[雙語翻譯]外文翻譯--影響公司盈利能力的因素（節(jié)選）

1、中文 中文 3050 字， 字，2000 英文單詞， 英文單詞，1.1 萬英文字符 萬英文字符文獻出處： 文獻出處：Burja C. FACTORS INFLUENCING THE COMPANIES'PROFITABILITY[J]. Annales Universitatis Apulensis: Series Oeconomica, 2011, 13(2): 215-219.FACTORS INFLUENCING THE

2、 COMPANIES’ PROFITABILITYCamelia BurjaABSTRACT: The information about company performance, especially about its profitability, is useful in substantiating managerial decisions regarding potential changes in the economic

3、 resources that the company will be able to control in the future. This objective aims achieving superior economic results that will increase the company’s competitiveness and will satisfy the shareholders’ interests.

4、 The paper presents some company performance analysis models, which highlight the influencing factors. The models are based on regression analysis, and the obtained results emphasize the strong connection between the p

5、rofitability of the analyzed company expresses through Return on assets and the management of available resources.Key words: financial statements, regression analysis, performance, resource management JEL codes: D24, M

6、48Introduction At microeconomic level, performance is the direct result of managing various economic resources and of their efficient use within operational, investment and financing activities. To optimize economic res

7、ults, a special attention should be given to the proper grounding of managerial decisions. These should be based on complex information regarding the evolution of all types of activities within the company. A synthetic

8、 picture of the company’s financial position and its performance is found in the annual financial statements, which therefore become the main information sources that allow the qualitative analysis of how resources are

9、 used during the process of creating value.In order one company to run on a long-term performance way, it is needed to develop, implementation and maintaining the strategies, measures and coherent policies from economic

10、 and financial point of view, resulted from a good knowing of internal and external specific conditions in which the firm acts. The qualities of managerial options depend by the ability of identifying those elements t

11、hat productively used could lead to increasing of the results and performance.The research objective of this paper is to investigate how economic performance is achieved by companies in the industry. To reach this goal,

12、 we believed that the most appropriate indicators that express the aspects related to economic development and performance growth of companies should be chosen among the relative profitability indicators.The empirical

13、study of the correlations between different impact factors and profitability has been conducted by using the information taken from the annual financial reports of a company in the Romanian chemical industry for the per

14、iod 1999-2009 and by using appropriate statistical techniques.Starting from the economic content of rate of return and the information provided by various financial indicators computed on the basis of financial statemen

15、ts, the regression analysis helped identify an econometric model of economic performance assessment expressed as Return on total assets. This reflects a combination of elements that explain and influence the evolution

16、of companies’ return, such as: the financial result, the advantageous use of the financing structure, the size of the technical and productive infrastructure, the efficiency of current assets, etc.financial indicators

17、we have selected the most representative ones that exert a very strong impact on the firms’ performance.In order to specify the analysis model, we used as exogenous variable a series of indicators of financial analysis

18、computed mainly as rates of the balance sheet, such as Fixed Assets Ratio, Sales to Current Assets Ration, Sales to equity Ratio, Debt Ratio, Gross Margin Return on Inventory, Expenses Revenue Ratio and structure of fi

19、nancing sources (Financial Leverage Ratio).For the evaluation of profitability, Return on total assets (ROA) was used as a dependent variable. It is considered that it includes all the influences of the assets’ manageme

20、nt and it is acknowledged as a key indicator of increasing company performance; it also defines their economic growth potential (Helfert, 2002).1. The influence factors of economic performance – variables The Return on

21、 Assets (ROA) indicator expresses the company’s ability to generate profit as a consequence of the productive use of resources and of the efficient management, and it’s used as a dependent variable in the assessment of

22、economic performance. It is computed as a ratio between Net Income and Total Assets (Burja, 2010).In following it is presented the economic significance and the calculus way for the selected variables in order to study

23、their impact on the industrial companies’ performance.Fixed Assets Ratio (FAR) expresses the share of the assets that the company disposes of permanently for its activities and indicates the level of capital investment i

24、n the technical and productive infrastructure. A high level of this indicator means an active investment policy, but its growth over a certain level (50%) may lead to an efficient use of the working capital and it limi

25、ts the ability to expand current activities.Fixed Assets Ratio ? Fixed assetsTotal assets(1)Debt Ratio (DAR) shows the extent to which the total assets of the company are funded by loans. A growth in dynamic ensures an

26、increase in the amount of the business’s financing sources, but also leads to less autonomy and financial solvency. For this reason, it’s necessary to rationally and efficiently use this financing method.Debt Ratio ? T

27、otal Debt Total assets (2)A good view of the modality of business financing is provided by the indicator Financial Leverage Ratio (FLR). It can be expressed as a ratio between debts and own capitals. Achieving a optimum

28、 rapport of financing structure can ensure company’s investors by the perspective of a future development and implicitly, of the increasing of equities (Ryan, 2008).Financial Leverage Ratio ? Total DebtTotal shareholder

29、 equity (3)Sales to Current Assets Ratio (SCAR) is expressed as a ratio between Net sales and Total current assets and shows the incomings of the company from the management of current assets. A high level of this indic