【正文】 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 n d c h i l d e r n 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 來自 中國最大的資料庫下載 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 o e q u i t y ( % ) 2 1 7 . 4 1 9 6 . 3 1 7 1 . 9 9 5 . 4 7 6 . 3 6 5 . 5 T i m e s i n t e r e s t e a r n e d ( x ) 2 . 9 0 . 2 2 . 5 5 . 6 1 0 . 2 9 . 1 T i m e s b u r d e n c o v e r e d ( x ) 1 . 6 0 . 1 1 . 1 5 . 6 1 0 . 2 7 . 4 D e b t t o a s s e t s ( m a r k e t v a l u e % ) 5 7 . 5 5 6 . 0 4 0 . 2 2 3 . 7 2 8 . 7 1 8 . 1 D e b t t o e q u i t y ( m a r k e t v a l u e % ) 1 3 5 . 4 1 2 7 . 3 6 7 . 1 3 1 . 1 4 0 . 2 2 2 . 1 C u r r e n t r a t i o ( x ) 3 . 5 4 . 8 3 . 7 3 . 5 4 . 0 3 . 0 A c i d t e s t ( x ) 1 . 5 2 . 3 2 . 1 2 . 0 2 . 7 1 . 5 * S a m p l e c o n s i s t s o f f i v e r e p r e s e n t a t i v e s h o e c o m p a n i e s : B r o w n G r o u p , K e n n e t h C o l e , N i k e , S t r i d e R i t e , a n d W o l v e r i n e W o r l d W i d e . TABLE 22 (Concluded) Ratio Analysis of Timberland Company 19941998, and Industry Medians, 1998 Irwin/McGrawHill 來自 中國最大的資料庫下載 210 I n d u s t r y1994 1995 1996 1997 1998 A v e r a g e *Ass e t sC a s h a n d m a r k e t a b l e s e c u r i t i e s 1 . 3 % 9 . 1 % 2 0 . 8 % 2 3 . 5 % 3 2 . 4 % 7 . 4 %A c c o u n t s r e c e i v a b l e 2 7 . 1 2 2 . 7 2 2 . 4 1 8 . 0 1 6 . 8 2 2 . 7 I n v e n t o r i e s 4 6 . 1 4 2 . 9 3 5 . 4 3 4 . 0 2 8 . 0 3 7 . 1 P r e p a