MEASURING EQUILIBRATING FORCES OF FINANCIAL RATIOS
检验短期流动性、业绩、每股收益、资本结构和毛利率等财务比率是否存在均衡值，并测量其回归均衡的速度，同时比较大小公司调整速度的差异。
SYNOPSIS AND INTRODUCTION: We test several categories of ratiosshort-term liquidity, performance measures, earnings per share (EPS), capital structure, and the gross margin ratio-to determine if they have equilibrium values or follow a random walk. For ratios with an equilibrium value, the speed at which the ratio returns to equilibrium from out-ofequilibrium conditions is measured. Since equilibrating forces may differ with firm size, we also test for differences in adjustment speeds between small and large firms. An accounting ratio may have an equilibrium value if management targets a certain ratio so that any deviation from the target causes management to initiate actions that will return the ratio to target. Also, although management may not be targeting a ratio, the interaction of management's actions with external market industry forces may lead to an equilibrium value. We investigate the total adjustment over time and then assess both the relative adjustment speed and the relative weights of the two main equilibrating forces: industry and management. The statistical technique used allows each firm to have its own, unknown equilibrium value. In addition, we remove an important sampling bias in measuring the autocorrelation coefficient. The results show that when firms experience a liquidity shock, equilibrating forces counterbalance a little more than a third of the shock in the next period. This finding suggests that firms' liquidity ratios have a fast adjustment to equilibrium values. EPS ratios also have a high adjustment rate to equilibrium value; about one-third to one-half of the shock is adjusted within one period. For performance measures (net operating income over sales or assets), for the equity to debt and gross margin ratios,