1、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，
2、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
3、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
4、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
5、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
6、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
7、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
8、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
9、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
10、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
11、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,
12、Profitability 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 Profitability Analysis,27,Measu
13、ring Income,Income 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 Users,28,Measuring Income-Estimation Issues,Income measurement depends on estimates
14、 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
15、Estimates of skilled and experienced professionals Some consensus(less variability),30,Measuring Income-Accounting Methods,Professional experience,Regulatory agendas,Businesshappenings,Academicresearch,SocialInfluences,Politicalpressures,Accounting standards governing income measurement,31,Measuring
16、 Income-Accounting Methods,Methods reflect the outcome of numerous factors,including compromisesDiscretion is permitted to accommodate different business circumstancesMethods geared toward“general-purpose”financial statements,32,Measuring Income-Incentives for Disclosure,Ideally:Financial statements
17、 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 unfavorable,33,Measuring Income-Incentives for Disclosure,Reality:Each of us p
18、ossess opinions-we see the world from different perspectives Managers bring strong views to the table Managers feel pressures of competition and society Directors expect resultsShareholders concentrate on the bottom lineCreditors want safeguardsFinancial analysts dislike surprisesAccounting preparer
19、s 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 generalpurpose reports serving diverse needs of many users Diversity of views im
20、plies an analysis uses income as an initial measure of profitabilityUse available information adjust income measurement consistent with ones objectives,36,Two-Phase Analysis of Income,Analysis of income and its components involves two phases1.Analysis of accounting and its measurementsPurpose:To app
21、ly 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 objectivessuch as income forecas
22、ting 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
23、 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 Grap
24、hical analysis is a useful tool to interpret the sources of revenues,39,Analyzing Revenues,Revenue Sources,Diversified Companies present special challengesDifferent segments usually experience varying rates of profitability,risk,and growthAsset composition and financing requirements of segments ofte
25、nvaryEvaluation,projection,and valuation of income is aided by segment analysisSegments share characteristics of variability,growth,and riskIncome forecasting benefits from forecasts by segments Must separate and interpret the impact of individual segments,40,Analyzing Revenues,Revenue Sources,Full
26、disclosure by segments is rare because of:Difficulties in separating segments Managements 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 cust
27、omers,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 totalsNotes:Combined sales of all segments reported must be at least 75 percent of the companys total s
28、alesTen segments is viewed as a practical limit on the number of segments reported,43,Analyzing Revenues,Revenue Sources,Information disclosed for each segment:(1)salesboth intersegment and to unaffiliated customers(2)operating incomerevenues less operating expenses(3)identifiable assets(4)capital e
29、xpendituresdepreciation,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 to
30、tal revenues,45,Analyzing Revenues,Revenue Sources,Limitations of segment data:Difficult to define segments Arbitrary allocations of costsacross segments,46,Analyzing Revenues,Revenue Sources,Useful applications of segment data include:Analysis of sales growth Analysis of asset growth Analysis of pr
31、ofitability,47,Persistence(stability and trend)of revenues is important to profitability analysisAnalysis tools for assessing persistence in revenues include:(1)trend percent analysis(2)evaluation of Managements Discussion and Analysis,Analyzing Revenues,Persistence of Revenues,48,Revenues for a pri
32、or period are set equal to 100 percentRevenues for other periods are compared to itRevenue trends by segments are often:CorrelatedCompared to industry normsCompared to competitors,Analyzing Revenues,Persistence of Revenues-Trend Percent Analysis,49,Other related measures:across periodsAssess sensiti
33、vity of revenues to business conditionsCustomer analysisconcentration,dependence,and stabilityRevenues concentration or dependence on one segmentRevenues reliance on sales staffGeographical diversification of markets,Analyzing Revenues,Persistence of Revenues-Trend Percent Analysis,50,Managements Discussion and Analysis(MD&A)is often useful in analysis of persistence in revenuesAids in understandi
