外文翻譯--物流服務(wù)公司的財(cái)務(wù)報(bào)表分析（節(jié)選）

1、<p>　　1750單詞，1萬(wàn)英文字符，3100漢字</p><p>　　出處：Hofmann E, Lampe K. Financial statement analysis of logistics service providers: ways of enhancing performance[J]. International Journal of Physical Distribution &

2、amp; Logistics Management, 2013, 43(4):321-342. </p><p><b>　　原文 </b></p><p>　　Financial statement analysis of logistics service providers: ways of enhancing performance</p>&l

3、t;p>　　Hofmann; Lampe</p><p>　　1 Introduction </p><p>　　In recent years, the demand for global logistics services has been increasing consistently ([28] Harrison and van Hoek, 2010). In order

4、to compete in global markets, companies in all industry sectors strive for improved efficiency, so that logistical performance has become a substantial business challenge and key success factor ([8] Bowersox et al. , 200

5、7; [9] Branch, 2009; [37] Liu and Lyons, 2010). To meet this challenge, companies whose core-competencies do not include logistics activities te</p><p>　　Besides the range of services, the financial performa

6、nce of LSPs is an important criterion for outsourcing decisions ([23] Gotzamani et al. , 2010). However, the trend towards outsourcing is not the sole reason for the growth of the LSP market. Globalization, the increased

7、 importance of knowledge-based consulting services, as well as the trend towards "one-stop-shopping" are among the external influence factors ([53] Semeijn and Vellenga, 1995), while amongst others, "econo

8、mies of scale" and "ec</p><p>　　LSPs have developed from simple carriers (1PL LSP) to comprehensive providers of various logistics services (2/3PL LSPs) ([54] Sheffi, 1990). In order to maintain gr

9、owth, various strategic directions can be pursued, including organic growth, mergers &acquisitions (M&A's) or establishing cooperation with other LSPs. In any case, the financial structure or key performance

10、indicators (KPIs) constitute important company information: this applies to credit assessment regarding organic-growth and capi</p><p>　　It is remarkable that, despite the relevance of financial information

11、relating to LSPs, researchers have so far paid little attention to the financial analysis of LSPs. As [37] Liu and Lyons (2010, p. 547) stated, practitioners would benefit from understanding the correlation between the p

12、erformance of LSPs and the various types of service provision, "to formulate appropriate strategies for leveraging their full business potential and mitigating investment risks". Balance sheet analysis and the

13、</p><p>　　By means of balance sheet analysis, this paper poses to answer the following research questions: </p><p>　　RQ1. Is there a "unique" balance sheet structure for LSPs? </p&g

14、t;<p>　　RQ2. Are the asset-, capital- and liquidity-structures of LSPs dependent on their specific characteristics? </p><p>　　RQ3. Which financial indicators positively influence profitability of LSPs

15、? </p><p>　　RQ1 can be considered as the main question raised in this paper, and RQ2 and RQ3 the sub-questions. For the purposes of analysis, LSPs are clustered into six groups, depending on the scope and na

16、ture of services offered. With this segmentation, we rely on the work of [37] Liu and Lyons (2010), who analyze the relationship between service provision and financial performance. </p><p>　　2 Background, m

17、ethodology and sample selection </p><p>　　In Section 2.1, the methodology of financial statement analysis and integration of contingency theory are described. A detailed overview of sample selection is given

18、 in Section 2.2 and the Appendix. </p><p>　　2.1 Financial statement analysis and contingency framework </p><p>　　The financial statement analysis investigates the current and future financial, c

19、apital and income situation of companies. Amongst other sources, the analysis is based on information from the annual balance sheet and considers historical and present data and information ([20] Fridson, 1991). The fina

20、ncial statement analysis enables the depiction and interpretation of financial situations and developments ([6] Bernstein, 1990). It is one of the most common business analysis methods and the basis </p><p>

21、　　The first step in the financial statement analysis presented in this paper is the collection of relevant information about the LSPs to be analyzed. Firm-specific and financial information from Bloomberg and Factiva web

22、 database, which is based on FactSet data, were used. Bloomberg as well as FactSet are providers of company information and financial data. Furthermore, information publicized by the analyzed companies (especially the an

23、nual balance sheets) serves as an additional data source. The </p><p>　　2.2 Sample selection and cluster characterization </p><p>　　Cluster formation, LSP selection (peer group) and the allocati

24、on of LSPs to cluster groups were conducted as follows. The first step was the definition of LSP clusters. LSPs are any companies which perform logistics activities on behalf of others ([16] Delfmann et al. , 2002). Due

25、to the broadness of the term LSP, six clusters are formed with regard to scope of services offered by the LSPs and related aspects (e.g. duration of business relationship, degree of integration (Figure 2 [Figure omitte&l

26、t;/p><p>　　The selected LSP clusters depend on: </p><p>　　- The scope of services provided ([68] Zacharia et al. , 2011; [61] Stefansson, 2006), from basic services like transportation and warehous

27、ing (scope of service: low) to value-added services ([5] Berglund et al. , 1999) as well as supply chain coordination ([64] van Hoek and Chong, 2001) (scope of service: broad). </p><p>　　- The degree of cust

28、omization, from low, meaning standardized products, to high, meaning customer specific solutions ([61] Stefansson, 2006; [5] Berglund et al. , 1999). </p><p>　　- The degree of integration and duration of bus

29、iness relationship ([57] Skjoett-Larsen, 2000; [2] Bagchi and Virum, 1998; [43] Murphy and Poist, 1998), referring to the strategic dimension of LSPs. </p><p>　　Companies in the clusters sea freight, railway

30、 and trucking are carriers, meaning transport operators that haul products ([54] Sheffi, 1990; [56] Sink et al. , 1996). These services are also referred to as basic services, like transportation or warehousing. </p&g

31、t;<p>　　3 Balance sheet analysis of LSP clusters </p><p>　　In the following four sections, selected KPIs are discussed. For reasons of relevance and to enhance the clarity, only the six LSP clusters a

32、re discussed (not Top and Flop or the Big and Small 20 clusters that are also listed in Table III). </p><p>　　3.1 Asset structure of LSPs </p><p>　　The industry sector of LSPs is characterized b

33、y an asset structure ([1] Africk and Calkins, 1994; [41] Muller, 1993; [68] Zacharia et al. , 2011). In the past, LSPs had their own exclusive transportation fleet and warehouses ([54] Sheffi, 1990). Orders were executed

34、 by means of the company's own capacities, so that LSPs recorded large transportation and warehousing assets in their balance sheets. [1] Africk and Calkins (1994) had already questioned whether asset ownership still

35、 had any real mean</p><p>　　Our analysis of selected LSP clusters reveals a clear difference between asset structures. The comparison clearly indicates which operators fulfill the role of coordination and wh

36、ich provide asset-based services. The most noticeable difference is clearly identifiable between the clusters of carriers and 4PL LSPs. While the asset structure of carriers consists of a high proportion of non-current a

37、ssets, the asset structure of 4PL LSPs demonstrates the converse. Due to the service scope of 3PL and</p><p>　　3.2 Capital structure of LSPs </p><p>　　The capital structure reveals how assets ar

38、e financed, by debt or equity ([39] Modigliani and Miller, 1958). The debt-to-equity ratio is the major indicator for financial risk assessment ([7] Bhandari, 1988). As debtors have to guarantee payback, debt capital is

39、relatively cheap compared to equity, but associated with higher risk, because illiquidity may lead to foreclosure. Higher costs of equity can be ascribed to payments to stockholders in the form of dividends ([59] Speh an

40、d Novack, 1995). </p><p><b>　　譯文 </b></p><p>　　物流服務(wù)公司財(cái)務(wù)報(bào)表的分析:提高性能的方法</p><p><b>　　霍夫曼;蘭普</b></p><p><b>　　1 引言 </b></p><p&g

41、t;　　近年來(lái)，全球的物流服務(wù)需求不斷地增加(哈里森和赫克，2010)。為了應(yīng)對(duì)全球市場(chǎng)競(jìng)爭(zhēng)，所有物流行業(yè)的公司都在爭(zhēng)取提高業(yè)績(jī)，以便物流服務(wù)績(jī)效能成為一個(gè)實(shí)質(zhì)性的業(yè)務(wù)挑戰(zhàn)和關(guān)鍵成功因素(鮑爾索克斯等，2007，布蘭奇，2009，劉和里昂，2010)。為了迎接這一挑戰(zhàn)，那些核心競(jìng)爭(zhēng)力不包括物流活動(dòng)的企業(yè)都傾向于把這些功能外包給社會(huì)上專(zhuān)業(yè)的物流服務(wù)提供商(比如:第三方物流公司)(里布和本茨 2005)。由于這種發(fā)展趨勢(shì)和以及為了更好地滿(mǎn)足

42、客戶(hù)需求，物流服務(wù)商逐步擴(kuò)大了服務(wù)范圍，以滿(mǎn)足競(jìng)爭(zhēng)的加劇。 </p><p>　　除了物流服務(wù)范圍，物流服務(wù)商的財(cái)務(wù)業(yè)績(jī)是外包決策的一個(gè)重要準(zhǔn)則。然而，外包的趨勢(shì)不是物流服務(wù)市場(chǎng)增長(zhǎng)的唯一原因。全球化、基于知識(shí)的咨詢(xún)服務(wù)的重要性的增加，以及一站式服務(wù)趨勢(shì)，這些都是外部影響因素，“規(guī)模經(jīng)濟(jì)”和“范圍經(jīng)濟(jì)”是物流服務(wù)公司增長(zhǎng)的內(nèi)部驅(qū)動(dòng)因素(佩爾森和維姆，2001)。 </p><p>　　物流

43、服務(wù)商已從簡(jiǎn)單的運(yùn)營(yíng)商發(fā)展成綜合性的物流服務(wù)提供者。為了保持經(jīng)濟(jì)增長(zhǎng)，可以采取各種戰(zhàn)略措施，包括組織成長(zhǎng)，并購(gòu)或與其他物流服務(wù)商建立合作。在任何情況下，財(cái)務(wù)結(jié)構(gòu)或關(guān)鍵績(jī)效指標(biāo)(kpi)都為公司提供了重要的信息，就組織成長(zhǎng)和資本而言，都適用于企業(yè)的信用評(píng)估，也可以提供關(guān)于并購(gòu)收購(gòu)目標(biāo)的一般性信息(哈基寧等，2004)，以及評(píng)估有關(guān)的合作伙伴潛在的財(cái)務(wù)狀況。 </p><p>　　值得注意的是，盡管財(cái)務(wù)信息的相關(guān)性與

44、物流服務(wù)公司有關(guān)，但是目前研究人員很少關(guān)注物流服務(wù)商的財(cái)務(wù)分析。[37]劉和里昂(2010)說(shuō)，如果物流從業(yè)者 理解物流服務(wù)商的業(yè)績(jī)和各種類(lèi)型服務(wù)之間的關(guān)系，那他們將從中受益，“制定適當(dāng)?shù)牟呗猿浞掷闷渖虡I(yè)潛力和減少投資風(fēng)險(xiǎn)”。資產(chǎn)負(fù)債表分析和關(guān)鍵績(jī)效指標(biāo)的建立，都為分析公司的財(cái)務(wù)狀況和公司的業(yè)績(jī)提供了方法。很少有研究對(duì)物流服務(wù)商的財(cái)務(wù)業(yè)績(jī)進(jìn)行分析。埃林等2003年遵循客觀的方法(如:使用財(cái)務(wù)數(shù)據(jù)的絕對(duì)值)，分析交通運(yùn)輸行業(yè)的網(wǎng)絡(luò)利用率

45、和財(cái)務(wù)業(yè)績(jī)之間的財(cái)務(wù)評(píng)估。帕拉蒂斯在2007年評(píng)估了每一個(gè)財(cái)務(wù)指標(biāo)。最后，劉和里昂于2010年專(zhuān)注于毛利率和銷(xiāo)售增長(zhǎng)的研究。相反，埃林等人則遵循一個(gè)主觀的方法，來(lái)評(píng)估財(cái)務(wù)數(shù)據(jù)(如:調(diào)查或訪(fǎng)談)。到目前為止，專(zhuān)注于物流服務(wù)商資產(chǎn)負(fù)債表的分析研究是非常有限的。因此，對(duì)于物流服務(wù)公司的財(cái)務(wù)結(jié)構(gòu)和業(yè)績(jī)的分析是很迫切的。 </p><p>　　通過(guò)資產(chǎn)負(fù)債表的分析,本文回答了以下研究問(wèn)題: </p><

46、p>　　為物流服務(wù)公司有“獨(dú)特的”資產(chǎn)負(fù)債表結(jié)構(gòu)嗎? </p><p>　　物流公司的資產(chǎn)和流動(dòng)資本依賴(lài)于他們的特定特征嗎? </p><p>　　這些財(cái)務(wù)指標(biāo)對(duì)物流服務(wù)商的盈利能力產(chǎn)生積極影響嗎? </p><p>　　問(wèn)題1可以被認(rèn)為是本文提出的主要問(wèn)題，問(wèn)題2、3則是延伸性的問(wèn)題，分析的目的，物流服務(wù)商基于服務(wù)范圍及服務(wù)性質(zhì)被分成六組，這種細(xì)分，我們依據(jù)

47、的是劉和里昂于2010年的研究，他們分析了服務(wù)提供和財(cái)務(wù)業(yè)界之間的關(guān)系。 </p><p>　　2 研究背景、方法和樣本選擇 </p><p>　　在2.1節(jié)中，主要是財(cái)務(wù)報(bào)表分析的方法論和權(quán)變理論。2.2節(jié)則詳細(xì)概述了給出了樣本選擇和附錄。 </p><p>　　2.1財(cái)務(wù)報(bào)表分析和框架 </p><p>　　財(cái)務(wù)報(bào)表分析研究了物流服務(wù)公司

48、當(dāng)前的和未來(lái)的財(cái)務(wù)、資本和收入情況。基于其他的資源，本文的分析以年度資產(chǎn)負(fù)債表和當(dāng)前數(shù)據(jù)為基礎(chǔ)(弗里德森,1991)。財(cái)務(wù)報(bào)表分析可以描述和解釋公司的財(cái)務(wù)情況和發(fā)展趨勢(shì)(伯恩斯坦,1990)。這是一個(gè)最常見(jiàn)的業(yè)務(wù)分析方法，也是本文進(jìn)行進(jìn)一步分析的基礎(chǔ)。 </p><p>　　在本文中，財(cái)務(wù)報(bào)表分析的第一步對(duì)物流服務(wù)商的相關(guān)信息進(jìn)行了深入的分析。公司特征以及財(cái)務(wù)信息來(lái)源于彭博社和道瓊斯路透商業(yè)資訊網(wǎng)絡(luò)數(shù)據(jù)庫(kù)，使用的

49、是基于FactSet的數(shù)據(jù)。布隆伯格以及FactSet公司是信息和財(cái)務(wù)數(shù)據(jù)的主要提供者。此外，公司公布的信息(特別是年度資產(chǎn)負(fù)債表)作為研究分析的一個(gè)額外的數(shù)據(jù)源。 </p><p>　　財(cái)務(wù)報(bào)表分析的重點(diǎn)是關(guān)鍵績(jī)效指標(biāo)的測(cè)定和評(píng)價(jià)，這些能夠詳細(xì)的描述公 司的情況。關(guān)鍵績(jī)效指標(biāo)可以顯示公司的優(yōu)勢(shì)、劣勢(shì)和畸變，構(gòu)成了本文分析比較和評(píng)估的基礎(chǔ)。本文中的財(cái)務(wù)報(bào)表分析，主要選擇的是資產(chǎn)、資本、流動(dòng)性和盈利能力等重點(diǎn)績(jī)效指

50、標(biāo)(霍夫等1993和吉布森1982)。 </p><p>　　2.2 樣本選擇和集群特征 </p><p>　　物流服務(wù)企業(yè)集群構(gòu)成，服務(wù)商選擇和物流服務(wù)商的分組如下: </p><p>　　第一步是物流服務(wù)提供商集群的定義。物流服務(wù)商是代表其他公司進(jìn)行物流活動(dòng)的(德夫曼等 2002)。由于物流服務(wù)企業(yè)的服務(wù)范圍不同，因此將這些企業(yè)分為六組，主要依據(jù)的是物流服務(wù)商提

51、供的服務(wù)范圍和其他相關(guān)方面因素(比如:業(yè)務(wù)關(guān)系的持續(xù)時(shí)間、集成程度等。集群企業(yè)范圍為:海運(yùn)、鐵路、公路運(yùn)輸、快遞、包裹運(yùn)輸服務(wù)物流服務(wù)商、第三方物流服務(wù)商和第四方物流服務(wù)商。 </p><p>　　物流服務(wù)公司的集群分類(lèi)依靠的是: </p><p>　　--提供服務(wù)的范圍(查利亞等 2011; 斯蒂芬森 2006)。從基本服務(wù):如運(yùn)輸和倉(cāng)儲(chǔ)(低服務(wù)范圍)到增值服務(wù)(伯格倫德等1999)以及

52、供應(yīng)鏈協(xié)調(diào)(赫克 2001)(服務(wù)范圍:廣泛)。 </p><p>　　--定制的程度。從低程度，意味著標(biāo)準(zhǔn)化產(chǎn)品，到高程度，意味著為客戶(hù)提供一體化的解決方案(斯蒂芬森，2006;斯蒂芬森等 1999)。 </p><p>　　--業(yè)務(wù)關(guān)系的集成程度和持續(xù)時(shí)間(拉森，2000;巴格奇和維路姆，1998;墨菲和珀?duì)査固?1998)。指的是物流服務(wù)商的戰(zhàn)略層面。企業(yè)海運(yùn)、鐵路、貨運(yùn)航空公司集群

53、，這意味著交通運(yùn)輸產(chǎn)品的運(yùn)營(yíng)商的集群。這些服務(wù)也被稱(chēng)為基本服務(wù)，如運(yùn)輸或倉(cāng)儲(chǔ)。 </p><p>　　3 物流服務(wù)商企業(yè)集群資產(chǎn)負(fù)債表分析 </p><p>　　在接下來(lái)的四個(gè)部分，選擇關(guān)鍵績(jī)效指標(biāo)KPI進(jìn)行討論。相關(guān)性的原因和清晰度，只討論這六類(lèi)物流服務(wù)集群企業(yè)。 </p><p>　　3.1 物流服務(wù)商的資產(chǎn)結(jié)構(gòu) </p><p>　　物

54、流服務(wù)行業(yè)以資產(chǎn)結(jié)構(gòu)為特點(diǎn)(阿弗里克和卡爾金斯，1994;穆勒，1993;查利亞等，2011)。在過(guò)去，物流服務(wù)商有自己的獨(dú)家運(yùn)輸車(chē)隊(duì)和倉(cāng)庫(kù)。可以通過(guò)公司自身的能力執(zhí)行客戶(hù)的訂單，因此，物流服務(wù)商的大型運(yùn)輸和倉(cāng)儲(chǔ)資產(chǎn)記錄都可以記載在他們的資產(chǎn)負(fù)債表上。(阿弗里克和卡爾金斯，1994)已經(jīng)質(zhì)疑資產(chǎn)所有權(quán)對(duì)物流服務(wù)、質(zhì)量、成本和風(fēng)險(xiǎn)是否仍有真正的意義。近年來(lái)，可以觀察到，物流服務(wù)商的發(fā)展不使用資產(chǎn)所有權(quán)。全球化背景下，物流服務(wù)企業(yè)不 斷追求

55、卓越和效率，以使自身的商業(yè)模式能夠適應(yīng)不斷變化的市場(chǎng)和客戶(hù)的多樣化要求。物流行業(yè)在過(guò)去的幾十年中經(jīng)歷了幾個(gè)階段，這也導(dǎo)致了一個(gè)多樣化的物流服務(wù)企業(yè)資產(chǎn)結(jié)構(gòu)背景。 </p><p>　　我們對(duì)物流服務(wù)商集群的分析，揭示了資產(chǎn)結(jié)構(gòu)之間有著明顯的差別。這一比較分析清楚地揭示了哪些運(yùn)營(yíng)商扮演著協(xié)調(diào)的角色，提供基于資產(chǎn)的服務(wù)。最明顯的區(qū)別就是可以很明顯地區(qū)分運(yùn)輸服務(wù)商集群和第四方物流服務(wù)商。然而航空運(yùn)輸公司的資產(chǎn)結(jié)構(gòu)中，非

56、流動(dòng)資產(chǎn)比例較高，第四方物流服務(wù)企業(yè)的資產(chǎn)結(jié)構(gòu)則是相反的情況。第三方物流的服務(wù)范圍和包裹運(yùn)輸服務(wù)服務(wù)企業(yè)的服務(wù)范圍，也就是說(shuō)，運(yùn)輸服務(wù)商和第四方物流服務(wù)商，他們的資產(chǎn)結(jié)構(gòu)也位于這兩個(gè)極點(diǎn)之間。與第四方物流企業(yè)不同，包裹運(yùn)輸服務(wù)企業(yè)和第三方物流服務(wù)商可以依據(jù)自己提供運(yùn)輸服務(wù)，與運(yùn)輸公司相比，他們將運(yùn)輸服務(wù)和工作外包給專(zhuān)業(yè)的物流服務(wù)商。總之，物流服務(wù)商的資產(chǎn)結(jié)構(gòu)揭示了物流服務(wù)商的可提供服務(wù)的程度，例如物理運(yùn)輸服務(wù)本身或分包給其他物流服務(wù)商。

57、投資強(qiáng)度越低，這意味著非流動(dòng)資產(chǎn)占總資產(chǎn)比率就較低。資產(chǎn)周轉(zhuǎn)率資產(chǎn)增加，則意味著流動(dòng)資產(chǎn)與非流動(dòng)資產(chǎn)的比率也增加。這表明非流動(dòng)資產(chǎn)的周轉(zhuǎn)率低于流動(dòng)資產(chǎn)周轉(zhuǎn)率。資產(chǎn)的投資強(qiáng)度也是一個(gè)靈活性指標(biāo) (投資強(qiáng)度越低，資產(chǎn)的靈活性就越大)運(yùn)輸公司，由于他們對(duì)運(yùn)輸資產(chǎn)的需要，其靈活性與非資產(chǎn)型集群相比，是比較有限的。 </p><p>　　3.2 物流服務(wù)商的資本結(jié)構(gòu) </p><p>　　資本結(jié)構(gòu)揭

58、示了資產(chǎn)融資的方式，債務(wù)或股本。(莫迪利阿尼和米勒，1958)。負(fù)債與股東權(quán)益比率是財(cái)務(wù)風(fēng)險(xiǎn)評(píng)估的主要指標(biāo)(班達(dá)里，1988)。作為債務(wù)人必須保證能夠?yàn)楣蓶|提供回報(bào)，與股票相比，債務(wù)資本是相對(duì)比較便宜的，但是風(fēng)險(xiǎn)更高，因?yàn)榱鲃?dòng)性不足可能會(huì)導(dǎo)致喪失抵押品贖回權(quán)。股票是一種給股東支付股息的更高成本形式 (諾瓦克，1995)?！皞鶆?wù)與股本的比率將會(huì)影響股本回報(bào)率，也會(huì)影響現(xiàn)金流的利息和償還債務(wù)”(克里斯托弗，2005)。</p>