财务报表分析外文文献翻译 2017Word文件下载.docx

财务报表分析外文文献翻译 2017Word文件下载.docx

《财务报表分析外文文献翻译 2017Word文件下载.docx》由会员分享，可在线阅读，更多相关《财务报表分析外文文献翻译 2017Word文件下载.docx（18页珍藏版）》请在冰豆网上搜索。

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&

s（[26]H?

kkinenetal.,2004）,andassessingthefinancialsituationofapotentialpartnerregardingcooperation.

Itisremarkablethat,despitetherelevanceoffinancialinformationrelatingtoLSPs,researchershavesofarpaidlittleattentiontothefinancialanalysisofLSPs.As[37]LiuandLyons（2010,p.547）stated,practitionerswouldbenefitfromunderstandingthecorrelationbetweentheperformanceofLSPsandthevarioustypesofserviceprovision,"

toformulateappropriatestrategiesforleveragingtheirfullbusinesspotentialandmitigatinginvestmentrisks"

.BalancesheetanalysisandtheinterpretationofKPIsareestablishedmethodsforanalyzingthefinancialsituationandtherewithperformanceofacompany（Lapide,2000）.Thefinancialpe