Indlela yokuhlalutya ingxelo yeNgeniso
Kutheni Unemivuzo emibini eyahlukeneyo ngeSabelo sabasebenzi?
Xa usuyela kwisitatimende senzuzo kunye nelahleko yenkampani, kufuneka uyenze ngamanqanaba amabini.
- Umntu wokuqala ukhangele lonke ishishini. Ngaloo ndlela, njani inzuzo yinkampani ngokubanzi?
- Owesibini uhlola iingeniso ngesabelo ngasinye. Iinkampani ezithengiweyo zikarhulumente zinqunyulwa zibe ziinqununu zomntu ngamnye, kunye nezo ziqwenga ezimele inxalenye yobunini bomnini. Ingeniso engakanani yentlawulo yerhafu emva kwerhafu nganye yenkampani enelungelo lokufumana?
Kulo mnye-mali-mali-mali, isibalo sesibini sibaluleke ngokwenene. Ukuba inkampani ikhiqiza inzuzo ethe xaxa kunyaka ngamnye, kodwa incinci encinci yelo nzuzo eyongezelelweyo yenza indlela yabanini-masheya kwi-share-sharing basis, ukuphumelela kweshishini akuthethi nto, njengoko kusenokuba yintlulo-mali . Oku kunokwenzeka ngezizathu ezahlukahlukeneyo-ezifana nokukhutshwa kwezabelo ezintsha zokudibanisa kunye nokuthengwa, izinto ezikhethiweyo zesikhokelo ezinikezelwa kubaphathi, okanye izitifiketi ezixubileyo ezifana neziqinisekiso okanye i- stock preferred stock . Le ngxaki eqhelekileyo kwaye omnye uya kufumana amaninzi kunoko.
Amaqela abaphathi abanobambiswano abanamalungelo agxininisa kwiingxelo zezabelo, ngokubaluleka kwabo ngobukhulu beenkampani. Ulawulo olunjalo luqonda ukuba ngasinye isabelo esitsha sikhutshwe, abanikazi abakhona, ngokwenene, bathengisa ezinye zezinto zabo zezoshishino zangoku kwaye bazinikezela nabani na ofumana eso sabelo.
Ngethamsanqa, abagcini be-akhawunti abaphuhlisa imithetho ye-GAAP yeengxelo zezimali ezifunyenweyo kwingxelo yonyaka kunye ne- 10-K yokufayilila kwavela isisombululo. Awufezekanga, kwaye ayiyi kubamba yonke into, kodwa yindawo enkulu yokuqala. Bagqiba ekubeni bafune iinkampani ukuba zibone iintlawulo ezimbini ezahlukileyo ngokwabelana ngamanani kwizaziso zabo.
Ukubala i-EPS eyisiseko kunye ne-EPS ehlanjululwayo
Amanani amabini afunwa yi-GAAP yi-EPS eyisiseko kunye ne-EPS ehlanjululwayo.
- Inani lokuqala liyaziwa njenge- EPS eyisiseko . Igalelo eliyisiseko nganye ngesabelo kukubala okulula, okulula okuzama ukuthatha ingeniso yemali esebenzayo kwizabelo eziqhelekileyo ngexesha kwaye lihlule ngoomlinganiselo wenani labelo elibekwe lona eli xesha. Ngokomzekelo, ukuba ishishini linemali engama-100,000,000 kwimali engenayo esebenzayo kwizabelo eziqhelekileyo zonyaka waloo mali osandul 'uhla, kwaye kwaqala ngaloo nyaka ngee-20,000,000 izabelo ezigqityiweyo kwaye zagqitywa ngaloo nyaka ngamaxabiso angama-15,000,000, ukubalwa kwe-EPS kwakuyi-$ 100,000,000 ÷ ([ 20,000,000 + 15,000,000] ÷ 2), okanye i $ 5.71.
- Isibini sibalo saziwa njenge- EPS ehlanjululwayo . Imali ehlaziyiweyo ngesabelo ngasinye ishintshisa umvuzo osisiseko ngesabelo ngasinye ngokubandakanya konke ukuhlengahlengiswa okunokwenzeka ukuba, xa kubangelwa amaxabiso amanani kunye nemeko, kuya kubangela ukuba imali ehlawulwayo ngenzuzo yesabelo ngasinye isezantsi kunokuba yayingenjalo. Ngokomzekelo, usebenzisa umzobo wethu wangaphambili, ukuba kukho ama-5,000,000 esitokisini esisitokethi esinokukhishwa nganoma naliphi ixesha ngenxa yokhuseleko lokuguqulwa olugcinwe ngumtyalo-mali oqala ukulungele ukuguqulwa kwintengo ephantsi kunexabiso langoku, kwiakhawunti. I-EPS ye-Diluted yayiyi-$ 100,000,000 ÷ ([[20,000,000 + 15,000,000] + 5,000,000] ÷ 2), okanye i-$ 4.44.
Ezinye iingcamango ekusebenziseni i-EPS ehlaziyiweyo xa kuhlalutya ishishini
Into enye yokugcina engqondweni malunga ne-EPS ehlanjulweyo kukuba ukuguqulwa kwamanqaku angabandakanywa ekubaleni. Ukwenza oko kuya kukwandisa imali yokufumana isabelo ngasinye, esingeke kwenzeke kwihlabathi lenene. (Yiyiphi umntu onokuthi asebenzise umlinganiselo ongaphantsi kwamanzi okanye ukhuseleko lokuguqulwa kwixabiso elibangela ukuba bahlawule ngaphezu kokuba bafumaneke xa beya emakethe evulekileyo baza bathenga izabelo?) Oku kuthetha ukuba umzekelo, ukuba ukhetho lwamanzi lwamanzi alukho kufakwe kwi-EPS yokuhlengahlengiswa, kodwa ukhetho lwezithuthi olufanelekile ukuguqulwa kunye nexabiso lokubethelwa ngaphantsi kwexabiso lemarike langoku.
Ukususela kumbono osebenzayo, xa uqonda ezi zibalo, impembelelo iyacaca: Ukuba inkampani inokubaninzi ukuhlaziywa kwiincwadi zayo, kwaye intengo yesitya iyancipha okanye ngenxa yeemeko ezithile zenkampani, ukunyuka kwemali, okanye ububanzi ukuwa kweemakethe zesebe, yonke loo dilution yayingabikho kwi-EPS yokuhlaziywa.
Ukuba awuyi ku-akhawunti yokuba iinqanaba eziphezulu ze-stock stock ziza kuphinda ziphinde ziphinde zenze zonke idilesi, ukufumana imali ehlawulwayo ingayi kuba kude. Kwinqanaba elithile, ubuncinane ukuya kwindlela yokugcina impahla, ukuba ixabiso lesitoko lihlala lixinezelekile ixesha elide, ezinye izinto ezikhethiweyo zesikhokelo ziya kuphelelwa yisikhathi, kodwa ngokuqhelekileyo kukho ukuthuthuzela kubanda njengokuba ulawulo lunokuzikhupha ngokhetho olutsha kwixabiso eliphantsi xabiso.
Umgaqo oqhelekileyo wesigodlo ukuba ukhumbule kukuba i-EPS ehlanjululwayo iya kuhlala isezantsi kune-EPS eyimfuneko ukuba inkampani ivelise inzuzo, kuba loo nzuzo iya kwahlulwa phakathi kwezabelo ezingaphezulu. Ngokufanayo, ukuba inkampani ihlangabezana nelahleko, i-EPS ehlanjululwayo iya kuhlala ibonisa ukulahleka okuphantsi kwe-EPS eyintloko kuba ilahleko isasazeka ngaphezu kwezabelo ezingaphezulu.
Ukujonga i-Intel Njengomzekelo
Amanani angezantsi avela kwi-Intel, inkampani yezobuchwepheshe, emva kwe-dot-com boom, ebonise konke oku kakuhle. Ukujonga kwitshati engezansi, phawula ukuba ngo-2000, umahluko phakathi kwe-EPS ye-Intel eyisiseko kunye ne-EPS ehlanjululwayo yayingama-$ 0.06. Ukuba ucinga ukuba inkampani inemali engaphezu kwama-6.5 yezigidi, uyaqaphela ukuba ukuhlengahlengiswa kwakuthatha imali engaphezulu kweedola ezingama-390 kwizigidi-mali kunye nokunikezela kubaphathi nabasebenzi. Kwakuyimali eninzi. Kamva, ngowama-2001, njengoko iimarike zaqhubeka ziwa, ezininzi iindlela zokukhethwa kuzo zihamba ngaphantsi kwamanzi, kwaye ngoko ke i-dilution effect yashiya okwesikhashana ekubaleni kwe-EPS ehlanjululwayo.
Ithebhile INTEL-1
| Intel Inkcazo: Ingxelo yonyaka ka-2001 | ||
| Iintlawulo nge share kwizinto eziqhubekayo | 2001 | 2000 |
| EPS eyintloko | $ 0.19 | $ 1.57 |
| EPS ehlanjululwayo | $ 0.19 | $ 1.51 |