专题一财务报表分析与评价综合

专题财务报表分析与业绩专题一财务报表分析与业绩评高频词operatingfinancialoperatingfinancialFreeCashFlowtoFreeCashFlowtotheFirmabilitytopayshort-termcontingentcapitalstructurekeysparebusinessdirectlyfinancial123专题财务报表分析与业绩专题一财务报表分析与业绩评高频词operatingfinancialoperatingfinancialFreeCashFlowtoFreeCashFlowtotheFirmabilitytopayshort-termcontingentcapitalstructurekeysparebusinessdirectlyfinancial123456789PurposeofFinancialStatementThepurposeoffinancialstatementanalysisistoconvertfinancialstatementdatatousefulinformation,inordertohelpfinancialstatementuserstoimprovePurposeofFinancialStatementThepurposeoffinancialstatementanalysisistoconvertfinancialstatementdatatousefulinformation,inordertohelpfinancialstatementuserstoimproveMethodofcomparativeMethodoffactorcomparingwiththehistoryofourcomparingwiththecompanieswiththesamecomparingwiththeplanningorDepartmentalreturnonOperatingnetprofitafter-After-taxinterestWeightedaveragecostofcapitalbasedonmarketDisclosedeconomicReturnoninvestmentResidualResidualequityResidualoperatingResidualnetfinancialEconomicvalueaddedMarketvaluedebtcashnetoperatinggrosspre-afterLimitationoffinancialstatementitselfTheproblemofreliabilityofTheproblemof二、财务比Analysisofabilitytopayshort-termSinglefinancialratioanalysis:thehigherindicatorstermdebtpayingability.Currentratio＝currentassets/currentliabilities×100%meantheenhanced1ThereLimitationoffinancialstatementitselfTheproblemofreliabilityofTheproblemof二、财务比Analysisofabilitytopayshort-termSinglefinancialratioanalysis:thehigherindicatorstermdebtpayingability.Currentratio＝currentassets/currentliabilities×100%meantheenhanced1Thereisnouniformorstandardcurrent2CurrentratioisaroughestimateofProfitabilityOperatingCurrentAssettoNetprofitARturnoverQuickLong-termdebtcapitalNetprofitonInventoryCashDebttoequityNetprofitonCurrentassetCashflowEquityNoncurrentturnoverWorkingCashflowWorkingturnoverInterestcoverageserialsubstitutiongapQuickratio＝quickassets/currentliabilities×100%=（monetaryfund＋tradingfinancialassets+allaccountsQuickratio＝quickassets/currentliabilities×100%=（monetaryfund＋tradingfinancialassets+allaccountsreceivable）/currentliabilities×100%3.现金比Cashratio＝（monetaryfund＋tradingfinancialassets）/currentliabilitiesAcashratiothatistoohighmayindicateacompanyhavingtoomuchsparecash,whichwouldincreasetheopportunitycostanddecreasetheprofitability.4.Cashflowratio＝netoperatingcashflow/currentliabilities×100%Cashflowratiodirectlyreflectstheabilityofthecompanytomeetitstermobligationsbasedoncashgeneratedinthenormalcourseofbusiness.Working＝currentassets－current＝long-termcapital－long-termWorkingcapitalisanabsolutevalue,whichisdifficulttobeusedcomparingdifferenthistoricalperiodsanddifferentcompanies.（2）Thereasonablenessofworkingcapitalisprimarilyevaluatedthroughshort-termdebtratio.Thehighercurrentratiomaynotmeantheenhancementoftheshort-debtability,andviceversa.However,severalotherratiosgiveanalysisof1Thequickratiocanbemoreaccurateandreliableinmeasuringtheabilityofanenterprisetopayshort-termdebtanditsliquiditythanthecurrentratio.2Theliquidityofaccountsreceivableistheimportantfactor,whichinfluencesthecredibilityofthequickratioinformation,amongwhichinformation,amongwhicharetheinventoryturnoverratio,accountsreceivableturnoverratio,quickratio,cashratio,cashflowratio,etc.Thefactorswhichenhancetheshort-termdebtpayingability:availablebankloan,non-currentassetsconvertibletocash,reputationofdebt–payingability.Thefactorswhichreducetheshort-termdebtpayingthecontingentliabilitiesrelatedtodebtguaranteeagreedpaymentspecifiedintheoperatingleasingSolvencytheanalysisofenterpriseabilitytopaylong-term财务结构分析：FinancialstructureAssettoliabilityratio＝totalliabilities/totalDebttoequityratio＝totalEquitymultiplier＝totalassets/equity×100%＝1＋debttoequityratio＝1/（1－assettoliabilityratio）从资本结构分析：CapitalstructureLong-termdebttocapital＝non-currentliabilities/long-termcapital＝non-currentliabilities（non-currentliabilitiesequity）100%AnalysisofsolvencyfromtheincomeInterestcoverage＝Earningsbeforeinterestandtax（EBIT）/interestEarningsbeforeinterestandtax＝totalprofits＋interestexpenses＝netprofits＋incometax＋interestexpensesAnalysisofsolvencyfromthecashflowInterestcoverageAnalysisofsolvencyfromthecashflowInterestcoverageratiobasedoncash＝cashflowfromoperatingactivities/interestCashflowtototaldebts＝netcashflowfromoperatingactivities/totalOperatingcapacityandassetprofitabilityKeyindicator:NetreturnontotalNetreturnontotal＝netprofits/averagetotal＝netprofitmargin×totalassetsturnoverNetprofitmarginanalysis:shouldanalyzegrossprofitmarginperiodexpensesTotalassetturnoverratioAccountsreceivableAccountsreceivableturnover＝salesrevenue/accountInventoryandInventoryturnover＝salesrevenue（costofsales）/average非流动资产周转次数Non-currentassetsNon-currentassetsturnover＝salesrevenue/non-currentWorkingcapitalWorkingcapitalturnover＝salesrevenue÷workingCurrentturnover＝salesrevenue/currentassetsTotalassetsturnoverTotalassetsturnover＝salesrevenue/total（四）DuPontKeyratio:ReturnonNetreturnon＝netreturnontotalassets×equity＝netprofitmargin×totalassetsturnoverratio×equityNetprofitmarginandtotalassetsturnoveraresecondaryindicators,whichcanreflectacompany’sbusinessstrategy.Theequitymultipliercanreflectthecompany’sfinancialpolicy.SomeNetreturnon＝netreturnontotalassets×equity＝netprofitmargin×totalassetsturnoverratio×equityNetprofitmarginandtotalassetsturnoveraresecondaryindicators,whichcanreflectacompany’sbusinessstrategy.Theequitymultipliercanreflectthecompany’sfinancialpolicy.Somecompanies’netprofitmarginandtotalassetsturnoverratiomovementareoppositedirection,whichalsoappliestomovementofnetreturnontotalassetsitsfinancialleverage,socompaniesmustmatchitsbusinessstrategywith传统杜邦分析体系的局限性（Thelimitationoftraditionalanalysis）“Totalassets’and‘netprofit’arenotmatchedincalculatingmargin；:thenetTheprofits（orlosses）fromoperatingactivitiesarenotdifferentiatedbetweentheprofits（orlosses）fromfinancialactivities.ThefinancialliabilitiesarenotdistinguishedfromtheoperatingQuickratio=quickasset/currentInevaluationoftheshort-termsolvencyofCompanyB,therealizabilityofaccountsreceivableshallbeconsidered.CompanyBcalculatesandwithdrawsthebaddebtreservesat5%ofthebalanceoftheaccountsreceivable.Attheendof2013,theaccountsreceivablewithageofmorethan3yearshadaccountedfor10%ofthebalanceoftheaccountsreceivable.Probably,theactualbaddebtsexceedthecalculatedandwithdrawnbaddebtreserves,reducingtheshort-termsolvencyofCompanyB.Theproductionandamountofthelevel.EventhoughoperationofCompanyBhaveseasonalcharacteristics.So,thereceivableunderthestatementwillnotreflecttheaverageaccountsreceivablearecalculatedbasedonthemeanvalueyear-endamountandtheyear-beginningamount,itisstillimpossibletoeliminatetheparticularityoftheyear-enddataoftheenterprisesengaginginseasonableproductionactivities.Attheendoftheyear,CompanyBisintheoffseason,andtheaccountsreceivableandthecurrentliabilitiesarelowerthantheaveragelevel.Tothisregard,thecalculationresultsmightnotreflecttheshort-termsolvencyofCompanyB（2）利息保障倍数＝息税前利润/利息费用＝（97.5＋Interestcoverageratio＝earingsbeforeinterestandtax（EBIT）/expense=（97.5＋1，说明自身产生的经营收益勉强可以支持现有的债务规模。由TheinterestcoverageratioofCompanyBexpense=（97.5＋1，说明自身产生的经营收益勉强可以支持现有的债务规模。由TheinterestcoverageratioofCompanyBismoreoperatingincomeofCompanyBcouldjustsupportbeforeinterestandtax（EBIT）areunstableduethan1,indicatingthatexistingdebts.Astheearningsinfluenceofoperatingrisks,buttheinterestexpendituresarefixed,thelong-termsolvencyofCompanyBisAccountsreceivableturnover＝salesrevenue/averagebalanceofaccountsDuetotheseasonablecharacteristicsofCompanyB’sproductionandtheamountoftheaccountsreceivableunderthestatementcannotreflectlevel.Eventhoughsuchaccountsreceivablearecalculatedbasedonthemeantheyear-endamountandtheyear-beginningamount,itisstillimpossiblevalueoftheparticularityoftheyear-enddataoftheenterprisesengaginginseasonableproductionactivities.Attheendoftheyear,CompanyBisintheoffseason,thebalanceoftheaccountsreceivableislowerthantheaveragelevel.Thus,thecalculationresultswilloverestimatetherealizationspeedoftheaccountsreceivable.Accountsreceivableturnovershallbecalculatedbasedonthecreditisimpossibletoobtainthecreditsalesdata,andaccountsreceivableAssalesrevenue,theaccountsreceivableturnoverwillcalculatedbasedonIn2013,sales,andincreasedrealizationspeedBhasreducedtheproportionofthecustomerssubjecttotheproportionofcashsale,whichwillfurtheroverestimatethetheaccountsreceivable.Answer1：（1）Short-termbecausetheirconcerniswiththefirm'sabilitytopayshort-termobligationsastheycomedue.（2）Long-termlenders–leveragebecausetheyareconcernedwiththeofdebttototalassets.Theyalsowillexamineprofitabilitytoinsurethatinterestpaymentscanbemade.（3）Stockholders–profitability,withsecondaryconsiderationgiventodebtutilization,liquidity,andotherratios.Sincestockholdersaretheultimateownersofthefirm,theyareprimarilyconcernedwithprofitsorthereturnontheir（3）Stockholders–profitability,withsecondaryconsiderationgiventodebtutilization,liquidity,andotherratios.Sincestockholdersaretheultimateownersofthefirm,theyareprimarilyconcernedwithprofitsorthereturnontheirAnswer2：Iftheaccountsreceivableturnoverratiodecreases,accountsreceivablewillbeonthebooksforalongerperiodoftime.Thismeansthattheaveragecollectionperiodwillincrease.Part2讲解之二管理用财务报表ManagerialbalanceFundamentalAssets＝operatingassets＋＝（currentoperatingassetslong-termoperatingassets）＋Liabilities＝operatingliabilities＋financialfinancial＝（currentoperatingliabilities＋long-termoperatingliabilities）financialManagerialbalanceDifferentiatingoperatingassetsandfinancialDifferentiatingoperatingliabilitiesandfinancialManagerialincomeDifferentiatingoperatingprofitorlossandfinancialprofitAllocateincometaxManagerialcashflowDifferentiatingoperatingcashflowandfinancialcashNetoperatingNetoperating＝operatingassets－operating＝（经营性流动资产＋经营性长期资产）－（经营性流动负债＋经营性长期负债＝（currentoperatingassets＋long-termoperatingassets）－（currentoperatingliabilities＋long-termoperatingliabilities）＝（经营性流动资产－经营性流动负债）＋（经营性长期资产－经营性长期负债＝（currentoperatingassets－currentoperatingliabilities）＋（long-termoperatingassets－long-termoperatingliabilities）＝operatingworkingcapital＋netlong-termoperatingNetfinancialliabilities＝financialliabilities－financialassets＝netNetoperatingassets＝netliabilities＋shareholders'equity＝netinvestmentManagerialincomestatementFundamentalformulaNetprofit＝operatingprofitorloss＋financialprofitorloss=after-taxoperatingprofit－after-taxinterestexpenses＝Pre-taxoperatingprofit×（1－averageincometaxrate）－interest－averageincometaxPre-taxoperatingprofit＝totalprofits＋interest利息费用＝财务费用＋金融资产公允价值变动损失（－收益）＋金融资产投资损失（－收益Interestexpenses＝financialexpenses＋lossesonfairvaluechangeinfinancialasset（－gains）＋investmentlossesonfinancialasset（－gains）＋lossesonfinancialassetimpairmentManagerialcashflowFreecashflowtothefirm＝after-taxnetoperatingprofit－netincreaseinoperatingworkingcapital－increaseinnetoperatinglong-termasset＝（税后经营净利润＋折旧与摊销）－（经营营运资本净增加＋资本支出＝（after-taxnetoperatingprofit＋depreciationandamortization）（increaseinoperatingworkingcapital＋capital＝Grossoperatingcashflow－totalinvestmentsinnetoperating＝Grossoperatingcashflow－（net＝Grossoperatingcashflow－（netincreaseinoperatingworkingcapital＋increaseinlong-termnetoperatingassets＋depreciationandamortization）＝营业现金净流量－（净经营性长期资产增加＋折旧与摊销＝Netoperatingcashflow－（increaseinlong-termnetoperatingassetsdepreciationand＝Netoperatingcashflow－totalinvestmentsonnetoperatinglong-term＝税后经营净利润－（经营营运资本净增加＋净经营性长期资产增加＝After-taxoperatingprofits－（netincreaseinoperatingworkingcapital＋increaseinlong-termnetoperatingassets）＝Netoperatingprofitaftertax－increaseinnetoperating＝Netoperatingprofitaftertax－netinvestmentsincurrent＝Debtcashflow＋freecashflowtoNetinvestmentsincurrent＝Increaseinnetoperating＝Netinvestmentsonnetoperating＝Netincreaseinoperatingworkingcapital＋increaseinlong-termnetoperating＝Capitalexpenditure－depreciationandamortization＋increaseinworkingCapitalexpenditure＝Increaseinnetlong-termoperatingassets＋Debtcashflow＝After-taxinterestexpenses－increaseinnetEquitycashflows＝Dividendpayout－netincreaseinequity＝FCFF－debtcash＝（税后经营净利润－本年净投资）－（税后利息费用－净负债增加＝（After-taxnetoperatingprofit－netinvestmentsincurrentyear）－（after-interestexpenses－increaseinnetdebt）year＋increaseinnet＝Netprofit－netinvestmentsin＝Netprofit－increaseinshareholders’＝Netprofit－netinvestmentsincurrentyear×（1－debt润－（1－负债率）×本年净投资Ifacompanyfinancesitsactivitiesatafixeddebtratio（netdebt/netoperatingassets）,thenequitycashflow＝netprofit－（1－debtratio）×netinvestmentsincurrentyearIfacompanyfinancesitsactivitiesatafixeddebtratio（netdebt/netoperatingassets）,thenequitycashflow＝netprofit－（1－debtratio）×netinvestmentsincurrentyear2011（以百分数表Englishanswer:Netoperatingassetprofitmargin=294/2100×100%=14%Interestrateaftertax=36/600×100%=6%Operatingdifferentialrate=14%-Leveragecontributingratio=8%×（600/1500）=3.2%Rateofreturnonequity=14%+3.2%=17.2%20112010资产负债项目（年末利润表项目（年度Netoperatingassetprofitmargin=495/3300×100%=15%Interestrateaftertax=45/900×100%=5%Operatingdifferentialrate=15%-Leveragecontributingratio=10%×（900/2400）=3.75%Rateofreturnonequity=15%+3.75%=18.75%（2）Replacementofnetoperatingassetprofitmargin,15%+（15%-Netoperatingassetprofitmargin=495/3300×100%=15%Interestrateaftertax=45/900×100%=5%Operatingdifferentialrate=15%-Leveragecontributingratio=10%×（900/2400）=3.75%Rateofreturnonequity=15%+3.75%=18.75%（2）Replacementofnetoperatingassetprofitmargin,15%+（15%-Replacementofinterestrateaftertax:15%+（15%-5%）×（600/1500）=19%Replacementofnetfinancialleverage:15%+（15%-5%）×（900/2400）=18.75%Theeffectofrateofreturnprofitmargin=18.6%*17.2%=1.4%TheeffectofrateofreturnTheeffectofrateofnetinterestnetRateofreturnonequity（2011）-rateofreturnonequity（2012）=18.75%-1.4%，税后利息率下降使得权益净利率提高0.4%，净财务杠杆下降使得权益净利率下降0.25%，三者共同影响使得2011年权益净利率比2010年权益净利率提高1.55%。Aboveall,theincreaseofnetoperatingassetprofitmarginmakesa1.4%riserateinratereturnonequity,thedecreaseofinterestrateaftertaxmakesa0.4%declineofreturnonequity,andthedecreaseofnetfinancialleveragemakesainrateofreturnonequity.Theoveralleffectmakestherateofreturnequityincreaseby1.55%in2011comparedin解得2012年净经营资产净利率=23.18%（3）30%=netoperationassetprofitmargin+（netoperatingassetprofitmarginWegetnetoperatingassetOperatingprofitmarginaftermarginin2012=23.18%isrequiredtobeat9.27%inordertoprofitmarginafterthetarget30%rateofreturnonOperatingdifferenceraterepresentsthenetprofitsincreasedarisingfromtheborrowingof1YuandebtcapitalandtheninvestmentinOperatingdifferenceraterepresentsthenetprofitsincreasedarisingfromtheborrowingof1Yuandebtcapitalandtheninvestmentinoperatingassets,whichisoneoftheimportantbasestomeasurewhethertheborrowingisreasonable.Iftheoperatingdifferencerateshareholderreturns（i.e.,rateisnegative,theborrowingispositive,theborrowingwillnetprofits）;reduceiftheoperatingreturns.Fromtheviewofprofitmarginistheupperincreasingshareholderreturns,thenetoperatinglimitoftheloanafter-taxinterestratethatcanbeassumedbyFactorsaffectingleveragecontributingratioincludenetfinancialleverage,after-taxinterestrateandnetoperatingassetprofitmargin.Improvingnetfinancialleveragewillincreasebusinessriskandpushinterestratetorise,enablingoperatingdifferenceratetolessen.Therefore,itislimitedbyrelyingonnetfinancialcontributingratio.Also,becausethelevelofafter-taxtoenhancerateismainlydeterminedbythecapitalmarket,thefundamentalwaytocontributingratioistoimprovethenetoperatingPart2重难点讲解之三业绩计profit一、盈利基础的业绩Performancemeasurementbasedon（一）净收益和每股收益NetincomeandNetincome=netprofits－preferenceEarningspershare=netincome/averagenumberofordinaryThisindexhasgoodThenumberofnetincomeisaudited,soitismuchmorecreditablethanotherindicators.Ignoringtheinfluenceofinflation----‘assumptionthatcurrencyisnotIgnoringthegainsfromvaluecreatingThedisadvantagesofperformancebasedonNetincome,earningspershareandreturnoninvestmentarecomputedbyaccrualbasis,ThedisadvantagesofperformancebasedonNetincome,earningspershareandreturnoninvestmentarecomputedbyaccrualbasis,sotheamountofinvestmentandthetimeofinvestingcannotbedistinguished.Forexample,twofirmshavethesamenetprofitsbutwithmuchdifferentcashflows.Itignoresrisk.Itattachesgreatimportancetoreturnbutignoresthe二、剩余收益基础的业绩计PerformancemeasurementbasedonresidualincomeResidualincome=netprofit－requiredrateofreturn×amountofcapital（netResidualequityincome（theresidualincomethatbelongstoequityinvestors）（权益报酬率－权益投资要求报酬率ResidualequityReturnonassets（ROA）=after-taxprofits/totalReturnonequity（ROE）=after-taxROIisthemostimportantandcomprehensivefinancialratioinfinancialmanagementROIrelatestheearnedincomewithusedassets（orequityROIusesthedataof‘netincome’soROIhassimilardisadvantageswithnetincome.ROIinducesmanagerstogiveuptheinvestmentopportunitieswhosereturnratearelowerthanthefirm’saveragereturnratebuthigherthanthefirm’scostofThequalityof‘pershare’ofearningspershareisdifferent,thecomparabilityofthisTheindexofnetincomeiseasilycontrolledandadjusted=netprofit－requiredrateof=netprofit－requiredrateofreturnofequityinvestment×bookvalueofaverage=bookvalueofaverageequity×（returnonequity－requiredrateofreturnofequityinvestment）ResidualoperatingincomeandresidualnetfinancialResidualoperatingincome=netoperatingincome－averagenetoperatingassets×netoperatingassetsrequiredrateofreturn＝平均净经营资产×（净经营资产净利率－净经营资产要求的报酬率=averagenetoperatingassets×（returnonnetoperatingassets－netoperatingassetsrequiredrateofreturn）Residualnetfinancialpayment=netfinancialpayment－averagenetdebts×netfinancialdebtsrequiredrateofreturn＝平均净负债×（净金融负债报酬率－净金融负债要求的报酬率=averagenetdebts×（returnofnetfinancialdebts－netfinancialdebtsrequiredrateofreturn）优点RIattachesgreatimportancetotheprocessofvalueItishelpfultopreventthesub-optimal缺点ItisdifficulttocomparetheperformanceofdepartmentsandfirmsofdifferentItreliesonthequalityofaccounting三、经济增加值基础的业PerformancemeasurementbasedoneconomicvalueaddedEconomicvalueadded=adjustednetoperatingprofitafter-capitalemployed×weightedaveragecostofRelationshipwithcreatingwealthforItisnotonlyaperformancemeasurementindex,butalsoatotalfinancialmanagementandtheframeofsalarymotivationmechanism;UndertheframeworkofEVA,firmscoulddeclaretheirobjectivesandachievementstotheirinvestors;andinvestorscouldchoosethepromisingfirmsaccordingto四、市场增加值四、市场增加值基础的业PerformancemeasurementonmarketRelativeformula（MVA）Marketvalueadded=totalmarketvalue（marketcapitalization）－totalcapital优点Intheory,marketvalueaddedisanaccumulativevalueofincreasedordecreasedshareholder’swealth,anditisthebestmethodtoevaluateperformancemanagementofthefirm.Itcanreflectthefirm’srisk.Marketcapitalizationincludesbothinvestor’sjudgmenttoriskandtheappraisementtofirm’sMarketvalueaddedisequivalenttothenetpresentvalueofafirmestimatedbyfinancialmarket.Theonlydifferencebetweennetpresentvalueofafirmandmarketvalueaddedisthatthenetpresentvaluesareestimatedbyfirmitselfbutthemarketvaluesaddedareestimatedbyfinancialmarkets.Asaresultofinformationasymmetry,investorsalwaysmakeexpectations,whichmakessharepricedeviatethefirm’sSharepricewillbeinfluencednotonlybymanagementperformancebutalsobyEVAisanabsolutevalueindex,whichisunabletocomparetheperformanceoffirmsofdifferentscale;UnderEVAmodel,thereisadisadvantagethatROIcanmisleadusers.Forexample,growingfirmshavelowerEVAbutthedecliningfirmshavehigherTherearemanyargumentsaboutcomputingEVA,suchaswhatshouldbeincludedintoinvestingbase,whatshouldbeadjustedfornetprofitsandhowisthecostofcapitaldeterminedandsoon.totalleveloftotallevelofstockmarket.Thedailyfluctuationofsharepricedoesnotmeantheperformanceofthecompanychangeseveryday.Thelistedcompaniescanonlycomputethewholemarketvalueadded,andcannotcomputeMVAoftheirsubordinatedepartmentsorunits,soMVAcannotbeusedtoevaluateinternalperformance.事会对A公司要求的目标权益净利率为15%，要求的目标税前净负债成本为8%。Operatingnetprofitsafter-After-taxinterestexpense＝236×（1－25%）＝1.77millionNetprofit＝495－177＝3.18millionAveragenetoperatingassets＝（5200－100）－100＝50million净经营资产净利率NetprofittonetoperatingassetsReturnonequity＝318/2000×100%＝15.9%Averagenetdebts＝5000－2000＝30million加权平均资本成本WeightedaveragecostofResidualoperatingincome＝495－5000×9.6%＝150thousandsResidualnetfinancialoutlay＝177－3000×8%×（1－25%）＝－30thousandResidualequityResidualequityincome＝318－2000×15%＝180thousandsYuanorResidualequityincome＝15－（－3）＝180thousands（3）市场基础的加权平均资本成本＝12%×（2000/WeightedaveragecostofcapitalbasedonmarketAdjustednetoperatingprofitafter-tax＝495＋200×（1－25%）＝6.45million调整后平均净经营资产＝5000＋200－200×25%＝5150（万元Adjustedaveragenetoperatingassets＝5000＋200－200×25%＝51.5million披露的经济增加值＝645－5150×8.4%＝（万元Disclosedeconomicvalueadded＝645－5150×8.4%＝2.124millionTheadvantagesanddisadvantagesofperformancemeasurementbasedonresidualAdvantages:（1）RIattachesgreatimportancetotheprocessofvaluecreationanditiscoordinatedwiththeobjectofshareholderwealth;（2）TheindexofRIishelpfultoavoidsub-optimalandcancoordinatewiththeinterestsofdifferentdepartmentswhichconflictwitheachotherinacompany.RIisanabsoluteindex,soitisdifficulttocomparetheperformanceofdepartmentsandfirmsofdifferentscale.ThecomputingofRIusesaccountingdata,soitdependsonthequalityofaccountingdata.TheadvantagesanddisadvantagesofperformancemeasurementbasedoneconomicvalueaddedAdvantages:（1）EVAhasdirectrelationshipwithcreatingwealthforthe（2）EVAisnotonlyaperformancemeasurementindex;itisalsoatotalfinancialmanagementandtheframeofsalarymotivationmechanism.Disadvantages:（1）EVAisanabsolutevalue,whichhasnoabilitytocomparetheperformanceoffirmsofdifferentscale.ThereisnouniformcomputecriteriontocompareEVA,soEVAThereisnouniformcomputecriteriontocompareEVA,soEVAisonlyusedhistoryanalysisandinternalperformance重难点讲解之四、投资中心的业绩评Performancemeasurementof一、剩余收益Residualincome（RI）公式FormulaResidualincome=departmentaloperatingprofitsbefore-tax－departmentaloperatingassets×requiredrateofreturn优点AdvantagesTheperformancemeasurementcanalignwithcompanyobjectusingtheindexofRI,RIcaninducedepartmentalmanagerstoacceptthedecisionswhoserateofreturnhigherthancostofcapital.Theindexallowstheuseofdifferentrisktoadjustcostofcapital.ItmakesRIindexm