毕业论文论文范文课程设计实践报告法律论文英语论文教学论文医学论文农学论文艺术论文行政论文管理论文计算机安全
您现在的位置: 毕业论文 >> 英语论文 >> 正文

应收账款现金流英文文献和翻译 第8页

更新时间:2014-11-27:  来源:毕业论文
The Investment Ratio
The investment ratio, also called the reinvestment ratio by some, is the ratio of yearly
capital  expenditures  divided  by  annual  depreciation.  As  a  rule  of  thumb,  there  is  a
preference  for  firms  whose  investment  ratio  exceeds  1.0  because  they  can  more  easily
maintain the going concern value of the firm by replacing capital assets as they depreciate.
Historically, industrial firms in the U.S have maintained a value of between 1.4 and 1.6 for
this ratio. As reported in Table 4, the average value for the 1990-1994 period for our sample
firms  varied  between  1.6  and  1.75.  However,  with  the  enorm ous  improvements  in
productivity  over  the  last  10  years,  many  firms  have  felt  that  they  could  lower  their
reinvestment  and  still  maintain  productivity.  In  many  firms the  manufacturing  cycle
improvements have doubled or tripled the capacity of existing  manufacturing  lines so that
replacement decisions do not require a one-to-one match  every year, or certainly not 1.4 to
1.6  times  annual  depreciation  levels  on  average.  This  assertion  is  partially  confirmed
looking at the average values reported for the year 2000-2004 which monotonically decline
from 1.6 to 1.22. This confirms Greenspan’s assertion (1999) that “the desired amount of
lead-time insurance, in the form of what after the factwould turn out to have been a partially
unproductive  addition  to  capital  stock,  has  declined.”  That  is,  technology  advances,
especially  in  information  technology,  have  reduced  lead  times  and  manufacturing  cycle
times which means that firms don’t need to invest well  in advance of anticipated needs and
can instead wait until the anticipated needs have been confirmed. And, when we look at the
five year comparisons and the individual comparisons we have confirmation that there has
been a statistically significant decline in the investmentratio during the 1990 to 2004 time
period. 大学生人生价值观特点的调查报告
Whether we use the 5 year comparisons or the individual year comparisons, we find
significant change in corporate reinvestment which further bolsters cash flow. We accept the
assertions made in Hypothesis 6.
Skewness and the Kolmogorov-Smirnoff Statistic
We have posited that the shape of the ratio distributionshave changed over time as a
result  of  corporate  management  policies  regarding  the  working  capital  and  reinvestment
management of the  firm. Therefore, we tested each set of  five  year distributions using the
nonparametric Kolmogorov-Smirnoff (KS) Test (See Engineering Statistics Handbook). For
every  paired  year  test, there  was  rejection  of  the  assumption  of  normality.  In  addition  for
both 5 year period tests for the cash flow per share andthe investment ratio, the changes in
the distributions attributed to skewness were significantat either the .10 level or the .01 level
as indicated in Table 6. Table 5 reports the maximum deviat ion or the maximum distance
between the percentile density functions for the two study periods and the significance level
of  the  difference.  Table  4  reports  the  skewness  measures  for  each  variable  for  the  most
recent (22004-2000) and most distant (1994-1990) 5 years.
Based upon our analysis, we reject the assertions  made  in hypotheses 1A, 2A, 3A,
and 4A. However, we accept the assertions made in hypotheses 5A and 6A.

上一页  [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] 下一页

应收账款现金流英文文献和翻译 第8页下载如图片无法显示或论文不完整,请联系qq752018766
设为首页 | 联系站长 | 友情链接 | 网站地图 |

copyright©751com.cn 辣文论文网 严禁转载
如果本毕业论文网损害了您的利益或者侵犯了您的权利,请及时联系,我们一定会及时改正。