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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财务管理代写Financial Management代考|Ratio Analysis

In our discussion of the levers of financial performance, we defined a number of financial ratios. It is now time to consider the systematic use of these ratios to analyze financial performance. Ratio analysis is widely used by managers, creditors, regulators, and investors. At root, it is an elementary process involving little more than comparing a number of company ratios to one or more performance benchmarks. Used with care and imagination, the technique can reveal much about a company. But there are a few things to bear in mind about ratios. First, a ratio is simply one number divided by another, so it is unreasonable to expect the mechanical calculation of one or even several ratios to automatically yield important insights into anything as complex as a modern corporation. It is best to think of ratios as clues in a detective story. One or even several ratios might be misleading, but when combined with other knowledge of a company’s management and economic circumstances, ratio analysis can tell a revealing story.
A second point to bear in mind is that a ratio has no single correct value. Like the porridge of Goldilocks and the three bears, the observation that the value of a particular ratio is too high, too low, or just right depends on the perspective of the analyst and on the company’s competitive strategy. The current ratio, previously defined as the ratio of current assets to current liabilities, is a case in point. From the perspective of a short-term creditor, a high current ratio is a positive sign, suggesting ample liquidity and a high likelihood of repayment. Yet an owner of the company might look on the same current ratio as a negative sign suggesting that the company’s assets are being deployed too conservatively. Moreover, from an operating perspective, a high current ratio could be a sign of conservative management or the natural result of a competitive strategy that emphasizes liberal credit terms and sizable inventories.

## 会计代写|财务管理代写Financial Management代考|Using Ratios Effectively

If ratios have no universally correct values, how do you interpret them? How do you decide whether a company is healthy or sick? There are three approaches, each involving a different performance benchmark: Compare the ratios to rules of thumb, compare them to industry averages, or look for changes in the ratios over time. Comparing a company’s ratios to rules of thumb has the virtue of simplicity but has little else to recommend it. The appropriate ratio values for a company depend too much on the analyst’s perspective and on the company’s specific circumstances for rules of thumb to be very helpful. The most positive thing one can say about them is that over the years, companies conforming to these rules of thumb apparently go bankrupt somewhat less frequently than those that do not.

Comparing a company’s ratios to industry ratios provides a useful feel for how the company measures up to its competitors, provided you bear in mind that company-specific differences can result in entirely justifiable deviations from industry norms. Also, there is no guarantee that the industry as a whole knows what it is doing. The knowledge that one railroad was much like its competitors was cold comfort in the depression of the $1930 \mathrm{~s}$, when virtually all railroads got into financial difficulties.

The most useful way to evaluate ratios involves trend analysis: Calculate ratios for a company over several years, and note how they change over time. Trend analysis avoids the need for cross-company and cross-industry comparisons, enabling the analyst to draw firmer conclusions about the company’s financial health and its variation over time.

Moreover, the levers of performance suggest one logical approach to trend analysis: Instead of calculating ratios at random, hoping to stumble across one that might be meaningful, take advantage of the structure implicit in the levers. As Figure $2.3$ illustrates, the levers of performance organize ratios into three tiers. At the top, ROE looks at the performance of the enterprise as a whole; in the middle, the levers of performance indicate how three important segments of the business contributed to ROE; and on the bottom, many of the other ratios discussed reveal how the management of individual income statement and balance sheet accounts contributed to the observed levers. To take advantage of this structure, begin at the top by noting the trend in ROE over time. Then, narrow your focus and ask what changes in the three levers account for the observed ROE pattern. Finally, get out your microscope and study individual accounts for explanations of the observed changes in the levers. To illustrate, if ROE has plunged while the profit margin and financial leverage have remained constant, examine the control of individual asset accounts in search of the culprit or culprits.

# 财务管理代考

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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