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BUSINESS AVIATION – AN ENTERPRISE VALUE PERSPECTIVE 2003 – 2009(21)

时间:2011-12-13 09:13来源:蓝天飞行翻译 作者:公务机

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Using this subset of companies, we compiled financial performance and share price information for the period 2003-2007, eliminating from consideration those companies for which complete period data were not available. This was done to make sure that the comparisons were consistent over time in terms of the number of firms included in each year’s metrics. As a result, our first peer group analysis is based on a review of 423 firms from within the S&P 500.
Previous studies looked at basic financial metrics such as sales, market value and profit, measures that directly relate to a company’s financial performance. Comparisons of these metrics between users and nonusers have typically revealed a wide disparity of performance that favored the users. Therefore, the studies concluded that users perform significantly “better” than nonusers.


Figure 5: BUSINESS AVIATION USERS VS. NONUSERS BY INDUSTRY SECTOR WITHIN THE S&P 500 (2003-2007)
RAW VS. WEIGHTED PERFORMANCE
The above conclusions tell only part of the story. Among the S&P 500, aircraft users tend to be significantly larger companies than nonusers, whether measured by market value or by sales. Our analysis differs significantly from previous studies in that it views the results both with and without the effect of firm size. To analyze the effect of company size, we looked at the change in a per-formance measure over time and calculated the average across all companies in each group. In other cases, such as asset efficiency (sales divided by average assets), return on assets, and return on equity, we calculated ratios that also eliminated the size effect. The resulting averages and ra-tios calculated across the user and nonuser groups were characterized by each company having “equal” weight.
In addition to the raw analysis, we also applied a weighting factor to recognize the challenge of sustaining rapid growth as a company scales business operations. Our approach utilized market capitalization as a weight factor, defined by 2003 calendar year end stock price across all common shares outstanding.
 
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