发帖
雷达卡
英文标题：
《SME investment best strategies. Outliers for assessing how to optimize
performance》
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作者：
Marcel Ausloos, Roy Cerqueti, Francesca Bartolacci, and Nicola G.
Castellano
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最新提交年份：
2018
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英文摘要：
Any research on strategies for reaching business excellence aims at revealing the appropriate course of actions any executive should consider. Thus, discussions take place on how effective a performance measurement system can be estimated, or/and validated. Can one find an adequate measure (i) on the performance result due to whatever level of investment, and (ii) on the timing of such investments? We argue that extreme value statistics provide the answer. We demonstrate that the level and timing of investments allow to be forecasting small and medium size enterprises (SME) performance, - at financial crisis times. The \"investment level\" is taken as the yearly total tangible asset (TTA). The financial/economic performance indicators defining growth are the sales or total assets variations; profitability is defined from returns on investments or returns on sales. Companies on the Italian Stock Exchange STAR Market serve as example. It is found from the distributions extreme values that outlier companies (with positive performance) are those with the lowest but growing TTA. In contrast, the SME with low TTA, but which did not increase its TTA, before the crisis, became a negative outlier. The outcome of these statistical findings should suggest strategies to SME board members.
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中文摘要：
任何关于实现卓越业务战略的研究都旨在揭示任何高管都应该考虑的适当行动路线。因此，就如何评估或/和验证绩效衡量体系进行了讨论。人们能否找到一个适当的衡量标准（i）由于任何投资水平而产生的绩效结果，以及（ii）此类投资的时间安排？我们认为极值统计提供了答案。我们证明，在金融危机时期，投资的水平和时机可以预测中小企业（SME）的绩效。“投资水平”被视为年度有形资产总额（TTA）。定义增长的财务/经济绩效指标是销售额或总资产变化；盈利能力是根据投资回报或销售回报来定义的。意大利证券交易所明星市场上的公司就是一个例子。从分布极值中可以发现，异常公司（绩效为正）是那些TTA最低但不断增长的公司。相比之下，在危机之前，TTA较低但没有增加TTA的中小企业成为负异常值。这些统计结果应为中小企业董事会成员提供战略建议。
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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