财务报表分析外文文献翻译 2017.docx
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财务报表分析外文文献翻译 2017.docx
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外文文献翻译原文及译文
原文
Financialstatementanalysisoflogisticsserviceproviders:
waysofEnhancingperformanceHofmannandLampe
Hofmann;Lampe
Abstract
Purpose-Despitetherelevanceoffinancialinformationrelatingtologisticsserviceproviders(LSPs),recentresearchhaspaidlittleattentiontothefinancialanalysisofLSPs.TheaimofthispaperistoexaminethebalancesheetstructureofLSPsinordertofindoutiftherearedifferencesbetweensingleprovidersordefinedLSPgroups(clusters),respectively.
Furthermore,thedependencyofasset,capitalandliquiditystructuresonLSPsspecificcharacteristicsispointedout.Finally,weshowwhichfinancialindicatorspositivelyinfluenceprofitability.
Design/methodology/approach-Atotalof150quotedLSPsfromallovertheworld,allocatedtosixdifferentclustersdependingonscopeofservicewereexamined.Adetailedbalancesheetanalysisusingcontingencytheory,complementedbyacorrelationanalysis,providesinformationaboutthefinancialstructure,similaritiesanddifferenceswithinandin-betweentheLSPclusters.
Findings-ItwasfoundthattherearemanydifferencesregardingthefinancialstructuresofLSPs.TheassetandliquiditystructureofLSPs
showsignificantdifferences,whilethecapitalstructureismostlyhomogeneous.Profitabilityisachievedinvariousways:
Focusingonhighnetprofitmarginorassetturnoverrates.
Researchlimitations/implications-OnlyquotedLSPsareanalyzed.WiththisbroadresearchapproachtheauthorspointouttherangeofpossibilitiesforfinancialstatementanalysisofLSPsanddemonstratethepotentialPracticalimplications-Financialanalysisyieldsinformationformakingstrategicdecisionsincludingorganicgrowth,outsourcing,mergersandacquisitionsorcooperationbetweenLSPs.
Originality/value-ThispapercontributestofurtherperformanceexaminationsofLSPsbyprovidingaprofoundfinancialstatementanalysiswithpotentialbenefitsforlogisticsexecutives,analystsandresearchers.
Keywords:
Financialperformance,financialstatements,Balancesheetanalysis,Assetstructure,Capitalstructure,Liquiditystructure,Profitability,Crossclustercorrelation,Contingencytheory.
1Introduction
Inrecentyears,thedemandforgloballogisticsserviceshasbeenincreasingconsistently([28]HarrisonandvanHoek,2010).Inordertocompeteinglobalmarkets,companiesinallindustrysectorsstriveforimprovedefficiency,sothatlogisticalperformancehasbecomeasubstantialbusinesschallengeandkeysuccessfactor([8]Bowersoxetal.,
2007;[9]Branch,2009;[37]LiuandLyons,2010).Tomeetthischallenge,companieswhosecore-competenciesdonotincludelogisticsactivitiestendtooutsourcethesefunctionstologisticsserviceproviders(LSPs)([34]LiebandBentz,2005a).Duetothisdevelopmentandtofulfillcustomerrequirements,LSPshavebroadenedtheirscopeofservices,alsoinordertomeetintensifiedcompetition.
Besidestherangeofservices,thefinancialperformanceofLSPsisanimportantcriterionforoutsourcingdecisions([23]Gotzamanietal.,2010).However,thetrendtowardsoutsourcingisnotthesolereasonforthegrowthoftheLSPmarket.Globalization,theincreasedimportanceofknowledge-basedconsultingservices,aswellasthetrendtowards"one-stop-shopping"areamongtheexternalinfluencefactors([53]SemeijnandVellenga,1995),whileamongstothers,"economiesofscale"and"economiesofscope"areinternaldriversofLSPsgrowth([49]PerssonandVirum,2001).
LSPshavedevelopedfromsimplecarriers(1PLLSP)tocomprehensiveprovidersofvariouslogisticsservices(2/3PLLSPs)([54]Sheffi,1990).
Inordertomaintaingrowth,variousstrategicdirectionscanbepursued,includingorganicgrowth,mergers&acquisitions(M&A's)orestablishingcooperationwithotherLSPs.Inanycase,thefinancialstructureorkeyperformanceindicators(KPIs)constituteimportant
companyinformation:
thisappliestocreditassessmentregardingorganic-growthandcapitalprocurement,generalinformationaboutthetakeovertargetregardingM&A's([26]H?
kkinenetal.,2004),andassessingthefinancialsituationofapotentialpartnerregardingcooperation.
Itisremarkablethat,despitetherelevanceoffinancialinformationrelatingtoLSPs,researchershavesofarpaidlittleattentiontothefinancialanalysisofLSPs.As[37]LiuandLyons(2010,p.547)stated,practitionerswouldbenefitfromunderstandingthecorrelationbetweentheperformanceofLSPsandthevarioustypesofserviceprovision,"toformulateappropriatestrategiesforleveragingtheirfullbusinesspotentialandmitigatinginvestmentrisks".BalancesheetanalysisandtheinterpretationofKPIsareestablishedmethodsforanalyzingthefinancialsituationandtherewithperformanceofacompany(Lapide,2000).ThefinancialperformanceofLSPshasonlybeenanalyzedinfewstudies.[19]Ellingeretal.(2003)followedanobjectiveapproach(usingabsolutevalues,e.g.fromfinancialdatabases),analyzingeightfinancialtoevaluatetheassociationbetweeninternetutilizationandfinancialperformancewithinthetransportationindustry.[46]Panayides(2007)aswellas[47]PanayidesandSo(2005)evaluatedeachonefinancialitem(marketshare).Finally,[37]LiuandLyons(2010),focusedongrossprofitmarginandsalesgrowth.Contraryto[19]Ellingeretal.(2003),
theseauthorsfollowasubjectiveapproach,referringtoestimationsfromprimarydata(e.g.surveysorinterviews).Uptothepresent,researchfocusingonthebalancesheetanalysisofLSPsisverylimited.Hence,thatthereisaclearneedtoanalyzethefinancialstructureandperformanceofLSPs.
Bymeansofbalancesheetanalysis,thispaperposestoanswerthefollowingresearchquestions:
RQ1.Istherea"unique"balancesheetstructureforLSPs?
RQ2.Aretheasset-,capital-andliquidity-structuresofLSPsdependentontheirspecificcharacteristics?
RQ3.WhichfinancialindicatorspositivelyinfluenceprofitabilityofLSPs?
RQ1canbeconsideredasthemainquestionraisedinthispaper,andRQ2andRQ3thesub-questions.Forthepurposesofanalysis,LSPsareclusteredintosixgroups,dependingonthescopeandnatureofservicesoffered.Withthissegmentation,werelyontheworkof[37]LiuandLyons(2010),whoanalyzetherelationshipbetweenserviceprovisionandfinancialperformance.
2Background,methodologyandsampleselection
InSection2.1,themethodologyoffinancialstatementanalysisandintegrationofcontingencytheoryaredescribed.AdetailedoverviewofsampleselectionisgiveninSection2.2andtheAppendix.
2.1FinancialstatementanalysisandcontingencyframeworkThefinancialstatementanalysisinvestigatesthecurrentandfuturefinancial,capitalandincomesituationofcompanies.Amongstothersources,theanalysisisbasedoninformationfromtheannualbalancesheetandconsidershistoricalandpresentdataandinformation([20]Fridson,1991).Thefinancialstatementanalysisenablesthedepictionandinterpretationoffinancialsituationsanddevelopments([6]Bernstein,1990).Itisoneofthemostcommonbusinessanalysismethodsandthebasisforfurtheranalysisinthispaper.
ThefirststepinthefinancialstatementanalysispresentedinthispaperisthecollectionofrelevantinformationabouttheLSPstobeanalyzed.
Firm-specificandfinancialinformationfromBloombergandFactivawebdatabase,whichisbasedonFactSetdata,wereused.BloombergaswellasFactSetareprovidersofcompanyinformationandfinancialdata.
Furthermore,informationpublicizedbytheanalyzedcompanies(especiallytheannualbalancesheets)servesasanadditionaldatasource.
ThefocusoffinancialstatementanalysisisthedeterminationandevaluationofKPIs,whichenablesadetailedoverviewofacompany.
KPIsillustratethestrengths,weaknessesandaberrationswhichformthebasisforcomparisonsandvaluations([48]Penman,2001).Forthefinancialstatementanalysisinthispaper,asset,capital,liquidityand
profitabilityKPIshavebeenchosen,referringto[24]Granhofetal.(1993)
and[22]Gibson(1982).
2.2SampleselectionandclustercharacterizationClusterformation,LSPselection(peergroup)andtheallocationofLSPstoclustergroupswereconductedasfollows.
ThefirststepwasthedefinitionofLSPclusters.LSPsareanycompanieswhichperformlogisticsactivitiesonbehalfofothers([16]Delfmannetal.,2002).DuetothebroadnessofthetermLSP,sixclustersareformedwithregardtoscopeofservicesofferedbytheLSPsandrelatedaspects(e.g.durationofbusinessrelationship,degreeofintegration(Figure2[Figureomitted.SeeArticleImage.]).Theclustersare:
seafreight,railway,trucking,courier-,express-,parcel-service(CEP)LSPs,third-party(3PL)LSPsandfourth-party(4PL)LSPs.
TheselectedLSPclustersdependon:
-Thescopeofservicesprovided([68]Zachariaetal.,2011;[61]Stefansson,2006),frombasicservicesliketransportationandwarehousing(scopeofservice:
low)tovalue-addedservices([5]Berglundetal.,1999)aswellassupplychaincoordination([64]vanHoekandChong,2001)(scopeofservice:
broad).
-Thedegreeofcustomization,fromlow,meaningstandardizedproducts,tohigh,meaningcustomerspecificsolutions([61]Stefansson,2006;[5]Berglundetal.,1999).
-Thedegreeofintegrationanddurationofbusinessrelationship([57]Skjoett-Larsen,2000;[2]BagchiandVirum,1998;[43]MurphyandPoist,1998),referringtothestrategicdimensionofLSPs.
Companiesintheclustersseafreight,railwayandtruckingarecarriers,meaningtransportoperatorsthathaulproducts([54]Sheffi,1990;
[56]Sink
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