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) 報告收益與經(jīng)濟收益報告收益與經(jīng)濟收益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，人們曾經(jīng)并不獨立地計算收益，而在歷史上，人們曾經(jīng)并不獨立地計算收益，而是通過是通過資產(chǎn)的盤點資產(chǎn)的盤點來進行，因而收益通常是指來進行，因而收益通常是指資產(chǎn)的增加額。資產(chǎn)的增加額。n郭道揚提出，在我國西漢以前，人們對盈利的郭道揚提出，在我國西漢以前，人們對盈利的認識，處于自然盈利階段。所謂自然盈利，就認識，處于自然盈利階段。所謂自然盈利，就是籠統(tǒng)地認為以是籠統(tǒng)地認為以收抵支收抵支，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中世紀的意大利海上貿(mào)易，產(chǎn)生了劃分確收中世紀的意大利海上貿(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會計期間概念的提出會計期間概念的提出 n股份有限公司的發(fā)展對持續(xù)經(jīng)營、資本保全、股份有限公司的發(fā)展對持續(xù)經(jīng)營、資本保全、配比原則的應用有重要的促進作用配比原則的應用有重要的促進作用 5一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)）n隨著經(jīng)濟的發(fā)展，對隨著經(jīng)濟的發(fā)展，對收益的確認收益的確認產(chǎn)生了不同的產(chǎn)生了不同的認識。認識。n一種觀點認為，收益確認是一種觀點認為，收益確認是資產(chǎn)計價資產(chǎn)計價問題

3、，是問題，是通過定期的資產(chǎn)計價，將一定一時期通過定期的資產(chǎn)計價，將一定一時期凈資產(chǎn)凈資產(chǎn)增增值作為企業(yè)的收益。這種觀點被稱為值作為企業(yè)的收益。這種觀點被稱為資產(chǎn)計價資產(chǎn)計價觀觀。n另一種觀點認為，收益是在持續(xù)經(jīng)營前提下收另一種觀點認為，收益是在持續(xù)經(jīng)營前提下收入與各種費用合理配比的結(jié)果。這種觀點被成入與各種費用合理配比的結(jié)果。這種觀點被成為收入與費用的為收入與費用的配比觀配比觀。6一、收益的性質(zhì)一、收益的性質(zhì) （續(xù)）（續(xù)） n2現(xiàn)代會計定義的收益現(xiàn)代會計定義的收益 n在傳統(tǒng)會計中，收益通常指企業(yè)在一個會計期間在傳統(tǒng)會計中，收益通常指企業(yè)在一個會計期間所獲得的所獲得的凈收益凈收益（net inc

4、ome），即一個會計），即一個會計期間企業(yè)的全部收入和收益超過全部費用和損失期間企業(yè)的全部收入和收益超過全部費用和損失的余額的余額 n我國我國企業(yè)財務會計報告條例企業(yè)財務會計報告條例第十條第三款規(guī)第十條第三款規(guī)定，定，“利潤，是指企業(yè)在一定會計期間的經(jīng)營成利潤，是指企業(yè)在一定會計期間的經(jīng)營成果，包括營業(yè)利潤、利潤總額和凈利潤。果，包括營業(yè)利潤、利潤總額和凈利潤?！?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截然不同的概念。兩個截然不同的概念。n從經(jīng)濟理論上講，資本是指某一個時點的財富從經(jīng)濟理論上講，資本是指某一個時點的財富存量存量，收益則是

5、指某一個時期的財富，收益則是指某一個時期的財富流量流量。n作為財務存量的資本，必須長久地作為財務存量的資本，必須長久地保持或維護保持或維護，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財務報告的主要作用是計量和報告本期企業(yè)所財務報告的主要作用是計量和報告本期企業(yè)所獲得的收益和資本變動，因而獲得的收益和資本變動，因而區(qū)分收益和資本區(qū)分收益和資本變動變動是非常重要的。是非常重要的。n凡是不減損財富存量和未來財富流量的現(xiàn)金流凡是不減損財富存量和未來財富流量的現(xiàn)金流量是量是資本的收益資本的收益（return

6、 on capital）；）；n如果減少了財富存量和未來財富流量的現(xiàn)金流如果減少了財富存量和未來財富流量的現(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)營管理水平經(jīng)營管理水平的一個重要標的一個重要標志。志。n企業(yè)收益大小對于企業(yè)收益大小對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依據(jù)，也是分配股利的一項依據(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富的對象征稅和

7、再分配財富的對象n企業(yè)收益是政府機構(gòu)調(diào)查企業(yè)產(chǎn)品或某一個行業(yè)企業(yè)收益是政府機構(gòu)調(diào)查企業(yè)產(chǎn)品或某一個行業(yè)的收益水平或勞務價格水平是否合理的一種重要的收益水平或勞務價格水平是否合理的一種重要依據(jù)。依據(jù)。10二、會計收益概念二、會計收益概念n傳統(tǒng)會計傳統(tǒng)會計中的收益概念與中的收益概念與經(jīng)濟學經(jīng)濟學中收益概念中收益概念是兩個不同的概念。是兩個不同的概念。n會計收益（會計收益（accounting income）概念是指）概念是指本期本期已實現(xiàn)收入已實現(xiàn)收入與與按照歷史成本計算的相關(guān)按照歷史成本計算的相關(guān)費用費用之間的差額。之間的差額。 11二、會計收益概念二、會計收益概念(續(xù)續(xù))1會計收益的特點會計收

8、益的特點n會計收益依據(jù)會計收益依據(jù)實際發(fā)生實際發(fā)生的經(jīng)濟業(yè)務的經(jīng)濟業(yè)務 n會計收益按會計收益按歷史成本歷史成本原則計列費用原則計列費用n會計收益建立在會計收益建立在會計期間會計期間假設之上假設之上n會計收益依據(jù)會計收益依據(jù)收入實現(xiàn)原則收入實現(xiàn)原則n會計收益依據(jù)會計收益依據(jù)配比原則配比原則計量計量122會計收益概念的優(yōu)點會計收益概念的優(yōu)點n會計收益建立在實際發(fā)生的經(jīng)濟業(yè)務的基礎上，會計收益建立在實際發(fā)生的經(jīng)濟業(yè)務的基礎上，因而是因而是客觀的客觀的和和可以驗證的可以驗證的。n會計收益所依據(jù)的是收入實現(xiàn)原則，也就是在收會計收益所依據(jù)的是收入實現(xiàn)原則，也就是在收益實現(xiàn)之后才確認收益，因而符合益實現(xiàn)之后

9、才確認收益，因而符合穩(wěn)健原則穩(wěn)健原則n會計收益可以反映企業(yè)資產(chǎn)是否完整無缺、企業(yè)會計收益可以反映企業(yè)資產(chǎn)是否完整無缺、企業(yè)資源是否得到充分利用，對于反映企業(yè)主管人員資源是否得到充分利用，對于反映企業(yè)主管人員履行會計責任履行會計責任的情況非常有用。的情況非常有用。二、會計收益概念二、會計收益概念(續(xù)續(xù))133會計收益概念的缺點會計收益概念的缺點n（1）由于會計收益概念依據(jù)收入確認的實現(xiàn)）由于會計收益概念依據(jù)收入確認的實現(xiàn)原則，從而導致?lián)p益表上反映的企業(yè)收益原則，從而導致?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）在物價上升物價上升的環(huán)境中，會計收益概念是的環(huán)境中

10、，會計收益概念是以現(xiàn)行價格確認收入，按歷史成本確認費用，以現(xiàn)行價格確認收入，按歷史成本確認費用，從而使得成本不能得到真正的彌補。從而使得成本不能得到真正的彌補。 二、會計收益概念二、會計收益概念(續(xù)續(xù))143會計收益概念的缺點會計收益概念的缺點n（3）由于各年資產(chǎn)計價的混亂，導致各年度）由于各年資產(chǎn)計價的混亂，導致各年度會計收益缺乏會計收益缺乏可比性可比性 n（4）由于依賴歷史成本計價，使得企業(yè)資產(chǎn)）由于依賴歷史成本計價，使得企業(yè)資產(chǎn)負債表所反映的負債表所反映的資產(chǎn)價值資產(chǎn)價值失去意義失去意義。 二、會計收益概念二、會計收益概念(續(xù)續(xù))15三、經(jīng)濟收益概念三、經(jīng)濟收益概念 n經(jīng)濟收益（經(jīng)濟收益

11、（economic income）是）是Adam Smith首先提出的。他將收益視為首先提出的。他將收益視為財富的增加額財富的增加額。 n經(jīng)濟學家經(jīng)濟學家J.R. Hicks對經(jīng)濟收益所下的定義是，對經(jīng)濟收益所下的定義是，“計算收益的實際目的是為了讓人們知道不使他計算收益的實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，所可以消費的金額。們自己變?yōu)樨毟F的情況下，所可以消費的金額。由此，可以對個人收益下這樣一個定義：在期末由此，可以對個人收益下這樣一個定義：在期末和期初擁有相同財富的情況下，本期內(nèi)可以消費和期初擁有相同財富的情況下，本期內(nèi)可以消費的最大金額。的最大金額。” 16三、經(jīng)濟收益

12、概念三、經(jīng)濟收益概念 （續(xù)）（續(xù)）n可以用這個最基本的收益定義來解釋企業(yè)收益?？梢杂眠@個最基本的收益定義來解釋企業(yè)收益。企業(yè)收益是在期初期末企業(yè)資本沒有變化的情企業(yè)收益是在期初期末企業(yè)資本沒有變化的情況下，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，經(jīng)濟收益和可見，經(jīng)濟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，經(jīng)濟收益建立在資本保全概念之上。或者說，經(jīng)濟收益建立在資本保全概念之上。因此，要想進一步了解經(jīng)濟學家的經(jīng)濟收益概因此，要想進一步了解經(jīng)濟學家的經(jīng)濟收益概念，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和成本）是指在資本得到維護和成本得到彌補以后，才能確認收益。得到彌補以后，才能確認收益。17三、經(jīng)濟收益概念三、經(jīng)濟收益概念 （續(xù)）（續(xù)）n對資本收益和資本回收兩個不同的概念，應當對資本收益和資本回收兩個不同的概念，應當嚴格加以區(qū)分。但是應用什么標準來區(qū)分資本嚴格加以區(qū)分。但是應用什么標準來區(qū)分資本收益和資本回收，則存在以下兩種不同的標準。收益和資本回收，則存在以下兩種不同的標準。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該維護的是貨幣資本保全概念主張應該維護的是貨幣資本貨幣資本。這

14、種概念與傳統(tǒng)會計實務是一致的。傳統(tǒng)會計這種概念與傳統(tǒng)會計實務是一致的。傳統(tǒng)會計用歷史成本計量企業(yè)的資產(chǎn)凈值，因而這是會用歷史成本計量企業(yè)的資產(chǎn)凈值，因而這是會計人員所支持的概念。計人員所支持的概念。 18三、經(jīng)濟收益概念三、經(jīng)濟收益概念 （續(xù)）（續(xù)）2實物資本保全概念實物資本保全概念n經(jīng)濟學家主張應當保全的實物資本，即企業(yè)的經(jīng)濟學家主張應當保全的實物資本，即企業(yè)的實際生產(chǎn)能力實際生產(chǎn)能力。但是對實際生產(chǎn)能力又有以下。但是對實際生產(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)所擁有的實物資產(chǎn)，指企業(yè)所擁有的實物資產(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；務； n指以后年度可以生產(chǎn)或提供同樣價值的商品和指以后年度可以生產(chǎn)或提供同樣價值的商品和勞務勞務 19三、經(jīng)濟收益概念三、經(jīng)濟收益概念 （續(xù)）（續(xù)）n經(jīng)濟學收益概念的優(yōu)點：經(jīng)濟收益的概念所包經(jīng)濟學收益概念的優(yōu)點：經(jīng)濟收益的概念所包括的內(nèi)容，比會計收益概念更為真實。它是企括的內(nèi)容，比會計收益概念更為真實。它是企業(yè)的業(yè)的實際收益實際收益，而不是名義上的收益。，而不是名義上的收益。n經(jīng)濟收益的缺點：計量上的困難。它必須以現(xiàn)經(jīng)濟收益的缺點：計量上的困難。它必須以現(xiàn)時重置成本或現(xiàn)時變現(xiàn)價值而不是歷史成本計時重置成本或現(xiàn)時變現(xiàn)價值而不是歷史成本計量企業(yè)的資產(chǎn)凈值。量企業(yè)的資產(chǎn)凈值。20三

16、、經(jīng)濟收益概念三、經(jīng)濟收益概念 （續(xù)）（續(xù)）n舉例說明會計收益和經(jīng)濟收益的差別。舉例說明會計收益和經(jīng)濟收益的差別。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際生元。另外假定期末維持實際生產(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)的會元。該企業(yè)的會計收益和經(jīng)濟收益分別計算如下：計收益和經(jīng)濟收益分別計算如下：n會計收益：會計收益：15,000-10,000=5,000n經(jīng)濟收益：經(jīng)濟收益：15,000-12,500=2,50021四、營業(yè)收益和總括收益差別四、營業(yè)收益和總括收益差別 n企業(yè)利潤表中計列

17、的年度收益數(shù)額，究竟應企業(yè)利潤表中計列的年度收益數(shù)額，究竟應該僅包括本期經(jīng)常性的業(yè)務收支，即僅反映該僅包括本期經(jīng)常性的業(yè)務收支，即僅反映企業(yè)的企業(yè)的經(jīng)營管理水平經(jīng)營管理水平，還是應該同時包括，還是應該同時包括非非常項目損益常項目損益，即也反映客觀經(jīng)濟條件的變化，即也反映客觀經(jīng)濟條件的變化因素，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、營業(yè)收益和總括收益差別四、營業(yè)收益和總括收益差別(續(xù)續(xù))1本期營業(yè)收益概念本期營業(yè)收益概念n所謂本期營業(yè)收益概念，是指利潤表中計列的所謂本期營業(yè)收益概念，是指利潤表中計列的收益數(shù)額，應該僅反映本期經(jīng)常性的業(yè)務收支，收益數(shù)額，應該僅反

18、映本期經(jīng)常性的業(yè)務收支，至于非常項目的收支，則不應該包括在內(nèi)。至于非常項目的收支，則不應該包括在內(nèi)。n本期營業(yè)收益概念特別強調(diào)本期營業(yè)收益概念特別強調(diào)“本期本期”和和“營業(yè)營業(yè)”兩個關(guān)鍵詞。兩個關(guān)鍵詞。23四、營業(yè)收益和總括收益差別四、營業(yè)收益和總括收益差別(續(xù)續(xù))n本期營業(yè)收益概念的第一個問題是本期營業(yè)收益概念的第一個問題是區(qū)分本期和區(qū)分本期和非本期收益非本期收益，從而使不同會計期的收益可以更，從而使不同會計期的收益可以更好地比較。好地比較。 n本期營業(yè)收益概念的另外一個問題本期營業(yè)收益概念的另外一個問題區(qū)分營業(yè)收區(qū)分營業(yè)收益和營業(yè)外收益益和營業(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表的收益數(shù)額僅反映企業(yè)正常業(yè)務活動，使利潤表的收益數(shù)額僅反映企業(yè)正常業(yè)務活動，企業(yè)與企業(yè)經(jīng)營管理水平就可以相互比較。企業(yè)與企業(yè)經(jīng)營管理水平就可以相互比較。24四、營業(yè)收益和總括收益差別四、營業(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表中所計列的收益數(shù)額，總括收益概念是指利潤表中所計列的收益數(shù)額，不僅包括營業(yè)收益，也包括不僅包括營業(yè)收益，也包括營業(yè)外收益營業(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）營業(yè)收益與營業(yè)外收入的區(qū)分存在許多）營業(yè)收益與營業(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、利潤表更容易編制，）按總概念所編制的利潤表更容易編制，也更容易為報表使用者所理解。也更容易為報表使用者所理解。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