turnovers to a low of 34 for the working capital per share and cash flow per share. For the
five year distributions, we accept the null hypothesis (reject the hypotheses) for Hypotheses
1 and 2 for the accounts receivable and inventory turnover ratios. However we reject the null
hypotheses (confirm the hypotheses) for Hypotheses 3, 4, and 5 for the accounts payable
turnover, working capital per share and cash flow per share.
Table 2. Comparing Five Year Ratio Distributions
2004-
00v1999-95
2004-
客服工作心得怎么写00v1994-90
1999-
95v1994-90
2004-
00
1999-
95
2004-
00
1994-
90
1999-
95
1994-
90
Accounts Rec.Turnover Means 24.17 23.88 24.17 20.72 23.88 20.72
T-statistic N=42 0.141 0.501 0.963
Inventory Turnover Means 9.597 8.787 9.597 7.479 8.787 7.479
T-statistic N=36 0.241 0.821 0.747
Accounts Payable Turnover
Means 7.525 7.77 7.525 7.728 7.77 7.728
T-statistic N=42 -2.05 * -2.23 ** -3.2 *
Working Capital per Share
Means 0.533 1.305 0.533 1.842 1.305 1.842
T-statistic N=34 -1.34 *** -1.32 *** -1.91 **
Cash Flow per Share Means 3.261 2.868 3.261 1.913 2.868 1.913
T-statistic
N=34 -0.36 1.742** 1.517***
*Significant at the .01 level
**Significant at the .05 level
厂区道路工程施工中环保工作***Significant at the .10 level
Accounts payable turnover seems to have changed significantly over the 15 year
period. The changes are significant at the .01 level for the 2004-00 vs.1999-95 period
comparisons and the 1999-95 vs.1994-90 comparisons, and are significant at the .05 level
for the 2004-00 vs.1994-90 time periods. This is not surprising given the tremendous focus
of major corporations on supplier management policies and accounts payable payment
period extensions over the last 10 years in particular.
The distribution shifts for the working capital per shareare significant at the .10 level
for the 2004-00 vs. 1999-95 and 2004-00 vs. 1994-90 time periods and at the .05 level for
the 1999-95 vs. 1994-90 period comparisons. When we look at the 5 year means for the
working capital per share, we observe a significant decline from $1.82 per share in the 1994-
90 time frame to $.53 per share in the 2004-00 time period.??? See comment on p.5. We
also see that cash flow per share shifted significantly(.05 level) when comparing the 2004-
2000 period ($3.26) to 1994-1990 ($1.91) and also for 1999-1995 ($2.87) to 1994-1990
($1.91) (.10 level). Again, these results are as expected and would seem to confirm the
impact of increased attention to working capital management practices over time. For many
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