Analyzing and Interpreting Financial Statements（对财务报表进行分析和解读）.pdfVIP

eas70119_mod03.qxd 2/9/05 1:32 PM Page 2 M O Analyzing and D Interpreting U L 3 Financial Statements E 3M COMPANY 3M’S RACE TO THE TAPE Jim McNerney is the Chairman and CEO of 3M. He is the first outsider to take the reins of 3M in its century- long history. McNerney joined 3M after losing a three-way race to succeed John F. Welch as chief executive of General Electric. 3M is a mini-GE in many respects. Both companies are industrial conglomerates that seek to balance slow- downs in one industry with upturns in others. Both companies also have strong traditions of discipline, qual- ity, and a focus on measuring and rewarding performance. 3M has produced several world-famous brands such as Scotch® tape and Post-it® notes. Still, 3M is primarily a nuts-and-bolts type producer. It provides duct tape, turbines, and electronic gear that keep the industrial world humming. The key to 3M’s success is its research. Over the decades, 3M scientists and engineers have developed sandpaper, magnetic audiotape, molds and glues for orthodontia, lime-yellow traffic signs, respirators, floppy disks, and Scotchgard™. To this day, 3M draws its identity from its research success. 3M devotes more than $1 billion to research each year and has 1,000 scientists and engineers around the world searching for the next breakthrough. Income has increased 35% sin