【正文】 E ?標準允許采用成本模型法或重估法 – 639頁 資產(chǎn)減值 Leases PPamp。E 27 第三節(jié)：獲利能力分析 Topic 3: Profitability Analysis 28 每股收益 Earning per Share ?每股收益 = （凈收益 – 優(yōu)先股股利） /發(fā)行在外的加權平均普通股數(shù)量，案例， 608頁 稀釋后每股收益 ?稀釋后每股收益 = （凈收益 –優(yōu)先股） /稀釋后發(fā)行在外的加權平均普通股數(shù)量，案例， 609頁 ?Earning per Common Share = ( ine – Perferred Dividends)/Weighted Average Number of Common Shares Outstanding, for example, page 33 Diluted Earning per Share ?Diluted Earning per Share = (Net ine – Preferred dividends)/Diluted weighted average number of mon shares outstanding, for example, page 34 29 每股收益 Earning per Share 股利支付率 ?股利支付率 = 普通股股利 /可供普通股股東分配的盈余 股利收益 ?股利收益率 = 每股年股利 /每股現(xiàn)行市價 Dividend Payout Ratio ?Dividend payout ratio = mon dividends/Earning available to mon shareholders Dividend Yield ?Dividend yield = annual dividends per share/Market price per share 30 可持續(xù)增長率 Sustainable Equity Growth ?可持續(xù)的增長率 = ROE（ 1股利支付率） ?Sustainable Growth Rate = ROE (1 Dividend Payout Ratio) 31 資本投資回報率 Return on Capital Investment 資本投資回報率的組成要素 ?ROI – 與公司所動用的資本有關的利潤率 ?ROA – 指標上涉及的要素基本上與 ROI相似 ?ROE – 與權益相關的利潤率 ?投資資本的定義 – 非生產(chǎn)性資產(chǎn)，應折舊資產(chǎn)，優(yōu)先股股東的賬面價值 Components of Return on Capital Investment ?ROI – essentially the degree of profit in relation to the capital deployed ?ROA – same set of factor as ROI ?ROE – degree of the profit in relation to equity ?Definition of Invested Capital – unproductive assets, depreciable assets, preferred shareholders’ book value 32 資本投資的回報率 Return on Capital Investment 獲利能力分析 ?毛利率 = （銷售 – 銷貨成本） / 銷售 ?營運利潤率 = 營業(yè)收益 /銷售 ?凈利潤率 = 凈收益 /銷售 Profitability Analysis ?Gross profit margin percentage = (Sales – Cost of Sales)/Sales ?Operating Profit Margin Percentage = Operating Ine/Sales ?Net Profit Margin Percentage = Net Ine/Sales 33 資本投資的回報率 Return on Capital Investment 費用分析 ?主要費用 = 銷售，管理費用，折舊費用，攤銷費用，維護，財務費用，所得稅 Expense Analysis ?Major expense – selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, ine taxes 34 資本投資的回報率 Return on Capital Investment 投資回報率 ?投資回報率（ ROI） = 業(yè)務單位的凈利潤 /業(yè)務單位的資產(chǎn) 資產(chǎn)的回報率（ ROA） ?ROA = 凈收益 /平均總資產(chǎn) Return on Investment ?Return on Investment (ROI) = Net Profit of Business Unit/Assets of Business Unit Return on Assets (ROA) ?ROA = Net Ine/Average Total Assets 35 資本投資的回報率 Return on Capital Investment 杜邦模型 ?ROA = 凈收益 /銷售 銷售 /平均總資產(chǎn)，案例， 616頁 普通股權益回報的計算 ?ROE = 凈收益 /平均權益 ?財務杠桿比率 =資產(chǎn) /權益 DuPont Model ?ROA = Net Ine/Sales Sales/Average Total Assets, for example, page 42 Calculating Return on Common Equity ?ROE = Net Ine/Average Equity ?Financial Leverage Ratio = Assets/Equity 36 收入分析 Revenue Analysis ?收入 – 從其客戶處所獲得的資源 收入的來源 ? 收入的來源 – 業(yè)務活動在實質(zhì)上必須已經(jīng)完成，所有權風險必須有效地轉(zhuǎn)移給購買者，收入以很高的準確性進行度量和估計，帶來現(xiàn)金、應收款或者其他資產(chǎn)的增加，或則負債的下降，必須是與外部獨立實體進行的交易 ?Revenue – resources generated by a business from customer Source of Revenue ?Recognition of revenues – activities must be substantially pleted, risk of ownership effectively passed on to the buyer, the revenue measured or estimated with substantial accuracy, either increased in cash, receivables, or other asset or decrease in a liability, business action must be at arm’s lengt