Free Essay

How to Evaluate P/B

In:

Submitted By tqin6
Words 1100
Pages 5
投资学作业 2 影响行业市盈率的因素讨论

投资学作业
影响行业市盈率的因素

金融 5 班
秦彤欣
2011302350045

1 / 24

投资学作业 2 影响行业市盈率的因素讨论

一、市盈率概念
市盈率(earnings multiple,即 P/E ratio)也称本益比“股价收益比率”
或“市价盈利比率(简称市盈率)”。市盈率是最常用来评估股价水平是否合理
的指标之一,由股价除以年度每股盈余(EPS)得出(以公司市值除以年度股东应
占溢利亦可得出相同结果)。
市盈率是某种股票每股市价与每股盈利的比率。
市场广泛谈及市盈率通常指的
是静态市盈率,通常用来作为比较不同价格的股票是否被高估或者低估的指标。
用市盈率衡量一家公司股票的质地时,并非总是准确的。一般认为,如果一家公
司股票的市盈率过高,那么该股票的价格具有泡沫,价值被高估。当一家公司增
长迅速以及未来的业绩增长非常看好时,利用市盈率比较不同股票的投资价值
时,这些股票必须属于同一个行业,因为此时公司的每股收益比较接近,相互比
较才有效。
市盈率是很具参考价值的股市指针,一方面,投资者亦往往不认为严格按照会
计准则计算得出的盈利数字真实反映公司在持续经营基础上的获利能力,因此,
分析师往往自行对公司正式公布的净利加以调整。

二、研究对象
我采用了六个不同行业大、中、小盘的各 10 只股票的数据,根据研究股票的
各种数据同市盈率间的大致走势,发现营业收益率、权益乘数以及总市值对于市
盈率有着一定的影响,
故具体的选取了共 180 只股票并对其分别得大中小盘进行
回归分析,从而验证该三个因素是否对于市盈率有着确实的影响。
下面首先解释各可能的影响因素的含义:
①总市值:
总市值是指在某特定时间内总股本数乘以当时股价得出的股票总价
值。
②营业收益率:是指企业的营业利润与营业收入的比率。它是衡量企业经营效
率的指标,反映了在不考虑非营业成本的情况下,企业管理者通过经营获取利润
的能力。
③权益乘数:权益乘数又称股本乘数,是指资产总额相当于股东权益的倍数。
权益乘数=资产总额/股东权益总额 即=1/(1-资产负债率)。
权益乘数越大表明所
有者投入企业的资本占全部资产的比重越小,企业负债的程度越高。
除了上述易获得的三种数据之外,我们还可以查阅相关文献知道:利率(Ir,
银行一年期贷款利率)、每股红利(Dividend,股利与股本之比) 、风险性(beta
系数)、成长性(Growth,每股收益增长率或 MB)、行业市盈率水平(Industry,行
业平均市盈率) 、杠杆率(Leverage,账面资产负债率)、盈利能力(Profit,净资
产收益率)、公司规模(Size,流通股数,单位百万股)、公司治理结构
(Construction,第一大股东持股比例)等都对于行业的市盈率有着相关作用。
为了简单的定量定性分析,我在这里选取总市值、营业收益率以及权益乘数三
种数据进行如下所示这的回归分析,分别进行详细的讨论验证。

2 / 24

投资学作业 2 影响行业市盈率的因素讨论

三、各行业内的定量分析
①采矿业:(选股及其数据)

由上面三表发现,随着总市值的增加,采矿业的市盈率正在不断的增加,与总
市值可明显的看出呈现正相关关系。
但是从三个表的各自平均营业收益率以及权
益乘数无法明显的找到与市盈率均值的变化关系。于是,我们分别对大、中、小
盘做出分别以总市值、营业收益率、权益乘数为 X1、X2、X3 以市盈率为 Y 的回
归方程进行分析:
1、以总市值为自变量:
小盘:

3 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受总
市值作为影响市盈率的变量。但是每一个回归方程的 R2 都不大,对于回归方程:

其中:SST 为总平方和(total sum of squares),SSE 为解释平方和、回归
平方和(explained sum of squares),SSR 为残差平方和(residual sum of squares)。本模型中,实际上是系统风险β在总风险中所占的比例。一般的, 如果 R2 的取值超过 0.8,模型的拟合优度比较高,但在以上数据中 R2 的数值都
不大,系统风险β对每个股票的预期收益率的解释能力不强,系统风险在总风险
中所占的比例不大,存在其他因素影响股票的收益率。
2、以营业收益率为自变量:
小盘:

大盘:

4 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)也均大
于 0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受
营业收益率作为影响市盈率的变量。
可是由于 R2 并不大,说明其拟合优度并不高,但这个是由于多方面因素导致,
极大可能是因为数据选取样本太小,不具备极大地拟合优度。
3、以权益乘数作为自变量:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)也均大
于 0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受
营业收益率作为影响市盈率的变量。
同时发现 R2 在大盘时数值较大,说明采矿业大盘股关于权益乘数的拟合优度
较高,但是中小盘股呈现较低的拟合优度,同样是由于多方面因素引起导致的。
4、考虑三个自变量共同作用时的回归分析:
小盘:
中盘:

5 / 24

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受三
个因素共同作为自变量来影响市盈率。
同时也发现,在三个因素(总市值、营业收益率以及权益乘数)共同的作用下
可以明显的看到 R2 有了极大的改善与提高,说明这三个因素一起影响市盈率时
的相关程度较大。

②金融业:
(选股及其数据)

6 / 24

投资学作业 2 影响行业市盈率的因素讨论

由上面三表发现,随着总市值的增加,采矿业的市盈率正在不断的增加,与总
市值可明显的看出呈现正相关关系。同时也可以发现,随着营业收益率的增加,
市盈率也呈现了明显的增加,
故市盈率与营业收益率在金融业也呈现了明显的正
相关关系。
但是从三个表的各自平均权益乘数无法明显的找到与市盈率均值的变
化关系。于是,我们分别对大、中、小盘做出分别以总市值、营业收益率、权益
乘数为 X1、X2、X3 以市盈率为 Y 的回归方程进行分析:
1、以总市值为自变量:
小盘:

大盘:

7 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)在小盘
大于 0.01,但在中盘和大盘均低于 0.01.因此小盘股在 0.01 的水平上接受 H0,
即αi=0。但是中盘和大盘股无法体现与市盈率的相关关系。
2、以营业收益率为自变量:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)除了中
盘股均大于 0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述
可以接受营业收益率作为影响市盈率的变量。
可是由于除了中盘股,R2 并不大,说明其拟合优度并不高,但这个是由于多
方面因素导致,极大可能是因为数据选取样本太小,不具备极大地拟合优度。
3、以权益乘数作为自变量:
小盘:

8 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)除了中
盘股其他均小于 0.01,说明除了中盘股都不可认为市盈率受权益乘数的影响。

4、综合三个因素一起分析: 小盘:

中盘:

大盘:

分析:由上图可知,再三因素的共同作用下,t 值均大于 0.01,且在中盘具有
很好的拟合优度。说明了市盈率在三者共同的影响下确实有相互作用的相关关
系。

9 / 24

投资学作业 2 影响行业市盈率的因素讨论

③农业:
(选股及数据)

从上述三个表中可以看出,
市盈率与总市值以及营业收益率间的平均值变化关

系并不是很明显,但是与权益乘数的关系可明显看出成正相关。

1、总市值作为自变量: 小盘:

中盘

10 / 24

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受总
市值作为影响市盈率的变量。
同时,发现 R2 均较大说明拟合优度很高,可以作为影响市盈率较为主要的因
素之一。
2、营业收益率作为自变量:
小盘:

大盘:

11 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受营
业收益率作为影响市盈率的变量。
同时,发现 R2 均较大说明拟合优度很高,可以作为影响市盈率较为主要的因
素之一。
3、权益乘数作为自变量:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受权
益乘数作为影响市盈率的变量。
同时,发现 R2 均较大说明拟合优度很高,可以作为影响市盈率较为主要的因
素之一。
4.三个因素共同作用时分析:
小盘:

大盘: 12 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出在三个因素的共同作用下,回归方程的拟合优度
很高,其中其 t 统计量的相伴概率(Prob.值)均大于 0.01,因此在 0.01 的水平
上接受 H0,即αi=0。所以可以认为上述可以接受三个自变量的共同影响作为影
响市盈率的变量。

④房地产:
(选股及数据)

13 / 24

投资学作业 2 影响行业市盈率的因素讨论

有上述三表发现,随着市盈率的升高,总市值也在增大,营业收益率没有足够

明显的相关变化,同时发现权益乘数出现了减小的趋势。可以初步推断市盈率与
总市值为正相关关系,与权益乘数为负相关关系。

下面具体讨论三个因素分别的影响:

1、总市值作为自变量: 小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受总
市值作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,可能是因为总市值并非其唯一一个
影响因素所导致的。

2、营业收益率作为自变量: 小盘:

中盘:

14 / 24

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受营
业收益率作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,可能是因为营业收益率并非其唯一
一个影响因素所导致的,还有其他因素一同影响着市盈率的变化。

3、权益乘数作为自变量: 小盘:

中盘:

大盘:

15 / 24

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。所以可以认为上述可以接受权
益乘数作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,可能是因为权益乘数并非其唯一一
个影响因素所导致的,还有其他因素一同影响着市盈率的变化。
4、三个因素共同讨论时:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在三个因素的共同影响下,
市盈率有着相关变化。
认为上述可以接受三个因素的共同作用作为影响市盈率的
变量。
但是,发现 R2 均较小说明拟合优度不高,说明三个因素的共同作用也并不是
影响市盈率的所有因素。或许其中有些因素并未真正影响到市盈率的变化。

⑤信息业:
(选股及数据)

16 / 24

投资学作业 2 影响行业市盈率的因素讨论

分析上面三个表内数据,
可以发现随着市盈率的上升,
总市值呈现下降的趋势,
权益乘数呈现上升的趋势,而营业收益率并未有明显的相关变化。
因此可以初步断定,市盈率与总市值呈负相关关系,与权益乘数呈现正相关关
系,与营业收益率并未有太大的关系。
下面具体分析每个变量的回归:

1、总市值作为自变量: 小盘:

中盘:

17 / 24

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在总市值影响下,市盈率
有着相关变化。认为上述可以接受总市值作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,说明总市值的作用也并不是影响市
盈率的所有因素。
2、营业收益率作为自变量:
小盘:

大盘:

18 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在营业收益率影响下,市
盈率有着相关变化。认为上述可以接受营业市盈率的作用作为影响市盈率的变
量。
同时发现 R2 的数值较大,尤其反映在中盘股上,说明其拟合优度还不错。
3.权益乘数作为自变量:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在权益乘数影响下,市盈
率有着相关变化。认为上述可以接受权益乘数的作用作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,说明权益乘数也并不是影响市盈率
的所有因素。
4、三个变量一起考虑时:
小盘:

大盘: 19 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在三个因素的共同影响下,
市盈率有着相关变化。
认为上述可以接受三个因素的共同作用作为影响市盈率的
变量。
但是,发现 R2 均较小说明拟合优度不高,说明三个因素的共同作用也并不是
影响市盈率的所有因素。或许其中有些因素并未真正影响到市盈率的变化。

⑥电力业:
(选股及数据)

20 / 24

投资学作业 2 影响行业市盈率的因素讨论

分析上述三表内容,发现随着市盈率的上升,营业收益率呈现同向上升趋势,
而总市值和权益乘数并未有较大相关变化。
说明在电力行业,市盈率与营业收益率呈现正相关关系。
下面对各个因素进行回归分析:
1、总市值作为自变量:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在总市值的影响下,市盈
率有着相关变化。认为上述可以接受总市值作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,说明总市值也并不是影响市盈率的
所有因素。
2、营业收益率作为自变量:
小盘:

21 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在营业收益率影响下,市
盈率有着相关变化。认为上述可以接受营业收益率作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,说明营业收益率也并不是影响市盈
率的所有因素。
3、权益乘数作为自变量:
小盘:

大盘:

22 / 24

中盘:

投资学作业 2 影响行业市盈率的因素讨论

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在权益乘数的影响下,市
盈率有着相关变化。认为上述可以接受权益乘数作为影响市盈率的变量。
但是,发现 R2 均较小说明拟合优度不高,说明权益乘数也并不是影响市盈率
的所有因素。
4、三因素共同作用时:
小盘:

中盘:

大盘:

分析:根据以上的表格,看出其中其 t 统计量的相伴概率(Prob.值)均大于
0.01,因此在 0.01 的水平上接受 H0,即αi=0。说明在三个因素的共同影响下,
市盈率有着相关变化。
认为上述可以接受三个因素的共同作用作为影响市盈率的
变量。
但是,发现 R2 均较小说明拟合优度不高,说明三个因素的共同作用也并不是
影响市盈率的所有因素。或许其中有些因素并未真正影响到市盈率的变化。

23 / 24

投资学作业 2 影响行业市盈率的因素讨论

四、总结
根据上面针对的六大行业的 180 只股票进行的 72 次回归分析以及结果讨论。
我们可以发现,总市值、营业收益率以及权益乘数都不同程度的影响着各个行业
的市盈率大小。并且各个影响的程度以及方向都不同。
取决于每个行业本身不同的特性,
比如信息业的市盈率与总市值呈现着反向关
系,而与权益乘数呈现着明显的同向关系。而在采矿业中,可以明显的发现市盈
率与总市值为正相关关系。
因此,我的结论是总市值、营业收益率以及权益乘数三个因素在不同的行业中
与市盈率有着大小方向各异的相关关系。其均为影响行业市盈率的因素之一。
得证。

24 / 24

Similar Documents

Free Essay

Your Mum

...2 and an exponent of 3 Index: The power of a base number showing how many times this number is multiplied by itself e.g. 2 3 = 2 # 2 # 2. The index is 3 Indices: More than one index (plural) Recurring decimal: A repeating decimal that does not terminate e.g. 0.777777 … is a recurring decimal that can be written as a fraction. More than one digit can recur e.g. 0.14141414 ... Scientific notation: Sometimes called standard notation. A standard form to write very large or very small numbers as a product of a number between 1 and 10 and a power of 10 e.g. 765 000 000 is 7.65 # 10 8 in scientific notation Chapter 1 Basic Arithmetic 3 INTRODUCTION THIS CHAPTER GIVES A review of basic arithmetic skills, including knowing the correct order of operations, rounding off, and working with fractions, decimals and percentages. Work on significant figures, scientific notation and indices is also included, as are the concepts of absolute values. Basic calculator skills are also covered in this chapter. Real Numbers Types of numbers Unreal or imaginary numbers Real numbers Rational numbers Irrational numbers Integers Integers are whole numbers that may be positive, negative or zero. e.g. - 4, 7, 0, -11 a Rational numbers can be written in the form of a fraction b • 3 where a and b are integers, b ! 0. e.g. 1 , 3.7, 0. 5, - 5 4 a Irrational numbers cannot be written in the form of a fraction (that b is, they are not rational) e.g. 2 , r EXAMPLE Which of these numbers...

Words: 9335 - Pages: 38

Free Essay

Solenet

...Introduction to Computing Explorations in Language, Logic, and Machines David Evans University of Virginia For the latest version of this book and supplementary materials, visit: http://computingbook.org Version: August 19, 2011 Attribution-Noncommercial-Share Alike 3.0 United States License Contents 1 Computing 1.1 Processes, Procedures, and Computers . . 1.2 Measuring Computing Power . . . . . . . 1.2.1 Information . . . . . . . . . . . . . 1.2.2 Representing Data . . . . . . . . . 1.2.3 Growth of Computing Power . . . 1.3 Science, Engineering, and the Liberal Arts 1.4 Summary and Roadmap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 3 8 12 13 16 Part I: Defining Procedures 2 Language 2.1 Surface Forms and Meanings 2.2 Language Construction . . . . 2.3 Recursive Transition Networks 2.4 Replacement Grammars . . . 2.5 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 19 ...

Words: 58807 - Pages: 236

Free Essay

Dont Use This

...Chem I Chapter 8 Matching Match each item with the correct statement below. a. | coordinate covalent bond | d. | single covalent bond | b. | double covalent bond | e. | polar bond | c. | structural formula | f. | hydrogen bond | ____ 1. a depiction of the arrangement of atoms in molecules and polyatomic ions ____ 2. a covalent bond in which only one pair of electrons is shared ____ 3. a covalent bond in which two pairs of electrons are shared ____ 4. a covalent bond in which the shared electron pair comes from only one of the atoms ____ 5. a covalent bond between two atoms of significantly different electronegativities ____ 6. a type of bond that is very important in determining the properties of water and of important biological molecules such as proteins and DNA Match each item with the correct statement below. a. | network solid | e. | tetrahedral angle | b. | bonding orbital | f. | VSEPR theory | c. | dipole interaction | g. | sigma bond | d. | bond dissociation energy | ____ 7. energy needed to break a single bond between two covalently bonded atoms ____ 8. symmetrical bond along the axis between the two nuclei ____ 9. molecular orbital that can be occupied by two electrons of a covalent bond ____ 10. 109.5 ____ 11. shapes adjust so valence-electron pairs are as far apart as possible ____ 12. attraction between polar molecules ____ 13. crystal in which all the atoms are covalently bonded...

Words: 5916 - Pages: 24

Premium Essay

Fundamentals of Corporate Finance by Berk, Ch 7

...you vote on each director individually and without a majority of the shares, you cannot ensure that your representative will win any of the elections (you could lose 80% to 20% in each of the 10 individual elections). 3. To make this easier, assume there are 100 shares of class A and 100 shares of class B. You then own 10 class A shares (10%) and 20 class B shares (20%). Because class B shares have 10 times the voting rights of class A, there are a total of 100 + 100(10) = 1100 votes. You have 10 + 20(10) = 210 of those votes, or 210/1100 = 0.191 (19.1%). 4. Plan: We can use Eq. 7.1 to solve for the price of the stock in one year given the current price of $50.00, the $2 dividend, and the 15% cost of capital. Execute: 50 = 2+ X 1.15 X = 55.50 Evaluate: At a current price of $50, we can expect Evco stock to sell for $55.50 immediately after the firm pays the dividend in 1 year. 5. Plan: We can rearrange Eq. 7.1 to find the cost of capital given the current stock price of $20, the $1 expected dividend, and the expected stock price right after paying the dividend of $22. We can use Eq. 7.2 to calculate the dividend yield and the capital gain. Execute: rE = Div1 + P1 −1 P0 P − P0 Div1 + 1 = P0 P0   Capital Gain Rate Dividend Yield rE = 1 22 − 20 + 20 20 = 0.15 = 15% © 2012 Pearson Education, Inc. Publishing as Prentice Hall 82 Berk/DeMarzo/Harford • Fundamentals of Corporate Finance, Second Edition Dividend Yield: 5% (1/20)...

Words: 2746 - Pages: 11

Premium Essay

Bus 300 Quiz

...Statements True / False Questions 1. (p. 425) Only large businesses use the financial information compiled by accountants. FALSE AACSB: Reflective Thinking Bloom's Taxonomy: Knowledge Difficulty: Easy Learning Objective: 1 2. (p. 425) Accounting is the recording, measurement, and interpretation of financial information. TRUE AACSB: Reflective Thinking Bloom's Taxonomy: Knowledge Difficulty: Easy Learning Objective: 1 3. (p. 425) Only business organizations use accounting information to demonstrate how their funds are being used. FALSE AACSB: Reflective Thinking Bloom's Taxonomy: Knowledge Difficulty: Easy Learning Objective: 1 4. (p. 427) The terms accounting and bookkeeping are interchangeable because they mean almost the same thing. FALSE AACSB: Reflective Thinking Bloom's Taxonomy: Knowledge Difficulty: Medium Learning Objective: 1 5. (p. 427) Bookkeeping is only one aspect of accounting and involves the recording of routine, day-to-day business transactions. TRUE AACSB: Reflective Thinking Bloom's Taxonomy: Knowledge Difficulty: Easy Learning Objective: 1 6. (p. 429) Governments are immune from accounting scandals FALSE AACSB: Reflective Thinking Bloom's Taxonomy: Knowledge Difficulty: Easy Learning Objective: 1 Multiple Choice Questions 7. (p. 425) Accountants compile financial information to A. give to competitors. B. make sure the organization's financial resources...

Words: 4131 - Pages: 17

Premium Essay

Edexcel Assisgnemnts

...|Assignment front sheet | |Learner’s Name |Registered ID No. |Assessor’s Name | | | | | |Date issued |Completion date |Submitted on | | | | | |Qualification |Unit number and title | |HIGHER NATIONAL DIPLOMA IN BUSINESS |5 / ASPECTS OF CONTRACT AND NEGLIGENCE FOR BUSINESS | | | | |Assignment title |Aspects of Contract and Negligence for Business | |In this assessment you will have...

Words: 1117 - Pages: 5

Premium Essay

Financial Statement Analysis

...text. Live company. To facilitate learning, you need to download the balance sheet and income statement for a public corporation. Any will do. As you study this and some future topic, you will perform the analysis on your live company and describe its condition. Why analyze Financial Statements? - Evaluate the company’s performance. - Evaluate the company’s management. - Evaluate the company’s cash management. The way we evaluate a company is by comparing its performance with its peers. That is companies in the same industry or with its own historical performance. Procedures: First we calculate a number of financial ratios and then compare them with the industry ratios. To be acceptable, these ratios need to be better or equal to industry average. Half the industry is below average. So average is acceptable. How do we calculate the ratios? Page 88 in the text (numerical example to follow). Consider the ratios: Group 1: - Liquidity - the higher the better. - Current ratio - the higher the better. - Current assets, such as Cash, A/R, Inventory - mature in less than a year. - Current liabilities, such as A/P, Accruals, Notes payable - mature in less than a year. For this ratio, we need to be greater than 1, otherwise the probability of default on current obligations increases. Group 2: - A measure of efficiency. Due to the importance of sales. - Inventory turnover, the higher...

Words: 1041 - Pages: 5

Premium Essay

Mgmt

...following is not one of the six questions that comprise the task of evaluating a company's resources and competitive position? A. What are the company's most profitable geographic market segments? B. How well is the company's present strategy working? C. Are the company's prices and costs competitive? D. Is the company competitively stronger or weaker than key rivals? E. What strategic issues and problems merit front-burner managerial attention? Which of the following is not a component of evaluating a company's resources and competitive position? A. Evaluating how well the present strategy is working B. Scanning the environment to determine a company's best and most profitable customers C. Assessing whether the company's costs and prices are competitive D. Evaluating whether the company is competitively stronger or weaker than key rivals E. Pinpointing what strategic issues and problems merit front-burner managerial attention The spotlight in analyzing a company's resources, internal circumstances, and competitiveness includes such questions/concerns as Awhether the company's present strategy is better than the strategies of its closest rivals based on such . performance measures as earnings per share, ROE, dividend payout ratio, and average annual increase in the common stock price. B. whether the company's key success factors are more dominant than the key success factors of close rivals. C. whether the company has the industry's most efficient and effective value chain. D. what...

Words: 24856 - Pages: 100

Premium Essay

Mutiple Choice Is 3300

...facing Major League Baseball was: a. b. c. d. poor coordination between local and national sales channels. poorly managed sales channels. outdated information systems. decreasing ticket sales. Answer: d 2. improved flexibility. improved decision making. improved business practices. improved efficiency. Answer: b Difficulty: Easy Reference: p. 6 Dell Computer’s use of information systems to improve efficiency and implement “mass customization” techniques to maintain consistent profitability and an industry lead illustrates which business objective? a. b. c. d. Improved flexibility Improved business practices Competitive advantage Survival Answer: c 4. Reference: p. 3 The six important business objectives of information technology are new products, services, and business models; customer and supplier intimacy; survival; competitive advantage, operational excellence, and: a. b. c. d. 3. Difficulty: Medium Difficulty: Hard Reference: p. 8 The use of information systems because of necessity is: a. b. c. d. survival improved business practices competitive advantage improved flexibility Answer: a Difficulty: Medium Reference: p. 9 5. (Analysis) Which of the following choices may lead to competitive advantage (1) new products, services, and business models; (2) charging less for superior products; (3) responding to customers in real-time? a. b. c. d. 1 only 1 and 2 2 and 3 ...

Words: 31016 - Pages: 125

Premium Essay

Business Information System Assignment

...critical challenges facing Major League Baseball was: a. b. c. d. poor coordination between local and national sales channels. poorly managed sales channels. outdated information systems. decreasing ticket sales. Difficulty: Medium Reference: p. 3 Answer: d 2. The six important business objectives of information technology are new products, services, and business models; customer and supplier intimacy; survival; competitive advantage, operational excellence, and: a. b. c. d. improved flexibility. improved decision making. improved business practices. improved efficiency. Difficulty: Easy Reference: p. 6 Answer: b 3. Dell Computer's use of information systems to improve efficiency and implement "mass customization" techniques to maintain consistent profitability and an industry lead illustrates which business objective? a. b. c. d. Improved flexibility Improved business practices Competitive advantage Survival Difficulty: Hard Reference: p. 8 Answer: c 4. The use of information systems because of necessity is: a. b. c. d. survival improved business practices competitive advantage improved flexibility Difficulty: Medium Reference: p. 9 Answer: a 5. (Analysis) Which of the following choices may lead to competitive advantage (1) new products, services, and business models; (2) charging less for superior products; (3) responding to customers in real-time? a. b. c. d. 1 only 1 and 2 2 and 3 1, 2, and 3 Difficulty: Hard Reference: p. 8 Answer: d Analysis in terms of compare 6. Verizon's...

Words: 34754 - Pages: 140

Premium Essay

The Nursing Process

...The Nursing Process The nursing process is a very important tool that nurses have in to make sure that they give adequate care to all their patients. It helps them not only evaluate each patients’ needs individually but also allows the nurse to prioritize which patient’s needs are more important to attend to first. Just like doctors have a way of diagnosing patients, nurses also use this process to give their own form of diagnosis. The significance of having the nursing process is to have a set way in which each nurse gets a care plan for the patient. Every nurse is taught the way the nursing process go is to assess, diagnose, plan both outcomes and interventions, implement, and evaluate. By doing these steps a nurse can not only find out what is wrong with the patient over all by assessing but after the diagnosis has been found she can plan different nursing interventions to help with the problem. After the nurse has come up with nursing interventions then she would start implementing them and then evaluate to see how the patient is responding. The purpose of this is to make sure that the patient is taken care of at all times, because doctors cannot always be there overseeing the progress of a patient the nurse has to implement what interventions she can to help the patient get better. Also while taking care of multiple patients at a time this nursing process helps a nurse pinpoint who in a higher priority and needs to be seen first. The nursing process is a profession no...

Words: 1025 - Pages: 5

Premium Essay

Hiya

...PLAN 2012/2013 | | Global Supply Chain Management MO0255 | S01 | Week | Lectures | Lecture Topic | Seminar | Recommended Reading | Directed study | 1 | Lecture 1 | Module Introduction | Making the groups of 4-5 studentsCase Study ReviewIntroduction to operation management (Operation Objectives in the Penang Mutiara Hotel) | Slack, N. (2010), sixth Edition, Chapter 2 | -Reading the TLP carefully-Reading stipulated chapters 1, 2 and 3 of the Slack, N. (2010). | | Lecture 2 | Introduction to Global Supply chain and management | | Slack, N. (2010), sixth Edition, Chapter 13 | -Evaluate the supply chain performance in “Siemens”-Evaluate the global sourcing policy within “Levi Strauss” | 2 | Lecture 1 | SC Performance measurement | Case Study ReviewGlobal Supply Chain managementSupplying Fast Fashion (C13, Slack) | Slack, N. (2010), sixth Edition, Chapters 13 & 17. | -Evaluate the SCOR model and its application in BP, Shell, Siemens AG. | | Lecture 2 | Supplier Development | |...

Words: 3348 - Pages: 14

Premium Essay

Management Information System

...Difficulty: Hard Reference: p. 6 A business model describes how a company produces, delivers, and sells a product or service to create wealth. Answer: True Difficulty: Easy Reference: p. 11 3. Information technology (IT) consists of all the hardware that a firm needs to use in order to achieve its business objectives, whereas information systems consist of all the software and business processes needed. Answer: False Difficulty: Medium Reference: pp. 13–14 4. Computers are only part of an information system. Answer: True Difficulty: Easy Reference: p. 16 5. Information systems literacy describes the behavioral approach to information systems, whereas computer literacy describes the technical approach. Answer: False Difficulty: Easy Reference: p. 16 6. The dimensions of information systems are management, organizations, and information technology. Answer: True Difficulty: Easy Reference: p. 16 7. In order to understand how a specific business firm uses information systems, you need to know something about the hierarchy and culture of the company. Answer: True Difficulty: Easy Reference: pp. 17–18 8. Developing a new product, fulfilling an order, or hiring a new employee are examples of business processes. Answer: True Difficulty: Easy Reference: p. 7 1 9. Business processes are logically related tasks for accomplishing tasks that have been formally encoded by an organization. Answer: False Difficulty: Medium Reference: p. 18 10. A network...

Words: 4161 - Pages: 17

Free Essay

A General Technique for Fast Comprehensive Multi-Root Planning on Graphs by Coloring Vertices and Deferring Edges

...Edges Christopher M. Dellin Siddhartha S. Srinivasa {cdellin,siddh}@cs.cmu.edu The Robotics Institute Carnegie Mellon University Abstract—We formulate and study the comprehensive multi-root (CMR) planning problem, in which feasible paths are desired between multiple regions. We propose two primary contributions which allow us to extend stateof-the-art sampling-based planners. First, we propose the notion of vertex coloring as a compact representation of the CMR objective on graphs. Second, we propose a method for deferring edge evaluations which do not advance our objective, by way of a simple criterion over these vertex colorings. The resulting approach can be applied to any CMR-agnostic graph-based planner which evaluates a sequence of edges. We prove that the theoretical performance of the colored algorithm is always strictly better than (or equal to) that of the corresponding uncolored version. We then apply the approach to the Probabalistic RoadMap (PRM) algorithm; the resulting Colored Probabalistic RoadMap (cPRM) is illustrated on 2D and 7D CMR problems. I. I NTRODUCTION Many real-world tasks require a robot to quickly accomplish multiple subtasks without a prescribed order. Consider a personal assistant robot clearing several objects from a tabletop, or a manufacturing robot performing several welds on a novel workpiece. Furthermore, each subtask often permits multiple suitable robot configurations such as grasps of an object or orientations...

Words: 6451 - Pages: 26

Premium Essay

Probabilities

...We integrate f (x) with respect to x, set the result equal to 1 and solve for c. 1 1 = −1 c(1 − x2 )dx cx − c x3 3 1 −1 = = = = c = Thus, c = 3 4 c c − −c + c− 3 3 2c −2c − 3 3 4c 3 3 4 . (b) What is the cumulative distribution function of X? We want to find F (x). To do that, integrate f (x) from the lower bound of the domain on which f (x) = 0 to x so we will get an expression in terms of x. x F (x) = −1 c(1 − x2 )dx cx − cx3 3 x −1 = But recall that c = 3 . 4 3 1 3 1 = x− x + 4 4 2 = 3 4 x− x3 3 + 2 3 −1 < x < 1 elsewhere 0 1 4. The probability density function of X, the lifetime of a certain type of electronic device (measured in hours), is given by, 10 x2 f (x) = (a) Find P (X > 20). 0 x > 10 x ≤ 10 There are two ways to solve this problem, and other problems like it. We note that the area we are interested in is bounded below by 20 and unbounded above. Thus, ∞ P (X > c) = c f (x)dx Unlike in the discrete case, there is not really an advantage to using the complement, but you can of course do so. We could consider P (X > c) = 1 − P (X < c), c P (X > c) = 1 − P (X < c) = 1 − −∞ f (x)dx P (X > 20) = 10 dx x2 20 10 ∞ = − x 20 10 = lim − x→∞ x 1 2 ∞ − − 1 2 = (b) What is the cumulative distribution function of X? We want to find F (x). To do that, integrate f (x) from the lower bound of the domain on which f (x) = 0 to x so we will get an expression in terms of x. 10...

Words: 4895 - Pages: 20