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18


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46
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18.1
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Nodett
Somdett

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Somdett

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(3)
(4)
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3 4 . EBIT/
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18.8- Growth
Industries, Inc (GI) 191, 192 193
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GI 193 0.303
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GI-
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18.8 Growth Industries- , 191-193 ( $)
190

191

192

193

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$120,000

$144,000

55,000

66,000

79,200

15,000

18,000

21,600

15,000

18,000

21,600

30,000
10,500
19,500
7,800
11,700

36,000
19,095
16,905
6,762
10,143

43,200
34,391
8,809
3,524
5,285

$50,000

60,000

72,000

86,400

25,000
75,000

30,000
90,000

36,000
108,000

43,200
129,600

150,000

180,000

216,000

259,200

$300,000
$30,000
45,000

$360,000
$36,000
87,300

$432,000
$43,200
141,957

$518,400
$51,840
214,432

75,000

75,000

75,000

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( 40%)

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(197 8%-
)

$150,000 $198,300 $260,157 $341,272




$150,000 $161,700 $171,843 $177,128
(1 )


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.


( ).
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191 GI- ( ) 40
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7.09% ROE 39
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1981 1985
11.3%-
.
7

Micheal Clayman In Search of Excellence: The Investors Viewpoint


, 5-6 1987 .

: 3: 193 GI ROE, P/E P/B


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?
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P/E= 8
P/B=0.69
GI-
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18.5
Growth Industries Inc
193 Growth Industries Inc
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20%
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.

GI-
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18.10- GI
.
, .
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193 Growth Industries Inc
.
ROE 191 7.51% 193 3.03%
. GI- 193 ROE- 193
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/

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.
ROA- GI2- ROE

. GI- 191 2.117
193 2.723
0.650- 0.204 , 1.376- 0.556
.
18.10 Growth Industries Inc

19X1
19X2
19X3

(1)

(2)

ROE

/EBIT

7.51%
6.08
3.03
8.64%

.6
.6
.6
.6

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.470
.204
.800

(3)
EBIT/

(ROS)

(4)
/

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30
30
30%

.303
.303
.303
.400

18.10 ()
(5)

19X1
19X2
19X3

ROE

(6)

(2)X(5)

7.51%
6.08
3.03
8.64%

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2.375
2.723
1.500

1.376
1.116
0.556
1.200

(7)
ROA
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P/B

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9.09
9.09
12.00%

8
6
4
8

0.58
0.35
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GI- 20%- ,

.
ROA .
.
193 , ,
20% ROA- 9.09% . (

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$ 141,957,000.)
18.11- GI-
. 18.8-
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191 $12,700,000 193 $6,725,000
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.
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18.11 Growth industries- ( $-)
191

192

193

$ 11,700
15,000
(5,000)
(15,000)
6,000
$ 12,700

$ 10,143
18,000
(6,000)
(18,000)
7,200
$ 11,343

$ 5,285
21,600
(7,200)
(21,600)
8,640
$ 6,725

$(54,000)

$(64,800)

$
0
$ 54,657
$ 12,000

$
0
$ 72,475
$ 14.400



+
+ ()
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***

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0
$ 42,300
$ 10.000

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***

. Plowback
1.0 .

.

4: IBX 1995 1992


. ()


EBIT

1995

1992

$ 253.7
411.9
517.6
4,857.9
6,679.3
2,233.3

$ 239.0
375.6
403.1
3,459.7
4,537.0
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18.6

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.

.

First Boston

1987


10-
First Boston-

.

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$3.12 1986
40%- ,
1984 .
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First Boston-
59 . ?

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Standard & Poor-
First
Boston- Park Avenue

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.

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. S & P-
Dan Mayper S & P




.

.

.
, S & P
:
,, ,

1987 .

,
S & PS&P

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1986
Alcoa
$2.52
$4.14
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0.16

First Boston
3.12
0.59
, S & P
Merrill Lynch
3.58
1.52
$24.26
Union Carbide 1.76
2.17
.
Marc
: S & P , Gerstein

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. S & P


: Business Week .

1988. McGraw-Hill, Inc.1988 4
11 .
,
.


.


.
GAAP

.
,
.


.

: LIFO (
) FIFO ( ).
.
Generic Product Inc (GPI) 1
.
1.
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,
.
FIFO
.
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10 .
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$1.1 . LIFO
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( )

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.

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,
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//
( )
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FIFO .
FIFO

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$0.1 .

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capital consumption allowance (CCA
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.
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10%- . $1
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, $0.4

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$0.6
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.

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.
5: ABC XYZ
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, ?

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Daimler-Benz AG (Mercedes Benz- ) 1993
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- .

1993
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.
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Lawrence S. Speidell Vinod Bavishi GAAP :
, , 1112 , 1992, 58-66
9
W.C. Norby
, 3-4 , 1983
8


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1976 10:

.
-
.

:

.
.

.:
10

Money Masters (New York: Harper & Row, 1987)- John Train

,



.
30
20% .1950-

. 1973-1974
. 1976 100 S & P
- 10%
.
.
// .
2 : Standard &
Poors Value Line

.

1.
.


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2. ROE
. ROE .
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3. ROE
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4. /
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6. ROE
ROE
. ROE
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.

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8. .
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FIFO

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,
:
Cottle, S.: R.Murray; and F. Block, Graham Dodd- .
-, McGraw Hill8 1988

1. Crusty Pie Co.,


,
ROA . ?
2. ABC ROA
.

?
3. ROA ROE .
?
( 4 19 CFA )
4.

? *
a.

b.

c.

d.
5. : *
a. X
b. X X
/
c. + +


d. +

i.
ii.
iii. b
iv. b d
6. Seattle 1991
( 18
18B). **
*

1988 CFA-

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. Copyright 1988. The Institute of Chartered Financial Analysis Charlottesvillem
VA All right reserved.
1987 CFA-
. Copyright 1988. The Institute of Chartered Financial Analysis Charlottesvillem
VA All right reserved.

**

18A Seattle . .
12 31 ( )












, $10- , 4
3 2,680,000
, 8%, $25-
, 1 600,000





a)
b)
c)
d)

1990

1991

6.2

6.6

20.8

15.0

77.0
251.2
1.4
356.6
181.4
6.2
$ 544.2

93.2
286.0
1.8
402.6
215.6
9.8
$ 628.0

$ 143.2
13.0
12.0
18.8
10.8
$ 197.8
86.4
140.8
$ 425.0

$ 161.0
14.4
16.6
22.6
9.8
$ 224.4
107.0
165.8
$ 497.2

26.8

30.0

15.0

15.0

26.4
51.0
119.2
$ 544.2

27.0
58.8
130.8
$ 628.0

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e)
f)
18

Seattle manufacturing Corp. ,


12 31 ( $-)
1990

$ 1,166.6
12.8
1,179.4
$ 912.0
43.6
118.4
16.2
1,090.2
$
89.2
19.2
$
70.0

1991
$ 1,207.6
15.6
1,223.2
$ 961.2
48.6
128.8
19.8
1,158.4
$
64.8
10.4
$
54.4

7. Chicago Refrigerator Inc 1991


( 18 18D). *
a.
b.
c.
d.
e.
f.
g.
h.
8. Atlas 1991
( 18 18F). **
a.
b.
c.
d. ()
e.
*
**

1988 CFA-
. Copyright 1988. The Institute of Chartered Financial Analysis Charlottesvillem
VA All right reserved.
1987 CFA-
. Copyright 1988. The Institute of Chartered Financial Analysis Charlottesvillem
VA All right reserved.

9. Philips Morris
.
Marlboro, Benson & Hedges, Kraft, Kool-Aid, Jell-O, Miller, Maxwell
House .

www.zaluu.com
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,
.
Philips Morris
.

18C Chicago Refrigerator Inc- , 12 31-
( $)
1990

1991













1$- 1
550.000 829.000
25 $- , 10% 25.000
. 20.000
18.000



683
1,490
1,415
15
3,603

325
3,599
2,423
13
6,360

1,066

1,541

123
$ 4,792

157
$ 8,058

$ -38
485
588
576
34
1,721
122
81
$ 1,924

550

500
450
1,368
$ 2,868
$ 4,792

875
116
933
472
586
963
3,945
179
131
$ 4,255

829

450
575
1,949
$ 3,803
$ 8,058

Philips Morris
.
- .

www.zaluu.com
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- Philip Morris

.

, .
18D Chicago Refrigerator Inc. . 12
31 ( $-)

1990
$ 7,570
261
7,831
$ 4,850
1,531
22
6,403
$ 1,428
28
$
800

1991
$ 12,065
345
12,410
$ 8,048
2,025
78
10,151
$ 2,259
994
$ 1,265

Philip Morris
(
.)


. ,
.
.
Philip Morris LIFO
.
Goodwill 40
. 1991 1
FAS106 (
)
. 1991
1.854 $ . 18. G
.
a. Du Pont Philip Morris- 1981, 1991

.
.
b. - 1981 1991
ROE .

c. 1981 Philip Morris-
(ROE x b) . 1981-1991

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20.4%. 19811991
?
18E Philip Morris 12 31-
(
)
1990

1991

3.1
2.9

3.3
--

38.5
125.6
.7
$ 170.8

46.6
143.0
.9
$ 193.8

$ 90.7
3.1
$ 264.6

$ 107.8
4.9
$ 306.5

$ 71.6
6.5
6.0
9.4
5.4
$ 98.9
$ 43.2
70.4
$ 212.5

$ 81.7
6.0
8.3
11.3
4.9
$ 112.2
$ 53.5
82.9
$ 248.6

13.4
13.2
25.5
52.1
$ 264.6

15.0
13.5
29.4
57.9
$ 306.5












10$- 2
1340.000 1500.000

10. FIFO- LIFO- .


: *
a.
b.
c.

www.zaluu.com
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d.
18F
Atlas , 12
31 ( $ -)
1990

$ 583.3
6.4
589.7
456.0
21.8
59.2
8.1
545.1
44.6
9.6
$ 35.0

1991
$ 603.8
2.8
606.6
475.6
24.3
64.4
9.9
574.2
32.4
5.2
$ 27.2

11. FIFO LIFO


?
a.
b.
c.
d.
12. 10 .

: *
a. 10
b. 10
.
c.
d. 8

13.


? *
a.
b.
c.

18G Philip Morris-
. 12 31- (
$-)

www.zaluu.com
www.zaluu.com









Philip Morris:
()

S&P 500 :


1990

1981

$ 56,458
25,612
8,394
$ 22,452
13,830
$ 8,622
1,651
$ 6,971
3,044
$ 3,927
$ 4.24
$ 1.91

$ 10,866
5,253
2,580
$ 3,053
1,741
$ 1,312
232
$ 1,080
420
$
660
$ 0.66
$ 0.25

$ 12,594
9,946
18,624
6,220
$ 47,384
$ 11,824
14,213
1,803
7,032
12,512
$ 47,384

$ 3,733
3,583
634
1,230
$ 9,180
$ 1,936
3,499
455
56
3,234
$ 9,180

920
$ 80.250

1.003
$ 6.125

417.09
16.29
161.08

122.55
15.36
109.43

14. LIFO- FIFO-


__________________________

______________________ .
a. ,
b. ,
c. ,
d. ,
15. FASB 95-
________________________
: *
a.

www.zaluu.com
www.zaluu.com
b.

c.

d.
18H
1992

1995

$ 542
38
3
3
32
13
19
$ 41
245
123
16
159

$ 979
76
9
0
67
37
30
$ 70
291
157
0
220

16.
__________________ .
a.

b.

c.
d.
17.
? ( )

.
b.
c.
d.

18. Du Pont
.


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www.zaluu.com


18 H
a. 1992 1995
.
ROE- 1992 1995
b. 1992 1995 ROE-

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