企业盈利能力分析(共164页).ppt

1、1第四章第四章 企业盈利能力分析企业盈利能力分析2第一节第一节 报告收益与经济收益报告收益与经济收益3一、收益的性质一、收益的性质 1收益概念的发展收益概念的发展 n在历史上，人们曾经并不独立地计算收益，而在历史上，人们曾经并不独立地计算收益，而是通过是通过资产的盘点资产的盘点来进行，因而收益通常是指来进行，因而收益通常是指资产的增加额。资产的增加额。n郭道扬提出，在我国西汉以前，人们对盈利的郭道扬提出，在我国西汉以前，人们对盈利的认识，处于自然盈利阶段。所谓自然盈利，就认识，处于自然盈利阶段。所谓自然盈利，就是笼统地认为以是笼统地认为以收抵支收抵支，多余部分即为盈利的，多余部分即为盈利的一种

2、观念。一种观念。4一、一、收益的性质收益的性质 （续）（续）n中世纪的意大利海上贸易，产生了划分确收中世纪的意大利海上贸易，产生了划分确收益和资本界限的要求益和资本界限的要求 n合伙企业的发展合伙企业的发展 n会计期间概念的提出会计期间概念的提出 n股份有限公司的发展对持续经营、资本保全、股份有限公司的发展对持续经营、资本保全、配比原则的应用有重要的促进作用配比原则的应用有重要的促进作用 5一、收益的性质一、收益的性质 （续）（续）n随着经济的发展，对随着经济的发展，对收益的确认收益的确认产生了不同的产生了不同的认识。认识。n一种观点认为，收益确认是一种观点认为，收益确认是资产计价资产计价问题

3、，是问题，是通过定期的资产计价，将一定一时期通过定期的资产计价，将一定一时期净资产净资产增增值作为企业的收益。这种观点被称为值作为企业的收益。这种观点被称为资产计价资产计价观观。n另一种观点认为，收益是在持续经营前提下收另一种观点认为，收益是在持续经营前提下收入与各种费用合理配比的结果。这种观点被成入与各种费用合理配比的结果。这种观点被成为收入与费用的为收入与费用的配比观配比观。6一、收益的性质一、收益的性质 （续）（续） n2现代会计定义的收益现代会计定义的收益 n在传统会计中，收益通常指企业在一个会计期间在传统会计中，收益通常指企业在一个会计期间所获得的所获得的净收益净收益（net inc

4、ome），即一个会计），即一个会计期间企业的全部收入和收益超过全部费用和损失期间企业的全部收入和收益超过全部费用和损失的余额的余额 n我国我国企业财务会计报告条例企业财务会计报告条例第十条第三款规第十条第三款规定，定，“利润，是指企业在一定会计期间的经营成利润，是指企业在一定会计期间的经营成果，包括营业利润、利润总额和净利润。果，包括营业利润、利润总额和净利润。” 7一、收益的性质一、收益的性质 （续）（续）3. 收益的性质收益的性质n收益收益和和资本资本两个截然不同的概念。两个截然不同的概念。n从经济理论上讲，资本是指某一个时点的财富从经济理论上讲，资本是指某一个时点的财富存量存量，收益则是

5、指某一个时期的财富，收益则是指某一个时期的财富流量流量。n作为财务存量的资本，必须长久地作为财务存量的资本，必须长久地保持或维护保持或维护，n而作为流量的收益，则而作为流量的收益，则可以分配可以分配给投资人和债给投资人和债权人。权人。8一、收益的性质一、收益的性质 （续）（续）n财务报告的主要作用是计量和报告本期企业所财务报告的主要作用是计量和报告本期企业所获得的收益和资本变动，因而获得的收益和资本变动，因而区分收益和资本区分收益和资本变动变动是非常重要的。是非常重要的。n凡是不减损财富存量和未来财富流量的现金流凡是不减损财富存量和未来财富流量的现金流量是量是资本的收益资本的收益（return

6、 on capital）；）；n如果减少了财富存量和未来财富流量的现金流如果减少了财富存量和未来财富流量的现金流量则是量则是资本的回收资本的回收（return of capital）。）。 9一、收益的性质一、收益的性质 （续）（续）4收益的作用收益的作用 n企业收益是衡量企业企业收益是衡量企业经营管理水平经营管理水平的一个重要标的一个重要标志。志。n企业收益大小对于企业收益大小对于股东股东投资决策具有重要影响。投资决策具有重要影响。企业收益是企业收益是分配股利分配股利的一项依据，也是分配股利的一项依据，也是分配股利的最大限度的最大限度n企业收益是企业收益是政府政府征税和再分配财富的对象征税和

7、再分配财富的对象n企业收益是政府机构调查企业产品或某一个行业企业收益是政府机构调查企业产品或某一个行业的收益水平或劳务价格水平是否合理的一种重要的收益水平或劳务价格水平是否合理的一种重要依据。依据。10二、会计收益概念二、会计收益概念n传统会计传统会计中的收益概念与中的收益概念与经济学经济学中收益概念中收益概念是两个不同的概念。是两个不同的概念。n会计收益（会计收益（accounting income）概念是指）概念是指本期本期已实现收入已实现收入与与按照历史成本计算的相关按照历史成本计算的相关费用费用之间的差额。之间的差额。 11二、会计收益概念二、会计收益概念(续续)1会计收益的特点会计收

8、益的特点n会计收益依据会计收益依据实际发生实际发生的经济业务的经济业务 n会计收益按会计收益按历史成本历史成本原则计列费用原则计列费用n会计收益建立在会计收益建立在会计期间会计期间假设之上假设之上n会计收益依据会计收益依据收入实现原则收入实现原则n会计收益依据会计收益依据配比原则配比原则计量计量122会计收益概念的优点会计收益概念的优点n会计收益建立在实际发生的经济业务的基础上，会计收益建立在实际发生的经济业务的基础上，因而是因而是客观的客观的和和可以验证的可以验证的。n会计收益所依据的是收入实现原则，也就是在收会计收益所依据的是收入实现原则，也就是在收益实现之后才确认收益，因而符合益实现之后

9、才确认收益，因而符合稳健原则稳健原则n会计收益可以反映企业资产是否完整无缺、企业会计收益可以反映企业资产是否完整无缺、企业资源是否得到充分利用，对于反映企业主管人员资源是否得到充分利用，对于反映企业主管人员履行会计责任履行会计责任的情况非常有用。的情况非常有用。二、会计收益概念二、会计收益概念(续续)133会计收益概念的缺点会计收益概念的缺点n（1）由于会计收益概念依据收入确认的实现）由于会计收益概念依据收入确认的实现原则，从而导致损益表上反映的企业收益原则，从而导致损益表上反映的企业收益并不并不是企业的全部收益是企业的全部收益。 n（2）在）在物价上升物价上升的环境中，会计收益概念是的环境中

10、，会计收益概念是以现行价格确认收入，按历史成本确认费用，以现行价格确认收入，按历史成本确认费用，从而使得成本不能得到真正的弥补。从而使得成本不能得到真正的弥补。 二、会计收益概念二、会计收益概念(续续)143会计收益概念的缺点会计收益概念的缺点n（3）由于各年资产计价的混乱，导致各年度）由于各年资产计价的混乱，导致各年度会计收益缺乏会计收益缺乏可比性可比性 n（4）由于依赖历史成本计价，使得企业资产）由于依赖历史成本计价，使得企业资产负债表所反映的负债表所反映的资产价值资产价值失去意义失去意义。 二、会计收益概念二、会计收益概念(续续)15三、经济收益概念三、经济收益概念 n经济收益（经济收益

11、（economic income）是）是Adam Smith首先提出的。他将收益视为首先提出的。他将收益视为财富的增加额财富的增加额。 n经济学家经济学家J.R. Hicks对经济收益所下的定义是，对经济收益所下的定义是，“计算收益的实际目的是为了让人们知道不使他计算收益的实际目的是为了让人们知道不使他们自己变为贫穷的情况下，所可以消费的金额。们自己变为贫穷的情况下，所可以消费的金额。由此，可以对个人收益下这样一个定义：在期末由此，可以对个人收益下这样一个定义：在期末和期初拥有相同财富的情况下，本期内可以消费和期初拥有相同财富的情况下，本期内可以消费的最大金额。的最大金额。” 16三、经济收益

12、概念三、经济收益概念 （续）（续）n可以用这个最基本的收益定义来解释企业收益。可以用这个最基本的收益定义来解释企业收益。企业收益是在期初期末企业资本没有变化的情企业收益是在期初期末企业资本没有变化的情况下，企业在本期况下，企业在本期可以分配的最大金额可以分配的最大金额。由此。由此可见，经济收益和可见，经济收益和资本保全资本保全概念是密切相关的。概念是密切相关的。或者说，经济收益建立在资本保全概念之上。或者说，经济收益建立在资本保全概念之上。因此，要想进一步了解经济学家的经济收益概因此，要想进一步了解经济学家的经济收益概念，必须了解资本保全概念。念，必须了解资本保全概念。 n所谓资本保全概念（所

13、谓资本保全概念（concept of capital maintenance）是指在资本得到维护和成本）是指在资本得到维护和成本得到弥补以后，才能确认收益。得到弥补以后，才能确认收益。17三、经济收益概念三、经济收益概念 （续）（续）n对资本收益和资本回收两个不同的概念，应当对资本收益和资本回收两个不同的概念，应当严格加以区分。但是应用什么标准来区分资本严格加以区分。但是应用什么标准来区分资本收益和资本回收，则存在以下两种不同的标准。收益和资本回收，则存在以下两种不同的标准。1货币资本保全概念货币资本保全概念n货币资本保全概念主张应该维护的是货币资本保全概念主张应该维护的是货币资本货币资本。这

14、种概念与传统会计实务是一致的。传统会计这种概念与传统会计实务是一致的。传统会计用历史成本计量企业的资产净值，因而这是会用历史成本计量企业的资产净值，因而这是会计人员所支持的概念。计人员所支持的概念。 18三、经济收益概念三、经济收益概念 （续）（续）2实物资本保全概念实物资本保全概念n经济学家主张应当保全的实物资本，即企业的经济学家主张应当保全的实物资本，即企业的实际生产能力实际生产能力。但是对实际生产能力又有以下。但是对实际生产能力又有以下三种不同的理解：三种不同的理解： n指企业所拥有的实物资产，指企业所拥有的实物资产， n指以后年度可以生产或提供同样数量商品和劳指以后年度可以生产或提供同

15、样数量商品和劳务；务； n指以后年度可以生产或提供同样价值的商品和指以后年度可以生产或提供同样价值的商品和劳务劳务 19三、经济收益概念三、经济收益概念 （续）（续）n经济学收益概念的优点：经济收益的概念所包经济学收益概念的优点：经济收益的概念所包括的内容，比会计收益概念更为真实。它是企括的内容，比会计收益概念更为真实。它是企业的业的实际收益实际收益，而不是名义上的收益。，而不是名义上的收益。n经济收益的缺点：计量上的困难。它必须以现经济收益的缺点：计量上的困难。它必须以现时重置成本或现时变现价值而不是历史成本计时重置成本或现时变现价值而不是历史成本计量企业的资产净值。量企业的资产净值。20三

16、、经济收益概念三、经济收益概念 （续）（续）n举例说明会计收益和经济收益的差别。举例说明会计收益和经济收益的差别。n假定某企业期初净资产为假定某企业期初净资产为10,000元，期末净元，期末净资产为资产为15,000元。另外假定期末维持实际生元。另外假定期末维持实际生产能力的资产净值为产能力的资产净值为12,500元。该企业的会元。该企业的会计收益和经济收益分别计算如下：计收益和经济收益分别计算如下：n会计收益：会计收益：15,000-10,000=5,000n经济收益：经济收益：15,000-12,500=2,50021四、营业收益和总括收益差别四、营业收益和总括收益差别 n企业利润表中计列

17、的年度收益数额，究竟应企业利润表中计列的年度收益数额，究竟应该仅包括本期经常性的业务收支，即仅反映该仅包括本期经常性的业务收支，即仅反映企业的企业的经营管理水平经营管理水平，还是应该同时包括，还是应该同时包括非非常项目损益常项目损益，即也反映客观经济条件的变化，即也反映客观经济条件的变化因素，存在着以下两种不同的收益概念。因素，存在着以下两种不同的收益概念。22四、营业收益和总括收益差别四、营业收益和总括收益差别(续续)1本期营业收益概念本期营业收益概念n所谓本期营业收益概念，是指利润表中计列的所谓本期营业收益概念，是指利润表中计列的收益数额，应该仅反映本期经常性的业务收支，收益数额，应该仅反

18、映本期经常性的业务收支，至于非常项目的收支，则不应该包括在内。至于非常项目的收支，则不应该包括在内。n本期营业收益概念特别强调本期营业收益概念特别强调“本期本期”和和“营业营业”两个关键词。两个关键词。23四、营业收益和总括收益差别四、营业收益和总括收益差别(续续)n本期营业收益概念的第一个问题是本期营业收益概念的第一个问题是区分本期和区分本期和非本期收益非本期收益，从而使不同会计期的收益可以更，从而使不同会计期的收益可以更好地比较。好地比较。 n本期营业收益概念的另外一个问题本期营业收益概念的另外一个问题区分营业收区分营业收益和营业外收益益和营业外收益。区分者两种收益的目的在于。区分者两种收

19、益的目的在于使利润表的收益数额仅反映企业正常业务活动，使利润表的收益数额仅反映企业正常业务活动，企业与企业经营管理水平就可以相互比较。企业与企业经营管理水平就可以相互比较。24四、营业收益和总括收益差别四、营业收益和总括收益差别(续续)2总括收益概念总括收益概念 n总括收益概念是指利润表中所计列的收益数额，总括收益概念是指利润表中所计列的收益数额，不仅包括营业收益，也包括不仅包括营业收益，也包括营业外收益营业外收益。 n总括收益所依据的主要理由如下：总括收益所依据的主要理由如下：n（1）营业收益与营业外收入的区分存在许多）营业收益与营业外收入的区分存在许多困难。困难。 n（2）按总概念所编制的

20、利润表更容易编制，）按总概念所编制的利润表更容易编制，也更容易为报表使用者所理解。也更容易为报表使用者所理解。25第二节第二节 盈利能力分析盈利能力分析 的意义与内容的意义与内容 26Focus of Profitability Analysis Profitability analysis is a key part of financial statement analysis All financial statements are pertinent（相关的）相关的） 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