财务比率的行业特征:差异性及收敛性——基于中国上市公司的非参数检验

本文采用非参数方法对中国上市公司财务比率在行业间的差异性和行业内的收敛性进行了检验。结果表明，中国上市公司的财务比率存在显著的行业差异，总负债率、总资产周转率和存货周转率的行业差异相当稳定，而流动比率、净资产收益率和净利润率的行业差异不具有稳定性。我们所考察的六种财务比率都显著地向行业均值收敛，但调整成本和行业特性的差异导致了不同的财务比率具有不同的收敛速度。

The Difference and Convergence of Financial Ratios:A Non-Parametric Test for Chinese Listed Firms

This paper analyzes the difference between industries and convergence within industry of financial ratios for listed firms in China based on a non-parametric approach. The result shows that, there is a statistically significant difference between mean industry financial ratios. The differences between mean industry for three ratios which are total leverage, total asset turnover and inventory turnover are rather stable, while those for other three ratios which are current ratio, return on net asset and net profit margin ratio, are unstable. All of the six ratios are statistically significant converge to the mean of industry, but the speeds of convergence are different from each other for the existence of adjustment cost.