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To view this page ensure that Adobe Flash Player version 9.0.124 or greater is installed. Sample Population For this study, we defined SMEs to include “Small Cap” publicly-traded companies and small privately owned companies included in our survey. As a group, the S&P SmallCap 600 companies make up the bottom of the S&P U.S. Index series and were chosen as a good proxy for small and medium enterprises. Since this index contains only smaller firms, it represents a mere 3 percent of the value of the overall U.S. equity market. The S&P 600 Index is also market value weighted, with larger firms having a greater influence on the index’s performance than smaller firms. We supplemented the analysis of publicly traded S&P SmallCap 600 companies with in-depth interviews and surveys of small and medium privately held companies. Analysis and Indexing There are several ways to measure company growth over time. For our analysis, we used the compounded annual growth rate (CAGR) of each parametric. The formula for calculating CAGR is shown below: CAGR is not the same as actual year-over-year growth. Rather, it represents the annualized gain earned over a given time horizon and is widely used because of its dampening effect on the volatility of periodic returns that can render an arithmetic mean irrelevant. In essence, CAGR serves as a smoothing function. The results presented here are also indexed. Indexing provided a standardized presentation format for the nominal financial results of our analysis. In this study, user results were presented as indexed relative to nonuser performance, which was always set to “1”. This simplifies and normalizes the graphical results when displayed as comparisons of user performance to nonuser performance for all metrics. Assumptions In keeping with the methodology established for Part I of this series, the S&P SmallCap 600 companies were classified as either “users” or “nonusers” of business aircraft. NEXA defined a “user” as any company or its officers authorizing the use of aircraft via whole aircraft ownership, fractional aircraft ownership, charter, or any other form of ownership or operation as an aid to the conduct of its business and for the benefits of the enterprise. To qualify for this study, a company must have maintained its membership in the S&P SmallCap 600 throughout the entire 2005 through 2009 period, or grown out of the S&P SmallCap 600 to the S&P MidCap 400 or S&P 500. 中国公务机网 www.gongwuji.com 公务机翻译 www.aviation.cn 本文链接地址：BUSINESS AVIATION AN ENTERPRISE VALUE PERSPECTIVE 2005 - 2010(5) |
