企業(yè)盈利能力分析

1、1第四章第四章 企業(yè)盈利能力分析企業(yè)盈利能力分析2第一節(jié)第一節(jié) 報(bào)告收益與經(jīng)濟(jì)收益報(bào)告收益與經(jīng)濟(jì)收益3一、收益的性質(zhì)一、收益的性質(zhì) 1收益概念的發(fā)展收益概念的發(fā)展 n在歷史上，人們?cè)?jīng)并不獨(dú)立地計(jì)算收益，而在歷史上，人們?cè)?jīng)并不獨(dú)立地計(jì)算收益，而是通過(guò)是通過(guò)資產(chǎn)的盤點(diǎn)資產(chǎn)的盤點(diǎn)來(lái)進(jìn)行，因而收益通常是指來(lái)進(jìn)行，因而收益通常是指資產(chǎn)的增加額。資產(chǎn)的增加額。n郭道揚(yáng)提出，在我國(guó)西漢以前，人們對(duì)盈利的郭道揚(yáng)提出，在我國(guó)西漢以前，人們對(duì)盈利的認(rèn)識(shí)，處于自然盈利階段。所謂自然盈利，就認(rèn)識(shí)，處于自然盈利階段。所謂自然盈利，就是籠統(tǒng)地認(rèn)為以是籠統(tǒng)地認(rèn)為以收抵支收抵支，多余部分即為盈利的，多余部分即為盈利的一種

2、觀念。一種觀念。4一、一、收益的性質(zhì)收益的性質(zhì) （續(xù)）（續(xù)）n中世紀(jì)的意大利海上貿(mào)易，產(chǎn)生了劃分確收中世紀(jì)的意大利海上貿(mào)易，產(chǎn)生了劃分確收益和資本界限的要求益和資本界限的要求 n合伙企業(yè)的發(fā)展合伙企業(yè)的發(fā)展 n會(huì)計(jì)期間概念的提出會(huì)計(jì)期間概念的提出 n股份有限公司的發(fā)展對(duì)持續(xù)經(jīng)營(yíng)、資本保全、股份有限公司的發(fā)展對(duì)持續(xù)經(jīng)營(yíng)、資本保全、配比原則的應(yīng)用有重要的促進(jìn)作用配比原則的應(yīng)用有重要的促進(jìn)作用 5一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)）n隨著經(jīng)濟(jì)的發(fā)展，對(duì)隨著經(jīng)濟(jì)的發(fā)展，對(duì)收益的確認(rèn)收益的確認(rèn)產(chǎn)生了不同的產(chǎn)生了不同的認(rèn)識(shí)。認(rèn)識(shí)。n一種觀點(diǎn)認(rèn)為，收益確認(rèn)是一種觀點(diǎn)認(rèn)為，收益確認(rèn)是資產(chǎn)計(jì)價(jià)資產(chǎn)計(jì)價(jià)問(wèn)題

3、，是問(wèn)題，是通過(guò)定期的資產(chǎn)計(jì)價(jià)，將一定一時(shí)期通過(guò)定期的資產(chǎn)計(jì)價(jià)，將一定一時(shí)期凈資產(chǎn)凈資產(chǎn)增增值作為企業(yè)的收益。這種觀點(diǎn)被稱為值作為企業(yè)的收益。這種觀點(diǎn)被稱為資產(chǎn)計(jì)價(jià)資產(chǎn)計(jì)價(jià)觀觀。n另一種觀點(diǎn)認(rèn)為，收益是在持續(xù)經(jīng)營(yíng)前提下收另一種觀點(diǎn)認(rèn)為，收益是在持續(xù)經(jīng)營(yíng)前提下收入與各種費(fèi)用合理配比的結(jié)果。這種觀點(diǎn)被成入與各種費(fèi)用合理配比的結(jié)果。這種觀點(diǎn)被成為收入與費(fèi)用的為收入與費(fèi)用的配比觀配比觀。6一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)） n2現(xiàn)代會(huì)計(jì)定義的收益現(xiàn)代會(huì)計(jì)定義的收益 n在傳統(tǒng)會(huì)計(jì)中，收益通常指企業(yè)在一個(gè)會(huì)計(jì)期間在傳統(tǒng)會(huì)計(jì)中，收益通常指企業(yè)在一個(gè)會(huì)計(jì)期間所獲得的所獲得的凈收益凈收益（net inc

4、ome），即一個(gè)會(huì)計(jì)），即一個(gè)會(huì)計(jì)期間企業(yè)的全部收入和收益超過(guò)全部費(fèi)用和損失期間企業(yè)的全部收入和收益超過(guò)全部費(fèi)用和損失的余額的余額 n我國(guó)我國(guó)企業(yè)財(cái)務(wù)會(huì)計(jì)報(bào)告條例企業(yè)財(cái)務(wù)會(huì)計(jì)報(bào)告條例第十條第三款規(guī)第十條第三款規(guī)定，定，“利潤(rùn)，是指企業(yè)在一定會(huì)計(jì)期間的經(jīng)營(yíng)成利潤(rùn)，是指企業(yè)在一定會(huì)計(jì)期間的經(jīng)營(yíng)成果，包括營(yíng)業(yè)利潤(rùn)、利潤(rùn)總額和凈利潤(rùn)。果，包括營(yíng)業(yè)利潤(rùn)、利潤(rùn)總額和凈利潤(rùn)?！?7一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)）3. 收益的性質(zhì)收益的性質(zhì)n收益收益和和資本資本兩個(gè)截然不同的概念。兩個(gè)截然不同的概念。n從經(jīng)濟(jì)理論上講，資本是指某一個(gè)時(shí)點(diǎn)的財(cái)富從經(jīng)濟(jì)理論上講，資本是指某一個(gè)時(shí)點(diǎn)的財(cái)富存量存量，收益則是

5、指某一個(gè)時(shí)期的財(cái)富，收益則是指某一個(gè)時(shí)期的財(cái)富流量流量。n作為財(cái)務(wù)存量的資本，必須長(zhǎng)久地作為財(cái)務(wù)存量的資本，必須長(zhǎng)久地保持或維護(hù)保持或維護(hù)，n而作為流量的收益，則而作為流量的收益，則可以分配可以分配給投資人和債給投資人和債權(quán)人。權(quán)人。8一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)）n財(cái)務(wù)報(bào)告的主要作用是計(jì)量和報(bào)告本期企業(yè)所財(cái)務(wù)報(bào)告的主要作用是計(jì)量和報(bào)告本期企業(yè)所獲得的收益和資本變動(dòng)，因而獲得的收益和資本變動(dòng)，因而區(qū)分收益和資本區(qū)分收益和資本變動(dòng)變動(dòng)是非常重要的。是非常重要的。n凡是不減損財(cái)富存量和未來(lái)財(cái)富流量的現(xiàn)金流凡是不減損財(cái)富存量和未來(lái)財(cái)富流量的現(xiàn)金流量是量是資本的收益資本的收益（return

6、 on capital）；）；n如果減少了財(cái)富存量和未來(lái)財(cái)富流量的現(xiàn)金流如果減少了財(cái)富存量和未來(lái)財(cái)富流量的現(xiàn)金流量則是量則是資本的回收資本的回收（return of capital）。）。 9一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)）4收益的作用收益的作用 n企業(yè)收益是衡量企業(yè)企業(yè)收益是衡量企業(yè)經(jīng)營(yíng)管理水平經(jīng)營(yíng)管理水平的一個(gè)重要標(biāo)的一個(gè)重要標(biāo)志。志。n企業(yè)收益大小對(duì)于企業(yè)收益大小對(duì)于股東股東投資決策具有重要影響。投資決策具有重要影響。企業(yè)收益是企業(yè)收益是分配股利分配股利的一項(xiàng)依據(jù)，也是分配股利的一項(xiàng)依據(jù)，也是分配股利的最大限度的最大限度n企業(yè)收益是企業(yè)收益是政府政府征稅和再分配財(cái)富的對(duì)象征稅和

7、再分配財(cái)富的對(duì)象n企業(yè)收益是政府機(jī)構(gòu)調(diào)查企業(yè)產(chǎn)品或某一個(gè)行業(yè)企業(yè)收益是政府機(jī)構(gòu)調(diào)查企業(yè)產(chǎn)品或某一個(gè)行業(yè)的收益水平或勞務(wù)價(jià)格水平是否合理的一種重要的收益水平或勞務(wù)價(jià)格水平是否合理的一種重要依據(jù)。依據(jù)。10二、會(huì)計(jì)收益概念二、會(huì)計(jì)收益概念n傳統(tǒng)會(huì)計(jì)傳統(tǒng)會(huì)計(jì)中的收益概念與中的收益概念與經(jīng)濟(jì)學(xué)經(jīng)濟(jì)學(xué)中收益概念中收益概念是兩個(gè)不同的概念。是兩個(gè)不同的概念。n會(huì)計(jì)收益（會(huì)計(jì)收益（accounting income）概念是指）概念是指本期本期已實(shí)現(xiàn)收入已實(shí)現(xiàn)收入與與按照歷史成本計(jì)算的相關(guān)按照歷史成本計(jì)算的相關(guān)費(fèi)用費(fèi)用之間的差額。之間的差額。 11二、會(huì)計(jì)收益概念二、會(huì)計(jì)收益概念(續(xù)續(xù))1會(huì)計(jì)收益的特點(diǎn)會(huì)計(jì)收

8、益的特點(diǎn)n會(huì)計(jì)收益依據(jù)會(huì)計(jì)收益依據(jù)實(shí)際發(fā)生實(shí)際發(fā)生的經(jīng)濟(jì)業(yè)務(wù)的經(jīng)濟(jì)業(yè)務(wù) n會(huì)計(jì)收益按會(huì)計(jì)收益按歷史成本歷史成本原則計(jì)列費(fèi)用原則計(jì)列費(fèi)用n會(huì)計(jì)收益建立在會(huì)計(jì)收益建立在會(huì)計(jì)期間會(huì)計(jì)期間假設(shè)之上假設(shè)之上n會(huì)計(jì)收益依據(jù)會(huì)計(jì)收益依據(jù)收入實(shí)現(xiàn)原則收入實(shí)現(xiàn)原則n會(huì)計(jì)收益依據(jù)會(huì)計(jì)收益依據(jù)配比原則配比原則計(jì)量計(jì)量122會(huì)計(jì)收益概念的優(yōu)點(diǎn)會(huì)計(jì)收益概念的優(yōu)點(diǎn)n會(huì)計(jì)收益建立在實(shí)際發(fā)生的經(jīng)濟(jì)業(yè)務(wù)的基礎(chǔ)上，會(huì)計(jì)收益建立在實(shí)際發(fā)生的經(jīng)濟(jì)業(yè)務(wù)的基礎(chǔ)上，因而是因而是客觀的客觀的和和可以驗(yàn)證的可以驗(yàn)證的。n會(huì)計(jì)收益所依據(jù)的是收入實(shí)現(xiàn)原則，也就是在收會(huì)計(jì)收益所依據(jù)的是收入實(shí)現(xiàn)原則，也就是在收益實(shí)現(xiàn)之后才確認(rèn)收益，因而符合益實(shí)現(xiàn)之后

9、才確認(rèn)收益，因而符合穩(wěn)健原則穩(wěn)健原則n會(huì)計(jì)收益可以反映企業(yè)資產(chǎn)是否完整無(wú)缺、企業(yè)會(huì)計(jì)收益可以反映企業(yè)資產(chǎn)是否完整無(wú)缺、企業(yè)資源是否得到充分利用，對(duì)于反映企業(yè)主管人員資源是否得到充分利用，對(duì)于反映企業(yè)主管人員履行會(huì)計(jì)責(zé)任履行會(huì)計(jì)責(zé)任的情況非常有用。的情況非常有用。二、會(huì)計(jì)收益概念二、會(huì)計(jì)收益概念(續(xù)續(xù))133會(huì)計(jì)收益概念的缺點(diǎn)會(huì)計(jì)收益概念的缺點(diǎn)n（1）由于會(huì)計(jì)收益概念依據(jù)收入確認(rèn)的實(shí)現(xiàn)）由于會(huì)計(jì)收益概念依據(jù)收入確認(rèn)的實(shí)現(xiàn)原則，從而導(dǎo)致?lián)p益表上反映的企業(yè)收益原則，從而導(dǎo)致?lián)p益表上反映的企業(yè)收益并不并不是企業(yè)的全部收益是企業(yè)的全部收益。 n（2）在）在物價(jià)上升物價(jià)上升的環(huán)境中，會(huì)計(jì)收益概念是的環(huán)境中

10、，會(huì)計(jì)收益概念是以現(xiàn)行價(jià)格確認(rèn)收入，按歷史成本確認(rèn)費(fèi)用，以現(xiàn)行價(jià)格確認(rèn)收入，按歷史成本確認(rèn)費(fèi)用，從而使得成本不能得到真正的彌補(bǔ)。從而使得成本不能得到真正的彌補(bǔ)。 二、會(huì)計(jì)收益概念二、會(huì)計(jì)收益概念(續(xù)續(xù))143會(huì)計(jì)收益概念的缺點(diǎn)會(huì)計(jì)收益概念的缺點(diǎn)n（3）由于各年資產(chǎn)計(jì)價(jià)的混亂，導(dǎo)致各年度）由于各年資產(chǎn)計(jì)價(jià)的混亂，導(dǎo)致各年度會(huì)計(jì)收益缺乏會(huì)計(jì)收益缺乏可比性可比性 n（4）由于依賴歷史成本計(jì)價(jià)，使得企業(yè)資產(chǎn)）由于依賴歷史成本計(jì)價(jià)，使得企業(yè)資產(chǎn)負(fù)債表所反映的負(fù)債表所反映的資產(chǎn)價(jià)值資產(chǎn)價(jià)值失去意義失去意義。 二、會(huì)計(jì)收益概念二、會(huì)計(jì)收益概念(續(xù)續(xù))15三、經(jīng)濟(jì)收益概念三、經(jīng)濟(jì)收益概念 n經(jīng)濟(jì)收益（經(jīng)濟(jì)收益

11、（economic income）是）是Adam Smith首先提出的。他將收益視為首先提出的。他將收益視為財(cái)富的增加額財(cái)富的增加額。 n經(jīng)濟(jì)學(xué)家經(jīng)濟(jì)學(xué)家J.R. Hicks對(duì)經(jīng)濟(jì)收益所下的定義是，對(duì)經(jīng)濟(jì)收益所下的定義是，“計(jì)算收益的實(shí)際目的是為了讓人們知道不使他計(jì)算收益的實(shí)際目的是為了讓人們知道不使他們自己變?yōu)樨毟F的情況下，所可以消費(fèi)的金額。們自己變?yōu)樨毟F的情況下，所可以消費(fèi)的金額。由此，可以對(duì)個(gè)人收益下這樣一個(gè)定義：在期末由此，可以對(duì)個(gè)人收益下這樣一個(gè)定義：在期末和期初擁有相同財(cái)富的情況下，本期內(nèi)可以消費(fèi)和期初擁有相同財(cái)富的情況下，本期內(nèi)可以消費(fèi)的最大金額。的最大金額?！?16三、經(jīng)濟(jì)收益

12、概念三、經(jīng)濟(jì)收益概念 （續(xù)）（續(xù)）n可以用這個(gè)最基本的收益定義來(lái)解釋企業(yè)收益。可以用這個(gè)最基本的收益定義來(lái)解釋企業(yè)收益。企業(yè)收益是在期初期末企業(yè)資本沒(méi)有變化的情企業(yè)收益是在期初期末企業(yè)資本沒(méi)有變化的情況下，企業(yè)在本期況下，企業(yè)在本期可以分配的最大金額可以分配的最大金額。由此。由此可見(jiàn)，經(jīng)濟(jì)收益和可見(jiàn)，經(jīng)濟(jì)收益和資本保全資本保全概念是密切相關(guān)的。概念是密切相關(guān)的?；蛘哒f(shuō)，經(jīng)濟(jì)收益建立在資本保全概念之上?；蛘哒f(shuō)，經(jīng)濟(jì)收益建立在資本保全概念之上。因此，要想進(jìn)一步了解經(jīng)濟(jì)學(xué)家的經(jīng)濟(jì)收益概因此，要想進(jìn)一步了解經(jīng)濟(jì)學(xué)家的經(jīng)濟(jì)收益概念，必須了解資本保全概念。念，必須了解資本保全概念。 n所謂資本保全概念（所

13、謂資本保全概念（concept of capital maintenance）是指在資本得到維護(hù)和成本）是指在資本得到維護(hù)和成本得到彌補(bǔ)以后，才能確認(rèn)收益。得到彌補(bǔ)以后，才能確認(rèn)收益。17三、經(jīng)濟(jì)收益概念三、經(jīng)濟(jì)收益概念 （續(xù)）（續(xù)）n對(duì)資本收益和資本回收兩個(gè)不同的概念，應(yīng)當(dāng)對(duì)資本收益和資本回收兩個(gè)不同的概念，應(yīng)當(dāng)嚴(yán)格加以區(qū)分。但是應(yīng)用什么標(biāo)準(zhǔn)來(lái)區(qū)分資本嚴(yán)格加以區(qū)分。但是應(yīng)用什么標(biāo)準(zhǔn)來(lái)區(qū)分資本收益和資本回收，則存在以下兩種不同的標(biāo)準(zhǔn)。收益和資本回收，則存在以下兩種不同的標(biāo)準(zhǔn)。1貨幣資本保全概念貨幣資本保全概念n貨幣資本保全概念主張應(yīng)該維護(hù)的是貨幣資本保全概念主張應(yīng)該維護(hù)的是貨幣資本貨幣資本。這

14、種概念與傳統(tǒng)會(huì)計(jì)實(shí)務(wù)是一致的。傳統(tǒng)會(huì)計(jì)這種概念與傳統(tǒng)會(huì)計(jì)實(shí)務(wù)是一致的。傳統(tǒng)會(huì)計(jì)用歷史成本計(jì)量企業(yè)的資產(chǎn)凈值，因而這是會(huì)用歷史成本計(jì)量企業(yè)的資產(chǎn)凈值，因而這是會(huì)計(jì)人員所支持的概念。計(jì)人員所支持的概念。 18三、經(jīng)濟(jì)收益概念三、經(jīng)濟(jì)收益概念 （續(xù)）（續(xù)）2實(shí)物資本保全概念實(shí)物資本保全概念n經(jīng)濟(jì)學(xué)家主張應(yīng)當(dāng)保全的實(shí)物資本，即企業(yè)的經(jīng)濟(jì)學(xué)家主張應(yīng)當(dāng)保全的實(shí)物資本，即企業(yè)的實(shí)際生產(chǎn)能力實(shí)際生產(chǎn)能力。但是對(duì)實(shí)際生產(chǎn)能力又有以下。但是對(duì)實(shí)際生產(chǎn)能力又有以下三種不同的理解：三種不同的理解： n指企業(yè)所擁有的實(shí)物資產(chǎn)，指企業(yè)所擁有的實(shí)物資產(chǎn)， n指以后年度可以生產(chǎn)或提供同樣數(shù)量商品和勞指以后年度可以生產(chǎn)或提供同

15、樣數(shù)量商品和勞務(wù)；務(wù)； n指以后年度可以生產(chǎn)或提供同樣價(jià)值的商品和指以后年度可以生產(chǎn)或提供同樣價(jià)值的商品和勞務(wù)勞務(wù) 19三、經(jīng)濟(jì)收益概念三、經(jīng)濟(jì)收益概念 （續(xù)）（續(xù)）n經(jīng)濟(jì)學(xué)收益概念的優(yōu)點(diǎn)：經(jīng)濟(jì)收益的概念所包經(jīng)濟(jì)學(xué)收益概念的優(yōu)點(diǎn)：經(jīng)濟(jì)收益的概念所包括的內(nèi)容，比會(huì)計(jì)收益概念更為真實(shí)。它是企括的內(nèi)容，比會(huì)計(jì)收益概念更為真實(shí)。它是企業(yè)的業(yè)的實(shí)際收益實(shí)際收益，而不是名義上的收益。，而不是名義上的收益。n經(jīng)濟(jì)收益的缺點(diǎn)：計(jì)量上的困難。它必須以現(xiàn)經(jīng)濟(jì)收益的缺點(diǎn)：計(jì)量上的困難。它必須以現(xiàn)時(shí)重置成本或現(xiàn)時(shí)變現(xiàn)價(jià)值而不是歷史成本計(jì)時(shí)重置成本或現(xiàn)時(shí)變現(xiàn)價(jià)值而不是歷史成本計(jì)量企業(yè)的資產(chǎn)凈值。量企業(yè)的資產(chǎn)凈值。20三

16、、經(jīng)濟(jì)收益概念三、經(jīng)濟(jì)收益概念 （續(xù)）（續(xù)）n舉例說(shuō)明會(huì)計(jì)收益和經(jīng)濟(jì)收益的差別。舉例說(shuō)明會(huì)計(jì)收益和經(jīng)濟(jì)收益的差別。n假定某企業(yè)期初凈資產(chǎn)為假定某企業(yè)期初凈資產(chǎn)為10,000元，期末凈元，期末凈資產(chǎn)為資產(chǎn)為15,000元。另外假定期末維持實(shí)際生元。另外假定期末維持實(shí)際生產(chǎn)能力的資產(chǎn)凈值為產(chǎn)能力的資產(chǎn)凈值為12,500元。該企業(yè)的會(huì)元。該企業(yè)的會(huì)計(jì)收益和經(jīng)濟(jì)收益分別計(jì)算如下：計(jì)收益和經(jīng)濟(jì)收益分別計(jì)算如下：n會(huì)計(jì)收益：會(huì)計(jì)收益：15,000-10,000=5,000n經(jīng)濟(jì)收益：經(jīng)濟(jì)收益：15,000-12,500=2,50021四、營(yíng)業(yè)收益和總括收益差別四、營(yíng)業(yè)收益和總括收益差別 n企業(yè)利潤(rùn)表中計(jì)列

17、的年度收益數(shù)額，究竟應(yīng)企業(yè)利潤(rùn)表中計(jì)列的年度收益數(shù)額，究竟應(yīng)該僅包括本期經(jīng)常性的業(yè)務(wù)收支，即僅反映該僅包括本期經(jīng)常性的業(yè)務(wù)收支，即僅反映企業(yè)的企業(yè)的經(jīng)營(yíng)管理水平經(jīng)營(yíng)管理水平，還是應(yīng)該同時(shí)包括，還是應(yīng)該同時(shí)包括非非常項(xiàng)目損益常項(xiàng)目損益，即也反映客觀經(jīng)濟(jì)條件的變化，即也反映客觀經(jīng)濟(jì)條件的變化因素，存在著以下兩種不同的收益概念。因素，存在著以下兩種不同的收益概念。22四、營(yíng)業(yè)收益和總括收益差別四、營(yíng)業(yè)收益和總括收益差別(續(xù)續(xù))1本期營(yíng)業(yè)收益概念本期營(yíng)業(yè)收益概念n所謂本期營(yíng)業(yè)收益概念，是指利潤(rùn)表中計(jì)列的所謂本期營(yíng)業(yè)收益概念，是指利潤(rùn)表中計(jì)列的收益數(shù)額，應(yīng)該僅反映本期經(jīng)常性的業(yè)務(wù)收支，收益數(shù)額，應(yīng)該僅反

18、映本期經(jīng)常性的業(yè)務(wù)收支，至于非常項(xiàng)目的收支，則不應(yīng)該包括在內(nèi)。至于非常項(xiàng)目的收支，則不應(yīng)該包括在內(nèi)。n本期營(yíng)業(yè)收益概念特別強(qiáng)調(diào)本期營(yíng)業(yè)收益概念特別強(qiáng)調(diào)“本期本期”和和“營(yíng)業(yè)營(yíng)業(yè)”兩個(gè)關(guān)鍵詞。兩個(gè)關(guān)鍵詞。23四、營(yíng)業(yè)收益和總括收益差別四、營(yíng)業(yè)收益和總括收益差別(續(xù)續(xù))n本期營(yíng)業(yè)收益概念的第一個(gè)問(wèn)題是本期營(yíng)業(yè)收益概念的第一個(gè)問(wèn)題是區(qū)分本期和區(qū)分本期和非本期收益非本期收益，從而使不同會(huì)計(jì)期的收益可以更，從而使不同會(huì)計(jì)期的收益可以更好地比較。好地比較。 n本期營(yíng)業(yè)收益概念的另外一個(gè)問(wèn)題本期營(yíng)業(yè)收益概念的另外一個(gè)問(wèn)題區(qū)分營(yíng)業(yè)收區(qū)分營(yíng)業(yè)收益和營(yíng)業(yè)外收益益和營(yíng)業(yè)外收益。區(qū)分者兩種收益的目的在于。區(qū)分者兩種收

19、益的目的在于使利潤(rùn)表的收益數(shù)額僅反映企業(yè)正常業(yè)務(wù)活動(dòng)，使利潤(rùn)表的收益數(shù)額僅反映企業(yè)正常業(yè)務(wù)活動(dòng)，企業(yè)與企業(yè)經(jīng)營(yíng)管理水平就可以相互比較。企業(yè)與企業(yè)經(jīng)營(yíng)管理水平就可以相互比較。24四、營(yíng)業(yè)收益和總括收益差別四、營(yíng)業(yè)收益和總括收益差別(續(xù)續(xù))2總括收益概念總括收益概念 n總括收益概念是指利潤(rùn)表中所計(jì)列的收益數(shù)額，總括收益概念是指利潤(rùn)表中所計(jì)列的收益數(shù)額，不僅包括營(yíng)業(yè)收益，也包括不僅包括營(yíng)業(yè)收益，也包括營(yíng)業(yè)外收益營(yíng)業(yè)外收益。 n總括收益所依據(jù)的主要理由如下：總括收益所依據(jù)的主要理由如下：n（1）營(yíng)業(yè)收益與營(yíng)業(yè)外收入的區(qū)分存在許多）營(yíng)業(yè)收益與營(yíng)業(yè)外收入的區(qū)分存在許多困難。困難。 n（2）按總概念所編制的

20、利潤(rùn)表更容易編制，）按總概念所編制的利潤(rùn)表更容易編制，也更容易為報(bào)表使用者所理解。也更容易為報(bào)表使用者所理解。25第二節(jié)第二節(jié) 盈利能力分析盈利能力分析 的意義與內(nèi)容的意義與內(nèi)容 26Focus of Profitability Analysis Profitability analysis is a key part of financial statement analysis All financial statements are pertinent（相關(guān)的）相關(guān)的） to profitability analysis Emphasis of profitability analysi

21、s is on the income statement27Profitability analysis helps address questions such as:What is a companys relevant income measure?What is the quality of income?What income components are important for forecasting?How persistent are income and its components? What is a companys earning power?Focus of P

22、rofitability Analysis28Measuring IncomeIncome is defined as revenues less expenses over a reporting periodThis definition does not yield a unique amount because of: Estimation Issues Accounting Methods Incentives for Disclosure Diversity across Users29Measuring Income-Estimation IssuesIncome measure

23、ment depends on estimates of future events，These estimates require: Use of judgment and probabilities Allocations of revenues and expenses across periods Prediction of the future usefulness of many assets Forecasts of future obligations30Measuring Income-Estimation IssuesManagement discretiondiscret

24、ion is part of income measurementEstimates of skilled and experienced professionals Some consensus (less variability)31Measuring Income-Accounting MethodsProfessional experienceRegulatory agendasBusinesshappeningsAcademicresearchSocialInfluencesPoliticalpressuresAccounting standards governing income

25、 measurement32Measuring Income-Accounting MethodsMethods reflect the outcome of numerous factors, including compromisesDiscretion is permitted to accommodate different business circumstancesMethods geared toward “general-purpose” financial statements33Measuring Income-Incentives for DisclosureIdeall

26、y: Financial statements fairly present transactions and eventsAccounting is neutralnot affecting how transactions and events are perceivedMethods chosen that are most applicable to the circumstancesRelevant information is disclosedfavorable and unfavorable34Measuring Income-Incentives for Disclosure

27、Reality: Each of us possess opinions-we see the world from different perspectives Managers bring strong views to the table Managers feel pressures of competition and society Directors expect results Shareholders concentrate on the bottom line Creditors want safeguards Financial analysts dislike surp

28、rises Accounting preparers and auditors demand acceptable practices35Measuring Income-Incentives for DisclosureResult:“Acceptable” methods, not necessarily “appropriate” methods36Measuring Income-Diversity Across Users Financial statements are general purpose reports serving diverse needs of many us

29、ers Diversity of views implies an analysis uses income as an initial measure of profitability Use available information adjust income measurement consistent with ones objectives37Two-Phase Analysis of IncomeAnalysis of income and its components involves two phases1. Analysis of accounting and its me

30、asurementsPurpose: To apply knowledge of accounting to yield a measure of income, and its components, consistent with the analysis objectives2. Applying analysis tools to income (and its components) and interpreting the analytical resultsPurpose: To apply analysis tools to aid achieve the analysis o

31、bjectivessuch as income forecasting and estimating earning power38Revenue SourcesAnalysis of revenues (sales) helps address questions such as: What are the major sources of revenue? How persistent are revenue sources? How are revenues, receivables, and inventories related? When is revenue recorded?

32、How is revenue measured?39Analyzing RevenuesAnalyzing RevenuesRevenue Sources Knowledge of major sources of revenues is important to profitability analysis Each market and product line often has its own growth pattern, profitability, and future potential Common-size analysis of revenues shows the pe

33、rcent of each major class of revenue to its total Graphical analysis is a useful tool to interpret the sources of revenues40Analyzing RevenuesAnalyzing RevenuesRevenue SourcesDiversified Companies present special challenges Different segments usually experience varying rates of profitability, risk,

34、and growth Asset composition and financing requirements of segments often vary Evaluation, projection, and valuation of income is aided by segment analysis Segments share characteristics of variability, growth, and risk Income forecasting benefits from forecasts by segments Must separate and interpr

35、et the impact of individual segments41Analyzing RevenuesAnalyzing RevenuesRevenue SourcesFull disclosure by segments is rare because of: Difficulties in separating segments Managements reluctance to release information that can harm its competitive position42Analyzing RevenuesAnalyzing RevenuesReven

36、ue SourcesReporting requirements exist for: Industry segments International activities Export sales Major customers43Analyzing RevenuesAnalyzing RevenuesRevenue SourcesReporting requirements consider a segment significant if its sales, operating income, or identifiable assets comprise 10 percent or

37、more of their relevant totalsNotes:Combined sales of all segments reported must be at least 75 percent of the companys total salesTen segments is viewed as a practical limit on the number of segments reported44Analyzing RevenuesAnalyzing RevenuesRevenue SourcesInformation disclosed for each segment:

38、(1) salesboth intersegment and to unaffiliated customers(2) operating incomerevenues less operating expenses(3) identifiable assets(4) capital expenditures(5)depreciation, depletion, and amortization45Analyzing RevenuesAnalyzing RevenuesRevenue Sources Similar disclosures are required for internatio

39、nal operations and export sales (except capital expenditures and depreciation) Revenues from a single customer are disclosed if they comprise 10 percent or more of total revenues46Analyzing RevenuesAnalyzing RevenuesRevenue SourcesLimitations of segment data: Difficult to define segments Arbitrary a

40、llocations of costsacross segments47Analyzing RevenuesAnalyzing RevenuesRevenue SourcesUseful applications of segment data include:n n Analysis of sales growthn n Analysis of asset growthn n Analysis of profitability48Persistence (stability and trend) of revenues is important to profitability analys

41、isAnalysis tools for assessing persistence in revenues include:(1) trend percent analysis(2) evaluation of Managements Discussion and AnalysisAnalyzing RevenuesAnalyzing RevenuesPersistence of Revenues49Revenues for a prior period are set equal to 100 percentRevenues for other periods are compared t

42、o itRevenue trends by segments are often:CorrelatedCompared to industry normsCompared to competitorsAnalyzing RevenuesAnalyzing RevenuesPersistence of Revenues-Trend Percent Analysis50Other related measures:across periodsAssess sensitivity of revenues to business conditionsCustomer analysisconcentra

43、tion, dependence, and stabilityRevenues concentration or dependence on one segmentRevenues reliance on sales staffGeographical diversification of marketsAnalyzing RevenuesAnalyzing RevenuesPersistence of Revenues-Trend Percent Analysis51Managements Discussion and Analysis (MD&A) is often useful

44、in analysis of persistence in revenuesAids in understanding and evaluating period-to-period changesReport on changes in revenue componentsDiscloses uncertainties affecting or likely to affect revenuesExplains growth in revenues to prices, volume, inflation, or new product introductionReports some fo

45、rward looking informationDiscusses trends and forces not evident from financial statementsAnalyzing RevenuesAnalyzing RevenuesPersistence of Revenues-MD&A52Revenues and Accounts Receivable Relation Bears on:Earnings qualityCollectibility of receivablesAnalyzing RevenuesAnalyzing RevenuesKey Reve

46、nue Relations53Revenues and Inventories Relation Bears on:Future revenuesAnalysis of operationsAnalyzing RevenuesAnalyzing RevenuesKey Revenue Relations54Analyzing Costs of RevenuesAnalyzing Costs of RevenuesMeasuring Gross ProfitGross profitGross profit, or gross margin, is measured as revenues les

47、s cost of salesAll other costs must be recovered from gross profitAny income earned is the balance remaining after these costsGross profit must finance essential future directed discretionary expenditures55Measuring Gross ProfitGross profits vary across industries depending on factors such as:Compet

48、itionCapital investmentLevel of costs that must berecovered from gross profitAnalyzing Costs of RevenuesAnalyzing Costs of Revenues56Analyzing Gross ProfitAnalysis of gross profit directs attention at the factors explaining variations in: Sales Costs of salesAnalyzing Costs of RevenuesAnalyzing Cost

49、s of Revenues57Analyzing Gross ProfitAnalysis Statement of Changes in Gross ProfitStep 1. Focus on year to year change in volume assuming unit selling price is unchangedVolume change is multiplied by the constant unit selling price to yield change in salesStep 2. Focus on year-to-year change in sell

50、ing price assuming volume is constant-Change in selling price is multiplied by the constant volume to yield change in salesStep 3. Focus on joint changes in volume and unit price Volume change is multiplied by the change in unit selling price to yield net change in salesStep 4. Steps 1 to 3 explain

51、the net change in sales.Analyzing Costs of RevenuesAnalyzing Costs of Revenues58Analyzing Gross ProfitAnalysis Statement of Changes in Gross ProfitIllustrationYear Ended December 31Year Ended December 31Year-to-Year ChangeYear-to-Year ChangeItem Item Year 1Year 1Year 2Year 2IncreaseIncreaseDecreaseD

52、ecrease1.Sales ($ millions)$ 657.6$ 687.5$ 29.92.Cost of sales ($ millions) 237.3245.3 8.03.Gross profit ($ millions)$ 420.3$ 442.2$ 21.94.Units sold (in millions)215.6231.5 15.95.Sales price per unit (1 4) $ 3.05 2.97 $ 0.086.Cost per unit (2 4) 1.10 1.06 0.04Analyzing Costs of RevenuesAnalyzing Co

53、sts of Revenues59Analyzing Gross ProfitAnalysis Statement of Changes in Gross ProfitYear 2 versus Year 1Analysis of Variation in Sales1. Change in volume of products sold:Change in volume (15.9) Year 1 unit selling price ($3.05)$ 48.52.Change in selling price:Change in selling price ($0.08) Year 1 s

54、ales volume (215.6) 17.2$ 31.33. Combined change in sales volume (15.9) and unit price ($0.08) 1.3Increase in net sales$ 30.0*Analysis of Variation in Cost of Sales1. Change in volume of products sold:Change in volume (15.9) Year 1 cost per unit ($1.10)$ 17.52. Change in cost per unit sold:Change in

55、 cost per unit ($0.04) Year 1 sales volume (215.6) 8.6$ 8.93. Combined change in volume (15.9) and cost per unit ($0.04) 0.6Increse in cost of sales$ 8.3*Net variation in gross profit$ 21.7* Differences are due to rounding.Analyzing Costs of RevenuesAnalyzing Costs of Revenues60Interpreting Changes

56、in Gross ProfitAnalyzing Costs of RevenuesAnalyzing Costs of RevenuesChanges in gross profit are often driven by one or more of the following factors:Increase in sales volumeDecrease in sales volumeIncrease in unit selling priceDecrease in unit selling priceIncrease in cost per unitDecrease in cost

57、per unit61Interpreting Changes in Gross ProfitAnalyzing Costs of RevenuesAnalyzing Costs of Revenues Identification of factors driving gross profit yields Improved business strategies Better assessment of future performance62Tools for Analysis of ExpensesAnalyzing ExpensesAnalyzing Expenses Common-s

58、ize analysisCommon size income statements express expenses in terms of their percent relation with revenuesTraced over several periods or compared with competitors number analysisIndex number analysis of income statements expresses income and its components in an index number related to a base perio

59、dHighlights relative changes across timeChanges in expenses are readily compared with changes in both revenues and related expenses63Tools for Analysis of ExpensesAnalyzing ExpensesAnalyzing ExpensesOperating ratio analysisOperating ratio measures the relation between operating expenses (or its comp

60、onents) and revenuesEquals cost of goods sold plus other operating expenses divided by net revenuesInterest and taxes are normally excluded from this measure due to its focus on operating efficiency (expense control) and not financing and tax managementUseful for analysis of expenses within and across compa