A Study on Similar Financial Models in Manufacturing Sector  

作　　者：Wang Dong-mei Wang Peng 

机构地区：[1]The Graduate University of Chinese Academy of Sciences, Beijing, China

出　　处：《Journal of Modern Accounting and Auditing》2012年第1期77-86,共10页现代会计与审计（英文版）

摘　　要：In this paper, we subdivide the sample of manufacturing companies listed in two stock exchanges in China from the year 2000 to 2009 into two categories： the firms which adopted the similar financial models and those which did not. Then we use t-test and nonparametric test to explore the differences between the two sub-samples in cash management, assets and liabilities structures, assets turnover ratios, profitability, liquidity and growth rates. The results show that the former has shorter Cash Conversion Cycle （CCC）, quicker assets turnover, higher Debt Ratio （DR）, higher growth rate and thus has better profitability. In addition, the regression analysis results further demonstrate that Return on Invested Capital （ROIC） of similar-financial-model firms are positively related to Net Profit Margin （NPM） （p 〈 0.01）, and negatively to CCC （p 〈 0.01）, Interest Expense Ratio （IER） （p 〈 0.01）, the Ratio of Interest-Bearing Debt to Total Liabilities （IBDR） （p 〈 0.01） and the ratio of Net Receivables to Sales Revenue （NRSR） （p 〈 0.01）. Moreover, negative relationship between ROIC and dummy variable GROUP implies that the former has better profitability than the latter.

关 键 词：manufacturing sector similar financial models PROFITABILITY liquidity risk 

分 类 号：F830.42[经济管理—金融学] F426.4