绩效评价模型建筑公司：以埃及为例文献翻译

原文：PerformanceEvaluatingModelforConstructionCompanies:EgyptianCaseStudyAbstract:Thedynamicnatureoftoday’sconstructionindustrycompelsconstructionpartnerstoseekstrategiesinordertoimproveperformance.Currentresearchintroducesaperformanceevaluationmodelforconstructioncompaniesinordertoprovideapropertoolforacompany’smanagers,owners,shareholders,andfundingagenciestoevaluatetheperformanceofconstructioncompanies.Themodeldevelopedhelpsacompany’smanagementtomaketherightdecisions.Financial,economical,andindustrialdataarecollectedfromEgyptianconstructioncompaniesfornineconsecutiveyears_1992–2000_.Fiveindices_models_aredeveloped:companyperformancescore,economyperformancescore,industryperformancescore,performanceindex,andperformancegrade.Themodelsdevelopedconsidercompaniesinfourconstructionsectors:generalbuilding,heavy,specialtrade,andrealestate.Thesemodelsaccommodatetheeffectofmacroeconomicandindustryrelatedfactorsandcompanysizeontheperformanceevaluation.Thefinaloutcomeofcurrentresearchisaperformancegrade,whichprovidestheperformanceofaconstructioncompany.Thedevelopedmodelisvalidated,whichshowsrobustresults.CEDatabasesubjectheadings:Constructionindustry;Performancecharacteristics;Egypt;Constructionfirms;Evaluation;CaseReportsIntroductionPerformanceevaluationofconstructioncompaniesgainsitsimportancefromthefactthattoday’sworldismovingrapidlytowardglobalization,whichmeanstheinternationalGeneralAgreementonTariffsandTrade_GATT_.TheconceptofGATTistoconductbusinessanywhere,anytime,andanyhow.Inthisenvironment,manymultinationalcompaniesareawardedbusinessinothercountriesinwhichtheyarecompetingwithlocalcompanies.Bothmultinationalandlocalconstructioncompaniesshouldseriouslylookforwardtoimprovingtheirperformanceinordertomaintaintheirinternationalreputation.Thecurrentstudydevelopsperformanceevaluationofconstructioncompaniesthatshowsthepositionofsuchacompanyamongothers.Thisevaluationisdeemedessentialforowners,shareholders,andfundingagenciesofacompanybecauseitclearlydrawsthecorrectpositionofthecompany.Ifthecompanypositionisgood,thiswillincreasetheagencies’interestinthecompanyandviceversa.Manymodelsweredevelopedtoevaluatecompanies’performance,butfewofthemconsidereconomicalandindustrialchangesintheirmodels.Therefore,themajorobjectiveofthecurrentstudyistodesignaperformanceindexthatevaluatesacompany’sfinancialsituationwithintheconstructionindustry.Thismodelwillconsidertheeconomicalandindustrialchangesandtheireffectonthecompany.Thecurrentstudypresentsaperformanceevaluationmodelbasedonfinancialratiosaswellaseconomicandindustryfactors.Themodeldevelopedconsidersfourconstructioncategories_basedontheEgyptiancontractorunion:(1)generalbuilding;(2)heavy;(3)specialtrade;and(4)realestate.Itconsiderstheeffectofcompanysizeandeconomicalandindustrialvariablesonitsperformance.CompaniesthatperformbusinessacrosscategoriesarenotconsideredinthecurrentstudyBackgroundAnumberofconstructioncompanies’performanceevaluationmodelshavebeendevelopedalongtheprevious5decades.Theyaredealingwiththisproblematthreedifferentlevels:(1)constructionindustry;(2)company;and(3)project.Modelsattheconstructionindustrylevelareusedtomeasuretheeffectofeconomical,political,andsocialchangesontheperformanceoftheconstructionindustryasawhole.Kangari(1988)relatesthechangesinconstructionindustryfailureratetosomemacrocosmicfactors:averageprimeinterestrates,amountofconstructionactivity,inflation,andnewbusinessenteringtheconstructionindustry.Mostperformanceevaluationmodelsforconstructioncompaniesarebasedontheirannualfinancialstatementsorreports.Differentanalyticaltechniqueshavebeenusedtodeveloptheseratios:(1)financialstatementtrendanalysis;(2)financialstatementstructuralanalysis;and(3)financialstatementratioanalysis.Themostimportantvariablesthatcouldbeusedinfinancialstatementtrendanalysistodifferentiatebetweenfailedandnonfailedcompaniesare:accountsreceivable,under-belling,accountspayable,notespayable,totallong-termdebts,stockandretainedearnings,costofsales,andgrossprofit(BashaandHassanein1988;Seversonetal.1994).Financialstatementstructuralanalysisdeterminestheproportionthateachcompany’sgrouporsubgrouprepresentsinthefinancialstatement(Hasabo1996).Adecompositionratioisusedtodeterminechangesinthepercentageofthecompany’sassetcomponentsintwoconsecutiveyears(Hasabo1996).ThefirststatisticalevaluationmodelstopredictfinancialfailureweredevelopedbyBeaver_1966_buttheywerenottargetingtheconstructionindustry.Companiesweredividedintotwomaingroups:failedandnonfailedcompanieswithsimilarassetsize.Statisticalmodelsthatarebasedonfinancialratiosoffailedandnonfailedcompaniesrepresentfinancialstatementratioanalysis.Beaver_1966_comparedthesetwogroupsbasedupon30financialratiosinwhichthereweredifferencesinthemeanvaluesofthesetwogroupsforatleast5consecutiveyearsbeforefailure,withdifferencesincreasingastheyearoffailureapproached.ManystudiesfollowedBeaver(1966)thatinvestigatedmultivariatetechniquestodistinguishfailedfromnonfailedcompanies.TheZscore(discriminatemodel)dealtwithcompaniesthatbecamelegallybankrupt(Altman1968).Deakin(1972)usedaccountingdatatoperformmultivariatediscriminateanalysisonbankruptandnonbankruptcompanies.Thisstudyconcludedthatmostfinancialratiosshoweddiscriminatoryability.ThemodelofKangarietal.(1992)usedmultipleregressionanalysistoevaluatetheperformanceofconstructioncompanies.Thisstudydevelopedaperformancegrade(G)curveinwhichtherelativefinancialsituationofanyconstructioncompany,satisfyingmodellimitations,couldbedeterminedSeversonetal.(1994)basedtheirmodelondiscretechoicemodelingtopredicttheprobabilityoffailureofaconstructioncompanyinmeetingitsobligationsinaconstructioncontract.RussellandZhai(1996)alsousedmultipleregressionanalysistopredictconstructioncompanies’failureandconsideredeconomicandfinancialvariablestogetherwiththeirstochasticdynamicsAnotherquantitativemodelbasedonfinancialratioswasdevelopedbyGoda(1999).ThemodelobjectivewastodevelopstandardfinancialratiosthatreflecttheperformanceoftheconstructionindustryinEgypt.ThesestandardscouldbeusedtocomparetheperformanceoftheEgyptianconstructionindustrywiththeinternationalone.Accordingtothisstudy,regressionanalysishadprovidedmorereliableresultsthanthatproducedusingthesupervisedneuralnetwork.PreviousmodelsthatweredevelopedbyKangarietal.(1992)andGoda(1999)focusedmainlyonevaluatingtheperformanceusingfinancialratioswithoutconsideringtheeffectofmacroeconomicandindustryrelatedfactorsontheperformanceofconstructioncompanies.Inaddition,themodeldevelopedbyGoda(1999)didnotconsidertheeffectofcompanysizeonitsperformance.Therefore,thenewlydevelopedmodelincurrentresearchaccommodatedtheeffectofmacroeconomicsandindustryrelatedfactorsandcompanysizeonthecompanyperformance.DataCollectionforCaseStudyThefinancialdataforconstructioncompanieswerecollectedinthetimeperiod1992–2000,fromtheAuthorityofMoneyMarket,EgyptianGovernmentintheformof:annualbalancesheetsValuesofMacroeconomicandIndustry-RelatedVariables看Ma师cr粮oe姨co蝇no妇mi就c纯va熟ri聋ab唯le薯s纳I尝nd翠us忆tr州y-曾re督la锋te芝d床va程ri虽ab所le判s确Ye谅ar桥o馋f咏re肆co开r址d衡亚IF债N汇汁阳笼黎I慈IR从槐选朋猛A灰WD盯挡娱框AW宏S福析岔津炒A币WF沫19叫92骆21直.1岁17缎.5躲9.浙8炼1.浆3统8.点4裳19束93松11杯.1涨15遣.2陕11竭.8演2.穷9弊8.灵9典19师94萝9猫12岔.2债13玩.4轻0.涨8改10谱.3剃19四95仓9.咬3末10稍.7背16纯.1吃1.逝3清11耗.8培19穷96哈7.饼3烟10企.2竿18助.6它7.团6询11泽.0柿19矩97伍6.金2截9.拖2句22筐.3俱11灾.1锁11吵.1铃19京98呢3.扩8省9.戴1搂27船.6壶51桐-3废4.笑6尊19坝99口3.挖8拼11扭.9糕28迁.8刊17幼.3些50怠.7岁20堆00案2.吃8皆11枝.1革29毒4.陶1骄-5禾4.略7And/orannualincomestatements.OutofthousandsofconstructioncompaniesworkinginEgypt,only122companiesareregisteredintheEgyptianmoneymarket.Approximately415financialstatementsfrom9consecutiveyears（1992–2000）werecollected.Basedupontheannualbalancesheetsandannualincomestatements,financialratiosoftheEgyptianconstructioncompaniesweredetermined.Onlysixfinancialratioswereconsideredinthemodeldeveloped:(1)currentratio(CR);(2)totaldebttonetworthratio(TD/NW);(3)fixedassetstonetworthratio(FA/NW);(4)revenuetoworkingcapitalratio(RV/WC);(5)netprofittototalassetsratio(NP/TA);and(6)netprofittonetworthratio(NP/NW).Accordingtotheimportanceofeachratioinevaluatingtheperformanceofthefinancialreferences,thesixratiosarechosentorepresentthefourratiogroups.Choosingonlysixratiosinthemodelwasmadeinordertoincreasethereliabilityofthemodelusingthemostrelatedratiostotheperformanceofthecompany.由Ec稻on尸om志y喜da汇ta裳w字er透e粘co粥ll遭ec脾te葵d基fr赔om过t荣he置E氏gy化pt淡ia既n短Mi呼ni疲st唯ry脸o解f汪Fo用re添ig软n肝Tr铅ad党e致（夹20吗03携a擦,b助）（辟Eg铲yp梦ti杠an挨g响ov赏er受nm迎en兔t莲）肯re狭po菜rt绒s造pu岸bl酸is墨he殿d终qu亲ar荡te觉rl屿y.券D伴at响a,池a炉s谦sh柿ow育n孩in挂T议ab诞le假1垒,谅in皱cl拦ud锄e:说i间nf促la剧ti睡on申r椅at穿e翻（武IF念N_最）奇an舒d边av震er灰ag则e限an蛇nu电al滴i槐nt编er妄es耗t离ra变te谨境（条IT快R苍）感a迎s浮ma兰cr恒oe宝co静no粮mi骨c椅va拆ri听ab痒le土s.惜On策t拿he削o熊th蜘er娃h弱an禽d,漫a晕ve运ra沟ge糠w继or友k散ca座pa桨ci炼ty轰起（鼻AW莫C钻）用,肯av住er谋ag骑e喂wo草rk狗d肆em脏an右d瘦（著AW撇D锻）屠,找an强d桂th掉ei曲r狮di伸ff伏er坚en扁ce扩雪（场AW鼓F_爬）舅ar绘e任us塌ed登a纵s签in调du音st判ry国r践el吩at慌ed肚v者ar续ia杯bl浴es妈.蔬Da筒ta至w提er聪e奸co捐ll离ec艰te抵d庸fo梁r烟9错co撇ns纤ec及ut剧iv作e波ye怜ar喷s郊（腊19蔽92柿–2柿00凑0错）伐No仿rm签al龄iz滴in煮g巧Fi看na赢nc社ia滋l亏Da步ta状In牵f斩ac脏t,务s书om妨e掠fi扔na悲nc魔ia茶l圆ra泰ti察os若a铃re抱c涂al僵cu邀la矩te域d井in要t晋er赤ms冠o序f畜ti割me沈w赠hi趣le症ot捕he恭rs谎a啄re浸c身al疤cu惧la形te追d暖in请t自er冰ms沃o胞f旗p手er条ce化nt慕ag中es鼻.贫Ma锅th偿em赶at巡ic傍al露f泉or拌mu邻la猜ti丝on倚of矛s作uc萄h医ty习pe法s笛of聪d强at服a旗wi边ll钟r砖es割ul雄t局in抄a制b据ia阵s鉴to糊t斩he信l恼ar伟ge赚r茧va偷lu文es务o宏f握ra燕ti斯os痛逝（私Ka弃ng衔ar地i秀et揉a功l.可1淘99蹄2蜘）震.从In者o善rd泳er狗t失o冈ov疤er税co饮me据t持hi布s兰pr伙ob寸le汗m,杏n玻or绸ma淋li妻zi浑ng异t外he栗v墨al才ue雷s纽of筋d谢if罗fe叛re番nt贡r汁at界io山s泊wo恢ul捎d嗽ma掌ke虹th御em甜n贡on葛bi歉as贪ed绘a焦nd沃c蚁on碌si津de豪re催d刻sm段al损le白r痕va古lu似e.但T厦ab拣le察1漏s赶ho晴ws乱t丹he护no走rm灭al朴iz藏at辫io药n热co稻ef分fi筹ci亿en射t奉of毕t乓he仅g公en喂er请al配b晴ui达ld零in贿g锁co堂ns恳tr具uc塑ti组on挣co就mp璃an紫ie乞s梅se赠ct旗or妈.类Ma骂th怖em号at播ic留al上F概or印mu惭la君ti甩on泥Re没gr公es柿si期on祸a级na惰ly务si炭s敏is办u万se尖d锐to彻d亭ev气el阁op值t纯he垃c渠ur严re谨nt诸m锤od找el坝f陵or普t骂he丢fo励ll顿ow换in仓g忧re阀as画on厉s颂(吵Go曲da爸1工99迟9穿)伸:蛇•枯It蜻s腔si摔mp蔽li标ci决ty垫,微re芒li川ab质il捐it态y,琴a丛nd材s茫ui趁ta植bi裁li哪ty牌f药or坦t蜘he卷p先ro册bl席em宵u凶nd纵er锐st桂ud晃y;赏a店nd但•墓Di郊sc伴ri她mi西na想te燕a万na痛ly示si区s廉is脑u法se个d趣to颠d酒is深cr活im手in遮at更e辰be滋tw爽ee仰n踪fa姿il近ed控an宏d漂no惭n庭fa色il号ed统c箭om秆pa哗ni绳es题.查Al召th扫ou洗gh房t眨he哨u撕ns播up席er呆vi带se勇d带ne慰ur诞al蚁n夺et茅wo吓rk此t液ec杆hn亚iq牺ue循s步ee元ms弃t锄o辱be毯s锋ui逃ta流bl文e及to认t酱he屿c奋ur葡re龙nt慌p嘴ro衰bl匪em层,瞧it饼n玻ee射ds伴a斤q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异两年丈。五仙个指皂标蜡(赚mo周de汪ls殊)赞的开航发：克公司残业绩碍评分床，经夕济表著现评奇分，唐行业痕表现众评分体，性愤能指冶标和榨性能骨等级投。发亡达国盯家考完虑在骄四个与建筑届行业理的公晴司的议模式烂：一窃般建赚筑，驳重型总，特气种行块业，晓房地畏产等捉。这党些模瓦型适浩应宏直观经斗济和茶行业连的相店关因忘素对糠绩效召评估候和公锈司规隔模。杨当前遭研究抱的最集终结挽果是立一种帽性能未等级源，它敲提供奔了一渠间建喇筑公错司的权表现茶。所串开发横的模粱型进鸽行了茎验证胡，这馒表明素稳定议的结列果鹊CE吓数据既库主避题词冲：建最筑业悟;性候能特吴点，抛埃及仆建筑历公司恰评价去;病和例报撑告健简介棵揉绩效标评价眨的建有筑公流司酿根据异事实介而来质，今斯天的阶世界怠正走叮向全本球化仰，这辱意味霜着国宣际总冷协定删关税耽与贸拆易焰（肝GA捐TT棵）蝶迅速吃的重阿要性捏。总宴协定貌的概稍念是悄开展刚业务隶的任限何地竞方，禽任何秤时间万，无诚论如猾何。饺在这驳种环国境下茅，许园多跨烟国公绕司都烟在它盐们获康得与馒当地惹公司稳竞争蛾的其源他国期家开虹展业洁务。戏跨国砖企业观和本忧地的胜建筑摔公司宝应认责真研筐究提回出以高改善奶他们弓的业级绩，国以维吵持其唯国际众声誉轮。目你前的卸研究软开发搭建筑揉公司槽的表玻现的盒评价龙，显殃示了更这样恐一个况在其端他公爹司的运地位搅。这石种评把估被蚂认为眯是对致业主痕，股蠢东和幸公司承的筹帝资机杂构至润关重魂要，饰因为加它清趴楚地火提请性本公伍司的泼正确两位置系。如饺果公穗司的倾立场丸是好勿的，稀这将胃增加允机构桨的利池益在蓬公司麦，反资之亦腊然。粉开发单了许通多模兼型来绪评估工公司匀的表耍现，承但很卖少考叨虑他奖们的分模型火和工述业经振济的筒变化节。因糕此，犁当前月研究耳的主礼要目免标是金设计颈一个抬性能昨指标螺，用柴于评籍估在漆建筑缠行业延的公剃司的饰财务懒状况融。该哗模型抓将考燥虑经绞济和皮工业彩变化闷及其练对公捏司的链影响洋。吴目前雨的研建究提困出了陡一个嚷绩效辞评估元模型东财务碎比率室，以营及经导济和准行业趴因素侄的影根响。砍该模巡型开照发的斥考虑休四个揉类别洒在埃椅及建宽造承茄包商叠联盟狸：（显1）年一般树建设说;（依2）遇重;挎（3机）特升殊行樱业;体（四寻）房简地产猫。它财认为恐，公甲司的伸规模滋，经浸济和弃工业苗对其凑性能愉的影侵响因排素。仁跨类森别的屋公司沃进行侵业务秀是没旧有考碧虑目锁前的寺研究丝。瞒背景妖赏由建仪筑公破司业茂绩评叠价模荒型，像制定规了许侵多过图去5而0年枪一直粒。他伤们是丈处理樱这个巾问题还在三垦个不歇同的粒层次殊：（社1）到建筑党业;钢（2损）公考司;束（3阔）项隆目。缺在建垮筑行堂业层燃面模浪型是扭用来苗测量域对建扬筑行识业作庆为一遵个整同体表钩现的甜经济讽，政来治和蕉社会去变化森的影香响。系K菠an袋ga斯ri深（1筝98宰8）配涉及壶建造米业的重故障省率变贸化的躬一些匀宏观瘦因素闹：平瞒均最马优惠裂利率凑，建鲁筑活捞动，柿通货乖膨胀仍数额向，新低的业业务进刚入建努筑行猫业。即大多肠数性材能评怎价模座型的斧建筑特公司县是根考据其怖年度蔬财务概报表脊或报板告。字不同涂的分赠析技肚术已狐被用秃来发跌展这号些比琴率：胜（1米）财果务报乒表的畅趋势孔分析棍，（土2）首财务勿报表压的结锈构分雀析，冻以及厅（3纤）财悲务报扶表比焦率分睡析。段最重直要的寄，可筒以在送财务育报表块的趋今势分叶析方球法区昆分失禁败，写失败醒的公胖司非亮变量窜是：各应收御账款双，欠警扩口静，应间付值账茧款，想应付翅票据遣，开长期叔借款本，股秤票和家留存守收益商，销也售成雀本和异总利苹润（庄巴吉沙和董哈萨摧尼稍19袍88档;。谊塞夫牢森等竹19仓94姻）。楚财务释报表蚁结构予分析杏确定叔的比药例，久每个摊公司恐的团奋体或腔小组覆中的看财务天报表指（H惹as彻ab朗o班19庙96水年）部代表觉。阿斗分解尘率是饿用来厉确定歪在该您公司全的资志产在粥两个卖组件骄（H浆as它ab熟o才19域96妥年）破连续牧两年御的变宾动百湖分率火。第挑一个着统计父评价鱼模型柱来预欣测财新务失慈败是届由比相弗桥（太19两66比）船但他蚊们不报是针废对建口筑行烫业。今公司端分为绳两大看类：全没有鸽类似仇的资树产规灾模和栏非倒饥闭的扬公司号。统征计上袜的失喷败是示失败撕的公泰司和劳非财俊务比服率的段模型底表示致的财百务报脸表比船率分够析。愁比弗就（弊19逼66暮）织比较司这两染组作讯为失杯败的云接触铁后，废同比汪增长酿差异塌，其产中有任30僻人在祸这两茶个群钞体的文平均担价值赏观念埋的差虾异，从至少诊连续眠失败追的前情5年烟的财鹊务比恭率计征算。聚许多颂研究枣之后论比弗岂（1方96颠6项年）押的调小查牵,跳多变殃量的罪技术朴，以饼区别颤于非护倒闭内的公复司失冲败。式Z评六分（律歧视锤模型倍）的彩公司蜓，成约为依随法破坐产处莲理。扣迪肯杏（1酿97拌2）饰所采星用的兰会计箱数据御上执涝行破犹产和垃非破赵产公挽司多肃元判珍别分侦析。瑞本研邪究结发果显眼示，袜大部痛分的湖财务瞒比率廊歧视被性的财能力弓。充该K袖an企ga姻ri零等模秧型侨。墙（1蔬99恶2年约）采承用多华元回黄归分竖析，弱评估痛建筑款公司挂的表佣现。皮本研旷究开塔发了气一种收性能遣等级虽（G罩）的算曲线拦，其映中财朱务状狂况相漂对任梦何建蜓筑公崖司，捐满足拳模式命的局隙限性扬，可语确定轿。繁塞夫谈森等殖。源（1涛99宿4年取）为颤基础票的离膨散选妇择模袄型，决预测蜓模型犹在满前足建样筑合刊同的包义务雹，一部家建川筑公碎司失须败的己概率侨。罗酱素和增翟隔（1欺99大6）苦也使毛用多渔元回错归分熊析，校预测及建筑层公司童的失暗败，艰并认砍为连崇同其肚随机芒动态益的经艘济和后金融痕变量首。霸另一猛种定冒量模怪型为艺基础抱的财麦务比助率是百由哥贯达（驼19碧99猜年）忆。模离型的滑目标毁是制琴定标率准，湿反映丰了建阵筑行笛业在台埃及鸽性能迈财务倘比率摄。这业些标支准可臣以用香来比艳较埃目及建剥造业巴的表承现。豆根据象这项万研究厨，回药归分属析提替供了出更可免靠的可结果折，产鼠生比惯使用庄神经析网络再监督智。俯这是穷由K险an伏ga筑ri参等人秘以前法的型似号。败（1顶99巷2年刊）和尚哥达丽（1傲99阿9年鱼）主寒要集体中在狮性能耻评定配使用怠没有受考虑纺宏观稠经济未和行予业的引相关针因素锐对公罚司业肺绩影封响的帖建设景财务栋比率峰。此件外，庸通过柔哥达主开发栗的模奶型（收19鞠99站年）驳并没孕有考启虑公阅司的渴规模触对其梅性能孔的影流响。肯因此笑，在视目前辱的研到究模僻型安返置于霉新开经发的烤公司氏业绩瓣宏观祝经济馒和行紧业的中相关陪因素岂和公驰司规症模效园应缝。五数据沾收集纳为例南建筑巷公司流的财触务数躲据收贴集在中19顶92叼-2耳00燃0年年期间抄的时拐间，胃从货公币市闻场，霸在埃姻及政筛府监陵督的弹形式旷：年火度资丽产负狐债表筛价值魂观对她宏观蝶经济诉和行丈业相把关变促量裕宏观疼经济斧变量能行业狡相关锤的变送量刺年份咽记录毁IF兽N食曲盒行记挂II以R抵温验裁A匀WD茂职坐砍粥AW睬S销耐看翠景A予WF歇思19旗92思21党.1掉17抗.5筹9.快8烫1.麦3炸8.阶4恩19较93爷11违.1随15乡.2窑11脉.8桑2.买9者8.肾9毫19好94略9酒12松.2梁13春.4拉0.耻8撇10洪.3冤19擦95司9.远3响10物.7途16赏.1楚1.袜3蚀11静.8饼19统96钞7.默3迫10擦.2夹18脖.6共7.估6库11冻.0蹄19钢97极6.醉2碧9.煮2纤22倡.3菊11示.1皇11把.1兼19程98龟3.此8丹9.泳1柿27探.6宋51番-3吓4.孝6增19能99妈3.绵8饰11监.9勤28涉.8膀17狗.3变50臭.7结20炸00逮2.摆8眼11时.1荐29忧4.督1枪-5通4.映7季和/驼或年静度收豆入报揪表。闸出于娱对施搁工数蓝千家声公司殊在埃康及工妇作，董只有唐12趴2家趁公司显注册少在埃可及的逮货币坝市场掩。大青约从蜡41纠5坦9（臭19卧92肆-2斥00竿0年贺）连请续两侍年的钓财务路报表旗收集代。经主年度预资产谱负债析表和梨年度你利润颂表的庭基础荣上，叙埃及乓建筑侨公司冬财务号比率即进行度了测剪定。蛛财务惑比率肌只有蒸六中泉考虑齿了开笨发的尽模型滴：（摇1）罗流动悠比率杜（C曲R）饿的;尘（2埋）总对负债季对净卵值比踪率（咱运输市署/令净重雕）;御（3餐）固计定资分产净屯值比些率（磁英格爸兰/恩净重贸）;独（帅4）容收入折，营分运资攻金比良率（孙右/帜卫生衔间）贷，（岛5）思净利批润与录总资臣产的驼比率孝比（滥NP奋/驴助教诊）和听（6阁）净偿利润净与净裹资产钩比率匠（N均P方另案/贡净重剑）。舱根据隔各评艳价财堂务引屋用性配能比名的重忌要性最，六盲比被奔选择鬼比例恨代表使四组螺。只济选择行六个盐模型上比例紧是在记为了死增加易使用部最相购关的趁比值准，公兔司业致绩模翼型的维可靠扒性蠢。断经济赚数据帆均采俱自埃冻及外灶贸部饮（2棉00室3年女）（斗埃及贡政府旗）公串布的剃季度成报告授。数弊据，兔如表惹1所跃示，胜包括功：通丢货膨茄胀率世（I根FN旋）和论平均料年利匹率为跑宏观旅经济弹变量害（里AW轻D按）。择另一滚方面属，平男均工法作能探力（垄AW酷C）撞，平盏均工镰作需碌求（滚AW舒S厚），逐其差彩异（闹AW合F）债用作扒行业圆相关污的变吉量。切收集撑资料眯，连郑续9页年（锯19傅92阁-2小00样0清）鼓。诸规范鞋财务潜数据胃事实忙上，龄一些叨金融验比率辉的计岔算方帆法在葱时间愿上有音些则同是在若百分抚比计御算。塘数学零这种搂类型形的数园据制旁定将郊导致楚偏见胶的比心例较妥大值饭（K威an驾ga机ri领等痛19着92越年）劣。为丈了克甜服这紫个问张题，研不同沾比例穴正常么化将渠使他姑们的舒价值泥，并甜认为抬无偏绵见油较小独的值扔。表恨1显煤示了倡一般农建筑桃施工蛾企业糖部门我的归难一化乱系数悲。锋相对挎于整缩个行兄业的础平均米一家趋小公获司的抚业绩男是不延恰当杆的，茎因为直金融恨结构沃和小做公司聪的特菠点是麦从历见史悠掌久的除大公瞎司（通Ka为ng膊ar雕i等辣人不麦同梦，冠19下92义年）仿。这帆个问恒题是让可以掘克服血的调毛整由悉规模命因素兴（子裁）标醉准化阀比率辱值。辫子的糊大小挑的因贸素比弊任何陪单一婶得到燕除以翅该比响例中论位数疗，整到个建销造业妨的一套个类帮似的豪小组并在大摊