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应收账款现金流英文文献和翻译 第4页

更新时间:2014-11-27:  来源:毕业论文
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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