【正文】 Irwin/McGrawHill Evaluating Financial Performance Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 22 R e t u r n o n P r of i t A s s e t t u r n ov e r F i n an c i alE q u i t y M ar gi n T u r n ov e r L e ve r ag e( R O E ) ( P ) ( A ) ( T )( %) = ( %) x ( t i m e s ) x ( t i m e s )B a n kA m e r i c a C or po r a t i on 11 .2 = 10 .8 x 0. 1 x 13 .5 C a r ol i n a P ow e r a n d L i g h t 13 .5 = 12 .8 x 0. 4 x 2. 8 E x x on C or po r a t i on 14 .6 = 6. 3 x 1. 1 x 2. 1 F oo d L i on I n c . 17 .0 = 2. 7 x 2. 8 x 2. 3 H a r l e y D a v i ds on I n c . 20 .7 = 9. 9 x 1. 1 x 1. 9 I n t e l C or po r a t i on 26 .0 = 23 .1 x 0. 8 x 1. 3 N i ke 12 .3 = 4. 2 x 1. 8 x 1. 7 S ou t h w e s t A i r l i n e s 18 .1 = 10 .4 x 0. 9 x 2. 0 T i f f a n y amp。 C om pa n y 17 .4 = 7. 7 x 1. 1 x 2. 0 T h e T i m be r l a n d C om pa n y 22 .2 = 6. 9 x 1. 8 x 1. 8 TABLE 21 ROEs and Levers of Performance for 10 Diverse Companies, 1998 Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 23 A BD e b t @ 1 0 % I n t e r e s t 900$ $ 0E q u i t y 100 1 , 0 0 0 T o t a l a s s e t s 1 , 0 0 0$ 1 , 0 0 0$ E B I T 120$ 120$ I n t e r e s t e x p e n s e 90 0E a r n i n g s b e f o r e t a x 30 120 T a x @ 4 0 % 12 48 E a r n i n g s a f t e r t a x 18$ 72$ R O E 1 8 . 0 % 7 . 2 %R O A 1 . 8 % 7 . 2 %R O I C 7 . 2 % 7 . 2 %C o m p a n yROIC Is Not Distorted by Company Financing Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 24 0123450 5 10 15 20 25W e i g h t e d a v e ra g e re t u rn o n e q u i t y (% )Market/book value of equityN i k eT i m b e r l a n dK e n n e t h C o l eD e c k e r s O u t d o o rMarket Value to Book Value of Equity Ratio versus Return on Equity for 24 Shoe Companies Continued Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 25 FIGURE 21 (Concluded) Footnote The regression equation is MV/BV=+ ROE, where MV/BV is the market value of equity relative to the book value of equity and ROE is a weighted average of return on equity in 1998 and the prior two years. Companies with negative values of either variable were omitted. Adjusted R2 = Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 26 0246810121416180 5 10 15 20 25 30 35 40W e i g h t e d a v e ra g e re t u rn o n e q u i t y (% )Market/book value of equity L u c e n t T e c h n o l o g i e sM i c r o s o f tC i s c o S y s t e m sM o n s a n t oM e r c kC o l g a t eD u P o n tFIGURE 22 Market Value of Equity Ratio versus Return on Equity for 84 Large Corporations Continued Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 27 FIGURE 22 (Concluded) Footnote Companies are members of the Standard and Poor39。s 100 Index of the largest . corporations. Those with negative values and outliers with ROEs above 40 percent were eliminated. The regression equation is MV/BV = + *ROE, where MV/BV is the market value of equity relative to book value at the end of 1998 and ROE is a weighted average of return on equity for 1998 and the prior two years. Adjusted R2 = Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 28 I nd us t r y1994 1995 1996 1997 1998 M e di a n*P r o f i t a b i l i t y r a t i o s : R e t urn on e qu i t y ( % ) 1 1 . 9 ( 8 . 2 ) 1 2 . 3 2 2 . 1 2 2 . 2 1 2 . 3 R e t u r n o n a s s e t s ( % ) 3 . 8 ( 2 . 8 ) 4 . 5 1 1 . 3 1 2 . 6 7 . 4 R e t u r n o n i n v e s t e d c a p t i a l ( % ) 7 . 1 0 . 7 9 . 6 1 8 . 3 1 7 . 9 9 . 7 P r of i t m a r gi n ( % ) 2 . 8 ( 1 . 8 ) 3 . 0 5 . 9 6 . 9 4 . 2 G r o s s m a r g i n ( % ) 3 5 . 0 3 3 . 7 3 9 . 4 4 1 . 7 4 1 . 9 3 8 . 4 P r i c e t o e a r n i n g s r a t i o ( x ) 1 3 . 5 NA 2 0 . 7 1 3 . 9 8 . 5 1 5 . 0 Tu r n o v e r c o n t r o l r a t i o s : A s s e t t urno v e r ( x ) 1 . 3 1 . 6 1 . 5 1 . 9 1 . 8 1 . 8 Fi x e d a s s e t t u r n o v e r ( x ) 9 . 3 1 2 . 5 1 4 . 1 1 5 . 1 1 5 . 2 9 . 2 I n v e n t o r y t u r n o v e r ( x ) 1 . 9 2 . 4 2 . 6 3 . 3 3 . 8 2 . 7 C o l l e c t i o n p e r i o d ( d a y s ) 7 3 . 5 5 3 . 4 5 3 . 2 3 4 . 7 3 3 . 4 3 9 . 1 D a y s 39。 s a l e s i n c a s h ( d a y s ) 3 . 7 2 1 . 4 4 9 . 4 4 5 . 3 6 4 . 3 1 0 . 8 P a y a b l e s p e r i o d ( d a y s ) 3 2 . 6 2 1 . 2 1 8 . 6 1 6 . 0 1 8 . 9 3 6 . 3 TABLE 22 Ratio Analysis of Timberland Company 19941998, and Industry Medians, 1998 Continued Irwin/McGrawHill 來(lái)自 中國(guó)最大的資料庫(kù)下載 29 L e v e r a g e a n d l i q u i d i t y r a t i o s : A s s e t s t o e qu i t y ( x ) 3 . 2 3 . 0 2 . 7 2 . 0 1 . 8 1 . 7 D e b t t o a s s e t s ( % ) 6 8 . 5 6 6 . 2 6 3 . 2 4 8 . 8 4 3 . 3 3 9 . 6 D e b t t