METHODOLOGICAL IMPLICATIONS OF NON‐NORMALLY DISTRIBUTED FINANCIAL RATIOS
实证研究发现财务比率分布偏斜，本文解释其原因，指出此时与行业均值比较可能误导；同时说明比率作为统计模型输入时正态性不重要，但提供保持原始关系的正态变换方法，并展示回归分析在财务报表分析中的应用。
Empirical studies have shown distributions of financial ratios are skewed. An explanation for this is given and it is argued that in such circumstances comparison of a fmancial ratio with some norm (e.g. industry average) is likely to misinform. It is also shown that where financial ratios are used as inputs to statistical models normality is irrelevant but a method of transformation into a normal distribution is provided whereby original interrelationships are preserved. Finally, because of the inadequacies of financial ratios, it is shown how regression analysis may be used in financial statement analysis.