【正文】 4 . 8 1 0 0 . 9 1 3 . 4 1 2 . 0 3 1 . 7 1 0 1 . 5 1 . 7 7 1 . 9 1 0 . 4 5 6 . 1 2 6 . 8 5 . 7 1 7 . 0 3 6 . 2 1 . 0 1 3 9 . 9 2 8 . 3 2 6 . 7 6 3 . 4 3 . 2 7 . 9 1 3 . 7 L e g a l s e r v i c e s ( 4 0 5 ) 6 . 3 2 1 . 9 1 0 . 8 3 9 . 8 1 4 . 2 3 2 . 2 7 4 . 5 1 2 4 . 6 2 . 4 5 3 . 5 3 2 . 5 6 . 8 2 6 . 5 8 . 8 2 1 . 3 3 4 . 2 1 . 3 1 1 6 . 7 9 2 . 8 4 . 8 4 6 . 4 1 . 2 1 . 5 3 . 2 C o l l e g e a n d u n i v e r s i t i e s ( 8 8 ) 2 . 8 1 8 . 1 8 . 0 1 9 2 . 0 1 2 6 . 5 2 2 . 7 1 0 . 7 1 4 . 2 1 . 6 4 4 . 2 1 6 . 1 9 9 . 4 1 9 9 . 3 1 1 . 2 6 . 7 1 0 . 3 1 . 0 8 0 . 9 4 0 . 4 5 3 . 7 2 6 6 . 9 4 . 1 2 . 6 3 . 6 So u rce : I n d u s t ry N o rm s amp。Irwin/McGrawHill Evaluating Financial Performance Irwin/McGrawHill 來自 中國最大的資料庫下載 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。s a n d c h i l d e r n 39。 P 1 0 0s a m p l e a r e m e m b e r s o f t h e S t a n d a r d amp。 Bra d s t re e t C o rp o ra t i o n . R e p r i n t e d w i t h p e r m i s s i o n .Irwin/McGrawHill 來自 中國最大的資料庫下載 217 TABLE 25 Definitions of Principal Ratios Appearing in Chapter P r of it ab il it y r at io s : Ret u r n on eq u it y = Net in e/S h ar eho ld e r s ’ equ it y R e t ur n o n as s et s = Net i n co m e/ A s s et s R e t ur n o n i nv e s t ed ca pi t a l = E ar ni n g s b e fo r e in ter es t an d tax es x ( 1 – T ax r a te) I n te r es t b ea r in g de b t + S h ar eh o lder s ’ equ it y P r of it m a r gi n = Net in e/S al es Gr o s s m ar g i n = Gr o s s pr o f i t /S a l e s P r i ce to ea r ni n gs = P r i ce per s h ar e/E ar ni ng s per s h ar eT ur no ve r cont r ol r at io s : As s et t u r n ov er = S al es /A s s et s F i x ed as s et t ur n o v er = S a l e s /Net pr o per t y , pl a n t , an d equ i p m e n t I n v e n t or y t ur n o v er = C o s t o f go o ds s o l d/ E n d i ng i nv e n t o r y C o l l ec t i o n per i o d = A cc o un t s r ec e i va bl e/C r ed i t s a l es per da y( I f c r e di t s a l e s u na v a i l a b l e , us e s a l e s . ) Day s ’ s a les in ca s h = C as h a n d s ec ur i t i e s /S a l es per da y P ay a bl e s per i o d = A cc o un t s pa y a bl e/C r ed i t pu r ch a s es per da y( I f pur c ha s e s un a v a i l a b l e , us e c o s t o f g oo ds s o l d . )Irwin/McGrawHill 來自 中國最大的資料庫下載 218 TABLE 25 (Concluded) Definitions of Principal Ratios Appearing in Chapter L e v e r a ge a n d l i qu i d i t y r a t i o s : As s e t s t o e q u i t y = As s e t s /S h a r e h o ld e r s ’ e q u it y De b t to a s s e t s = T ot a l l i a bil i t i e s / As s e t s( I nt e r e s t be a r i ng de bt i s o f t e n s ubs t i t u t e d f o r o f t o t a l l i a b i l i t i e s . ) De b t to e qui t y = T ot a l lia bil it ie s /S h a r e h o lder s ’ e qu it y T i m e s i n t e r e s t e a r n e d = E a r ni n g s b e f o r e i n t e r e s t a n d t a x e s /I n t e r e s t e x pens e T i m e s b ur de n c o v e r e d = E a r ni n gs b e f o r e i n t e r e s t a n d t a x e sI n te r e s t e x pe n s e + P r in c ipa l pa ym e n ts /( 1 – T a x r a te ) De b t to a s s e t s ( m a r ke t v a l ue ) = T ot a l l i a bil i t i e s /No . o f s h a r e s o f s t o c k x P r i c e per s h a r e De b t to e qui t y (m a r ke t v a l ue ) = T ot a l l i a bil i t i e sNo . o f s h a r e s o f s t o c k x P r i c e per s har e + T ot a l l i a bil i t i e s C ur r e n t r a t i o = C ur r e n t a s s e t s /C ur r e n t l i a bil i t i e s A c i d t e s t = C ur r e n t a s s e ts – I n ve n tor y C ur r e n t l i a bil i t i e sIrwin/McGrawHill 來自 中國最大的資料庫下載 219 FIGURE 2A1 Percentage Balance Sheets of Companies in Four Countries A sse t s0%20%40%60%80%100%1983 1995 1983 1995 1983 1995 1983 1994O t h e r l o n g t e rm a s s e t sN e t f i x e d a s s e t sO t h e r cu rre n t a s s e t sI n v e n t o ryA cco u n t s re ce i v a b l eC a s h amp。 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