high as 2.5 times sales revenue (Niraj, Gupta, & Narasimhan, 2001). CPA, as a specific application of ABC, reveals the links between activities and resource consumption, and it therefore points directly to profit opportunities (Cooper & Kaplan, 1991). Second, CPA provides a basis for well-informed pricing decisions, bonus plans, and discounts to customers. It shows why filling some orders cost more than others and enables firms to have their prices reflectthose differences (Shapiro et al., 1987).The analysis outcomes may also help in revising existing discounting structures to improve profitability (cf. Kalafatis & Denton, 2000).Third, CPA opens up possibilities for segmentation and targeting strategies based on cost and profitability profiles. Some companies have segmented their customer base in platinum, gold, iron, and lead customers, based on their contributions to profits.These potential benefits of CPA are frequently cited in the literature. Yet the issues arising in actually implementing CPA are seldom discussed. In the next section, an overall approach for the implementation of CPA is presented.3. An overall approach for implementing CPAThe actual calculation of customer profitability amounts to an extensive ABC exercise. To make CPA really useful, the implementation should go further than drawing up a customer profitability model and plugging data into it, as the value of the analysis is in the actions based on better informed decision-making. Therefore, a six-step approach to implementing CPA is suggested. This approach, outlined in Fig. 1, provides a directive for a team consisting of at least a marketer and a management accountant. Depending on the characteristics of the firm and its information systems, the team can also include operations managers and information specialists.The sixth and final step deals with establishing the necessary infrastructure for the continued use of CPA. Embedding CPA in the daily routines of sales and marketing and accounting may well necessitate changes in procedures(e.g., marketing planning), changes in responsibilities, and changes in systems (e.g., information systems). The next section presents the application of this six-step approach in a business-to-business setting.4. The implementation of CPA in an industrial cleaning firmThe case organization is one of the national sales offices of a multinational firm that engages in the development, production, sales, and marketing of professional cleaning products (chemicals, cleaning systems, and consumables).Among the f irm’s main markets are industrial laundry, office cleaning, hotel cleaning, kitchen hygiene, and personal hygiene. Its products are sold directly (to large end-users such as in-flight caterers and to service integrators such as professional cleaners), as well as through distributors. The firm has divided its market into market sectors based on the nature of the end-user (e.g., healthcare, lodging, or dairy).As with many industrial firms, this firm employs a considerable sales and service force. The sales force is responsible for the initiation, maintenance, and development of customer relationships. The service force is responsible for order processing, customer training, advice, product demonstrations, maintenance, and repair.Procedures are also part of the infrastructure. To improve the accuracy of future customer profitability figures, the sales managers and account managers were requested to start registering the duration of their customer visits. In the absence of such a registration in the first round of analysis, sales costs were allocated to customers as a percentage of revenues. The willingness of the sales force to record their time spent for customers was high, as they understood the importance of this information for accurate analyses of customer profitability.5. Learning from CPAThe exercise described above was this firm’s first experience with CPA. As Ward and Ryals (2001) suggest, the most effective approach for attaining accurate valuations of customer relationships is an iterative approach in which a customer profitability model is progressively implemented in the organization. This means that, with each cycle, the model is to be improved until the calculations are sufficiently accurate for marketing purposes. For this firm, the first improvement for the next iteration concerns the registration of sales force hours to allocate sales costs more accurately. It has further decided to repeat the CPA exercise every 6 months and implement improvements along the way. For the firm, the exercise has sparked learning on three different levels: On the first, and most basic level, the firm has learned what each customer’s last year contribution has been to the firm’s operating income and how thisinformation can be used for cost management, revenue management, and marketing management. Second, the firm is learning how revenues and costs are best allocated to individual customers. The first attempt described in this article is only the start of a continuous improvement of such allocation methods. And third, the firm is learning what the various factors are that determine the value of each individual customer (customer profitability being but one of those factors).6. DiscussionThere are a few things you should know about CPA users. First, CPA numbers are constructed from multiple data sources. The accuracy of these data sources limits the possible accuracy of customer profitability figures. In addition, the CPA model must be a good representation of actual processing.The CPA exercise reported here is a retrospective analysis, which is an example of an analysis of past revenues and costs incurred by customers in a particular cycle. Managers will also be interested in prospective customer profit analysis. The quasi-CPA calculates the net present value of the future expected costs and revenues associated with serving the customer throughout his future life. The Quasi-Accountant Office is also known as the customer lifetime value analysis.To be able to estimate future costs and benefits, and the analysis of customer profitability is a valuable, if not necessary, first step.7. ConclusionIn this case, a six-step approach to implementing CPA within the company. Costs and revenue should be allocated to the only active customer, which means that the customer who starts analysis and identification can consider the active customer's customer database. The second step involves the company's internal production to serve the customer's costs, analysis of all activities. For all activities, the cost driver has to be calculated in such a way that it can be calculated for each cost driver how many units are identified for each individual customer. The actual calculation step 3 performs subsequent interpretation of the results and weighs the customer's a priori expectations of profit distribution. Based on the discussion of (preliminary) outcomes, the related costs allocated to the customer's previous decisions may be modified to improve the accuracy and/or fairness of the distribution. Once the number of calculation methods agreed, marketing strategies, procedures and actions can taste new information. It may require very unprofitable accounts to act immediately, improvement programs can be installed to reduce unnecessary costs, and new strategies may be targeted at the development of a particular customer base. As a sixth process, it may be necessary to adjust the organization to establish an infrastructure Use CPA in your organization.Regarding the third issue, which is the CPA-based differentiatedmarketing strategy, industrial companies should consider adopting profitability-based market segmentation and have been applied to financial services and other non-major industries and market differentiation strategies. Once a customer’s profit figures are established within a customer pyramid rated by customers as platinum, gold, iron, lead or customers, customers can serve at their own level. Since profit base segmentation is a new industrial enterprise, the first effective implementation of this may be to gain a disproportionate share of returns.The CPA will bring a lot of new information to the company for the first time. Therefore, the CPA is its own value. At this point, there is little evidence of its widespread use, and the actual implementation of companies in industry. In an increasingly focused era of CRM, customer loyalty, CPA is likely to be in urgent need of such efforts.中文译文客户盈利能力分析的实施:案例研究Raaij E M V, Vernooij M J A, Triest S V摘要通过使用客户盈利能力分析(CPA ),企业可以决定客户群和/或个人客户的利润贡献。
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在斯里兰卡和马来西亚的上市公司的盈利能力分析阿努拉•德索伊萨阿努拉•曼纳乌阿尼尔•川科库瑞澳大利亚伍伦贡大学摘要：本文采用在斯里兰卡和马来西亚在2006 年至2008 年期间161 上市制造业公司的经验数据，并比较了这些公司对两种常用的财务业绩指标的表现：资产（ROA）和净资产收益率回报（ROE）。
结果表明，在此期间，斯里兰卡制造企业在更有利可图的ROA，但在利润较低的ROE方面均大大高于他们在马来西亚的同行。
它还确定股票投资的相对较弱的地位，斯里兰卡公司的制造业和属性这许多因素，其中包括：有相对不佳的股票市场，高利率和过度恐惧高风险的投资。
公司的盈利能力和资产行业分析也可以观察到类似的趋势。
关键词：盈利能力分析，上市，制造，企业，斯里兰卡，斯里兰卡，马来西亚，经验，调查简介斯里兰卡和马来西亚有许多共同点在五十年以前。
这两个国家是英国殖民地，并脱离英国独立9年分开- 在1957年斯里兰卡在1948 年和马来西亚。
这两个国家开始了独立后的时期，资源，雄厚的英国的法律和政治制度，以及类似的教育系统的丰富多样。
I960年，马来西亚有一个国民总收入（GNI ）每280美元的人均和斯里兰卡在1960 年的每152美元的人均国民总收入。
“由于1970年，斯里兰卡和马来西亚也有类似的生活标准”（莎莉，2009 年，P1）。
经过五十年的独立性，马来西亚现在远远领先于斯里兰卡的许多方面，包括经济和工业发展。
今天，“马来西亚被广泛接受为一个大发展的成功故事在发展中世界。
尽管有1997-1998 年金融危机期间的大规模经济收缩经验丰富，马来西亚的经济表现一直贯穿独立后期间令人印象深刻。
持续高增长（平均近 6 ％年息百分之过去四十年），一直伴随着生活水平的提高与收入的相对平等分配“（Athukorala ，2005 年，第19页）。
数据和理论：本研究的数据来自统计局范戴克的OSIRIS数据库，提供财政和其他相关数据超过34000 在130个国家的上市公司获得。
由于在这项研究中用来测量在斯里兰卡和马来西亚上市公司的盈利能力数据的主要来源是出版公司账户，本次研究的结果应谨慎对待。
被公账户披露的数据通常与继承一定的局限性，尤其是用于比较的公司在不同国家的表现。
其中一个主要的限制是，在公司帐目确定的利润是在此基础上可能会有所不同，从公司到公司的公司会计实务。
例如，如折旧的量和库存价值物品受到任意估值一个相当宽的范围内。
此外，特别是在固定资产，基于历史成本会计的概念数字可能并不代表通货膨胀期间实际值。
在该公司账目计算的利润也受到企业和税务法规也不同国家之间变化的影响。
在跨国公司的情况下，利润的计算可能会容易通过实践各种操作，如转让定价（Robbins 和Stobaugh ，1974 年）。
虽然符合国际财务报告准则（IFRS）- 这是使用超过100 个国家，包括斯里兰卡和马来西亚- 方便可比性，还存在会计实务一些不同之处，这使得它难以评估和比较一个企业的盈利能力现实的态度，尤其是当这些企业都来自不同的国家。
公司样本：这项研究的样本公司制造的科伦坡股票上市公司交易所（CSE）及马来西亚交易所（MYX ），只从公司选择了与完整的财务数据为三年，从2006年至2008年的OSIRIS数据库的筛选过程，然后将其应用于企业符合上述标准。
首先，样本中所有剩余的公司进行分类的全球行业分类标准（GICS）代码作为识别他们的GICS代码，以消除非制造业公司。
其次，由于本研究的主要目的是考察制造业两国企业的盈利能力，它被认为是适当的，以消除企业与负的平均ROA为近三年来，由于样品中有这样的公司扭曲的结果该分析。
这个筛选过程留下62制造企业斯里兰卡样本。
第三，这些62家公司的GICS代码, 然后用剩下的马来西亚公司样本中匹配，消除了马来西亚公司不匹配的公司GICS代码斯里兰卡样本。
这种匹配过程中离开，99家马来西亚公司，然后将其选定为马来西亚公司的样本。
经济实力：斯里兰卡vs马来西亚双方斯里兰卡和马来西亚位于亚洲其中拥有世界人口的60 %。
这两个地区，东亚，其中马来西亚位于和南亚，其中斯里兰卡所在，也是占世界人口的30 %。
然而，相较于一些亚洲国家，如中国和印度具有巨大的人口，这两个国家的人口，斯里兰卡（20亿美元）和马来西亚（27亿美元）是比较小的，因为他们占了不到1 %总亚裔人口。
下面的表2提供了有关这两个国家在过去50年的经济表现一些有用的信息。
表2在斯里兰卡和马来西亚人口与发展的一些指标表2清楚地表明，在此期间一九六零年至2007年对一些重要的经济指标，两国之间的差距已经拉大。
如人均国民总收入-widely作为一个国家的经济表现的一个基本指标-斯里兰卡远远落后于马来西亚，2007年与1540美元其国民总收入的人均收入相比，马来西亚6540美元。
1960年马来西亚的人均国民总收入收入仅为1.84倍斯里兰卡的人均国民总收入的收入，但到2007年这一差距扩大到 4.25倍斯里兰卡的人均国民总收入的收入。
类似的情况是观察两国的GDP。
1960年，为23十亿马来西亚的GDP只是1.53倍斯里兰卡为15十亿GDP。
然而，2007年马来西亚GDP已增至美元的巨额186.7十亿，这是近6倍，斯里兰卡在2007年达32.4十亿GDP两国之间的另一个值得注意的区别是，这两个国家都按比例减少其农业产出，同时增加他们的工业产值之间的两个时期显著。
引人注目的是，通过在1960年斯里兰卡的工业产值（占GDP的20%），约10%叔比马来西亚高。
然而，虽然斯里兰卡已经从国内生产总值1960年20%的贡献提高到占GDP的30 %，2007年（同比增长50 %）取得了工业产出的增长显著的进步，马来西亚从18 %增加了其工业产值国内生产总值在1960年国内生产总值的48 %，2007年（同比增长167 %）。
总体而言，上述数据清楚地表明，在此期间马来西亚已经由显著保证金外进行斯里兰卡的经济和工业发展方面。
盈利能力：斯里兰卡VS马来西亚净资产收益率（ROA）表3显示盈利率的分散，由ROA测得的，其中斯里兰卡和马来西亚的制造企业2006年至2008年，平均ROA为三年期限在一起。
如表3所示，斯里兰卡公司的期间为2006年至2008年的平均利润率从10 %到11.4 %，与3年的平均水平10.9 %。
总体而言，样本公司中49 %已经能够实现ROA大于10 %，比3年。
而该公司的16 %已取得的ROA小于5%效果差，该公司的23 %已在3年内达到15 %以上，平均ROA。
表3资产回报率（ROA）的分布马来西亚公司的平均利润率由7.5 %在3年内7.7 %的总体平均变化为8.7 %。
仔细看看3年的平均盈利能力的分散显示，99家马来西亚公司的25 %达到10 %以上，而ROA 只有9 %的企业已经能够实现高于15 %的ROA。
用5 %以下比较低盈利的公司占全部马来西亚公司的30 %。
什么是显而易见的，主要从ROA两国数字是斯里兰卡的生产盈利能力比所有的马来西亚制造企业相对较高。
更具体地说，斯里兰卡公司在三年内的ROA是在10 %至11 %的范围内有10.9 %的整体平均水平。
相反，马来西亚公司的ROA为同一时期是在7 %到9 %的范围内以7.7 %的总体平均水平。
这是斯里兰卡公司的ROA和42 %赞成斯里兰卡公司的差的72 %。
仔细看看居留权的两国间的分散也表明，斯里兰卡制造企业都在实现更高的盈利能力方面表现比马来西亚制造企业更好。
从下端，只有16 %的斯公司已经作为对马来西亚公司获得了类似的结果的30%达到ROA的小于5%。
的情况也是类似的刻度的上端。
而斯里兰卡的公司23 %都取得了超过15 %的ROA，只有9%的马来西亚公司能够实现这一结果。
先前的研究，审查了在亚洲的制造企业的盈利能力还透露，在斯里兰卡制造企业的盈利能力比一些亚洲国家，包括日本，香港，泰国，韩国，马来西亚，中国，印度尼西亚，新加坡和更高巴基斯坦。
根据这项研究，这些国家在1995 年的ROA 从2.4 % （韩国）范围为11.1 % （巴基斯坦）。
马来西亚制造企业的ROA被认为是9.6 %（Wijewardena 和De德索伊萨，2000 ）。
结论：本文的主要目的是评估斯里兰卡制造企业的业绩相比，这对马来西亚制造企业获得了一些见解改善他们目前的性能水平。
为了实现这一目标，这项研究分析了161的制造企业，包括62斯里兰卡企业，99家马来西亚公司从OSIRIS数据库选择的财务数据。
在研究中使用的数据涵盖了为期三年，从2006年至2008年使用的两个性能测量常用，ROA和ROE，计算和分析的样品本公司的财务数据。
这一分析表明，在此期间2006 至08年的斯里兰卡制造企业均大大高于他们的同行在马来西亚更有利可图，这表明一个积极的结果斯里兰卡。
当盈利被业界分析，据透露，所有在斯里兰卡六大行业录得较高的ROA比他们的同行在马来西亚。
从在斯里兰卡制造企业高盈利水平的主要观察的是，这已经渗透到投资在未来更高水平的能力。
与此相反，以ROA，马来西亚公司已经整体表现比斯里兰卡企业稍好ROE方面。
然而，行业间的分析表明，除了在农产品和种植园部门，斯里兰卡的所有其他制造业已经分别取得了较高的净资产收益率比同行的马来西亚。
尽管如此，似乎仍然是需求和机会，为公司在斯里兰卡，以改善他们的ROE。
提高ROE水平是斯里兰卡重要的，如果它要吸引更多的股权投资进入其制造业。
这项研究的另一个主要发现是，斯里兰卡的相对位置差- 尤其是制造业的股权投资方面- 相比，马来西亚公司60%的斯里兰卡公司的股权资本仅为46%。
类似的趋势在这两个国家的所有六个行业观察时股权的水平是由行业分析。
究其原因，在斯里兰卡公司股本较低水平可以归结为几个因素，如：比较差的股票市场，提供给非股权投资，过度担心高风险的投资，而在高利率制造商的不足，相应的投资机会剥削。
然而，股权投资水平高是至关重要的斯里兰卡制造业是成功的在其努力实现更高的经济和工业发展。
未来这方面的研究还需要考察多方面因素的影响- 如大小，年龄，位置，出口，资产和资本结构，劳动力成本，员工的工作效率和管理效率，等等- 在斯里兰卡公司公司的盈利能力。
出于这个原因，一个纵向分析具有较大的样品是理想的。
本文摘自Anura De Zoysa, Athula S. Manawaduge, Palli Mulla K A Chandrakumara ，PROFITABILITY ANALYSIS OF LISTED MANUFACTURING COMPANIES IN SRI LANKA AND MALAYSIA ，University of Wollongong, Australia.PROFITABILITY ANALYSIS OF LISTEDMANUFACTURING COMPANIES IN SRILANKA AND MALAYSIAAnura De Zoysa, Athula S. Manawaduge, Palli Mulla K AChandrakumaraUniversity of Wollongong, AustraliaAbstractThis paper uses empirical data on 161 listed manufacturing companies in Sri Lankaand Malaysia over the period of 2006 to 2008, and compares the performance of thesecompanies against two commonly usedfinancial performance indicators: Return onAssets (ROA) and Return onEquity (ROE). The results indicate that during this periodSri Lankan manufacturing companies were considerably more profitable than their counterparts in Malaysia in terms of ROA but less profitable in terms of ROE. It alsoidentifies a relatively weaker position of equity investments in the manufacturing sectorof Sri Lankan companies and attributes this to a number of factors, including: arelatively poor equity market, high interest rates, and excessive fear of highriskinvestment. A similar trend was observed when the profitability and equity ofcompanies were analysed by industry.KeywordsProfitability, analysis, listed, manufacturing, companies, Sri, Lanka, Malaysia, empirical, investigationINTRODUCTIONSri Lanka and Malaysia had many things in common five decades ago.Both countries were British colonies and gained independence fromBrita in nine years apart -Sri Lanka in 1948 and Malaysia in 1957. Bothcountries started the post-independence period with a rich mix ofresources, strong British legal and political institutions, and similar educational systems.In 1960, Malaysia had a Gross National Income (GNI) per capita of about $280 and SriLanka had a GNI per capita of US$152 in 1960. “ A1s9o7f0, Sri Lanka and Malaysiahad similar living standards ”(Sally, 2009, p1.). After five decades of independence,Malaysia is now far ahead of Sri Lanka in many fronts, including economic andindustrial dev elopment. Today, “ Malaysia is widely heldas a great development success story in the developing world. Not withstanding themassive economic contraction experienced during the 1997-98 financial crisis ,Malaysia ' esconomic performance has been impressive throughout thepostindependence period. Sustained high growth (averaging to nearly 6 per cent perannum for the past four decades) has been accompanied by rising living standards witha relatively equal distribution of income ” (Athukorala, 2005, p.19).DATA AND METHODOLOGYThe data for this study were obtained from Bureau Van Dijks OSIRIS Database which provides financial and other related data for over 34,000 listedcompanies in 130 countries. Since the main source of data used in this study formeasuring the profitability of listed companies in Sri Lanka and Malaysia is publishedcompany accounts, the results of this study should be viewed with caution. Datadisclosed in public accounts are generally inherited with some limitations, especially ifused to compare the performance of companies in different countries. One of the majorlimitations is that profits determined in company accounts are based on companyaccounting practices which may vary from company to company. For example, itemssuch as the amount of depreciation and the value of inventory are subject to arbitrary valuation within a fairly wide range. Moreover, particularly in respect of fixed assets, accounting figures based on the historical cost concept may not represent realistic values in a period of inflation. Profits calculated in the company accountsare also influenced by business and tax regulations which also varybetween different countries. In the case of multinational companies, profit calculation may be liable to various manipulations through practices such as transfer pricing (Robbins and Stobaugh, 1974). Although compliance with International Financial Reporting Standards (IFRS) -which are used by more tha n 100 coun tries in clud ing Sri Lankaand Malaysia - facilitate comparability, there are still some inconsistencies in accounting practices which makes it difficult to assessand compare the profitability of firms in a realistic manner, particularlywhen those firms are from different countries.SAMPLE OF COMPANIESThe sample companies of this study are manufacturing companies listedon the Colombo StockExchange (CSE) and the Malaysia exchange (MYX), chosen from only the companies on the OSIRIS database with complete financial data for the three years from 2006 to 2008. A screening process was then applied to companies matching the above criteria. First, all remaining companies in the sample were classified by the Global Industry Classification Standard (GICS) codes to eliminate nonmanufacturing companies asidentified by their GICS codes. Second, since the main objective of this study is to examine the profitability of manufacturing companies of both countries, it was considered appropriate to eliminate companies with a negative average ROA for the past three years, since having such companies in the sample distorts the results of the analysis. This screening process left 62 manufacturing companies in the Sri Lankan sample. Third, the GICS codes of these 62 companies were then matched with the remaining Malaysian companies in the sample, eliminating the Malaysian companies that did not match the GICS codes of the companies in the Sri Lankan sample. This matching process left, 99 Malaysian companies, which were then selected as the sample of Malaysian companies.ECONOMY: SRI LANKA VERSUS MALAYSIABoth Sri Lanka and Malaysia are located in Asia which hosts 60% of the world ' spopulation. The two regions, Eastern Asia where Malaysia is located and Southern Asia where Sri Lanka is located, also account for 30% of the world ' s population. However, in comparison to some countries inAsia such as China and India with enormous populations, the populationof these two coun tries, Sri Lanka (20milli on) and Malaysia (27 millio n) isrelatively small as they account for less than 1% of the total Asianpopulatio n. Table 2 below provides some useful in formati on about theecono mic performa nee of the two coun tries in the last 5 decades.TABLE 2Table 2 clearly shows that during the period from 1960 to 2007 the gap betwee n the two coun tries on some importa nt econo mic in dicators has widened. Like the GNI per capita -widely used as a basic indicator ofeconomic performanee of a country - Sri Lanka lagged far behindMalaysia in 2007 with its GNI per capita in come of $1,540 in comparis onjust 1.84 times Sri Lanka ' s GNI per capita in come but by 2007 this gap wide ned to 4.25 times Sri Lanka ' sGNI per capita in come. A similar situation isobserved for the GDP between the two countries. In 1960, Malaysia ' s GDP of $2.3 billion is just 1.53 times Sri Lankabilli on. However, by 2007 Malaysia ' @DP has in creased to a massive2007. Another noteworthy difference between the two countries is that both countries have proportionately decreased their agricultural output while increasing their industrialto Malaysia ' s $6,540. In 1960 Malaysia 'caipGa^rpen me wass GDF$186.7 billion, which is almost 6 times Sri Lanka s GDP of $32.4 billiionoutput significantly between the two periods. Strikingly through, in 1960 S ri Lanka'in s dustrial output (20%of GDP) is about 10%t higher than that of Malaysia. However, while Sri Lanka has made significant progress in the growth of industrial output by increasing its contribution from 20% of GDP in 1960 to 30% of GDP in 2007 (an increase of 50%), Malaysia has increased its industrial output from 18% of GDP in 1960 to 48% of GDP in 2007 (an increase of 167%).Overall, the above data clearly shows that over this period Malaysia has out-performed Sri Lanka in terms of economic and industrial development by a significant margin. PROFITABILITY: SRI LANKA VERSUS MALAYSIA Return on Assets (ROA)Table 3 demonstrates the dispersion of profitability rates, as measured by ROA, among Sri Lankan and Malaysian manufacturing companies from 2006 to 2008, together with the average ROA for the three year period. As Table 3 shows, the average profitability of Sri Lankan companies for the period from 2006 to 2008 ranged from 10% to 11.4% with a 3 year average of 10.9%. Overall, 49% of the sample companies have been able to achieve an ROA greater than 10% over the 3 year period. While 16% of the companies have achieved poor results of less than 5% of ROA, 23% of the compa nies have achieved an average ROA of above 15% over the 3 year period.The average profitability of Malaysia n compa nies varied from 7.5% to 8.7% duri ng the 3 year period with an overall average of 7.7%. A closer look at the dispersion of 3 year average profitability reveals that 25% of the 99 Malaysian companies achieved morethan 10% ROA while only 9% of the compa nies have bee n able to achieve ROA of higher tha n 15%. The compa nies with relatively low profitability of below 5% acco un ted for 30% of all Malaysia n compa ni es.urn onWhat is primarily appare nt from the ROA figures betwee n the two countries is that the manufacturing profitability of Sri Lanka is relatively higher than that of all of the Malaysian manufacturing companies. More specifically, the ROA of Sri Lankan compa nies over the three year period was in the range of 10% to 11% with an overall average of 10.9%.Contrarily, the ROA of Malaysian companies for the same period was in the range of 7% to 9% with an overall average of 7.7%. This is 72% of the ROA of Sri Lankan companies and a difference of 42% in favour of Sri Lankan companies. A closer look at the dispersion of the ROA between the two countries also reveals that Sri Lankan manufacturing companies have fared better than Malaysian manufacturing companies in terms of achieving higher profitability. From the lower end, only 16% of the SriLankan companies have achieved less than 5% of ROA as against 30% of Malaysian companies achieving similar results. The situation is also similar for the top end of the scale. While 23% of the Sri Lankan companies have achieved more than 15% ROA, only 9% of Malaysian companies were able to achieve this result. A previous study that examined the profitability of manufacturing companies in Asia also revealed that the profitability of manufacturing companies in Sri Lanka was higher than that of some Asian countries including Japan, Hong Kong, Thailand, South Korea, Malaysia, China, Indonesia, Singapore and Pakistan. According to this study, the ROA of these countries in 1995 ranged from 2.4% (South Korea) to 11.1% (Pakistan). The ROA of Malaysian manufacturing companies was found to be 9.6% (Wijewardena and De Zoysa, 2000). CONCLUSIONSThe major objective of this paper was to assess the performance of SriLankan manufacturing companies in comparison to that of Malaysian manufacturing companies to obtain some insights into improving their current level of performance. In order to achieve this objective, this study analysed the financial data of 161 manufacturing companies consisting of 62 Sri Lankan companies and 99 Malaysian companies selected from the OSIRIS Database. The data used in the study cover a three-year period from 2006 to 2008. Using this financial data of the sample companies two commonly used performance measures, ROA and ROE, were calculated and analysed.This analysis revealed that during the period from 2006 to 2008 Sri Lankan manufacturing companies were considerably more profitable than their counterparts inMalaysia, indicating a positive result for Sri Lanka. When profitability was analysed by industry, it was revealed that all of the six industries in Sri Lanka recorded a relatively higher ROA than their counterparts in Malaysia. The primary observation from a high profitability level for manufacturing companies in Sri Lanka is that this has the capacity to penetrate into a greater level of investment in the future.On the contrary to ROA, Malaysian companies have overall performed slightly better than Sri Lankan companies in terms of ROE. However, inter-industry analysis shows that except in the agricultural products and plantations sector, all other manufacturing sectors in Sri Lanka haveindividually achieved a higher ROE than their Malaysian counterparts. Nevertheless,there still seems to be the need and the opportunity for companies in Sri Lanka toimprove their ROE. Increasing the level of ROE is vital for Sri Lanka if it is to attractincreased equity investment into its manufacturing sector.Another major finding of this study is that Sri Lankas relative positio is poor -particularly in terms of equity inv estme nt in manu facturi ng —asthe equity capital of Sri Lankan companies is only 46% compared to 60% for Malaysiancompanies. A similar trend is observed in all six industries in both countries when theequity levels are analysed by industry. The reason for the lower level of equity capital inSri Lankan companies can be attributed to several factors such as: the relatively poorequity market, the high interest rates available to non-equity investors, the excessivefear of high-risk investment, and the manufacturers 'in adequateexploitation of appropriate investment opportunities.Nevertheless, a high level of equity investment is crucial for the Sri Lankanmanufacturing sector to be successful in its endeavour to achieve higher economic andindustrial development. Future research in this area also needs to examine the impactof various factors -such as size, age,location, exports, asset and capital structure, labour costs, employee productivity andmanagerial efficiency, etc. -on company profitability ofSri Lankan companies. For this reason, a longitudinal analysis with a larger sample isdesirable.Note: Anura De Zoysa, Athula S. Manawaduge, Palli Mulla K A Chandrakumara ，PROFITABILITY ANALYSIS OF LISTED MANUFACTURING COMPANIES IN SRI LANKA AND MALAYSIA ，University of Wollongong, Australia.。