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我们提供的财务管理Financial Management及其相关学科的代写,服务范围广, 其中包括但不限于:

  • 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|FINM1416

会计代写|财务管理代写Financial Management代考|Asset Turnover

Some newcomers to finance believe assets are a good thing: the more the better. The reality is just the opposite: Unless a company is about to go out of business, its value is in the income stream it generates, and its assets are simply a necessary means to this end. Indeed, the ideal company would be one that produced income without any assets; then no investment would be required, and returns would be infinite. Short of this fantasy, our ROE equation tells us that, other things constant, financial performance improves as asset turnover rises. This is the second lever of management performance.
The asset turnover ratio measures the sales generated per dollar of assets. Polaris’s asset turnover of $1.44$ means that Polaris generated $\$ 1.44$ of sales for each dollar invested in assets. This ratio measures asset intensity, with a low asset turnover signifying an asset-intensive business and a high turnover the reverse.
The nature of a company’s products and its competitive strategy strongly influence asset turnover. A steel mill will never have the asset turnover of a grocery store. But this is not the end of the story, because management diligence and creativity in controlling assets are also vital determinants of a company’s asset turnover. When product technology is similar among competitors, control of assets is often the margin between success and failure.
Control of current assets is especially critical. You might think the distinction between current and fixed assets based solely on whether the asset will revert to cash within one year is artificial. But more is involved than this. Current assets, especially accounts receivable and inventory, have several unique properties. One is that if something goes wrong-if sales decline unexpectedly, customers delay payment, or a critical part fails to arrive-a company’s investment in current assets can balloon very rapidly. When even manufacturing companies routinely invest one-half or more of their money in current assets, it is easy to appreciate that even modest alterations in the management of these assets can significantly affect company finances.

A second distinction is that unlike fixed assets, current assets can become a source of cash during business downturns. As sales decline, a company’s investment in accounts receivable and inventory should fall as well, thereby freeing cash for other uses. (Remember, a reduction in an asset account is a source of cash.) The fact that in a well-run company current assets move in an accordion-like fashion with sales is appealing to creditors. They know that during the upswing of a business cycle rising current assets will require loans, while during a downswing, falling current assets will provide the cash to repay the loans. In bankers’ jargon, such a loan is said to be self-liquidating in the sense that the use to which the money is put creates the source of repayment.

会计代写|财务管理代写Financial Management代考|Financial Leverage

The third lever by which management affects ROE is financial leverage. A company increases its financial leverage when it raises the proportion of debt relative to equity used to finance the business. Unlike the profit margin and the asset turnover ratio, where more is generally preferred to less, financial leverage is not something management necessarily wants to maximize, even when doing so increases ROE. Instead, the challenge of financial leverage is to strike a prudent balance between the benefits and costs of debt financing. Later, we will devote all of Chapter 6 to this important financial decision. For now, it is sufficient to recognize that more leverage is not necessarily preferred to less, and that while companies have considerable latitude in their choice of how much financial leverage to employ, there are economic and institutional constraints on their decision.

As Table $2.1$ suggests, the nature of a company’s business and its assets influence the financial leverage it can employ. In general, businesses with highly predictable and stable operating cash flows, such as Diageo, an alcoholic beverage company, can safely undertake more financial leverage than firms facing a high degree of market uncertainty, such as pharmaceutical company Novartis. In addition, businesses such as banks, which usually have diversified portfolios of readily salable, liquid assets, can also safely use more financial leverage than the typical business.

Another pattern evident in Table $2.1$ is that ROA and financial leverage tend to be inversely related. Companies with low ROAs generally employ more debt financing, and vice versa. This is consistent with the previous paragraph. Safe, stable, liquid investments tend to generate low returns but substantial borrowing capacity. Banks are extreme examples of this pattern. Citigroup combines what by manufacturing standards would be a horrible $0.5$ percent ROA with an astronomical leverage ratio of $12.56$ to generate a modest ROE of $6.1$ percent. The key to this pairing is the safe, liquid nature of the bank’s assets. (Past loans to Third-World dictators, Texas energy companies, and subprime mortgage borrowers are, of course, another story-one the banks would just as soon forget.)

The following ratios measure financial leverage, or debt capacity, and the related concept of liquidity.

会计代写|财务管理代写Financial Management代考|FINM1416


会计代写|财务管理代写Financial Management代考|Asset Turnover

一些金融新手认为资产是一件好事:越多越好。现实恰恰相反:除非一家公司即将倒闭,否则它的价值在于它产生的收入流,而它的资产只是实现这一目标的必要手段。事实上,理想的公司应该是在没有任何资产的情况下产生收入的公司;那么就不需要投资,回报将是无限的。除了这种幻想之外,我们的 ROE 方程告诉我们,在其他条件不变的情况下,财务业绩会随着资产周转率的增加而提高。这是管理绩效的第二个杠杆。


会计代写|财务管理代写Financial Management代考|Financial Leverage

管理层影响 ROE 的第三个杠杆是财务杠杆。当一家公司提高用于为企业融资的债务相对于股权的比例时,它会增加其财务杠杆。与利润率和资产周转率不同,通常倾向于多而不是少,财务杠杆并不是管理层想要最大化的东西,即使这样做会增加 ROE。相反,财务杠杆的挑战是在债务融资的收益和成本之间取得谨慎的平衡。稍后,我们将把第 6 章的全部内容用于这个重要的财务决策。就目前而言,认识到更多的杠杆不一定比更少的杠杆更受欢迎,尽管公司在选择使用多少财务杠杆方面有相当大的自由度,


表中明显的另一种模式2.1是ROA和财务杠杆往往呈负相关。ROA 较低的公司通常会使用更多的债务融资,反之亦然。这与上一段是一致的。安全、稳定、流动性强的投资往往会产生低回报,但借贷能力很强。银行就是这种模式的极端例子。花旗集团结合了制造标准将是一个可怕的东西0.5具有天文杠杆比率的 ROA 百分比12.56产生适度的 ROE6.1百分。这种配对的关键是银行资产的安全、流动性。(过去对第三世界独裁者、德克萨斯能源公司和次级抵押贷款借款人的贷款当然是另一回事——银行很快就会忘记的。)


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术语 广义线性模型(GLM)通常是指给定连续和/或分类预测因素的连续响应变量的常规线性回归模型。它包括多元线性回归,以及方差分析和方差分析(仅含固定效应)。



有限元是一种通用的数值方法,用于解决两个或三个空间变量的偏微分方程(即一些边界值问题)。为了解决一个问题,有限元将一个大系统细分为更小、更简单的部分,称为有限元。这是通过在空间维度上的特定空间离散化来实现的,它是通过构建对象的网格来实现的:用于求解的数值域,它有有限数量的点。边界值问题的有限元方法表述最终导致一个代数方程组。该方法在域上对未知函数进行逼近。[1] 然后将模拟这些有限元的简单方程组合成一个更大的方程系统,以模拟整个问题。然后,有限元通过变化微积分使相关的误差函数最小化来逼近一个解决方案。





随机过程,是依赖于参数的一组随机变量的全体,参数通常是时间。 随机变量是随机现象的数量表现,其时间序列是一组按照时间发生先后顺序进行排列的数据点序列。通常一组时间序列的时间间隔为一恒定值(如1秒,5分钟,12小时,7天,1年),因此时间序列可以作为离散时间数据进行分析处理。研究时间序列数据的意义在于现实中,往往需要研究某个事物其随时间发展变化的规律。这就需要通过研究该事物过去发展的历史记录,以得到其自身发展的规律。


多元回归分析渐进(Multiple Regression Analysis Asymptotics)属于计量经济学领域,主要是一种数学上的统计分析方法,可以分析复杂情况下各影响因素的数学关系,在自然科学、社会和经济学等多个领域内应用广泛。


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。