METHODOLOGY
The empirical tests of these hypotheses were conducted onan original sample of 50
selected at random from the 2005 Fortune 500. We excluded banking institutions and firms
from the oil and gas industries since they have unique characteristics and two firms selected
at random were eliminated from consideration because they were in bankruptcy. The final
viable sample was 48 spread across industries and then Delphideclared bankruptcy during
the analysis period. Data were collected from Compustat for the years 1990-2004. We did
not control for fiscal year end dates. After calculating the ratios some firms were eliminated
from consideration for individual ratios because they did not have enough data points;
because they were acquired or were formed through acquisition during the study period;
because they went bankrupt during the study period; or they did not report the data
categories needed to calculate a specific ratio during an extended period of time during the
study time frame. This sample consisted of non-bank institutions across a variety of
industries. 本文来自!辣~文^论#&网(原文请找腾讯324-9114
The purpose of this study is to determine whether any evidenceexists to support the
hypotheses stated above. And, if any of the hypotheses areconfirmed, this would be one of
the first studies to attribute empirical results for financial ratios to changes in management
practices over time.
EMPIRICAL RESULTS
去敬老院活动策划书 The data were analyzed and summary statistics were calculated for the sample firms.
Table 1 reports the means of five financial ratios of interest: accounts receivable turnover,
inventory turnover, accounts payable turnover, working capital per share, and cash flow per
share. As expected, account receivable turnover and inventory turnover increase
monotonically over the 15 year time period. Corporationshave focused on improving these
measures using a variety of managerial techniques. In managing accounts receivable
corporations have utilized techniques such as employing more vigorous collection
procedures, offering more generous cash discounts to early payers, paying early and taking
discounts even when discounts are not offered, factoring receivables, improving product
quality to reduce disputed receivables which tend not to be paid while the dispute remains
unresolved, etc. In managing inventory firms have utilized just-in-time procedures with
suppliers to reduce storage while awaiting production; make-to-order procedures to reduce
work-in-process inventory, lean manufacturing initiativesto reduce the order-to-ship cycle
time, quality programs that emphasize design for manufacture to reduce the number of parts,
supplier rationalization to reduce the number of suppliers which reduces the number of
different parts, etc. The numbers reported in Table 1 verify that these corporate initiatives
and programs seem to be working and improving results.
The increase in accounts payable turnover is steady and more surprising since many
large firms have increased payment periods to suppliers from 45 to 60 days or 60 to 90 days
during the last several years. This practice would argue that the accounts payable turnover
should decrease rather than increase as shown in Table 1. Since one company’s payables are
another company’s receivables, It may be that these practices may be limited in use to a
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