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英语翻译
Financial Analysis and Planning
\x05Lev (1969) examines the movement of firm financial ratios across time and attempts to determine if firms adjust financial ratios to some industry norm or standard such as the industry mean.He uses a partial adjustment model to estimate the degree of adjustment of ratios to an industry average and finds evidence that is consistent with the hypothesis of firm adjustment.The speed of adjustment depends on such factors as stability of the industry mean,size of the firm (due to indivisibility of assets and liabilities),and a comparison of the cost of adjustment (institutional constraints or ease of managerial control) against the cost of divergence (higher interest expense on debt agreements,etc.).Lev's empirical results indicate that good predictive results can be expected from both the lagged financial ratio itself and the lagged industry mean.
\x05LZ's paper incorporates several important financial ratios into a single index market model and uses them to construct a multi-index security rate of return generating process model.To perform their empirical study,rates of return for the jth firm in this multi-index model are linearly related to market rates of return,dividend policy variables,financing policy variables,and a profitability measure variable.To investigate the associations between alternative accounting profitability measures and security returns,six profitability measures were used:sales/total assets; EBIT/total assets; net income/total assets; net income/common equity; EBDT/sales; and net income/sales.LZ's study concludes that accounting profitability information is an important source of extra market information in asset pricing,and the EBIT/total assets and net income/common equity provide the most consistent empirical results.
\x05As an example of a particular application of accounting ratios,Altman (1968) uses multiple discrimination analysis (MDA) with financial ratios as variables to estimate financial "Z scores" to predict the probability of bankruptcy for a firm.Altman describes the MDA technique in general terms and then develops a linear discriminant function which "best" distinguishes between the two groups under consideration,bankrupt vs non-bankrupt firms.Altman's results can be summarized as:
Financial Analysis and Planning
\x05Lev (1969) examines the movement of firm financial ratios across time and attempts to determine if firms adjust financial ratios to some industry norm or standard such as the industry mean.He uses a partial adjustment model to estimate the degree of adjustment of ratios to an industry average and finds evidence that is consistent with the hypothesis of firm adjustment.The speed of adjustment depends on such factors as stability of the industry mean,size of the firm (due to indivisibility of assets and liabilities),and a comparison of the cost of adjustment (institutional constraints or ease of managerial control) against the cost of divergence (higher interest expense on debt agreements,etc.).Lev's empirical results indicate that good predictive results can be expected from both the lagged financial ratio itself and the lagged industry mean.
\x05LZ's paper incorporates several important financial ratios into a single index market model and uses them to construct a multi-index security rate of return generating process model.To perform their empirical study,rates of return for the jth firm in this multi-index model are linearly related to market rates of return,dividend policy variables,financing policy variables,and a profitability measure variable.To investigate the associations between alternative accounting profitability measures and security returns,six profitability measures were used:sales/total assets; EBIT/total assets; net income/total assets; net income/common equity; EBDT/sales; and net income/sales.LZ's study concludes that accounting profitability information is an important source of extra market information in asset pricing,and the EBIT/total assets and net income/common equity provide the most consistent empirical results.
\x05As an example of a particular application of accounting ratios,Altman (1968) uses multiple discrimination analysis (MDA) with financial ratios as variables to estimate financial "Z scores" to predict the probability of bankruptcy for a firm.Altman describes the MDA technique in general terms and then develops a linear discriminant function which "best" distinguishes between the two groups under consideration,bankrupt vs non-bankrupt firms.Altman's results can be summarized as:
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