[雙語翻譯]外文翻譯--影響公司盈利能力的因素（英文）

1、See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/227356867FACTORS INFLUENCING THE COMPANIES‘PROFITABILITYArticle · January 2011Source: RePEcCITATIONS7READ

2、S4,2061 author:Camelia Burja1 Decembrie 1918 University Alba Iulia38 PUBLICATIONS 62 CITATIONS SEE PROFILEAll content following this page was uploaded by Camelia Burja on 05 September 2017.The user has requested enha

3、ncement of the downloaded file.Annales Universitatis Apulensis Series Oeconomica, 13(2), 2011 216 The statistical tests performed on variables and on the overall model validate its accuracy and the opportunity of using i

4、t in the analysis of microeconomic performance and in substantiating decision-making processes related to resources’ management. Literature review The considerable numbers of studies that approach the performance issu

5、e at microeconomic level prove the special importance of financial management aspects, on the improvement of which depend the obtained results and the companies’ competiveness. In the case of economic agents, various m

6、ethods may be used to study performance. One way to study company performance is regression analysis, which allows the modelling the functional form of dependence between various economic and financial indicators. Modell

7、ing economic performance aims to increase efficiency by improving interventions in an adaptive- learning cycle (Campbell et al., 2001). The indicators involved in the regression analysis of economic performance are num

8、erous. Models developed to study the impact caused by the allocation and use of capital within the firm tie performance to the contribution of various resources to the increase of efficiency, expressed in terms of prof

9、itability (Dumbrav?, 2010). Recent literature analyzes the profitability of companies from various countries and economy sectors through indicators like net operating profitability (NOP) ( Raheman et al., 2010), (Dong

10、 and Su., 2010), return on total assets (ROTA) (Deloof, 2003), (Padachi, 2006), return on invested capital (ROIC), return on assets (ROA) (Narware, 2010). In these cases, the elements considered by profitability analys

11、is as independent variables are financial indicators that express the working capital. Profitability at microeconomic level has been studied depending also on indicators such as current ratio, liquid ratio, receivables

12、 turnover ratio and working capital to total asset (Singh and Pandey, 2008). Other studies consider performance assessment expressed by earnings before interests and taxes (EBIT) and the associated risk resulted from t

13、he influence of using a certain financing structure (Akintoye, 2008) or expressing it though economic value added (EVA), return on equity (ROE), operating profit margin (OPM), earnings per share etc (Ryan, 2008). For R

14、omania, a few econometric performance analysis models have been used for companies listed on the Bucharest Stock Exchange. These emphasize the correlation between intangible assets and company performance expressed by a

15、nnual average market price, price/earnings ratio and earnings per share (Purc?rea and Stancu, 2011). Other models analyze companies’ performance on the base of correlation between net profit and cash-flow (Matis et al.

16、, 2010). Methodology for analysis the microeconomic performance To identify the functional form that describes how to increase economic performance of companies, it was started from the content of annual financial

17、statements, of the possibilities to reflect the correlations between patrimonial elements and the conclusions of previous research. The technique used by this study is regression analysis. It is considered one of the m

18、ost valuable methods of establishing a conditioning between various phenomena due to its high level of generality and applicability (Albright et al., 2006). In order to select variables and appropriate performance an

19、alysis models we used the financial statements of a company in the Romanian chemical industry, representative for this sector, for the period between 1999 and 2009. The financial analysis indicators through their conte

20、nt express and can characterize the modality of patrimonial resources management, the conformity with the principles of a balanced functioning, options and strategies financing, the efficiency of resources used etc. Fro