营运资金管理盈利能力英文文献和翻译 第4页

  In this respect, AR is calculated as accounts receivable/ [sales/365].  AR represents the number of days that a firm takes to collect payments from its customer. We calculated the INV as inventories/ [sales/365].  This variable reflects the average number of days of stock held by a firm.  Longer storage times represent a greater investment in inventory for a particular level of operations.  AP is calculated by accounts payable/ [cost of sale/365]. This measure indicates the average time firm takes to pay their suppliers. The higher the value, the longer firms take to settle their payment commitments to their suppliers. 基于Unity3d的Virtual Reality互动应用面试培训系统 
   Control variables are introduced as the growth in firm sales and its leverage.  Sales growth (SG) is calculated by (Sales 1 – Sales 0 )/Sales 0 . The leverage (DR) measures by debt ratio as calculated by total debt over total asset.  In addition current ratio (CR) which calculated by current asset over current liability, was included as one of independent variable.  The reason is current ratio always been used as measure of corporate liquidity conventionally.
 DESCRIPTIVE STATISTICS
 Table 2: Eleven Year Means and Standard Deviation for the Variables
 VARIABLES
 ECONOMIC SECTORS

  All
 C
 CP
 IP
 PL
 PR
 TS

 OI
 Mean
 0.0612
 0.0354
 0.0750
 0.0524
 0.0615
 0.0307
 0.0779

  Std Dev.   0.0912
 0.0718
 0.1003
 0.1077
 0.0680
 0.0720
 0.0767

 CCCS   Mean
 1.5136
 3.1723
 1.0810
 1.4037
 0.6768
 4.5501
 1.2082

  Std Dev.   3.2603
 4.0622
 1.8611
 2.4948
 3.4416
 6.9127
 2.6265

 CR
 Mean
 2.1440
 1.6926
 2.1014
 1.9968
 3.5361
 2.5547
 1.7191

  Std Dev.   2.8331
 1.1663
 3.6037
 2.2241
 4.5263
 2.5113
 1.7885

 DR
 Mean
 0.3072
 0.3857
 0.2719
 0.3538
 0.1758
 0.1807
 0.3497

  Std Dev.   0.3598
 0.1896
 0.2443
 0.5424
 0.2207
 0.1690
 0.2464

 SG
 Mean
 0.1582
 0.1670
 0.0999
 0.1520
 0.2091
 0.1460
 0.1840

  Std Dev.   1.1882
 0.6209
 0.5441
 1.3214
 0.9360
 0.5352
 1.6163

 

   Table 2 gives the descriptive statistics for variables that used in this study.  The average profitability (OI) for the whole sample is 6.1% with Trade/Service (TS) sector having the highest profit of 7.8% and the lowest is Property (PR) sector with 3.1%.  CCCS is cash conversion cycle divide by 100. Sector Plantation (PL) is the lowest CCCS with 67 days and 344 days standard deviation.  The average of current ratio is 2.1 and the lowest is sector of Construction (C) with 1.7.  Due to the nature of business, sector of Construction and Industrial Product (IP) have more than 35% debt compare to total asset which 38.6% and 35.4% respectively.  On average firms sales growth is 15.8% and the least sale growth by firm in sector of Consumer Product (CP) with only 10%.

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