firms aggressive working capital management practices can offset declines in performance
in their product and/or service markets to keep the firm cashflow positive.
Table 3. Comparing Individual Year Ratio Distributions
全封闭温室养鳖技术探讨2004v1994 2003v1993 2002v1992 2001v1991 2000v1990
2004 1994 2003 1993 2002 1992 2001 1991 2000 1990
Accounts Rec. Turnover Mean 22.91 14.53 22.15 13.98 20.41 12.58 18.9 10.97 17.46 10.12
T-statistic N=42 1.076 0.799 0.26 0.156 -0.05
Inventory Turnover Means 8.619 5.491 8.466 5.496 7.881 5.333 7.327 4.797 6.795 4.193
T-statistic N=36 1.817** 1.744** 1.077 0.851 0.725
Accounts Pay.Turnover Means 7.674 4.409 7.678 4.428 7.122 4.112 6.56 3.395 6.013 2.679
T-statistic N=42 0.144 -0.35 -0.65 -1.02 -0.09
Working Capital per Share
Means 1.226 0.488 1.252 0.363 0.949 0.126 0.711 -0.09 0.679 -0.28
T-statistic N=34 -1.4 *** -1.17 -0.32 -0.16 -0.9
Cash Flow per Share Means 2.68 1.872 2.615 1.833 2.51 1.77 2.403 1.657 2.276 1.672
T-statistic N=36 1.544*** 2.798* 1.456*** 2.543* 4.145*
*Significant at the .01 level
**Significant at the .05 level
***Significant at the .10 level
余华活着读后感For the yearly pairs reported in Table 3 we get different results. While still
confirming significant changes for cash flow per share for each yearly pair, although at
differing significance levels, there are only 3 other significant comparisons. Two of the
significant comparisons are for the inventory turnover for the periods 2004 vs.1994, and
2003 vs.1993, while one is for working capital per share for the 2004 vs.1994 comparison.
However, there are no significant inter-period results for the accounts receivable turnover or
the accounts payable turnover. 本文来自!辣,文^论#&网(原文请找腾讯752018766
We can conclude that the financial ratio distributions have shifted, but there are some
inconsistencies in the empirical results that require f urther analysis before we reach
conclusions or make final recommendations regarding corporate policy. There may be
further explanations to be found be looking at the shapes o f the distributions, i.e., skewness
and kurtosis.
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