【正文】 P 1 0 0N u m b e r o f c o m p a n i e s 91 14 29 37 83 100P 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 . 4 1 1 . 3 3 . 9 1 0 . 5 1 2 . 6 1 4 . 3 R e t u r n o n a s s e t s ( % ) 5 . 0 3 . 2 1 . 2 4 . 5 6 . 0 3 . 8 R e t u r n o n i n v e s t e d c a p i t a l ( % ) 1 0 . 0 9 . 1 2 . 5 6 . 5 9 . 5 9 . 9 P r of i t m a r gi n ( % ) 4 . 8 3 . 6 2 . 1 1 0 . 8 1 0 . 0 6 . 3 G r o s s m a r g i n ( % ) 3 2 . 6 3 8 . 2 3 3 . 5 4 4 . 3 4 0 . 6 3 6 . 2 P r i c e t o e a r n i n g s ( X ) 1 4 . 3 2 7 . 6 2 9 . 2 1 2 . 8 1 4 . 3 2 0 . 6 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 . 0 1 . 0 0 . 9 0 . 5 0 . 6 0 . 8 Fi x e d a s s e t t u r n o v e r ( X ) 3 . 4 3 . 3 3 . 5 1 . 1 1 . 1 3 . 1 I n v e n t o r y t u r n o v e r ( X ) 8 . 1 5 . 9 3 . 7 5 . 9 6 . 0 5 . 4 C o l l e c t i o n p e r i o d ( d a y s ) 7 2 . 3 8 1 . 2 6 4 . 9 5 6 . 6 6 4 . 8 6 1 . 1 D a y s 39。 e q u i t y 3 1 . 5 3 3 . 7 3 6 . 8 5 1 . 2 5 6 . 7 6 0 . 1 T o t a l l i a b i l i t i e s a n d s h a r e h o l d e r s 39。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 來自 中國最大的資料庫下載 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。 Bra d s t re e t , a co m p a n y o f T h e D u n amp。 P o o r s 39。s c l o t h i n g ( 5 0 5 ) 4 . 0 3 4 . 2 1 4 . 6 1 5 . 6 2 1 . 3 5 . 3 1 7 . 8 4 2 . 9 2 . 0 9 3 . 7 3 4 . 9 7 . 8 3 1 . 5 2 . 4 6 . 5 1 5 . 4 1 . 3 1 9 8 . 4 5 3 . 4 4 . 9 4 3 . 8 0 . 8 1 . 9 5 . 3 R e t a i l t r a d e : D e p a r t m e n t s t o r e s ( 2 4 2 ) 6 . 4 2 0 . 0 3 . 2 5 . 7 3 3 . 5 4 . 0 8 . 6 1 6 . 1 3 . 1 6 8 . 2 1 1 . 2 4 . 4 4 8 . 3 1 . 5 3 . 8 6 . 8 1 . 9 1 4 5 . 3 3 5 . 1 3 . 0 6 4 . 0 ( 0 . 1 ) 0 . 8 1 . 8 G r o c e r y s t o r e s ( 9 6 5 ) 3 . 1 3 7 . 8 1 . 1 2 7 . 8 1 4 . 5 3 . 0 1 3 . 4 3 0 . 5 1 . 7 8 8 . 3 3 . 3 1 8 . 7 2 0 . 6 1 . 5 5 . 5 1 2 . 6 1 . 1 2 0 6 . 4 6 . 2 1 2 . 5 3 2 . 4 0 . 5 1 . 7 4 . 9 Irwin/McGrawHill 來自 中國最大的資料庫下載 216 TABLE 24 (Concluded) Selected Ratios for Representative Industries, 1998 (Upperquartile, median, and lowerquartile values) To t a l To t a l C urr e nt Li a bi l i t i e s C ol l e c t i on N e t S a l e s t o A s s e t s t o P r of i t R e t urn R e t urn Li ne s of B us i ne s s a nd R a t i o t o N e t W ort h P e r i od I nv e nt ory N e t S a l e s M a r gi n on A s s e t s on E qu i t yN um be r of Fi r m s R e po r t i ng ( t i m e s ) ( % ) ( da y s ) ( t i m e s ) ( % ) ( % ) ( % ) ( % ) J e w e l r y s t o r e s ( 8 6 0 ) 6 . 0 2 3 . 6 6 . 0 3 . 7 4 5 . 3 9 . 8 1 4 . 5 2 7 . 3 3 . 0 5 6 . 7 1 5 . 7 2 . 5 6 3 . 1 4 . 2 6 . 2 1 1 . 8 1 . 8 1 3 3 . 8 3 9 . 3 1 . 7 8 8 . 3 1 . 4 2 . 3 4 . 4 S e r v i c e s : B e a u t y s h o p s ( 1 0 0 ) 5 . 6 2 1 . 1