文献信息：标题: Financial statement analysis of logistics service providers: ways of enhancing performance作者: Hofmann, Erik; Lampe, Kerstin期刊名称: International Journal of Physical Distribution & Logistics Management卷: 43；期: 4；页: 321-342；年份: 2013文档ID: 1355291837文档URL:.au/login?url=/docview/1355291837?accountid=16926版权: Copyright Emerald Group Publishing Limited 2013数据库: ProQuest Central原文Financial statement analysis of logistics service providers: ways ofEnhancing performance Hofmann and LampeHofmann; LampeAbstractPurpose - Despite the relevance of financial information relating to logistics service providers (LSPs), recent research has paid little attention to the financial analysis of LSPs. The aim of this paper is to examine the balance sheet structure of LSPs in order to find out if there are differences between single providers or defined LSP groups (clusters), respectively. Furthermore, the dependency of asset, capital and liquidity structures on LSPs specific characteristics is pointed out. Finally, we show which financial indicators positively influence profitability.Design/methodology/approach - A total of 150 quoted LSPs from all over the world, allocated to six different clusters depending on scope of service were examined. Adetailed balance sheet analysis using contingency theory, complemented by a correlation analysis, provides information about the financial structure, similarities and differences within and in-between the LSP clusters.Findings - It was found that there are many differences regarding the financial structures of LSPs. The asset and liquidity structure of LSPs show significant differences, while the capital structure is mostly homogeneous. Profitability is achieved in various ways: Focusing on high net profit margin or asset turnover rates. Research limitations/implications - Only quoted LSPs are analyzed. With this broad research approach the authors point out the range of possibilities for financial statement analysis of LSPs and demonstrate the potential Practical implications - Financial analysis yields information for making strategic decisions including organic growth, outsourcing, mergers and acquisitions or cooperation between LSPs. Originality/value - This paper contributes to further performance examinations of LSPs by providing a profound financial statement analysis with potential benefits for logistics executives, analysts and researchers.Keywords: Financial performance, financial statements, Balance sheet analysis, Asset structure, Capital structure, Liquidity structure, Profitability, Cross cluster correlation, Contingency theory.1 IntroductionIn recent years, the demand for global logistics services has been increasing consistently ([28] Harrison and van Hoek, 2010). In order to compete in global markets, companies in all industry sectors strive for improved efficiency, so that logistical performance has become a substantial business challenge and key success factor ([8] Bowersox et al. , 2007; [9] Branch, 2009; [37] Liu and Lyons, 2010). To meet this challenge, companies whose core-competencies do not include logistics activities tend to outsource these functions to logistics service providers (LSPs) ([34] Lieb and Bentz, 2005a). Due to this development and to fulfill customer requirements, LSPs have broadened their scope of services, also in order to meet intensified competition.Besides the range of services, the financial performance of LSPs is an important criterion for outsourcing decisions ([23] Gotzamani et al. , 2010). However, the trend towards outsourcing is not the sole reason for the growth of the LSP market.Globalization, the increased importance of knowledge-based consulting services, as well as the trend towards "one-stop-shopping" are among the external influence factors ([53] Semeijn and Vellenga, 1995), while amongst others, "economies of scale" and "economies of scope" are internal drivers of LSPs growth ([49] Persson and Virum, 2001).LSPs have developed from simple carriers (1PL LSP) to comprehensive providers of various logistics services (2/3PL LSPs) ([54] Sheffi, 1990). In order to maintain growth, various strategic directions can be pursued, including organic growth, mergers &acquisitions (M&A's) or establishing cooperation with other LSPs. In any case, the financial structure or key performance indicators (KPIs) constitute important company information: this applies to credit assessment regarding organic-growth and capital procurement, general information about the takeover target regarding M&A's ([26] Häkkinen et al., 2004), and assessing the financial situation of a potential partner regarding cooperation.It is remarkable that, despite the relevance of financial information relating to LSPs, researchers have so far paid little attention to the financial analysis of LSPs. As [37] Liu and Lyons (2010, p. 547) stated, practitioners would benefit from understanding the correlation between the performance of LSPs and the various types of service provision, "to formulate appropriate strategies for leveraging their full business potential and mitigating investment risks". Balance sheet analysis and the interpretation of KPIs are established methods for analyzing the financial situation and therewith performance of a company (Lapide, 2000). The financial performance of LSPs has only been analyzed in few studies. [19] Ellinger et al. (2003) followed an objective approach (using absolute values, e.g. from financial databases), analyzing eight financial to evaluate the association between internet utilization and financial performance within the transportation industry. [46] Panayides (2007) as well as [47] Panayides and So (2005) evaluated each one financial item (market share). Finally, [37] Liu and Lyons (2010), focused on gross profit margin and sales growth. Contrary to [19] Ellinger et al. (2003), these authors follow a subjective approach, referring to estimations from primary data (e.g. surveys or interviews). Up to the present, research focusing on the balance sheet analysis of LSPs is very limited. Hence, that there is a clear need to analyze the financial structure and performance of LSPs.By means of balance sheet analysis, this paper poses to answer the following researchquestions:RQ1. Is there a "unique" balance sheet structure for LSPs?RQ2.Are the asset-, capital- and liquidity-structures of LSPs dependent on their specific characteristics?RQ3. Which financial indicators positively influence profitability of LSPs?RQ1 can be considered as the main question raised in this paper, and RQ2 and RQ3 the sub-questions. For the purposes of analysis, LSPs are clustered into six groups, depending on the scope and nature of services offered. With this segmentation, we rely on the work of [37] Liu and Lyons (2010), who analyze the relationship between service provision and financial performance.2 Background, methodology and sample selectionIn Section 2.1, the methodology of financial statement analysis and integration of contingency theory are described. A detailed overview of sample selection is given in Section 2.2 and the Appendix.2.1 Financial statement analysis and contingency frameworkThe financial statement analysis investigates the current and future financial, capital and income situation of companies. Amongst other sources, the analysis is based on information from the annual balance sheet and considers historical and present data and information ([20] Fridson, 1991). The financial statement analysis enables the depiction and interpretation of financial situations and developments ([6] Bernstein, 1990). It is one of the most common business analysis methods and the basis for further analysis in this paper.The first step in the financial statement analysis presented in this paper is the collection of relevant information about the LSPs to be analyzed. Firm-specific and financial information from Bloomberg and Factiva web database, which is based on FactSet data, were used. Bloomberg as well as FactSet are providers of company information and financial data. Furthermore, information publicized by the analyzed companies (especially the annual balance sheets) serves as an additional data source. The focus of financial statement analysis is the determination and evaluation of KPIs, which enables a detailed overview of a company. KPIs illustrate the strengths, weaknesses and aberrations which form the basis for comparisons and valuations ([48]Penman, 2001). For the financial statement analysis in this paper, asset, capital, liquidity and profitability KPIs have been chosen, referring to [24] Granhof et al. (1993) and [22] Gibson (1982).2.2 Sample selection and cluster characterizationCluster formation, LSP selection (peer group) and the allocation of LSPs to cluster groups were conducted as follows.The first step was the definition of LSP clusters. LSPs are any companies which perform logistics activities on behalf of others ([16] Delfmann et al. , 2002). Due to the broadness of the term LSP, six clusters are formed with regard to scope of services offered by the LSPs and related aspects (e.g. duration of business relationship, degree of integration (Figure 2 [Figure omitted. See Article Image.]). The clusters are: sea freight, railway, trucking, courier-, express-, parcel- service (CEP) LSPs, third-party (3PL) LSPs and fourth-party (4PL) LSPs.The selected LSP clusters depend on:- The scope of services provided ([68] Zacharia et al. , 2011; [61] Stefansson, 2006), from basic services like transportation and warehousing (scope of service: low) to value-added services ([5] Berglund et al. , 1999) as well as supply chain coordination ([64] van Hoek and Chong, 2001) (scope of service: broad).- The degree of customization, from low, meaning standardized products, to high, meaning customer specific solutions ([61] Stefansson, 2006; [5] Berglund et al., 1999).- The degree of integration and duration of business relationship ([57] Skjoett-Larsen, 2000; [2] Bagchi and Virum, 1998; [43] Murphy and Poist, 1998), referring to the strategic dimension of LSPs.Companies in the clusters sea freight, railway and trucking are carriers, meaning transport operators that haul products ([54] Sheffi, 1990; [56] Sink et al., 1996). These services are also referred to as basic services, like transportation or warehousing.3 Balance sheet analysis of LSP clustersIn the following four sections, selected KPIs are discussed. For reasons of relevance and to enhance the clarity, only the six LSP clusters are discussed (not Top and Flopor the Big and Small 20 clusters that are also listed in Table III).3.1 Asset structure of LSPsThe industry sector of LSPs is characterized by an asset structure ([1] Africk and Calkins, 1994; [41] Muller, 1993; [68] Zacharia et al. , 2011). In the past, LSPs had their own exclusive transportation fleet and warehouses ([54] Sheffi, 1990). Orders were executed by means of the company's own capacities, so that LSPs recorded large transportation and warehousing assets in their balance sheets. [1] Africk and Calkins (1994) had already questioned whether asset ownership still had any real meaning for logistics services, their quality, costs and risk. In recent years, the development of LSPs operating without the use of their own assets could be observed. Globalization, the pursuit of excellence and efficiency constraints led LSPs to adapt their business model to the market and customer demands. The logistics industry has experienced several phases of diversification over the past decades, which also led to a diversified asset structure context in logistics ([11] Cheng and Tsai, 2009).Our analysis of selected LSP clusters reveals a clear difference between asset structures. The comparison clearly indicates which operators fulfill the role of coordination and which provide asset-based services. The most noticeable difference is clearly identifiable between the clusters of carriers and 4PL LSPs. While the asset structure of carriers consists of a high proportion of non-current assets, the asset structure of 4PL LSPs demonstrates the converse. Due to the service scope of 3PL and CEP LSPs, that is, between carriers and 4PL LSPs, their asset structure is also located between these two poles. Unlike 4PL LSPs, CEP LSPs and 3PL LSPs offer physical transportation on their own and, compared to carriers, they outsource services and work in partnerships with other LSPs. To sum up, the asset structure of LSPs indicates the extent to which LSPs accomplish, for example physical transportation services themselves or subcontract to other LSPs. The higher the degree of customization and integration as well as scope of services and average duration of business relationships (Figure 2 [Figure omitted. See Article Image.]), the lower the intensity of investment, meaning the non-current assets to total assets ratio, and the asset intensity 1 (non-current assets to current assets ratio) (Table III [Figure omitted. See Article Image.]). The asset turnover rate increases with increasing asset intensity 2 (current assets to non-current assets ratio). This indicates that non-current assets generate less turnover than current assets. The intensity of investment is also anindicator of asset flexibility (the lower the intensity of investment, the greater the asset flexibility): carriers have, due to their need for transportation assets, limited flexibility in comparison with the non-asset-based clusters.3.2 Capital structure of LSPsThe capital structure reveals how assets are financed, by debt or equity ([39] Modigliani and Miller, 1958). The debt-to-equity ratio is the major indicator for financial risk assessment ([7] Bhandari, 1988). As debtors have to guarantee payback, debt capital is relatively cheap compared to equity, but associated with higher risk, because illiquidity may lead to foreclosure. Higher costs of equity can be ascribed to payments to stockholders in the form of dividends ([59] Speh and Novack, 1995). "The ratio of debt to equity will influence the return on equity (ROE) and will also have implications for cash flow in terms of interest payments and debt repayment" ([12] Christopher, 2005, p. 87).译文物流服务公司财务报表的分析:提高业绩的方式霍夫曼；兰普摘要研究目的：尽管财务信息的相关性与物流服务公司有关，最近的研究很少关注物流公司的财务分析。