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).Thefinancialpe
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