P&L for short, also known as Income Statement in English. The income statement reflects the company's income and expenditure over a period of time (usually one quarter, half a year and one year), and reflects the company's profitability. With the balance sheet and cash flow statement, the company's three major financial statements.
簡(jiǎn)稱 P&L ， 英 文 亦 作Income Statement損益表反映一段時(shí)間內(nèi)(通常是一季、半年及一年)公司的收入與 支出狀況，反映公司的盈利能力。與 資產(chǎn)負(fù)債表及現(xiàn)金流量表合稱公司 三大財(cái)務(wù)報(bào)表。
當(dāng)前國(guó)際上常用的利潤(rùn)表格式有單步式和多步式兩種。單步式是將當(dāng)期收入總 額相加，然后將所有費(fèi)用總額相加，一次 計(jì)算出當(dāng)期收益的方式，其特點(diǎn)是所提 供的信息都是原始數(shù)據(jù),便于理解;多步 式是將各種利潤(rùn)分多步計(jì)算求得凈利潤(rùn) 的方式，便于使用人對(duì)企業(yè)經(jīng)營(yíng)情況和 盈利能力進(jìn)行比較和分析。
Cash Flow Statement（現(xiàn)金流量表）
Important financial statements other than the company's balance sheet and income statement show the company's cash inflows and outflows over a period of time and explain where the changes in cash assets come from during the period. Cash flow statements generally classify cash flows into three categories: 1. Operating cash flows from operating activities, which reflect net cash inflows or outflows from sales of products and services, equal to profits plus non-cash expenses such as depreciation and amortization, and then include changes in current assets other than cash and current liabilities other than short-term loans. Reduction of current assets represents cash inflows, while reduction of current liabilities represents cash outflows; 2. Cash flow from financing activities, which reflects the cash flow of a company in financing activities such as issuing stocks or bonds, lending to banks, repaying debts or distributing dividends; 3. Cash flow from investing activities, which reflects the company's investment or sale of fixed assets. Cash flow generated.
公司資產(chǎn)負(fù)債表及損益表以外的重 要財(cái)務(wù)報(bào)表，顯示公司在一段時(shí)間內(nèi) 現(xiàn)金進(jìn)出的情況，解釋期間現(xiàn)金資產(chǎn) 的變動(dòng)從何而來(lái)?，F(xiàn)金流量表一般會(huì) 將現(xiàn)金流量歸為三大類：1.經(jīng)營(yíng)現(xiàn)金 流 (cash flow from operating activities)，反映產(chǎn)品及服務(wù)銷售所產(chǎn) 生的現(xiàn)金流入或流出凈額，等于盈利 加上非現(xiàn)金費(fèi)用如折舊及攤銷，再計(jì) 入現(xiàn)金以外的流動(dòng)資產(chǎn)及短期貸款 以外的流動(dòng)負(fù)債的變動(dòng)。流動(dòng)資產(chǎn)減 少代表現(xiàn)金流入，流動(dòng)負(fù)債減少則代 表現(xiàn)金流出；2.融資現(xiàn)金流(cash flow from financing activities)，反映公司在 發(fā)行股票或債券，向銀行貸款，還債 或派發(fā)股息等融資活動(dòng)上的現(xiàn)金流；3.投 資 現(xiàn) 金 流 (cash flow from investing activities)，反映公司投資或 出售固定資產(chǎn)所產(chǎn)生的現(xiàn)金流。
對(duì)于現(xiàn)金流量表需要注意，在編制該表 時(shí)采用的會(huì)計(jì)準(zhǔn)則是收付實(shí)現(xiàn)制?，F(xiàn)金 流量表的出現(xiàn)，主要是要反映出資產(chǎn)負(fù) 債表中各個(gè)項(xiàng)目對(duì)現(xiàn)金流量的影響，并 根據(jù)其用途劃分為經(jīng)營(yíng)、投資及融資三 個(gè)活動(dòng)分類?，F(xiàn)金流量表可用于分析一 家機(jī)構(gòu)在短期內(nèi)有沒有足夠現(xiàn)金去應(yīng)付開銷。
Debt equity ratio（負(fù)債權(quán)益比率）
Debt equity ratio is used to assess the relevant risks and leverage of the relevant securities holders. The total amount of liabilities and interests reflects the strength of the financial structure of the unit under review and the degree to which the creditor's capital is protected by the owner's rights and interests. The high ratio of liabilities to equity indicates that the total capital of the audited unit is high in liabilities, so the degree of protection of liabilities to capital is weak; the low ratio of liabilities to equity indicates that the audited unit has strong financial strength, and therefore the degree of protection of liabilities to capital is high. In the broad sense of capital structure, debt-equity ratio refers to the ratio between the total debt of an enterprise and the owner's equity (shareholder's equity), also known as the property right ratio. In the narrow sense of capital structure, the debt-equity ratio refers to the ratio between the long-term debt of an enterprise and the owner's equity (shareholder's equity).
負(fù)債權(quán)益比率是指用于評(píng)估有關(guān)證券持有人的相關(guān)風(fēng)險(xiǎn)和杠桿率。反映被審單位財(cái)務(wù)結(jié)構(gòu)的強(qiáng)弱，以及債權(quán)人的資本受到所有者權(quán)益的保障程度。負(fù)債權(quán)益比率高，說明被審單位總資本中負(fù)債資本高，因而對(duì)負(fù)債資本的保障程度較弱；負(fù)債權(quán)益比率低，則說明被審單位本身的財(cái)務(wù)實(shí)力較強(qiáng)，因而對(duì)負(fù)債資本的保障程度較高。在廣義的資本結(jié)構(gòu)含義下，負(fù)債權(quán)益比率是指企業(yè)負(fù)債總額與所有者權(quán)益(股東權(quán)益)之間的比值，又稱為產(chǎn)權(quán)比率。在狹義的資本結(jié)構(gòu)含義下，負(fù)債權(quán)益比率是指企業(yè) 的長(zhǎng)期負(fù)債與所有者權(quán)益(股東權(quán)益) 之間的比值。
Dividend Cover（股息保障倍數(shù)）
The extent to which a company's dividend and/or interest payments are matched or exceeded by its earnings. Expressed as a multiple. The company's rating in the market increases as the multiple rises.
公司向股東支付股息能力的指標(biāo)，由可派發(fā)股息的盈余( 即股東應(yīng)占溢利)除以股息得出。對(duì)于有穩(wěn)定派息記錄的公司來(lái)說，倍數(shù)越高，市場(chǎng)對(duì)其評(píng)價(jià)越高。
Profit Margin/Rate（利潤(rùn)率）
Profit rate is the financial ratio that reflects the profitability of a company. It is expressed as a percentage by dividing profits over a period of time by operating income. Roughly speaking, if the profit margin is 20%, it means that every 100 yuan business can earn 20 yuan. Commonly used profit margins include gross profit, net profit margin and operating profit margin. The denominator of these three ratios is operating income. The numerator is gross profit (income minus direct cost of goods), net profit (income minus all expenses and expenses) and operating profit (gross profit minus operating expenses).
利潤(rùn)率是反映公司盈利能力的財(cái)務(wù) 比率，由一段時(shí)間內(nèi)的利潤(rùn)除以營(yíng)業(yè)收入得出，以百分比表達(dá)。粗略而言，若利潤(rùn)率為 20%，代表每做 100元的生意可賺20元。
常用的利潤(rùn)率包括 毛利率、凈利潤(rùn)率以及營(yíng)業(yè)利潤(rùn)率，此三比率的分母均為營(yíng)業(yè)收入，分子則分別是毛利(收入減掉貨物的直接成本)、凈利(收入減去所有的費(fèi)用與支出)和營(yíng)運(yùn)利潤(rùn)(毛利減去營(yíng)業(yè)費(fèi)用)。
Current Ratio（流動(dòng)比率）
Liquidity ratio is a measure of a company's ability to pay short-term debt. It is derived by dividing current assets by current liabilities. Current assets include cash and cash equivalents, accounts receivable and inventory, while current liabilities are equal to the sum of short-term loans and accounts payable. The normal range of liquidity ratio is 0.5-2.0, but we must be careful to interpret this liquidity ratio. A higher ratio may mean that the company has too much idle cash, customers are in arrears with large amounts of accounts, or the company needs a lot of inventory for its operations. Lower ratios do not necessarily mean that companies are at risk of not being able to repay short-term debt. They may simply be based on cash payments in their industries (such as restaurants that usually have little or no accounts receivable), or their operations do not require too much inventory (such as most service companies), or customers in their industries pay more slowly (such as construction).
流動(dòng)比率是衡量公司償付短期債務(wù) 能力的一項(xiàng)指標(biāo)，由流動(dòng)資產(chǎn)除以流動(dòng)負(fù)債得出（流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債）。流動(dòng)資產(chǎn)包括現(xiàn)金及現(xiàn)金等價(jià)物、應(yīng)收賬款和庫(kù)存，而流動(dòng)負(fù)債則等于短期貸款和應(yīng)付賬款之 和。流動(dòng)比率的正常范圍值為 0.5～ 2.0，但解讀這個(gè)流動(dòng)性比率必須謹(jǐn)慎。較高的比率可能意 味著公司有太多閑置現(xiàn)金、客戶拖欠 大筆賬款，或者公司的經(jīng)營(yíng)需要大量 的庫(kù)存。較低的比率并不一定意味著 公司有無(wú)法償還短期債務(wù)的風(fēng)險(xiǎn)，可 能只是因?yàn)楣舅谛袠I(yè)以支付現(xiàn) 金為標(biāo)準(zhǔn)（例如餐館通常只有很少或 沒有應(yīng)收賬款），或其經(jīng)營(yíng)不需要太 多的庫(kù)存（例如大多數(shù)服務(wù)業(yè)公司）， 或所在行業(yè)客戶支付的速度較慢（例如建筑業(yè)）。
EPS(每股凈盈利)
EPS is the abbreviation of Earnings Per Share, which refers to the after-tax profit per share of common stock, also known as "earnings per share". EPS is the final result of the company's profitability. The high earnings per share represents the high profitability of the company per unit of capital, which means that the company has some better ability -- product marketing, technical ability, management ability, etc., so that the company can use less resources to create higher profits.
EPS 是每股盈余（英文全稱 Earnings Per Share）的縮寫，指普通股每股稅后利潤(rùn)，也稱為“每股收益”。EPS 為公司獲利能力的最后結(jié)果。每股盈余 高代表著公司每單位資本額的獲利 能力高,這表示公司具有某種較佳的 能力——產(chǎn)品行銷、技術(shù)能力、管理能力等等,使得公司可以用較少的資源創(chuàng)造出較高的獲利。
每股利潤(rùn)過高的話，該公司的市盈率就(Price Earnings Ratio)會(huì)較低，反映在財(cái)務(wù)報(bào)表以及上市公司在證券交易所的年度財(cái)務(wù)報(bào)告中，會(huì)給股民該公司股價(jià)存在低估印象，對(duì)公司股價(jià)上揚(yáng)有正面影響。
BVPS（每股面值）
Book value equals total assets minus total liabilities. Book value per share (BVPS) equals book value divided by the number of shares outstanding. It is the same as shareholders' equity. BVPS is used in the calculation of the price/book ratio (share price divided by BVPS). Price/book is the ultimate measure of how much investors think a company's assets are worth and it equals the share price divided by the BVPS. A price/book ratio should be higher than one; otherwise the market is pricing the assets below their replacement value. Companies with price/book ratios well below one automatically become takeover targets as sector rivals will consider launching a bid for their stock rather than investing in new plant and equipment. Price/book is especially relevant for capital-intensive manufacturing firms. Service industry companies with few fixed assets typically trade at high price/book ratios.
英文 Book value Per Share 的縮寫。賬面凈值(book value)等同于股東權(quán)益 (shareholders' euqity)，即總資產(chǎn)減去總負(fù)債。每股賬面凈值等于賬面凈值除以已發(fā)行股數(shù)。 股價(jià)除以每股賬面凈值即得出股價(jià)凈值比(price/book ratio)，這是投資者衡量公司資產(chǎn)價(jià)值的關(guān)鍵指標(biāo)。股價(jià)凈值比若低于 1，則代表市場(chǎng)對(duì)公司 資 產(chǎn) 的 定 價(jià) 低 于 其 重 置 成 本 (replacement cost)。若股價(jià)凈值比遠(yuǎn) 低于 1，公司通常會(huì)成為收購(gòu)目標(biāo)， 因?yàn)橛J覦此公司資產(chǎn)的同業(yè)競(jìng)爭(zhēng)者 會(huì)考慮收購(gòu)這家公司的股權(quán)以取得 資產(chǎn)，而不是自己進(jìn)行廠房和設(shè)備的 投資。股價(jià)凈值比對(duì)資本密集型的制 造業(yè)公司特別有意義。 服務(wù)業(yè)因固定資產(chǎn)較少，股價(jià)凈值比通常比較高。
股票市價(jià)高于賬面價(jià)值越多，越是表明投資者認(rèn)為這個(gè)企業(yè)有希望、有潛力，否則，說明市場(chǎng)不看好該企業(yè)。
Minority Interest（少數(shù)股東權(quán)益）
An important but non-controlling outside ownership stake in a company or subsidiary. Also used to describe the share of a parent company's net profits or net assets that are attributable to those minority shareholders in partially-owned subsidiaries.
在一家公司中,不為控股股東所持有 的股權(quán)稱為少數(shù)股東權(quán)益,通常合共不會(huì)超過股權(quán)的 50%。 在集團(tuán)財(cái)務(wù)報(bào)表上,資產(chǎn)負(fù)債表上的少數(shù)股東權(quán)益代表在集團(tuán)的子公司中持少數(shù)股權(quán)的股東應(yīng)占的凈資產(chǎn),損益表上的少數(shù)股東權(quán)益代表子公司中的少數(shù)股東應(yīng)占的凈利。
Working Capital（營(yíng)運(yùn)資本）
Working Capital usually refers to net working capital and is the resource that a company can use to finance day-to-day operations. It is calculated by taking current liabilities from current assets.營(yíng)運(yùn)資金等于流動(dòng)資產(chǎn)減去流動(dòng)負(fù) 債，是衡量公司能動(dòng)用多少流動(dòng)資產(chǎn) 來(lái)改善營(yíng)運(yùn)或擴(kuò)充業(yè)務(wù)的一個(gè)指標(biāo)。
Earnings Before Interest and Tax（息稅前利潤(rùn)）
The profit without deducting interest and income tax, that is, the profit before paying income tax without considering interest. It can also be called pre-interest and pre-tax profit. Interest and pre-tax profit, as its name implies, refers to the profit before interest and income tax are paid.
無(wú)論企業(yè)營(yíng)業(yè)利潤(rùn)多少，債務(wù)利息和優(yōu) 先股的股利都是固定不變的。當(dāng)息稅前利潤(rùn)增大時(shí)，每一元盈余所負(fù)擔(dān)的固定 財(cái)務(wù)費(fèi)用就會(huì)相對(duì)減少，這能給普通股 股東帶來(lái)更多的盈余。
ROE Return on Equity （每股收益）
The rate of return on net assets, also known as the rate of return on equity/net value/rate of return on equity/rate of return on equity/profit on equity/profit on equity/profit on equity/profit on net assets, is the percentage of net profit and average shareholder's equity. It is the percentage rate of company's after-tax profit divided by net assets. This index reflects the level of return on equity of shareholders and is used to measure the company's use of its own assets. Capital efficiency. The higher the index value, the higher the return of investment. This index reflects the ability of self-owned capital to obtain net income.
凈資產(chǎn)收益率 ROE，凈資產(chǎn)收益率又稱股東權(quán)益報(bào)酬率/凈值報(bào)酬率/權(quán)益報(bào)酬率/權(quán)益利潤(rùn)率/凈資產(chǎn)利潤(rùn)率，是凈利潤(rùn)與平均股東權(quán)益的百分比，是公司稅后利潤(rùn)除以凈資產(chǎn)得到的 百分比率，該指標(biāo)反映股東權(quán)益的收益水平，用以衡量公司運(yùn)用自有資本的效率。指標(biāo)值越高，說明投資帶來(lái)的收益越高。該指標(biāo)體現(xiàn)了自有資本獲得凈收益的能力。
Weighted Average Cost of Capital（加權(quán)平均資本成本）
Weighted Average Cost of Capital. WACC is used to measure whether a potential investment will generate an adequate return. It is the cost of debt and equity, weighted by their relative contribution to overall costs both in the proportion of the funding and the cost of the related interest or dividend payments.
WACC 代表公司整體平均資金成本，可用來(lái)衡量一個(gè)項(xiàng)目是否值 得投資；項(xiàng)目的回報(bào)必 須不低于WACC。 計(jì)算 WACC 時(shí)，先算出構(gòu) 成公司資本結(jié)構(gòu)的各個(gè)項(xiàng)目如普通 股、優(yōu)先股、公司債及其他長(zhǎng)期負(fù)債各自的資金成本或要求回報(bào)率，然后 將這些回報(bào)率按各項(xiàng)目在資本結(jié)構(gòu)中的權(quán)重加權(quán)，即可算出。
計(jì)算方法為每種資本的成本乘以占總資本的比重，然后將各種資本得出的數(shù)目加起來(lái)
WACC=(E/V）×Re+（D/V）×Rd×(1-Tc)
其中：WACC=Weighted Average Cost of Capital（加權(quán)平均資本成本）
Re = 股本成本
Rd = 債務(wù)成本
E = 公司股本的市場(chǎng)價(jià)值
D = 公司債務(wù)的市場(chǎng)價(jià)值
V = E + D
E/V = 股本占融資總額的百分比 D/V = 債務(wù)占融資總額的百分比 Tc = 企業(yè)稅率
