04第四章企业盈利能力分析-050928.pptx

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,,,*,第四章,,企业盈利能力分析,,1,,第一节 报告收益与经济收益,,2,,一、收益的性质,1．收益概念的发展,,在历史上，人们曾经并不独立地计算收益，而是通过,资产的盘点,来进行，因而收益通常是指资产的增加额郭道扬提出，在我国西汉以前，人们对盈利的认识，处于自然盈利阶段所谓自然盈利，就是笼统地认为以,收抵支,，多余部分即为盈利的一种观念3,,一、,收益的性质,（续）,中世纪的意大利海上贸易，产生了划分确收益和资本界限的要求,合伙企业的发展,会计期间概念的提出,股份有限公司的发展对持续经营、资本保全、配比原则的应用有重要的促进作用,,4,,一、收益的性质 （续）,随着经济的发展，对,收益的确认,产生了不同的认识一种观点认为，收益确认是,资产计价,问题，是通过定期的资产计价，将一定一时期,净资产,增值作为企业的收益这种观点被称为,资产计价观,另一种观点认为，收益是在持续经营前提下收入与各种费用合理配比的结果这种观点被成为收入与费用的,配比观,5,,一、收益的性质 （续）,2．现代会计定义的收益,在传统会计中，收益通常指企业在一个会计期间所获得的,净收益,（net income），即一个会计期间企业的全部收入和收益超过全部费用和损失的余额,我国《企业财务会计报告条例》第十条第三款规定，“利润，是指企业在一定会计期间的经营成果，包括营业利润、利润总额和净利润。

6,,一、收益的性质 （续）,3. 收益的性质,收益,和,资本,两个截然不同的概念从经济理论上讲，资本是指某一个时点的财富,存量,，收益则是指某一个时期的财富,流量,作为财务存量的资本，必须长久地,保持或维护,，,而作为流量的收益，则,可以分配,给投资人和债权人7,,一、收益的性质 （续）,财务报告的主要作用是计量和报告本期企业所获得的收益和资本变动，因而,区分收益和资本变动,是非常重要的凡是不减损财富存量和未来财富流量的现金流量是,资本的收益,（return on capital）；,如果减少了财富存量和未来财富流量的现金流量则是,资本的回收,（return of capital）8,,一、收益的性质 （续）,4．收益的作用,企业收益是衡量企业,经营管理水平,的一个重要标志企业收益大小对于,股东,投资决策具有重要影响企业收益是,分配股利,的一项依据，也是分配股利的最大限度,企业收益是,政府,征税和再分配财富的对象,企业收益是政府机构调查企业产品或某一个行业的收益水平或劳务价格水平是否合理的一种重要依据9,,二、会计收益概念,传统会计,中的收益概念与,经济学,中收益概念是两个不同的概念。

会计收益（accounting income）概念是指本期,已实现收入,与,按照历史成本计算的相关费用,之间的差额10,,二、会计收益概念(续),1．会计收益的特点,会计收益依据,实际发生,的经济业务,会计收益按,历史成本,原则计列费用,会计收益建立在,会计期间,假设之上,会计收益依据,收入实现原则,会计收益依据,配比原则,计量,,11,,2．会计收益概念的优点,会计收益建立在实际发生的经济业务的基础上，因而是,客观的,和,可以验证的,会计收益所依据的是收入实现原则，也就是在收益实现之后才确认收益，因而符合,稳健原则,会计收益可以反映企业资产是否完整无缺、企业资源是否得到充分利用，对于反映企业主管人员,履行会计责任,的情况非常有用二、会计收益概念(续),,12,,3．会计收益概念的缺点,（1）由于会计收益概念依据收入确认的实现原则，从而导致损益表上反映的企业收益,并不是企业的全部收益,2）在,物价上升,的环境中，会计收益概念是以现行价格确认收入，按历史成本确认费用，从而使得成本不能得到真正的弥补二、会计收益概念(续),,13,,3．会计收益概念的缺点,（3）由于各年资产计价的混乱，导致各年度会计收益缺乏,可比性,,（4）由于依赖历史成本计价，使得企业资产负债表所反映的,资产价值,失去意义,。

二、会计收益概念(续),,14,,三、经济收益概念,经济收益（economic income）是Adam Smith首先提出的他将收益视为,财富的增加额,经济学家J.R. Hicks对经济收益所下的定义是，“计算收益的实际目的是为了让人们知道不使他们自己变为贫穷的情况下，所可以消费的金额由此，可以对个人收益下这样一个定义：在期末和期初拥有相同财富的情况下，本期内可以消费的最大金额15,,三、经济收益概念 （续）,可以用这个最基本的收益定义来解释企业收益企业收益是在期初期末企业资本没有变化的情况下，企业在本期,可以分配的最大金额,由此可见，经济收益和,资本保全,概念是密切相关的或者说，经济收益建立在资本保全概念之上因此，要想进一步了解经济学家的经济收益概念，必须了解资本保全概念所谓资本保全概念（concept of capital maintenance）是指在资本得到维护和成本得到弥补以后，才能确认收益16,,三、经济收益概念 （续）,对资本收益和资本回收两个不同的概念，应当严格加以区分但是应用什么标准来区分资本收益和资本回收，则存在以下两种不同的标准1．货币资本保全概念,货币资本保全概念主张应该维护的是,货币资本,。

这种概念与传统会计实务是一致的传统会计用历史成本计量企业的资产净值，因而这是会计人员所支持的概念17,,三、经济收益概念 （续）,2．实物资本保全概念,经济学家主张应当保全的实物资本，即企业的,实际生产能力,但是对实际生产能力又有以下三种不同的理解：,指企业所拥有的实物资产，,指以后年度可以生产或提供同样数量商品和劳务；,指以后年度可以生产或提供同样价值的商品和劳务,,18,,三、经济收益概念 （续）,经济学收益概念的优点：经济收益的概念所包括的内容，比会计收益概念更为真实它是企业的,实际收益,，而不是名义上的收益经济收益的缺点：计量上的困难它必须以现时重置成本或现时变现价值而不是历史成本计量企业的资产净值19,,三、经济收益概念 （续）,举例说明会计收益和经济收益的差别假定某企业期初净资产为10,000元，期末净资产为15,000元另外假定期末维持实际生产能力的资产净值为12,500元该企业的会计收益和经济收益分别计算如下：,会计收益：15,000-10,000=5,000,经济收益：15,000-12,500=2,500,,20,,四、营业收益和总括收益差别,,企业利润表中计列的年度收益数额，究竟应该仅包括本期经常性的业务收支，即仅反映企业的,经营管理水平,，还是应该同时包括,非常项目损益,，即也反映客观经济条件的变化因素，存在着以下两种不同的收益概念。

21,,四、营业收益和总括收益差别(续),1．本期营业收益概念,所谓本期营业收益概念，是指利润表中计列的收益数额，应该仅反映本期经常性的业务收支，至于非常项目的收支，则不应该包括在内本期营业收益概念特别强调“,本期,”和“,营业,”两个关键词22,,四、营业收益和总括收益差别(续),本期营业收益概念的第一个问题是,区分本期和非本期收益,，从而使不同会计期的收益可以更好地比较本期营业收益概念的另外一个问题,区分营业收益和营业外收益,区分者两种收益的目的在于使利润表的收益数额仅反映企业正常业务活动，企业与企业经营管理水平就可以相互比较23,,四、营业收益和总括收益差别(续),2,．总括收益概念,,总括收益概念是指利润表中所计列的收益数额，不仅包括营业收益，也包括,营业外收益,总括收益所依据的主要理由如下：,（,1,）营业收益与营业外收入的区分存在许多困难2,）按总概念所编制的利润表更容易编制，也更容易为报表使用者所理解24,,第二节,,盈利能力分析 的意义与内容,,,25,,Focus of Profitability Analysis,,Profitability analysis is a key part of financial statement analysis,,All financial statements are,pertinent,（,相关的）,,to profitability analysis,,Emphasis of profitability analysis is on the income statement,,26,,Profitability analysis helps address questions such as:, What is a company’s 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 company’s earning power?,Focus of Profitability Analysis,,27,,Measuring Income,Income,is defined as revenues less expenses over a reporting period,This definition does not yield a unique amount because of:,,Estimation Issues,,Accounting Methods,,Incentives for Disclosure,,Diversity across Users,,28,,Measuring Income--Estimation Issues,Income measurement 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 obligations,,29,,Measuring Income--Estimation Issues,,Management,,discretion,is part of income measurement,,,Estimates of skilled and experienced professionals,,Some consensus (less variability),,,30,,Measuring Income--Accounting Methods,Professional,experience,Regulatory,agendas,Business,happenings,Academic,research,Social,Influences,Political,pressures,Accounting,standards,governing,income,measurement,,31,,Measuring Income--Accounting Methods,Methods reflect the outcome of numerous factors, including compromises,,Discretion is permitted to accommodate different business circumstances,,Methods geared toward “general-purpose” financial statements,,32,,Measuring Income--Incentives for Disclosure,Ideally:,,Financial statements fairly present transactions and events,,Accounting is neutral—not affecting how transactions and events are perceived,,Methods chosen that are most applicable to the circumstances,,Relevant information is disclosed—favorable and unfavorable,,33,,Measuring Income--Incentives for Disclosure,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 surprises,,Accounting preparers and auditors demand acceptable practices,,34,,Measuring Income--Incentives for Disclosure,,Result:,,“Acceptable” methods, not necessarily,“appropriate” methods,,,,35,,Measuring Income--Diversity Across Users,• Financial statements are general‑purpose reports serving diverse needs of many users,,• Diversity of views implies an analysis uses income as an initial measure of profitability,,• Use available information adjust income measurement consistent with one’s objectives,,,36,,Two-Phase Analysis of Income,Analysis of income and its components involves two phases,1. Analysis of accounting and its measurements,Purpose: To apply knowledge of accounting to yield a measure of income, and its components, consistent with the analysis objectives,2.,Applying analysis tools to income (and its components) and interpreting the analytical results,Purpose: To apply analysis tools to aid achieve the analysis objectives—such as income forecasting and estimating earning power,,,37,,Revenue Sources,Analysis 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?,,How is revenue measured?,,,38,,Analyzing Revenues,Revenue 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 percent of each major class of revenue to its total,,Graphical analysis is a useful tool to interpret the sources of revenues,,39,,Analyzing Revenues,Revenue Sources,Diversified Companies present special challenges,• Different segments usually experience varying rates of profitability, risk, 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 interpret the impact of individual segments,,40,,Analyzing Revenues,Revenue Sources,Full disclosure by segments is rare because of:,• Difficulties in separating segments,,• Management’s reluctance to release information,that can harm its competitive position,,,41,,Analyzing Revenues,Revenue Sources,,Reporting requirements exist for:,,• Industry segments,• International activities,• Export sales,• Major customers,,,42,,Analyzing Revenues,Revenue Sources,Reporting requirements consider a segment significant if its sales, operating income,,or,identifiable assets comprise 10 percent or more of their relevant totals,Notes:,Combined sales of all segments reported must be at least 75 percent of the company’s total sales,Ten segments,is viewed as a practical limit on the number of segments reported,,43,,Analyzing Revenues,Revenue Sources,Information disclosed for each segment:,(1,),sales—both intersegment and to unaffiliated customers,(2),operating income—revenues less operating expenses,(3) identifiable assets,(4,),capital expenditures,depreciation, depletion, and amortization,,44,,Analyzing Revenues,Revenue Sources,Similar disclosures are required for international 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 revenues,,45,,Analyzing Revenues,Revenue Sources,,Limitations of segment data:,,• Difficult to define segments,• Arbitrary allocations of costs,across segments,,,46,,Analyzing Revenues,Revenue Sources,Useful applications of segment data include:,,,,Analysis of sales growth,,,,Analysis of asset growth,,,,Analysis of profitability,,47,,Persistence (stability and trend) of revenues is important to profitability analysis,,Analysis tools for assessing persistence in revenues include:,(1) trend percent analysis,(2) evaluation of Management’s Discussion and Analysis,Analyzing Revenues,Persistence of Revenues,,48,,Revenues for a prior period are,set equal to 100 percent,Revenues for other periods are,compared to it,Revenue trends by segments are often:,Correlated,Compared to industry norms,Compared to competitors,,Analyzing Revenues,Persistence of Revenues--Trend Percent Analysis,,49,,Other related measures:, across periods, Assess sensitivity of revenues to,business conditions, Customer analysis—concentration, dependence, and stability, Revenues’ concentration or dependence on one segment, Revenues’ reliance on sales staff, Geographical diversification of markets,,Analyzing Revenues,Persistence of Revenues--Trend Percent Analysis,,50,,Management’s Discussion and Analysis (MD&A) is often useful in analysis of persistence in revenues,• Aids in understanding and evaluating period-to-period changes,• Report on changes in revenue components,• Discloses uncertainties affecting or likely to affect revenues,• Explains growth in revenues to prices, volume, inflation, or new product introduction,• Reports some forward‑looking information,• Discusses trends and forces not evident from financial statements,Analyzing Revenues,Persistence of Revenues--MD&A,,51,,,Revenues and Accounts Receivable Relation,,Bears on:,,Earnings quality,Collectibility of receivables,,Analyzing Revenues,Key Revenue Relations,,52,,,Revenues and Inventories Relation,,Bears on:,,Future revenues,Analysis of operations,,Analyzing Revenues,Key Revenue Relations,,53,,Analyzing Costs of Revenues,Measuring Gross Profit,Gross profit,,,,or,,gross margin,,,is measured as revenues less cost of sales,All other costs must be recovered from gross profit,Any income earned is the,balance remaining after these costs,Gross profit must finance essential future‑directed discretionary expenditures,,54,,Measuring Gross Profit,Gross profits vary across industries depending on factors such as:,• Competition,• Capital investment,• Level of costs that must be,recovered from gross profit,Analyzing Costs of Revenues,,55,,Analyzing Gross Profit,,Analysis of gross profit directs attention at the factors explaining variations in:,,• Sales,,• Costs of sales,,Analyzing Costs of Revenues,,56,,Analyzing Gross Profit,Analysis Statement of Changes in Gross Profit,Step 1.,Focus on year‑to‑year change in volume assuming unit,,selling price is unchanged—Volume change is multiplied by the constant unit selling price to yield,,change in sales,Step 2.,Focus on year-to-year change in selling price assuming volume is constant--Change in selling price is multiplied by the constant volume to yield change in sales,Step 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 sales,Step 4.,Steps 1 to 3 explain the net change in sales.,Analyzing Costs of Revenues,,57,,Analyzing Gross Profit,Analysis Statement of Changes in Gross Profit—Illustration,,Year Ended December 31 Year-to-Year Change,Item Year 1 Year 2 Increase Decrease,,1. Sales ($ millions) $ 657.6 $ 687.5 $ 29.9,2.Cost of sales ($ millions),237.3,,245.3,,8.0,3.Gross profit ($ millions) $ 420.3 $ 442.2 $ 21.9,4.Units sold (in millions) 215.6 231.5 15.9,5.Sales price per unit,(1 ÷ 4) $ 3.05  2.97 $ 0.08,6.Cost per unit (2 ÷ 4) 1.10  1.06  0.04,Analyzing Costs of Revenues,,58,,Analyzing Gross Profit,,Analysis Statement of Changes in Gross Profit,Year 2 versus Year 1,,Analysis of Variation in Sales,1. Change in volume of products sold:,Change in volume (15.9),,Year 1 unit selling price ($3.05) $ 48.5,2.. Change in selling price:,Change in selling price ($0.08),,Year 1 sales volume (215.6),17.2,,$ 31.3,3. Combined change in sales volume (15.9) and unit price ($0.08),1.3,Increase in net sales $ 30.0*,,Analysis of Variation in Cost of Sales,1. Change in volume of products sold: Change in volume (15.9),,Year 1 cost per unit ($1.10) $ 17.5,2. Change in cost per unit sold: Change in cost per unit ($0.04),,Year 1 sales volume (215.6),8.6,,$ 8.9,3. Combined change in volume (15.9) and cost per unit ($0.04),0.6,Increse in cost of sales $,8.3,*,Net variation in gross profit $ 21.7*,* Differences are due to rounding.,Analyzing Costs of Revenues,,59,,Interpreting Changes in Gross Profit,Analyzing Costs of Revenues,,Changes in gross profit are often driven by one or more of the following factors:,, Increase in sales volume, Decrease in sales volume, Increase in unit selling price, Decrease in unit selling price, Increase in cost per unit, Decrease in cost per unit,,,,60,,Interpreting Changes in Gross Profit,Analyzing Costs of Revenues,,• Identification of factors driving gross profit yields,,• Improved business strategies,,• Better assessment of future performance,,,,,61,,Tools for Analysis of Expenses,Analyzing Expenses,,Common-size analysis,Common‑size income statements express expenses in terms of their percent relation with revenues,Traced over several periods or compared with competitors,number analysis,Index number analysis of income statements expresses income and its components in an index number related to a base period,Highlights relative changes across time,Changes in expenses are readily compared with changes in both revenues and related expenses,,62,,Tools for Analysis of Expenses,Analyzing Expenses,Operating ratio analysis,Operating ratio measures the relation between operating expenses (or its components) and revenues,Equals cost of goods sold plus other operating expenses divided by net revenues,Interest and taxes are normally excluded from this measure due to its focus on operating efficiency (expense control) and not financing and tax management,Useful for analysis of expenses within and across companies,,63,,Selling Expenses,Analyzing Expenses,,Analysis of selling expenses focuses on three areas:,, Evaluating the relation between key selling expenses and revenues, Assessing bad debts expense, Evaluating the trend and productivity of future‑directed marketing expenses,,64,,Depreciation Expense,Analyzing Expenses,Relation of depreciation to gross plant and equipment helps reveal changes in the composite,（复合的）,rate of depreciation—this is useful in evaluating depreciation levels and in detecting adjustments (smoothing) to income:,,,It is often useful to compute this ratio by asset categories,,65,,Maintenance and Repairs Expense,Analyzing Expenses,Maintenance and repairs expense:,• Varies with investment in plant and equipment and with the level of productive activity,• Affect costs of sales and other expenses,• Comprise both variable,and,fixed costs,• Do not vary directly with sales,,66,,Maintenance and Repairs Expense,Analyzing Expenses,Relation of sales to maintenance and repairs expense, both across companies and time, must be interpreted with care,• Analysis and interpretation using this ratio,• Is enhanced if we can distinguish between variable and fixed portions of these expenses,• Must recognize the discretionary nature of these expenses,• Bear on,（,有关）,productivity and earnings quality assessments,• Impacts asset valuations,,67,,Amortization of Special Costs,Analyzing Expenses,Expenditure for special costs can be related to and expressed as a percent of:,(1),revenues,(2),net property and equipment,,Amortization of special costs can be related to and expressed as a percent of:,(1),revenues,(2),unamortized special costs,(3) net property and equipment,,68,,Amortization of Special Costs,Analyzing Expenses,Ratios involving special costs are useful in:,Comparison of annual trends in these relations,Analysis of consistency in income reporting,Evaluation of income for two or more competitors,,69,,General and Administrative Expenses,Analyzing Expenses,,Most are fixed—such as rent and salary,,Tendency for increases, especially in prosperous times,,,,70,,General and Administrative Expenses,Analyzing Expenses,,,Analysis of G&A should focus on:,,Trend in these expenses,,Percent of revenues they consume,,,,71,,Financing Expenses,Analyzing Expenses,,Most are fixed—exception is variable-rate interest,Most creditor financing is eventually refinanced and not removed,Interest expense often includes amortization of a premium or discount,,72,,,Average effective interest rate:,,,,,Useful tool for:,• Analysis of the cost of borrowed money,• Credit standing,（信誉地位）,• Comparisons across years and companies,• Assessing sensitivity to interest rate changes,Financing Expenses,Analyzing Expenses,,73,,Income Tax Expenses,Analyzing Expenses,Income tax expenses:,,Reflect a distribution of profits between a company and governmental agencies,,,Usually comprise,（组成）,a substantial portion of a company’s pre-tax income,,74,,Income Tax Expenses,Analyzing Expenses,Effective Tax Rate (ETR),,,,,ETR (also called,tax ratio,) reflects,relation between the income tax,accrual and pre‑tax income,,75,,Income Tax Expenses,Analyzing Expenses,Differences in ETR from normal or expected rate affects assessments of income,• Level,• Trend,• Forecasts,Small changes in ETR can yield major,changes in income,,,,76,,Income Tax Expenses,Analyzing Expenses,Analysis of income tax,disclosures aims,to:, Assess tax implications for income, assets, liabilities, and cash sources and uses, Evaluate tax effects for future income and cash flows, Appraise the effectiveness of tax management, Identify unusual gains or losses only revealed in tax disclosures, Signal areas of concern requiring further analysis or management inquiry,,77,,第二节 利润表的特殊项目及其,对财务分析的影响,,78,,一、非正常项目或非经常项目,,（一）含义,利润表上的某些项目属于非正常或非经常项目。

非常项目包括：,（1）出售证券的利得,（2）无法收回的应收款的损失,（3）存货跌价损失等,,79,,（二）列示,,1.,这些项目一般与正常发生和经常发生的收入和费用、利得和损失列在一起；,2.,如果这些非常项目是重要的，应在税前单独列示80,,（三）分析,,在对报表进行,最初,分析时，应将非正常或非经常项目,考虑在内,，因为它们与企业的经营有关在,补充分析,时，应该将这些项目从税后净收益中,剔除,出去非正常或非经常项目应该按照,净税额,（税后数额）剔除出去，因而通常有必要估计税收影响其合理的估计可以通过列示在附注中的所得税率或通过所得税除以税前收益计算出的税率而得81,,二、非合并子公司的 股权投资收益,,当进行股票投资并采用,权益法,记账（投资不合并）时，投资者应报告股权投资收益（损失）82,,（一）问题,,1.,如果股权,投资收益,不是以,现金,方式取得，那么投资者报告的股权投资收益就要大于投资公司取得的现金如果投资公司报告大量的股权投资收益，那么其净收益的数额可能比其。