A(Assets)=L(Liabilities) EQ(Equity)

1
??????
2
?1 ??????????????
3
????????(1/3)

• ??
• ?????????????(??)?????(????)? ??????????????
• ????????????
• ??????,????????,??????????,????????
• ??????-?? ?????????
• ??????????????????
• ?????????????
• ??????????????,???????????????????? ?????????

4
????????(2/3)

• ??
• ???????????????????????,??????,?????? ??????????
• ???????????????,???????????????? ? ????????????
• ??
• ?????????????????????????????? ???????????

5
????????(3/3)

• ??????
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• ?????????

6
???????(1/4)

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• ?????????????????????????????,???????????????????
  ???
• ????????????????????,?????????????????????????
• ???????????????????????

7
???????(2/4)

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• ????
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• ????????????????????????????????????,????????????
  ???????
• ???????????????????????????????,??????????

8
???????(3/4)

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  ???????????
• ??????????????????,??????????????????????????????
  ????????????
• ???????????????????????????? ???????????????,????
  ???? ????????

9
???????(4/4)

• ??????
• ??????????????????????????????????????????????????
  ??
• ??????????????

10
?????(1/10)

• ???????????????,???????????????????
• ???????????????????,???????,????????????? ?
• ?????
• A(Assets)L(Liabilities)EQ(Equity)
• ?? ?? ????
• ??????????????????????
• ?????????????

11
?????(2/10)

• ??
• ???????
• ??,???????????????????????????????????
• ???????????????????????????????,??????????????????
  ?????????
• ???????????????????????????
• ???????????????
• ?????????????
• ????????

12

• ?????????200,000,??????????????,????10,????5,???
  ?????????

13
?????(3/10)

• ????
• ????????????
• ?????????????????(????????,??????????)
• ??????????(?????????)
• ???????????????(????????,??????????????)

14
?????(4/10)

• ?????????
• ????????????????????????
• ???????
• ??????(???????),???????????????????????
• ????????(?????????),????????????????????????
• ?????,??????????????????,???????????????
• ?????????????????
• ??????????

15
?????(5/10)

• ??
• ??????????????????????,???????????????
• ????????????(??????)?????? ??????????????
• ????
• ???95???????????,??????
• (1) ???
• ????????????????

16
?????(6/10)

• ?????????????????20??,???????????????????????????
  ?????,?????
• ????????????????????20,???????????????
• ???????,????????
• (2) ????????????
• ?????????????????????????????(???????????????)?

17
?????(7/10)

• ????
• ????????????????????????,??????????????????????,??
  ?????
• ????????????????,?????(????)
• ????
• ????????,????????????????????????
• ????
• ????????????????????????????? ???????

18
??

• ???????,???????????????????750,000,???300,000,?
  ?????? ??????11427??????5????685,620?,????450,00
  0?,????235,620,??????47,124,????10.5 ?????
• ?????????????
• ??????????12?????450,000,???????????????????????
  ? (????????????????) ?

19
??

• (A) ??????????????,???????????,?????????????,?????
  ??450,000????????????
• (B) 750,000 - 300,000450,000
• 450,000 11,427 PVIFAi,60
• i 1.5 (???) 1.5 12 18
  (???)gt 12
• ???????(12)?????????(18)??,????????????

20
?????(8/10)

• ????
• ?????????????,????????????????,?????????????????
• ????
• ???????????????(??????)?????,?????????????????????
  
• ????
• ????
• ???????????????,??????????

21
?????(9/10)

• ????
• ???????????????,???????????????????????????
• ??????
• ???????????????????????,???????(comprehensive
  income)?
• ????????????????????,????????????

22
?????(10/10)

• ????????????????????????
• ??????????????????
• ???????????????????
• ????????????
• ????????????

23
???(1/7)

• ???????????????,??????
• ???????????????,??????????
• ?????????????
• ????????????
• ????????????
• ????????????
• ??????????????
• ???????????????
• ?????????????????

24
???(2/7)

• 1.?????????
• ???????????????????????????????,?????????????????
  ???????
• ?????????????????????,??????????????????,????????
  ????????
• ??????????????????????,??????
• ??????????????????

25
????? Basic Formulae
26
Contribution Margin????

• Contribution Margin equals sales less variable
  costs
• CM S(????) VC(????)
• Contribution Margin per unit equals unit selling
  price less variable cost per unit
• CMu SP VCu

27
Contribution Margin

• Contribution Margin also equals contribution
  margin per unit multiplied by the number of units
  sold
• CM CMu x Q(??)
• Contribution Margin Ratio (percentage) equals
  contribution margin per unit divided by selling
  price
• CMR CMu SP

28
Contribution Margin Income Statement Derivations

• A horizontal presentation of the Contribution
  Margin Income Statement
• Sales VC FC Operating Income (OI)
• (SP x Q) (VCu x Q) FC OI
• Q (SP VCu) FC OI
• Q (CMu) FC OI
• Remember this last equation, it will be used
  again in a moment

29
CVP, Graphically

• Operating income

• Total revenues line

• Breakeven point 25 units

• ???

• Variable costs

• Breakeven point 25 units

• Total costs line

• Total costs line

• Operating loss area

• ???

• Fixed costs

30
Breakeven Point ?????

• Recall the last equation in an earlier slide
• Q (CMu) FC OI
• A simple manipulation of this formula, and
  setting OI to zero will result in the Breakeven
  Point (quantity)
• BEQ FC CMu
• At this point, a firm has no profit or loss at a
  given sales level

31
Breakeven Point, continued

• If per-unit values are not available, the
  Breakeven Point may be restated in its alternate
  format
• BE Sales FC CMR

32
Breakeven Point, extended Profit Planning

• With a simple adjustment, the Breakeven Point
  formula can be modified to become a Profit
  Planning tool
• Profit is now reinstated to the BE formula,
  changing it to a simple sales volume equation
• Q (FC OI)
• CM

33
??

• ??????5???,???????200?,?????????60??,?????5,000,?
  ??????20,?????70,???????????10,000,?????????15
  0,000?
• ??
• (?)???????100??,?????????,??100,000????
• (?)???????60????????????????????????

34
??

• (?)
• ????????X?
• (70-20)100X-1005,000-510,000-150,000100
  ,000
• 5,000X800,000 X160
• ???16020080
• (?)
• 20060120?
• ?????????Y?
• (70-20)5Y120-5Y5,000-510,000-150,0000
• 5,000Y200,000 Y40

35
CVP and Income Taxes ?????

• From time to time it is necessary to move back
  and forth between pre-tax profit (OI) and
  after-tax profit (NI), depending on the facts
  presented
• After-tax profit can be calculated by
• OI x (1-Tax Rate) NI
• NI can substitute into the profit planning
  equation through this form
• OI I I NI I
• (1-Tax Rate)

36
Sensitivity Analysis ?????

• CVP provides structure to answer a variety of
  what-if scenarios
• What happens to profit if
• Selling price changes
• Volume changes
• Cost structure changes
• Variable cost per unit changes
• Fixed cost changes

37
??

• ???????????250,??????150,???????35,000?
• (1)???????????
• ??????????400??,??????????100,000,???????????????
  ??20,000???????60,000,???????????

38

• (2)???????????
• ???????,?????????400????,???????????????????,?????
  ?????????10,???????????????????480???????????????
  
• (3)????????????????
• ?????,??????????400???????????,???????????????20,
  ?????????15,000???????????????????50,??????????
  ?

39

• (4)???????????????
• ??????????400????,??????????????????????15???????
  ???????6,000,??????????15???????????
• (5)??????
• ??????????400????,??????????150???????????,???????
  ??????,????????????????????????????????3,000???,?
  ????????????

40
Margin of Safety ????

• One indicator of risk, the Margin of Safety (MOS)
  measures the distance between budgeted sales and
  breakeven sales
• MOS Budgeted Sales BE Sales
• The MOS Ratio removes the firms size from the
  output, and expresses itself in the form of a
  percentage
• MOS Ratio MOS Budgeted Sales

41
???(3/7)

• 2.?????????
• ???????????,???????,????????,????????????
• ??????????,???????????????????,???????????????????
  ???????,????????????

42
???(4/7)

• 3.?????????
• ??????????????-??????????????,??????????????????
  ??,????????
• ???????????????,?????????
• ?????
• ?????????????????????????????? ???????????????

43
???(5/7)

• ?????????
• ?????????????????????
• ????????????????
• ?????EPS????????

44
???(6/7)

• ???????????????????,????????????????,?????????????
  ??,?????????
• (1)??????????????????????????,?????,EPS???????????
  ??
• (2)????????????????????????,?????????????,????????
  ????????????
• ????

45
???(7/7)

• ???????
• ????????
• ??????
• ???????????
• ??????(??)

46
Strategy, Balanced Scorecard????????

• Strategic Profitability Analysis
• ???????

47
Strategy??

• Strategy specifies how an organization matches
  its own capabilities (??)with the opportunities
  in the marketplace to accomplish its objectives
• A thorough understanding of the industry is
  critical to implementing a successful strategy

48
Five Aspects of Industry Analysis

• Number and strength of competitors
• Potential entrants to the market
• Availability of equivalent products(???)
• Bargaining power of customers
• Bargaining power of input suppliers
• ????

49
Basic Business Strategies

• Product Differentiation an organizations
  ability to offer products or services perceived
  by its customers to be superior and unique
  relative to the products or services of its
  competitors
• Leads to brand loyalty and the willingness of
  customers to pay high prices
• Cost Leadership an organizations ability to
  achieve lower costs relative to competitors
  through productivity and efficiency improvements,
  elimination of waste, and tight cost control
• Leads to lower selling prices

50
Implementation of Strategy

• Many companies have introduced a Balanced
  Scorecard to manage the implementation of their
  strategies

51
The Balanced Scorecard

• The balanced scorecard translates an
  organizations mission and strategy into a set of
  performance measures that provides the framework
  for implementing its strategy
• It is called the balanced scorecard because it
  balances the use of financial and nonfinancial
  performance measures to evaluate performance

52
Balanced Scorecard Perspectives

1. Financial????
2. Customer????
3. Internal Business Perspective??????
4. Learning and Growth????

53
The Financial Perspective

• Evaluates the profitability of the strategy
• Uses the most objective measures in the scorecard
• The other three perspectives eventually feed back
  into this dimension

54
The Customer Perspective

• Identifies targeted customer and market segments
  and measures the companys success in these
  segments

55
The Internal Business Prospective

• Focuses on internal operations that create value
  for customers that, in turn, furthers the
  financial perspective by increasing shareholder
  value
• Includes three subprocesses
• Innovation
• Operations
• Post-sales service

56
The Learning and Growth Perspective

• Identifies the capabilities the organization must
  excel at to achieve superior internal processes
  that create value for customers and shareholders

57
The Balanced Scorecard Flowchart
58
Balanced Scorecard Implementation

• Must have commitment and leadership from top
  management
• Must be communicated to all employees

59
Features of a Good Balanced Scorecard

• Tells the story of a firms strategy,
  articulating a sequence of cause-and-effect
  relationships the links among the various
  perspectives that describe how strategy will be
  implemented
• Helps communicate the strategy to all members of
  the organization by translating the strategy into
  a coherent and linked set of understandable and
  measurable operational targets

60
Features of a Good Balanced Scorecard

• Must motivate managers to take actions that
  eventually result in improvements in financial
  performance
• Predominately applies to for-profit entities, but
  has some application to not-for-profit entities
  as well
• Limits the number of measures, identifying only
  the most critical ones
• Highlights less-than-optimal tradeoffs that
  managers may make when they fail to consider
  operational and financial measures together

61
Balanced Scorecard Implementation Pitfalls????

• Managers should not assume the cause-and-effect
  linkages are precise they are merely hypotheses
• Managers should not seek improvements across all
  of the measures all of the time
• Managers should not use only objective measures
  subjective measures are important as well

62
Balanced Scorecard Implementation Pitfalls

• Managers must include both costs and benefits of
  initiatives placed in the balanced scorecard
  costs are often overlooked
• Managers should not ignore nonfinancial measures
  when evaluating employees
• Managers should not use too many measures

63
Evaluating Strategy

• Strategic Analysis of Operating Income three
  parts
• Growth Component measures the change in
  operating income attributable solely to the
  change in the quantity of output sold between the
  current and prior periods
• Price-Recovery Component measures the change in
  operating income attributable solely to changes
  in prices of inputs and outputs between the
  current and prior periods

64
Evaluating Strategy

• Strategic Analysis of Operating Income
• Productivity Component measures the change in
  costs attributable to a change in the quantity of
  inputs between the current and prior periods

65
Revenue Effect of Growth
66
Cost Effect of Growth for Variable Costs
67
Cost Effect of Growth for Fixed Costs

• Assuming Adequate Current Capacity

68
Cost Effect of Growth for Fixed Costs

• Assuming Inadequate Current Capacity

69
Revenue Effect of Price Recovery
70
Cost Effect of Price Recovery

• Variable Costs

71
Cost Effect of Price Recovery

• Fixed Costs with Adequate Capacity

72
Cost Effect of Price Recovery

• Fixed Costs without Adequate Capacity

73
Cost Effect of Productivity for Variable Costs
74
Cost Effect of Productivity for Fixed Costs

• With Adequate Capacity

75
Cost Effect of Productivity for Fixed Costs

• Without Adequate Capacity

76
The Management of Capacity

• Managers can reduce capacity-based fixed costs by
  measuring and managing unused capacity
• Unused Capacity is the amount of productive
  capacity available over and above the productive
  capacity employed to meet consumer demand in the
  current period

77
Analysis of Unused Capacity

• Two Important Features
• Engineered Costs result from a cause-and-effect
  relationship between the cost driver and the
  resources used to produce that output
• Discretionary Costs have two parts
• They arise from periodic (annual) decisions
  regarding the maximum amount to be incurred
• They have no measurable cause-and-effect
  relationship between output and resources used

78
Managing Unused Capacity

• Downsizing (Rightsizing) is an integrated
  approach of configuring processes, products, and
  people to match costs to the activities that need
  to be performed to operate effectively and
  efficiently in the present and future

79
?????(1/5)

• ??????????????,?????????????
• ???????????????????
• ?????????
• ?????????,?????????????,??????????????????????????
  ,??????
• ?????????
• ????????????????????????????

80
?????(2/5)

• ?????????
• ?????????,?????????????,??????????????????????,???
  ??????,??????(????)?????????????????
• ???????
• ?????????
• ????
• ??????????
• ?????????,??????????,??????????????????????,?????
  

81
?????(3/5)

• ???????????
• ???????,????????,??????????,????????????????
• ??????????????????
• ???????????,???????(?????),???????????????,??????
  ??(??????????),?????
• ???????????????
• ???????????????????????

82
?????(4/5)

• ?????????
• ??????????????-????????
• ?????????????????????????
• ??????????,????????????,???????
• ??????????,??????????????????????????,??????
• ?????????
• ???????,??????????????????,?????????

83
?????(5/5)

• ???????????????????????????????,????????????????,?
  ??????????
• ?????????????????????,???????,????,???????????????
  ????????????

84
??????????

• ???????????????,??????????????????????,???????????
  ????,??????????????????????????????????????? ?
• ?????????????????????????????????????

85
?6.1 ??????????????
86
?????

• 7.1 ?????????
• 7.2 ????
• 7.3 ????
• 7.4 ??????????????

87
?????????

• ????,??????????????????????
• ?????????????????,????????????????
• ??????????????,?????????????????????????
• ?????
• ??????????
• ???????
• ??????????
• ????
• ???????????
• ?????????????????????????

88
????(1/3)

• ????????????????,????????????????
• ??????
• ????,????
• ????????????????????????????????????????????????
• ???????????
• ??????????,????????
• ??????????????,?????????????,??????????????

89
????(2/3)

• ???????????????,???????????,???????,??????????
• ?????????????,????????,????????????,??????????
• ??????
• ????????,?????????????????,?????????
• ?????
• ??????,??????????,??????????????????,????????,????
  ??????????

90
????(3/3)

• ?????????????????????????

91
?7.1 CFRA?????????
92
????(1/2)

• ???????,?????????,???????????????,????????????
• ?????,????
• ?????,????
• ???????,????
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• ??????????????,????
• ???????????????????????

93
????(2/2)

• ?????????
• ????????????????????????,??????????????????
• ??

94
??????????????

• ??????
• ????
• ?????????
• ????
• ????
• ??????

95
?????

• 8.1 ????
• 8.2 ?????????

96
????(1/7)

• ?????????????????????????
• ???????????????
• ??????????????????????,????????????????
• ???
• ??????????????????????,?????????(???)????,????
• ???????????????????
• ??????????????????????????,????????

97
????(2/7)

• ???????????
• ??1???????--???????????
• ??2?????????--????????????
• ??3???????--?100????,??????
• ??????????????,???????????
• ????????,???????????

98
????(3/7)

• ??4?????????,?????--?????,????100???,?????
• ???????????????????
• ??5?????????--?100????,??????
• ??????????????
• ???????????????????
• ????????????????????,???????????,???????????
• ??6????????????????,??????????--?100???,????????

99
????(4/7)

• ?????
• ?????????????????
• ??1????--????????
• ??2????--?????????????????????????????
• ?????????,???????
• ??????????????
• ????????????????
• ?????????????
• ??????????????
• ????????????

100
????(5/7)

• ??3??????--??????????????
• ????????
• ????????????
• ????????????
• ??????
• ??4??????????????????
• ?????????1,?????????

101
????(6/7)

• ?????
• ??????????????????????????????
• ??1????????????????????????
• ??2???????????????????????
• ??3??????????????????,?????
• ??4???????????????????????

102
????(7/7)

• ??5 ???????????
• ??6 ??????

103
?????????

• ?????,???????????
• ??????????????,???????????,???????,???????????????
  ??????????????,????????????????
• ?????,?????????????????
• ???????????????,???????????,??????,??????????,????
  ????????,?????????????????????

104
?8.1 ???????????
105
?8.2 2008?????????????????
106
?8.3 ????????????????