select few firms. Or, we may find that the amount of accounts payable has increased, i.e.,
that the funds devoted to working capital have decreased, but that suppliers are getting paid
faster on average.
聋哑学校元旦联欢晚会策划书 Table 1. Mean Values
2004 2003 2002 2001 2000 1994 1993 1992 1991 1990
Accounts Rec. Turnover 22.91 22.15 20.41 18.9 17.46 14.53 13.98 12.58 10.97 10.12
Inventory Turnover 8.619 8.466 7.881 7.327 6.795 5.491 5.496 5.333 4.797 4.193
Accounts Payable Turnover 7.674 7.678 7.122 6.56 6.013 4.409 4.428 4.112 3.395 2.679
Working Capital per Share 1.226 1.252 0.949 0.711 0.679 0.488 0.363 0.126
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0.277
Cash Flow per Share 2.68 2.615 2.51 2.403 2.276 1.872 1.833 1.77 1.657 1.672
The results also show that working capital per share and cash flow per share
increased over time. Cash flow per share is an object of focus by security analysts along
with earnings per share. It was expected that cash flow per share would exhibit an increase
over time, but it was not expected that working capital per share would increase, despite the
drop from 2003 to 2004. The reason for the increase is yet to be determined.
检察机关法律监督职能制度的实践与完善Now let us turn to an examination of the statistical properties of the ratio
distributions over time. There were a number of different approaches that could be
attempted. The study period was divided into three five year sub-periods: 2004-2000, 1999-
1995, and 1994-1990. The data also were analyzed on a yearly basis and by forming pairs of
years separated by 10 years, i.e., 2004 vs. 1994, 2003 vs. 1993, 2002 vs. 1992, 2001 vs.
1991, and 2000 vs. 1990. We want to determine if the ratio distributions have shifted over
the 15 year period so that focus was devoted on the earliest 5 years (1994-1990) and the
latest 5 years (2004-2000). Therefor, we looked at the 5 year periods as a single group and
year-on-year with a 10 year separation. T-tests for differences between the means of the
distributions are reported in Tables 2 for the 5 year groups and results for the yearly paired
tests are reported in Table 3.
Observations for each ratio were calculated for each firm for each year. If a firm had
fewer than 3 observations for any 5 year period, then that firm was eliminated from the
calculations of the means reported in Table 1 and the statistical tests reported in Tables 2
and 3, but only for that ratio. Each ratio was considered separately and the number of
observations ranged from a high of 42 for the accounts receivables and accounts payable
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