英语翻译Financial Analysis and Planning\x05Lev (1969) examines t

英语翻译
Financial Analysis and Planning
\x05Lev (1969) examines the movement of firm financial ratios across time and attempts to determine if firms adjust financial ratios to some industry norm or standard such as the industry mean.He uses a partial adjustment model to estimate the degree of adjustment of ratios to an industry average and finds evidence that is consistent with the hypothesis of firm adjustment.The speed of adjustment depends on such factors as stability of the industry mean,size of the firm (due to indivisibility of assets and liabilities),and a comparison of the cost of adjustment (institutional constraints or ease of managerial control) against the cost of divergence (higher interest expense on debt agreements,etc.).Lev's empirical results indicate that good predictive results can be expected from both the lagged financial ratio itself and the lagged industry mean.
\x05LZ's paper incorporates several important financial ratios into a single index market model and uses them to construct a multi-index security rate of return generating process model.To perform their empirical study,rates of return for the jth firm in this multi-index model are linearly related to market rates of return,dividend policy variables,financing policy variables,and a profitability measure variable.To investigate the associations between alternative accounting profitability measures and security returns,six profitability measures were used:sales/total assets; EBIT/total assets; net income/total assets; net income/common equity; EBDT/sales; and net income/sales.LZ's study concludes that accounting profitability information is an important source of extra market information in asset pricing,and the EBIT/total assets and net income/common equity provide the most consistent empirical results.
\x05As an example of a particular application of accounting ratios,Altman (1968) uses multiple discrimination analysis (MDA) with financial ratios as variables to estimate financial "Z scores" to predict the probability of bankruptcy for a firm.Altman describes the MDA technique in general terms and then develops a linear discriminant function which "best" distinguishes between the two groups under consideration,bankrupt vs non-bankrupt firms.Altman's results can be summarized as:

金融分析和规划
Lev(1969)探讨公司财务比率的运动跨越时间和试图确定公司调整财务比率一些行业规范或标准如行业的意思.他使用部分调整模型来评估程度的调整比率的行业平均水平,发现证据表明是一致的假设下,公司调整.调整的速度取决于稳定等因素的行业是说,公司的大小(由于不可分割的资产和负债),并且比较了成本的调整(制度约束或易于管理控制)对成本发散(更高的债务利息费用协议,等等).列弗的研究结果显示,良好的预测结果既可预期的滞后金融比例本身和落后于行业的意思.
LZ的论文包含了几个重要的财务比率成一个单一的索引,并使用它们市场模型构建一个多索引安全回报率产生过程模型.来执行他们的实证研究,回报率为jth公司在这个多指标模型是线性相关市场的回报率,股利政策变量,融资政策变量,和利润的测量变量.探讨会计盈利能力之间的关联替代措施和安全返回,六盈利能力的措施被使用:销售/总资产;息税前利润/总资产;净利润/总资产;净利润/普通股本;EBDT /销售;和净利润/销售.LZ的研究认为会计盈利能力的一个重要来源的信息是额外的市场信息在资产定价,息税前利润/总资产和净利润/普通股提供最一致的实证结果.
作为一个例子,一个特定应用程序的会计比率、奥尔特曼(1968)使用多个歧视分析与财务比率(MDA)作为变量来估计金融“Z sc