3000字英文文献及翻译企业盈利能力分析

篇一：盈利能力分析相关的外文翻译和英文原文

客户盈利能力分析的实施：案例研究

埃里克·M、凡·RAAIJ、桑德凡·彻斯特

特文特大学技术与管理学院

摘要：通过使用客户盈利能力分析（CPA），企业可以决定客户群和/或个人客户的利润贡献。本文介绍了CPA的实施办法。执行过程中使用的是公司产的案例研究和销售的专业清洁产品说明。这个案例研究突出了工业环境与CPA的具体问题，并把结果提供了实施定期CPA过程中可能带来的好处的例子。

关键词：客户盈利;客户关系管理（CRM）;实施;案例分析。

1. 介绍：

在任何给定的客户群，将有客户产生的公司，并在公司有承担，以确保这些收入成本收入差异。虽然大多数公司将了解客户的收入，很多企业并不知道与客户关系有关的所有费用。在一般情况下，产品成本将被称为为每一个客户，但销售和市场营销，服务和支持成本大多视为开销。客户盈利能力分析（CPA）是指收入和成本分配到细分客户或个人客户，这样，这些段和/或单个客户的盈利能力可以计算出来。

CPA日益关注的动力是双重的。首先，不同产品作业成本法在上世纪90年代兴起（ABC）导致了不同程度的提高认识到制造业使用公司的资源。当使用ABC，公司首先确定成本库：组织内进行的活动类别。其次，信息技术使得有可能记录和分析更多的客户的数据在类型和量中。随着数据如订单数量，销售访问次数，服务电话号码等存储在各个客户的水平，有可能去实际计算客户盈利。它被认为是良好的行业营销实践建立和培养与客户的利益关系。为了能够做到这一点，企业应该懂得目前的客户关系不同的盈利能力，以及什么客户群提供更高的潜力，未来盈利的客户关系。

2. CPA的潜在效益

CPA的直接好处在于它提供了在成本和收入超过客户分布不均的情况。在成本中的客户传播的信息将是特别有价值的，因为收入分配一般是已知的公司。这种认识在何种程度上特定客户消费公司的资源产生了公司在三个领域的新机遇：成本管理，收入管理和战略营销管理。

首先，CPA揭示了有针对性的成本管理和利润改善计划的机会。公布的数据显示例子，其中20％的客户创造利润225％，其中一半以上的客户是盈利或者对客户的损失可能会高达2.5倍的销售收入。CPA，作为ABC的一个具体应用，揭示活动和资源消耗之间的联系，因此它直接指向获利机会。

二，注册会计师为消息灵通的定价决策，奖金计划，并给客户折扣的基础。这说明了为什么填一些订单的成本比别人多，使公司有自己的价格反映了这些分歧。分析结果还可以帮助修改现有的折扣结构，以提高盈利能力。

三，注册会计师开辟了可能性分割和针对基于成本和盈利能力分布策略。一些公司已经细分自己的客户群在铂，金，铁，铅的客户，根据他们的利润贡献。

这些潜在的CPA的好处也经常出现在引用文献里。然而，在实际执行CPA产生的问题很少讨论。在下一节中，注册会计师实施的总体思路，提出。

3. 实施注册会计师的总体思路

客户盈利能力的实际计算相当于一个广泛锻炼。为了使CPA真正有用的，实施应该更进一步比绘制了客户的盈利模式和插入数据进去，作为分析的价值是基于更明智的决策行为。因此，六步的方法来实现CPA建议。这种方法提供了一个指令，一个团队至少包括一名营销和管理会计。根据公司的特点和信息系统，该团队还包括运营管理和信息

专家。

第六个也是最后一步处理建立的继续使用CPA的必要的基础设施。在销售和市场营销的日常嵌入CPA和会计可能有必要改变在程序的变化，职责和变化的系统。接下来的部分介绍了企业对商业环境中这六步方法的应用。

4. 注册会计师在工业清洗公司实施

这种情况的组织是一家跨国公司的业务为研发，生产，销售和市场营销的专业清洁产品的全国销售办事处之一。其中公司的主要市场是工业洗衣，办公室清洁，酒店清洁，厨房卫生和个人卫生。其产品直接出售（以大的最终用户，例如在飞行中供应商及服务集成，如专业清洁剂），以及通过经销商。该公司已经划分了市场进入的基础上最终用户的性质的市场领域。正如许多工业企业，这家公司采用了相当大的销售和服务力量。销售人员负责发起，维持和发展的客户关系。该服务队负责订单处理，客户培训，咨询，产品展示，维护和修理。

过程也是基础设施的一部分。为了提高未来的客户盈利数字的准确性，销售经理和客户经理被要求开始登记他们的客户拜访的时间。在没有在第一轮分析，这样的登记，销售费用分配给客户作为收入的百分比。销售队伍的意愿来记录自己的时间花在客户很高，因为他们了解这些信息对客户盈利准确分析的重要性。

5. 从CPA中学习

上述演习是该公司与会计师事务所第一次体验。至于那些建议，最有效的方法获得的客户关系准确估值是一个迭代的方法，其中一个客户的盈利模式是在组织中逐步实现的。这意味着，对于每个循环，该模型是要改善，直到计算是足够精确用于营销目的。对于本公司的第一个改进为下一次迭代涉及的销售力量小时注册以更准确地分配销售成本。它进一步决定每6个月重复CPA运动，并实施改进方式。

对于该公司，演习引发了人们学习的三个不同层次：第一个，也是最基础层面上，该公司了解了每个客户的去年有成到过该公司的营业收入和这些信息如何可用于成本管理，收入管理，并营销管理。其次，该公司正在学习如何收入和成本的最佳分配到个人客户。在这篇文章中所描述的第一次尝试，是一个仅仅是个开始不断完善这样的分配方法。和第三，该公司正在学习的各种因素是什么确定每个客户的价值（客户盈利存在但这些因素之一）。

6. 讨论

有几个注意事项CPA的用户应该知道的。首先，CPA数字是从多个数据构造源。这些数据源的准确性限制了顾客盈利数字的可能精度。此外，CPA模型必须是实际处理的良好表示。

这里报告的CPA练习是回顾性的分析，即，过去的收入和客户在一个特定周期中产生的成本的分析的一个例子。管理人员也将有兴趣的客户盈利前瞻性分析。准CPA计算与服务的客户在他的整个未来的生活相关的未来预期成本和收入的净现值。准会计师事务所也被称为客户终身价值analysis.To能够估计未来的成本和收益，对客户盈利的回顾性分析是一种宝贵的，如果不是必需的，第一个步骤。

7. 结论

在这个案例中，一个六步的方法来在公司内部实施CPA。成本和收入应该分配给唯一活跃的客户，这意味着开始分析与识别的客户可考虑活跃客户的客户数据库。第二步涉及公司内产生都是为了服务客户的成本，所有活动的分析。对于所有的活动，成本动因具有以这样的方式，它可以被计算出的各成本动因许多单位是如何用在每个单独的顾客被识别。实际计算步骤3执行随后，结果的解释和权衡利润分配之间的客户先验期望。基于对（初步）成果的讨论，有关的费用分配给客户先前的决定可能会被修改，以提高

分配的准确性和/或公平性。一旦计算方法约定的数字是，营销策略，程序和动作可以尝出新的信息。可能需要非常无利可图帐户立即行动，改进方案可以安装，以减少不必要的成本高，而且全新的战略，可能会针对特定客户群的发展。作为第六工序中，可能需要调整组织建立一个基础设施的持续

在组织中使用CPA的。

关于第三个问题，即注册会计师为基础进行差异化营销策略，工业企业应考虑采用盈利能力为基础的市场分割，已经被应用在金融服务和其他非主要产业，市场差异化战略。一旦客户盈利数字是建立客户评定为白金，金，铁，铅或客户的客户金字塔内，客户可以根据自己的层次送达。由于盈利基础细分是新的工业企业，首先有效地实现它可能是收获回报不成比例的位置。

CPA会带来大量新的信息，该公司使用它的第一次。因此，CPA是高度本身的价值。在这一点上，有一个小的证据它的广泛使用，并在工业实际执行公司。在日益重视对CRM的时代，客户忠诚度，CPA很可能是急需骨干这种努力。

本文摘自Erik M. van Raaija, Maarten J.A. Vernooijb, Sander van Triestc, The implementation of customer profitability analysis: A case study，School of Technology and Management，University of Twente，2002。

The implementation of customer profitability analysis: A case study Erik M. van Raaija, Maarten J.A. Vernooijb, Sander van Triestc,*

School of Technology and Management，University of Twente

Abstract：

By using customer profitability analysis (CPA), firms can determine the profit contribution of customer segments and/or individual customers. This article presents an approach for the implementation of CPA. The implementation process is illustrated using a case study of a firm producing and selling professional cleaning products. The case study highlights specific issues related to CPA in an industrial setting,and the results provide examples of the possible benefits of implementing a process of regular CPA.D 2003 Elsevier Science Inc. All rights reserved.

Keywords: Customer profitability; Customer relationship management (CRM); Implementation; Case study

1. Introduction

Within any given customer base, there will be differences in the revenues customers generate for the firm and in the costs the firm has to incur to secure those revenues. While most firms will know the customer revenues, many firms are unaware of all costs associated with customer relationships.In general, product costs will be known for each customer,but sales and marketing, service, and support costs are mostly treated as overhead. Customer profitability analysis (CPA) refers to the allocation of revenues and costs to customer segments or individual customers, such that the profitability of those segments and/or individual customers can be calculated.

The impetus for the increasing attention for CPA is twofold. First, the rise of activity-based costing (ABC) in the 1990s led to an increased understanding of the varying extent to which the manufacturing of different products used a firm’s resources (Cooper & Kaplan, 1991; Foster &Gupta, 1994). When using ABC, firms first identify cost pools: categories of activities performed within the organization(e.g., procurement).

Second, information technology makes it possible to record and analyze more customer data—both in type and in amount. As data such as number of orders, number of sales visits, number of service calls, etc. are stored at the level of the individual customer, it becomes possible to actually calculate customer profitability.

It is considered good industrial marketing practice to build and nurture profitable relationships with customers. To be able to do this, a firm should know how current customer relationships differ in profitability, as well as what customer segments offer higher potential for future profitable customer relationships.

2. The potential benefits of CPA

The direct benefits of CPA lie in the insight it provides in the uneven distribution of costs and revenues over customers.The information on the spread of costs among customers will be valuable in particular, as the distribution of revenues will generally be known to the firm. This insight in the extent to which specific customers consume the firm’s resources generates new opportunities for the firm in three areas: cost management, revenue management, and strategic marketing management.

First, CPA uncovers opportunities for targeted cost management and profit improvement programs. Published figures show examples where 20% of customers generate 225% of profits (Cooper & Kaplan, 1991), where more than half of the customers is unprofitable (Storbacka, 1997)or where the loss on a customer can be as high as 2.5 times

sales revenue (Niraj, Gupta, & Narasimhan, 2001). CPA, as a specific application of ABC,

篇二：上市公司盈利能力分析中英文对照外文翻译文献

中英文对照外文翻译文献

(文档含英文原文和中文翻译)

The path-to-profitability of Internet IPO firms

Abstract

Extant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time. This phenomenon is largely driven by an increase in the proportion of technology firms going public. Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public, identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research. We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms. We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time. We find that the probability of post- IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors. On the other hand, the probability of

post-IPO profitability decreases with the venture capital participation, proportion of outsiders on the board, and pre-market valuation uncertainty.

Keywords: Initial public offerings, Internet firms, Path-to-profitability, Hazard models, Survival

1. Executive summary

There has been an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability. Further, this phenomenon is largely driven by the increase in the proportion of technology firms going public. The risk of post-IPO failure

is particularly high for unprofitable firms as shifts in investor sentiment leading to negative market perceptions regarding their prospects or unfavorable financing environments could lead to a shutdown of external financing sources thereby imperiling firm survival. Therefore, the actual accomplishment of post-IPO profitability represents an important milestone in the company's evolution since it signals the long-term economic viability of the firm. While the extant research in entrepreneurship has focused on factors influencing the ability of entrepreneurial firms to attain important milestones prior to or at the time of going public, relatively little is known regarding the timing or ability of firms to achieve critical post-IPO milestones. In this study, we construct a theoretical framework anchored on agency and signaling theories to understand the impact of pre-IPO factors such as governance and ownership structure, management quality, institutional investor demand, and third party certification on firms' post-IPO path-to-profitability. We attempt to validate the testable implications arising from our theoretical framework using the Internet industry as our setting. Achieving post-issue profitability in a timely manner is of particular interest for Internet IPO firms since they are predominantly unprofitable at the time of going public and are typically characterized by high cash burn rates thereby raising questions regarding their long-term economic viability. Since there is a repeated tendency for high technology firms in various emerging sectors of the economy to go public in waves amid investor optimism followed by disappointing performance, insights gained from a study of factors that influence the path-to-profitabilityofInternetIPOfirmswillhelpincreaseourunderstandingofthe development path and long-term economic viability of entrepreneurial firms in emerging, high technology industries.

2. Introduction

The past few decades have witnessed the formation and development of several vitally

important technologically oriented emerging industries such as disk drive, biotechnology, and most recently the Internet industry. Entrepreneurial firms in such knowledge intensive industries are increasingly going public earlier in their life cycle while there is still a great deal of uncertainty and information asymmetry regarding their future prospects (Janey and Folta, 2006). A natural consequence of the rapid transition from founding stage firms to public corporations is an increasing tendency for firms to go public on the basis of a promise of profitability rather than actual profitability.3 Although sustained profitability is no longer a requirement for firms in order to go public, actual accomplishment of post-IPO profitability represents an important milestone in the firm's evolution since it reduces uncertainty regarding the long-term economic viability of the firm. In this paper, we focus on identifying observable factors at the time of going public that have the ability to influence the likelihood and timing of attaining post-IPO profitability by Internet firms. We restrict our study to the Internet industry since it represents a natural setting to study the long-term economic viability of an emerging industry where firms tend to go public when they are predominantly unprofitable and where there is considerably uncertainty and information asymmetry regarding their future prospects.4

The attainment of post-IPO profitability assumes significance since the IPO event does not provide the same level of legitimizing differentiation that it did in the past as sustained profitability is no longer a prerequisite to go public particularly in periods where the market is favorably inclined towards investments rather than demonstration of profitability (Stuartet al., 1999; Janey and Folta, 2006). During the Internet boom, investors readily accepted the mantra of “growth at all costs” and enthusiastically bid up the post-IPO offering prices to irrational levels (Lange et al., 2001). In fact, investor focus on the promise of growth rather than profitability resulted in Internet start-ups being viewed differently from typical new ventures in that they were able to marshal substantial resources virtually independent of performance benchmarks (Mudambi and Treichel, 2005).

Since the Internet bubble burst in April 2000, venture capital funds dried up and many firms that had successful IPOs went bankrupt or faced severe liquidity problems (Chang, 2004). Consequently, investors' attention shifted from their previously singular focus on

growth prospects to the question of profitability with their new mantra

being “path-to- profitability.” As such, market participants focused on not just whether the IPO firm would

be able to achieve profitability but also “when” or “how soon.” IPO firms unable to credibly demonstrate a clear path-to-profitability were swiftly punished with steeply lower valuations and consequently faced significantly higher financing constraints. Since cash flow negative firms are not yet self sufficient and, therefore, dependent on external financing to continue to operate, the inability to raise additional capital results in a vicious cycle of events that can quickly lead to delisting and even bankruptcy.5 Therefore, the actual attainment of post-IPO profitability represents an important milestone in the evolution of an IPO firm providing it with legitimacy and signaling its ability to remain economically viable through the ups and downs associated with changing capital market conditions. The theoretical framework supporting our analysis draws from signaling and agency theories as they relate to IPO firms. In our study, signaling theory provides the theoretical basis to evaluate the signaling impact of factors such as management quality, third party certification, institutional investor demand, and pre-IPO valuation uncertainty on the path-to-profitability. Similarly, agency theory provides the theoretical foundations to allow us to examine the impact of governance structure and change in top management ownership at the time of going public on the probability of achieving the post-IPO profitability milestone. Our empirical analysis is based on the hazard analysis methodology to identify the determinants of the probability of becoming profitable as a function of time for a sample of 160 Internet IPOs issued during the period 1996–2000.

Our study makes several contributions. First, we construct a theoretical framework based on agency and signaling theories to identify factors that may influence the path-to- profitability of IPO firms. Second, we provide empirical evidence on the economic viability of newly public firms (path-to-profitability and firm survival) in the Internet industry. add to the theoretical and empirical entrepreneurship literature that has focused on factors influencing the ability of entrepreneurial firms to achieve critical milestones during the transition from private to public ownership. While previous studies have focused on milestones during the private phase of firm development such as receipt of VC funding and successful completion of a public offering (Chang, 2004; Dimov and Shepherd, 2005; Beckman et al., 2007), our study extends this literature by focusing on post-IPO

milestones. Finally, extant empirical evidence indicates that the phenomenon of young, early stage firms belonging to relatively new industries being taken public amid a wave of investor optimism fueled by the promise of growth rather than profitability tends to repeat itself over time.6 However, profitability tends to remain elusive and takes much longer than anticipated which results in investor disillusionment and consequently high failure rate among firms in such sectors. 7 Therefore, our study is likely to provide useful lessons to investors when applying valuations to IPO firms when this phenomenon starts to repeat itself.

This articles proceeds as follows. First, using agency and signaling theories, we develop our hypotheses. Second, we describe our sample selection procedures and present descriptive statistics. Third, we describe our research methods and present our results. Finally, we discuss our results and end the article with our concluding remarks.

3. Theory and hypotheses

Signaling models and agency theory have been extensively applied in the financial economics, management, and strategy literatures to analyze a wide range of economic phenomena that revolve around problems associated with information asymmetry, moral hazard, and adverse selection. Signaling theory in particular has been widely applied in the IPO market as a framework to analyze mechanisms that are potentially effective in resolving the adverse selection problem that arises as a result of information asymmetry between various market participants (Baron, 1982; Rock, 1986; Welch, 1989). In this study, signaling theory provides the framework to evaluate the impact of pre-IPO factors such as management quality, third party certification, and institutional investor demand on the path-to-profitability of Internet IPO firms.

The IPO market provides a particularly fertile setting to explore the consequences of separation of ownership and control and potential remedies for the resulting agency problems since the interests of pre-IPO and post-IPO shareholders can diverge. In the context of the IPO market, agency and signaling effects are also related to the extent that insider actions such as increasing the percentage of the firm sold at the IPO, percentage of management stock holdings liquidated at the IPO, or percentage of VC holdings liquidated at the IPO can accentuate agency problems with outside investors and, as a consequence, signal poor

篇三：盈利能力分析外文翻译

在斯里兰卡和马来西亚的上市公司的盈利能力分析

阿努拉·德索伊萨

阿努拉·曼纳乌

阿尼尔·川科库瑞

澳大利亚伍伦贡大学

摘要：本文采用在斯里兰卡和马来西亚在2006年至2008年期间161上市制造业公司的经验数据，并比较了这些公司对两种常用的财务业绩指标的表现：资产（ROA）和净资产收益率回报（ROE）。结果表明，在此期间，斯里兰卡制造企业在更有利可图的ROA，但在利润较低的ROE方面均大大高于他们在马来西亚的同行。它还确定股票投资的相对较弱的地位，斯里兰卡公司的制造业和属性这许多因素，其中包括：有相对不佳的股票市场，高利率和过度恐惧高风险的投资。公司的盈利能力和资产行业分析也可以观察到类似的趋势。

关键词：盈利能力分析，上市，制造，企业，斯里兰卡，斯里兰卡，马来西亚，经验，调查

简介

斯里兰卡和马来西亚有许多共同点在五十年以前。这两个国家是英国殖民地，并脱离英国独立9年分开 - 在1957年斯里兰卡在1948年和马来西亚。这两个国家开始了独立后的时期，资源，雄厚的英国的法律和政治制度，以及类似的教育系统的丰富多样。1960年，马来西亚有一个国民总收入（GNI）每280美元的人均和斯里兰卡在1960年的每152美元的人均国民总收入。“由于1970年，斯里兰卡和马来西亚也有类似的生活标准”（莎莉，2009年，P1）。经过五十年的独立性，马来西亚现在远远领先于斯里兰卡的许多方面，包括经济和工业发展。今天，“马来西亚被广泛接受为一个大发展的成功故事在发展中世界。尽管有1997-1998年金融危机期间的大规模经济收缩经验丰富，马来西亚的经济表现一直贯穿独立后期间令人印象深刻。持续高增长（平均近6％年息百分之过去四十年），一直伴随着生活水平的提高与收入的相对平等分配“（Athukorala，2005年，第19页）。 数据和理论：

本研究的数据来自统计局范戴克的OSIRIS数据库，提供财政和其他相关数据超过34000在130个国家的上市公司获得。由于在这项研究中用来测量在斯里兰卡和马来西亚上市公司的盈利能力数据的主要来源是出版公司账户，本次研究的结果应谨慎对待。被公账户披露的数据通常与继承一定的局限性，尤其是用于比较的公司在不同国家的表现。其中一个主要的限制是，在公司帐目确定的利润是在此基础上可能会有所不同，从公司到公司的公司会计实务。例如，如折旧的量和库存价值物品受到任意估值一个相当宽的范围内。此外，特别是在固定资产，基于历史成本会计的概念数字可能并不代表通货膨胀期间实际值。在该公司账目计算的利润也受到企业和税务法规也不同国家之间变化的影响。在跨国公司的情况下，利润的计算可能会容易通过实践各种操作，如转让定价（Robbins和Stobaugh，1974年）。虽然符合国际财务报告准则（IFRS） - 这是使用超过100个国家，包括斯里兰卡和马来西亚 - 方便可比性，还存在会计实务一些不同之处，这使得

它难以评估和比较一个企业的盈利能力现实的态度，尤其是当这些企业都来自不同的国家。

公司样本：

这项研究的样本公司制造的科伦坡股票上市公司

交易所（CSE）及马来西亚交易所（MYX），只从公司选择了与完整的财务数据为三年，从2006年至2008年的OSIRIS数据库的筛选过程，然后将其应用于企业符合上述标准。首先，样本中所有剩余的公司进行分类的全球行业分类标准（GICS）代码作为识别他们的GICS代码，以消除非制造业公司。其次，由于本研究的主要目的是考察制造业两国企业的盈利能力，它被认为是适当的，以消除企业与负的平均ROA为近三年来，由于样品中有这样的公司扭曲的结果该分析。这个筛选过程留下62制造企业斯里兰卡样本。第三，这些62家公司的GICS代码，然后用剩下的马来西亚公司样本中匹配，消除了马来西亚公司不匹配的公司GICS代码斯里兰卡样本。这种匹配过程中离开，99家马来西亚公司，然后将其选定为马来西亚公司的样本。

经济实力：斯里兰卡vs马来西亚

双方斯里兰卡和马来西亚位于亚洲其中拥有世界人口的60％。这两个地区，东亚，其中马来西亚位于和南亚，其中斯里兰卡所在，也是占世界人口的30％。然而，相较于一些亚洲国家，如中国和印度具有巨大的人口，这两个国家的人口，斯里兰卡（20亿美元）和马来西亚（27亿美元）是比较小的，因为他们占了不到1％总亚裔人口。下面的表2提供了有关这两个国家在过去50年的经济表现一些有用的信息。

表2

表2清楚地表明，在此期间一九六零年至2007年对一些重要的经济指标，两国之间的差距已经拉大。如人均国民总收入-widely作为一个国家的经济表现的一个基本指标 - 斯里兰卡远远落后于马来西亚，2007年与1540美元其国民总收入的人均收入相比，马来西亚6540美元。 1960年马来西亚的人均国民总收入收入仅为1.84倍斯里兰卡的人均国民总收入的收入，但到2007年这一差距扩大到4.25倍斯里兰卡的人均国民总收入的收入。类似的情况是观察两国的GDP。 1960年，为23十亿马来西亚的GDP只是1.53倍斯里兰卡为15十亿GDP。然而，2007年马来西亚GDP已增至美元的巨额186.7十亿，这是近6倍，斯里兰卡在2007年达32.4十亿GDP两国之间的另一个值得注意的区别是，这两个国家都按比例减少其农业产出，同时增加他们的工业产值之间的两个时期显著。引人注目的是，通过在1960年斯

里兰卡的工业产值（占GDP的20％），约10％叔比马来西亚高。然而，虽然斯里兰卡已经从国内生产总值1960年20％的贡献提高到占GDP的30％，2007年（同比增长50％）取得了工业产出的增长显著的进步，马来西亚从18％增加了其工业产值国内生产总值在1960年国内生产总值的48％，2007年（同比增长167％）。总体而言，上述数据清楚地表明，在此期间马来西亚已经由显著保证金外进行斯里兰卡的经济和工业发展方面。

盈利能力：斯里兰卡VS马来西亚

净资产收益率（ROA）

表3显示盈利率的分散，由ROA测得的，其中斯里兰卡和马来西亚的制造企业2006年至2008年，平均ROA为三年期限在一起。如表3所示，斯里兰卡公司的期间为2006年至2008年的平均利润率从10％到11.4％，与3年的平均水平10.9％。总体而言，样本公司中49％已经能够实现ROA大于10％，比3年。而该公司的16％已取得的ROA小于5％效果差，该公司的23％已在3年内达到15％以上，平均ROA。

表3

马来西亚公司的平均利润率由7.5％在3年内7.7％的总体平均变化为8.7％。仔细看看3年的平均盈利能力的分散显示，99家马来西亚公司的25％达到10％以上，而ROA只有9％的企业已经能够实现高于15％的ROA。用5％以下比较低盈利的公司占全部马来西亚公司的30％。

什么是显而易见的，主要从ROA两国数字是斯里兰卡的生产盈利能力比所有的马来西亚制造企业相对较高。更具体地说，斯里兰卡公司在三年内的ROA是在10％至11％的范围内有10.9％的整体平均水平。相反，马来西亚公司的ROA为同一时期是在7％到9％的范围内以7.7％的总体平均水平。这是斯里兰卡公司的ROA和42％赞成斯里兰卡公司的差的72％。仔细看看居留权的两国间的分散也表明，斯里兰卡制造企业都在实现更高的盈利能力方面表现比马来西亚制造企业更好。从下端，只有16％的斯公司已经作为对马来西亚公司获得了类似的结果的30％达到ROA的小于5％。的情况也是类似的刻度的上端。而斯里兰卡的公司23％都取得了超过

15％的ROA，只有9％的马来西亚公司能够实现这一结果。先前的研究，审查了在亚洲的制造企业的盈利能力还透露，在斯里兰卡制造企业的盈利能力比一些亚洲国家，包括日本，香港，泰国，韩国，马来西亚，中国，印度尼西亚，新加坡和更高巴基斯坦。根据这项研究，这些国家在1995年的ROA从2.4％（韩国）范围为11.1％（巴基斯坦）。马来西亚制造企业的ROA被认为是9.6％（Wijewardena和De德索伊萨，2000）。

结论：

本文的主要目的是评估斯里兰卡制造企业的业绩相比，这对马来西亚制造企业获得了一些见解改善他们目前的性能水平。为了实现这一目标，这项研究分析了161的制造企业，包括62斯里兰卡企业，99家马来西亚公司从OSIRIS数据库选择的财务数据。在研究中使用的数据涵盖了为期三年，从2006年至2008年使用的两个性能测量常用，ROA和ROE，计算和分析的样品本公司的财务数据。

这一分析表明，在此期间2006至08年的斯里兰卡制造企业均大大高于他们的同行在马来西亚更有利可图，这表明一个积极的结果斯里兰卡。当盈利被业界分析，据透露，所有在斯里兰卡六大行业录得较高的ROA比他们的同行在马来西亚。从在斯里兰卡制造企业高盈利水平的主要观察的是，这已经渗透到投资在未来更高水平的能力。

与此相反，以ROA，马来西亚公司已经整体表现比斯里兰卡企业稍好ROE方面。然而，行业间的分析表明，除了在农产品和种植园部门，斯里兰卡的所有其他制造业已经分别取得了较高的净资产收益率比同行的马来西亚。尽管如此，似乎仍然是需求和机会，为公司在斯里兰卡，以改善他们的ROE。提高ROE水平是斯里兰卡重要的，如果它要吸引更多的股权投资进入其制造业。

这项研究的另一个主要发现是，斯里兰卡的相对位置差 - 尤其是制造业的股权投资方面 - 相比，马来西亚公司60％的斯里兰卡公司的股权资本仅为46％。类似的趋势在这两个国家的所有六个行业观察时股权的水平是由行业分析。究其原因，在斯里兰卡公司股本较低水平可以归结为几个因素，如：比较差的股票市场，提供给非股权投资，过度担心高风险的投资，而在高利率制造商的不足，相应的投资机会剥削。

然而，股权投资水平高是至关重要的斯里兰卡制造业是成功的在其努力实现更高的经济和工业发展。未来这方面的研究还需要考察多方面因素的影响 - 如大小，年龄，位置，出口，资产和资本结构，劳动力成本，员工的工作效率和管理效率，等等 - 在斯里兰卡公司公司的盈利能力。出于这个原因，一个纵向分析具有较大的样品是理想的。

本文摘自Anura De Zoysa, Athula S. Manawaduge, Palli Mulla K A

Chandrakumara，PROFITABILITY ANALYSIS OF LISTED MANUFACTURING COMPANIES IN SRI LANKA AND MALAYSIA，University of Wollongong, Australia.

PROFITABILITY ANALYSIS OF LISTED

MANUFACTURING COMPANIES IN SRI

LANKA AND MALAYSIA

Anura De Zoysa, Athula S. Manawaduge, Palli Mulla K A

Chandrakumara

University of Wollongong, Australia

Abstract

This paper uses empirical data on 161 listed manufacturing companies in Sri Lankaand Malaysia over the period of 2006 to 2008, and compares the performance of thesecompanies against two commonly used financial performance indicators: Return onAssets (ROA) and Return on Equity (ROE). The results indicate that during this periodSri Lankan manufacturing companies were considerably more profitable than their counterparts in Malaysia in terms of ROA but less profitable in terms of ROE. It alsoidentifies a relatively weaker position of equity investments in the manufacturing sectorof Sri Lankan companies and attributes this to a number of factors, including: arelatively poor equity market, high interest rates, and excessive fear of highriskinvestment. A similar trend was observed when the profitability and equity ofcompanies were analysed by industry.

Keywords

Profitability, analysis, listed, manufacturing, companies, Sri, Lanka, Malaysia, empirical, investigation

INTRODUCTION

Sri Lanka and Malaysia had many things in common five decades ago. Both countries were British colonies and gained independence from Britain nine years apart – Sri Lanka in 1948 and Malaysia in 1957. Both countries started the post-independence period with a rich mix of resources, strong British legal and political institutions, and similar educational systems. In 1960, Malaysia had a Gross National Income (GNI) per capita of about $280 and Sri Lanka had a GNI per capita of US$152 in 1960. “As of 1970, Sri Lanka and Malaysia had similar living standards” (Sally, 2009, p1.). After five decades of independence, Malaysia is now far ahead of Sri Lanka in many fronts, including economic and industrial development. Today, “Malaysia is widely held as a great development success story in the developing world. Not withstanding the massive economic contraction experienced during the 1997-98 financial crisis, Malaysia’s economic performance has been impressive throughout the postindependence period. Sustained high growth (averaging to nearly 6 per cent per annum for the past four decades) has been accompanied by rising living standards

《3000字英文文献及翻译企业盈利能力分析》由：免费论文网互联网用户整理提供；
链接地址：http://www.csmayi.cn/show/93140.html
转载请保留,谢谢!

• 上一篇：3000字要读多久
• 下一篇：3000字以上的文章