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论文作者:英语论文论文属性:本科毕业论文 Thesis登出时间:2014-08-21编辑:yangcheng点击率:24297
论文字数:12000论文编号:org201408091848196219语种:英语 English地区:中国价格:免费论文
摘要:本文是作者的一篇英国本科毕业论文。任何一个企业和社会组织都是存在于环境之中的。企业环境可分成微观环境和宏观环境。微观环境包括那些直接影响企业履行其使命状况的行动者、供应商、各种市场中间商、顾客、竞争对手等。宏观环境包括那些影响企业微观环境中所有行动者的较广泛的社会力量或因素,包括人口的、经济的、技术的、政治的、法律的、以及社会文化方面的力量和因素。企业的经济环境包括:1、宏观经济形势,如国民经济发展水平及其发展趋势,政府财政。金融情况;2、本行业在整个经济体系中的地位和行业特点;3、企业的直接经济环境,包括人均实际收入、平均消费取向、消费支出分配模式。
There are some problems for using stock-market-based measures. (McGuire, Schneeweis and Hill, 1986) McGuire, Sundgren and Schneeweis (1988) pointed out that it is not sufficient enough to only concentrate on investors’ evaluations. In another word, stock-market-based measures do not take everything into account, so that they have flaws.
Measures like Return on Assets (ROA), Return on Equity (ROE), Return on Capital Employed (ROCE) and total assets are all accounting-based. Each accounting-based measure has its own merits and flaws. (Pava and Krausz, 1996) ROA has an advantage that it could distinguish financial actions from both operating and investing actions. ROE, which is related to ROA, is also a useful method to assess the profitability.
The results of the studies using accounting-based performance measures are generally positive relationships, for example, Bowman and Haire (1975), Parket and Eibert (1975), and Waddock andGraves(1997). There is one exception, that is, Aupperle, Carroll and Hatfield (1985) found no link between CER and ROA.
Similarly, accounting-based measures have disadvantages. First, it only reflects the historical performance of the firms. (McGuire, Schneeweis and Hill, 1986) What’s more, Branch (1983) pointed out that managerial manipulation and the differential accounting procedures could lead to the incorrect results while using the accounting-based measures. The most important thing is that the control variables, like industry and risk adjustment, should be taken into account in order to achieve more valid results. (Aaker and Jacobson, 1987; Davidson, Worrell and Gilberton, 1986)
McGuire, Sundgren and Schneeweis (1988) supposed that market-based measures could overcome the disadvantages of accounting-based measures, as market measures have less risk for managerial manipulation and the accounting procedures differences. And market measures can reflect the future performance rather than the past one, as they employ the investors’ valuation. What’s more, Shane and Spicer (1983) asserted that market-based measures reflect other perspectives beyond just financial outcome of the firms.
Interestingly, the results of McGuire, Sundgren and Schneeweis (1988) show that accounting-based measures are ‘better predictors of corporate social responsibility than market measures’. There are two main reasons explaining the results in the journal. One is that accounting measures are more sensitive to the unsystematic social responsibility, and the other is that they are more stable than market measures. For my part, researchers should select the most suitable measure according to different situations, so that the results they achieve would be more useful.
Measures of risk, including market beta, interest coverage and current ratio, are also a kind of valid financial performance measure. (Pava and Krausz, 1996) Orlitzky and Benjamin’s (2001) meta-survey of 1968-1985 found an overall negative correlation of 0.0965 between CER and risk. What’s more, Roberts (1992), who examined theUSdata, found weak negative relationship, and Hasseldine, Salama and Toms, (2005), who tested theUKdata, found a significant negative association. (Salama, Anderson and Toms, 2011) Salam本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。