单元4：管理会计 Management Accounting
仓库或配送/履行中心的高固定成本投资导致亏损和流失，这些投资未得到充分利用，无法实现收支平衡…
亚马逊股价从 1999 年的 106 美元暴跌至 2001 年的6 美元……
Loss-making and bleeding from high fixed cost investments in warehouses or distribution/ fulfilment centers which
were underutilized and unable to achieve breakeven…
Amazon shares plunged from $106 in 1999 to $6 in 2001…
亚马逊经受住了长期抱怨其高固定成本的批评者的考验。
1999 年，贝佐斯不顾专家的建议，斥资 6000 万美元建造了 5 个自动化配送中心：“对于一家销售额只有 10
亿美元的公司来说，在配送中心上花费 3 亿美元是一项非常大的投资。” Bezos build five $60M automated
fulfilment centres in 1999 against the advice of experts: "for a company that only had $1 billion in sales, spending
$300 million on fulfilment centers is a very big investment."
2000 年，其仓库容量估计比实际需求多出三到五倍。
2001 年，销售额未达到预期，其两个分销设施即将关闭，亚马逊不得不解雇 1,300 名（即 15%）员工。
专家预测亚马逊将消亡。 In 2001, sales had fallen short of expectations, two of its distribution facilities were
closing, and Amazon had to lay off 1,300, or 15%, of its employees.
1 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
CVP 分析：亚马逊如何摆脱濒临破产并降低其业务的运营杠杆风险
How Amazon Escaped Near-Bankruptcy and Decreased Operating Leverage Risks of its Business
转折点出现在 2002 年，当时亚马逊采取了广泛的折扣和免费送货的策略（对于
2002 年 8 月 27 日购买超过 25 美元的商品），而不是像专家建议的那样在营销广告上
花钱，从而大幅增加了销售额，降低了运营杠杆和风险 与亚马逊的固定成本相关，同
时更充分地利用其新开发的分销网络。
Tipping Point came in 2002 when Amazon embarked on a strategy of broad discounting
and free shipping (for purchases >$25 on Aug 27, 2002) rather than spending money on
marketing ads as advised by experts, dramatically increasing sales, decreasing the operating
leverage and risk associated with Amazon’s fixed costs while more fully utilizing its newly-
developed distribution network.
2 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
大纲
1.0 决策相关成本
1.1 定义
1.2 应用相关成本原则
2.0 成本量利（CVP）和盈亏平衡分析
2.1 成本⾏为
2.2 盈亏平衡：单㇐产品或服务
2.3 盈亏平衡：多种产品或服务
2.4 使用 CVP 分析
2.5 CVP 假设
2.6 贡献分析及限制因素
2.7 贡献分析及限制因素
3.0 成本管理和分配间接费用
3.1 分配产品/服务的间接费用：⽰例
3.2 作业成本法（ABC）
3 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
简介
▪ 管理会计是一门内部学科；其目的是生成可供管理层用来帮助的信息：
➢ 规划
➢ 控制
➢ 决策（制造或购买、定价、资源、投资等）
➢ 预算
➢ 产品盈利能力评估
➢ 内部绩效测量
➢ 存货估价
▪ 本单元的目的是让您掌握关键管理会计技术的关键知识和理解，以及如何选择和应用这些技术，
以便在内部和外部业务场景中做出明智的决策。
4 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
学习成果
▪ 在决策场景中解释和应用相关的成本计算原则 [relevant costing principles]
▪ 计算和评估组织的盈亏平衡位置 [breakeven]
▪ 识别稀缺资源并在给定场景中应用限制因素分析 [limiting factor analysis]
▪ 应用适当的间接费用分配方法 [overhead allocation]
5 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.0 决策相关成本
▪ 本节将着眼于各种决策场景，并针对每个场景进⾏探索：
➢ 相关的费用
➢ 不相关的费用
➢ 如何做出决定
▪ 成本与决策的相关性取决于使用成本的目的。
(1) 相关成本
➢ 于做出决定而产生的成本或节省称为相关成本。这是决策中的一个基本概念。
➢ 关性仅与未来的决策有关。
➢ 为了使成本与决策环境相关，它必须在未来，涉及现金流并且是增量的。
➢ 关成本还可能包括机会成本和可避免成本。
(2) 不相关成本
➢ 已经发生的成本与未来的事件无关。
➢ 例子包括沉没成本和承诺成本 sunk costs & committed costs
6 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.1 定义
▪ 沉没成本 [Sunk cost]：沉没成本是已经发生的成本，因此在计算成本时与决策过程和未来事件
无关。该术语还包括组织不可撤销地承诺 且无法通过管理⾏动避免的未来支出。
▪ 承诺成本 [committed cost]：承诺成本是产生成本的不可撤销的决定（例如，具有约束力的财产
租赁合同）。
▪ 增量成本 [Incremental cost]：增量成本是由于采取⾏动而产生的额外成本，但如果不采取这种
⾏动则不会产生。
▪ 机会成本 [opportunity cost]：机会成本是资源的下一个最佳替代用途的成本或由于做出特定决
定而放弃的利益。
▪ 可避免和不可避免的成本 [avoidable and unavoidable costs]：对于有关关闭部门或停止业务活动
的管理决策，成本必须分为在关闭或停止发生时将停止的成本（可避免的成本）和尽管关闭仍
将继续的成本（不可避免的成本）。 例如，如果公司的一个部门关闭，那么该部门将不会在文
具、供暖、照明和人员配备等项目上进一步支出，尽管可能必须支付裁员费用。 但是，部门内
可能存在不可避免的固定成本（例如，如果租用了房屋，则可能需要一段时间才能解除租赁协
议）。
7 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
定量预测技术
Period # Units Total Costs
单位 总成本
1 400 $14,950
2 500 $16,550
3 200 $9,200
4 150 $9,100
5 350 $15,850
6 550 $20450
7 300 $12,070
8 450 $19,250
9 250 $13,250
8 财务决策 FINANCIAL DECISION MAKING | 单元5：预算Topic 5: Budgeting | 纪钧文KEE Koon Boon, May 2024
$
$
$
$
2
2
1
1
$
5
0
5
0
5
,
,
,
,
,
0
0
0
0
0
0
0
0
0
0
$
0
0
0
0
0
0
0 1 0 0
T
2
o
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t a
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l
r
C
i v
o
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s
3
t s
0
r
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L e v e
4
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0 0 5 0 0 6 0 0
Y/X $30
@ $3,500
定量预测技术：Hi-Low 方法
Unit 单位 Total Costs 总成本
High 高 550 $20,450
Low 低 150 $ 9,100
Difference 差异 400 $11,350
Variable Costs $11,350 / 400 $28.375
Total Cost 总成本 = Fixed Costs 固定成本 + Variable Costs 可变动成本
TC = FC + (28.375 x Driver Qty)
$9,100 = FC + (28.375 x 150)
Solving: FC = $4,843.75
9 财务决策 FINANCIAL DECISION MAKING | 单元5：预算Topic 5: Budgeting | 纪钧文KEE Koon Boon, May 2024
定量预测技术：Regression Method Using Excel
Regression Statistics
Multiple R 0.936148538
R Square 0.876374086
Adjusted R Square 0.858713241
Standard Error 1508.840956
Observations 9
Coefficients
Intercept 4913.722222 Fixed Cost
X Variable 1 27.44333333 Variable Cost
10 财务决策 FINANCIAL DECISION MAKING | 单元5：预算Topic 5: Budgeting | 纪钧文KEE Koon Boon, May 2024
1.2 应⽤相关成本原则：一次性合同 One-off or Special Order
泽尔凯公司Zercay Inc
▪ Zercay Inc. 的首席执⾏官正在考虑签订一次性合同。她需要知道这份合同的相关成本，才能以盈利定价。她的初级会计师为合同编
制了以下成本摘要（总计$98,300元）
备注：
1) 材料代表前段时间购买的7,500 公⽄的购买成本。除本合同外，这些材料已不再使用，将来也不太可能需要。材料的完整库存（总计
10,000 公⽄）或其中的一部分可以以每公⽄4.20 美元的价格出售。所用材料的替换成本为33,375 美元。Materials represent the
purchase costs of 7,500 kg bought some time ago. The materials are no longer used and are unlikely to be wanted in the future except on this
contract. The complete inventory of materials (amounting to 10,000 kg), or part thereof, could be sold for $4.20 per kg. The replacement cost
of materials used would be $33,375.
2) 直接工资包括两名雇员的工资，特别是在该工作的劳动过程中非常熟练的雇员，他们可以从另一个部门调来承担特殊订单的工作。
他们在平时的部门都忙得不可开交，必须请分包人员来承担留下的工作。工程期间的分包费用为32,000 美元。不同的精通特殊订单
技术的分包商可以处理特殊订单，他们的成本将达到31,300 美元。
3) 需要一名主管来处理特殊订单。11,500 美元的成本包括8,000 美元的正常付款加上3,500 美元的特殊订单工作额外奖金。正常工资是
指主管的固定工资。此外，主管将在正常工作中损失2,500 美元的奖励金。预计不会产生与主管从事其他工作相关的任何重置成本。
4) 机器管理费用（包括电费）按每⼩时3 美元收费。估计特殊订单将需要6,000 ⼩时。该机器具有4,000 ⼩时的可用容量。额外需要的
2,000 ⼩时将意味着现有工作从机器上取下，导致每⼩时损失2 美元。 Machine overheads (including power costs) are charged at $3 per
hour. It is estimated that 6,000 hours will be needed for the special order. The machine has 4,000 hours' available capacity. The further 2,000
hours required will mean an existing job is taken off the machine, resulting in a lost contribution of $2 per hour.
5) 机器折旧是按合同期限计算的正常期间成本。预计将产生500 美元的额外机器维护费用。
6) 一般管理费用包括3,000 美元的分摊额加上估计的1,000 美元的增量管理费用。
7) 由于该企业没有⾜够的资金来为特殊订单提供资金，因此在为期三个月的项目期间，需要银⾏透支20,000 美元。透支款项将在期末
偿还。该银⾏的透支率为18%。
问题：可以报出的最低价格[minimum price] 是多少？
11 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.2 应⽤相关成本原则：一次性合同 One-off or Special Order
成本 计算
材料 Materials $31,500 1) 材料 [$34,000] 不再使用 = 无关 = 历史成本 [HC] = 沉没成本 [sunk cost]
库存的损失销售价值 [lost sale value] = 7,500 公⽄ × 每公⽄$4.20 =
$31,500
分包商 Direct wages $31,300 2) 不同的精通特殊订单技术的分包商可以处理特殊订单，他们的成本将
达到 31,300 美元。
主管成本 Supervisor $1,000 3) $3,500 - $2,500
costs 只有红利 [bonus]和额外奖励金 [incentive payment]之间的差额代表了由
于特殊订单而产生的额外成本。
固定工资成本不变。[Salary FC do not change]
机器开销 Machine $22,000 4) 可变间接费用Variable Overhead ($3× 6,000⼩时) + 置换成本
overheads displacement costs ($2× 2,000⼩时) = $22,000
机器维修 Machine $500 5) 折旧是期间成本（非现金 non-cash），与特殊订单无关。
maintenance 额外的维护成本[additional maintenance costs]是相关的。
一般间接费用 $1,000 6) 只有增量成本是相关的。Only incremental costs are relevant.
General overheads
财务成本 Financial $900 7) 3个月的单利费用为 (3/12) × $20,000 × 18% = $9
cost
可以报出的最低价格 $88,200
12 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.2 应⽤相关成本原则：
进⼀步加⼯ Further processing of joint products
▪ 联合成本是同时生产多种产品的过程的共同成本，传统上根据最终产品的相对销售价值进⾏分配。 Joint costs are
common costs of a process that simultaneously produce more than one product, and are traditionally allocated according to the
relative sales value of the end products
▪ 在某些⾏业中，多种最终产品是由单一原材料投入生产的。In some industries, a number of end products are produced
from a single raw material input.
▪ 由共同投入生产的两种或多种产品称为联合产品。Two or more products produced from a common input are called joint
products.
▪ 制造过程中每个联合产品可以被识别为单独产品的点称为分离点。The point in the manufacturing process where each
joint product can be recognized as a separate product is called the split-off point.
Joint
Costs Separate Final
Oil
Processing Sale
Common
Joint Final
Production Gasoline
Input Sale
Process
Separate Final
Chemicals
Processing Sale
Separate
Split-Off
Product
Point
Costs
13 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.2 应⽤相关成本原则：
进⼀步加⼯ Further processing of joint products
粗塑料⽣产有限公司：相关成本[Relevant cost]可用于以下决策场景[decision scenario]:
▪ Crude Plastic Production Limited 购买原材料并产生联合加工成本以生产三种联合产品。Crude Plastic Production Limited purchases
raw materials and incurs joint processing costs to manufacture three joint products.
▪ 在制造过程的分离点，公司可以选择继续制造三种联合产品中的两种。但是，此时产品3 已经完成。 At the split-off point in the
manufacturing process, the company has the option of continuing the manufacture of two of the three joint products. However, Product 3
is already completed at that point.
▪ 生产产品1 和2 需要进一步加工。Further processing is necessary to produce Products 1 and 2.
▪ 运营经理编制了以下明年的预测，假设公司继续对产品1 和2 进⾏进一步加工。The operations manager has compiled the following
forecast for next year, which assumes that the company continues with the further processing of both Products 1 and 2.
费用 Costs
原材料采购成本：105,000 英镑 Purchase cost of raw materials: £105,000
联合加工成本：45,000 英镑 Joint processing costs: £45,000
进一步加工成本：12,000 英镑（仅限产品1） Further processing costs: £12,000 (Product 1 only)
进一步加工成本：60,000 英镑（仅限产品2） Further processing costs: £60,000 (Product 2 only)
▪ 但是，可以选择出售这三种产品前对产品1 和2 进⾏任何进一步处理。However, there is the option to sell off the three products
before any further processing occurs on Products 1 and 2.
▪ 另一家公司提出在进一步加工之前在分离点购买这三种产品，每单位价格如下。Another company has offered to purchase the three
products at the split-off point, prior to the further processing, at the following prices per unit.
➢产品1 @ 0.50 英镑。
➢产品2 @ 0.35 英镑。
➢产品3 @ 1.60 英镑。
问题：查看公司可用的所有选项，包括当前的预测，并确定最有利可图的行动方案。
14 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.2 应⽤相关成本原则：
进⼀步加⼯ Further processing of joint products
1. 现状选项：继续处理 £ £
销售
产品1 20,000
产品2 230,000
产品3 8,000
258,000
费用
原材料采购 105,000
联合成本 45,000
加工成本（产品 1） 12,000
加工成本（产品 2） 60,000 222,000
净利润 36,000
2. 抛售选项 £ £ 计算
销售
产品1 5,000 10,000 x 0.50
产品2 175,000 500,000 x 0.35
产品3 8,000 5,000 x 1.60
188,000
费用
原材料采购 105,000
联合成本 45,000 150,000
净利润 38,000
15 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
1.2 应⽤相关成本原则：
进⼀步加⼯ Further processing of joint products
£ 进一步处理 卖光 增量收入 增量成本 额外利润
产品1 20,000 5,000 15,000 12,000 3,000
产品2 230,000 175,000 55,000 60,000 (5,000)
产品3 8,000 8,000 0 0 0
结论：进一步加⼯产品 1 并在分离点出售产品 2。
3. 增量分析：逐产品⽐较 £ £ 计算
销售
产品1 20,000
产品2 175,000
产品3 8,000
203,000
费用
原材料采购 105,000
联合成本 45,000
加工成本（产品1） 12,000 162,000
净利润 41,000
16 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.0 成本量利（CVP）和盈亏平衡分析
▪ 成本-量-利润 (CVP) 分析考虑了成本和利润如何随着活动量(或水平)的变化而变化。具体来说，
CVP 分析是研究以下变化对未来利润的影响：
➢固定成本
➢可变成本
➢销售价格、销售数量和销售组合。
▪ CVP 分析可用于单一产品或多产品/服务环境中的盈亏平衡分析。对企业而言，了解其盈亏平衡
点在哪里（即收入等于所有成本，既没有盈利也没有发生亏损）以判断其目前接近或远离盈亏
平衡点是很重要的操作。当一家公司在考虑潜在的新企业时，了解盈亏平衡点 [breakeven]在哪
里以及公司是否有能力实现这一点以及如果有能力在多长时间内实现这一点也很重要。CVP
analysis can be used in breakeven analysis in a single or multi-product/service environment. It is
important to a business to have an idea of where its breakeven point lies (i.e. where the revenue
equals all costs and neither a profit is made nor a loss incurred) to allow it to judge how near to or far
from breakeven it is currently operating. It is also critical when a company is contemplating a potential
new venture to have an idea of where the breakeven point is and whether the company has the
capability to achieve that point and, if so, within what timescale.
▪ 本节将研究盈亏平衡的概念：如何计算它以及如何使用这些技术来计算设定某个“目标利润”水
平所需的收入。This section will examine the concept of breakeven: how to calculate it and how to
use the techniques to calculate what revenue would be required to set a certain 'target profit' level.
▪ 在本节结束时，您将牢牢掌握盈亏平衡分析和使用 CVP 分析的关键假设，并将能够在各种场景
中应用这些技术。
17 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.1 成本⾏为（在相关范围内） Cost Behavior (within the relevant range)
成本 总共 每单位
可变成本 可变成本随着活动水平 在广泛的活动范围内，单位可
的变化而变化 变成本保持不变
固定成本 当活动水平发生变化时， 随着活动水平的提高，单位平
总固定成本保持不变 均固定成本下降
$ $ $ $
Output Qty Output Qty Output Qty Output Qty
Fixed Variable Step Mixed
固定成本 可变成本 步骤成本 混合成本
18 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 盈亏平衡：单⼀产品或服务
利润 = 收入 - 总成本
利润 = (售价 x 数量) – (可变成本 + 固定成本)
P = (SP x Q) – (VC x Q) - FC
P = Q x (SP – VC) – FC
Q = (P + FC) / (SP – VC)
注：每单位边际贡献 (CM) 也是 (SP – VC)
在盈亏平衡数量下，P = 0
因此，盈亏平衡 Q = FC / (SP – VC) = FC / CM 每单位
Profit = Revenue – Total Cost
Profit = (Selling Price x Qty) – (Variable Cost + Fixed Cost)
P = (SP x Q) – (VC x Q) - FC
P = Q x (SP – VC) – FC
Q = (P + FC) / (SP – VC)
Note: Contribution Margin (CM) per unit is also (SP – VC)
At breakeven quantity, P = 0
Thus, Breakeven Q = FC / (SP – VC) = FC / CM per unit
19 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 盈亏平衡：单⼀产品或服务
每单位售价 SP: $5
每单位可变成本 VC: S2.50 (raw material, utilities etc)
每单位边际贡献 CM: $2.50
固定成本 FC: $2,500 per month (rental)
盈亏平衡 BE Quantity: 1,000 per month (= 2,500/2.50), or 40 bowls per day (work 25 days in a month)
盈亏平衡 = 用“可变利润”（CM）覆盖固定成本。BE = Cover fixed cost from “variable profit” (CM)
20 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 盈亏平衡：盈亏平衡，安全边际 Margin of Safety (MOS)
• 如果 Racing 销售额外的自⾏车，将产生 200 美元的额外边际贡献（CM），用于支付固定费用
和利润。
• 每个月，Racing 必须产生至少 80,000 美元的 CM 总额才能实现收支平衡。
• 盈亏平衡数量 = 400 单位（80,000 美元/200 美元）。
• 安全边际 = 总销售额 – 盈亏平衡销售额 = 50,000 美元（250,000 美元 - 200,000 美元），或销售
额的 20%（50,000 美元/ 250,000 美元）。
21 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 盈亏平衡：运营杠杆 Operating Leverage
运营杠杆率 = 边际贡献 CM/ 净运营利润
Degree of Operating Leverage = Contribution Margin / Net Operating Income
= 5（100,000 美元/ 20,000 美元）
销售额增加 10%（从 250,000 美元增加到 275,000 美元），净运营利润将增加 50% (= 10% x
5)，从 20,000 美元增加到 30,000 美元
A 10% increase in sales ($250,000 to $275,000) results in a 50% (= 10% x 5) increase in net
operating income from $20,000 to $30,000
Actual sales Increased
(500) sales (550)
Sales $ 250,000 $ 2 75,000
Less variable expenses 150,000 165,000
Contribution margin 100,000 110,000
Less fixed expenses 80,000 80,000
Net operating income $ 20,000 $ 30,000
22 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 将安全边际和盈亏平衡联系起来
MOS =总销售 - 盈亏平衡销售
Margin of safety in dollars = Total sales – Breakeven sales
MOS / 总销售 = MOS%
= （总销售 - 盈亏平衡销售）/总销售
= 1 – （盈亏平衡销售/总销售）
= 1 – BE%
BE% = 1 – MOS%
Margin of safety in dollars
= Margin of safety percentage MoS%
Total sales in dollars
Total sales −Breakeven sales
=
Total sales
Breakeven in dollars
= 1−
Total sales in dollars
= 1−Breakeven percentage
= 1−BE%
Therefore: BE% = 1− MoS %
23 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 较高的运营杠杆率意味着什么？
高运营杠杆率
▪ 表明存在高固定成本。
▪ 增加在不利市场条件下蒙受损失的风险。
▪ 当存在更高需求时，增加盈利的机会。
▪ 安全边际百分比 (MoS%) 较低
High Operating Leverage ratio
▪ Signals the existence of high fixed costs.
▪ Increases risk of making loss in adverse market conditions.
▪ Increases opportunity to make profit when higher demand exists.
▪ Has lower margin of safety percentage (MoS%)
1
DOL
MoS%
24 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 运营杠杆与利润变动关系证明
Benchmark Co. High F.C. Co.
基准公司 高成本公司
Total Sales (Same) 总销售（一样） $3,200,000 $3,200,000
Unit selling price (Same) 单位售价（一样） $800 $800
Unit variable costs 单位 ($300) ($150)
Unit Contribution margin 单位边际贡献 $500 $650
Unit sales (Same) 单位销售（一样） 4,000 4,000
Contribution margin 边际贡献 (CM) $2,000,000 $2,600,000
Fixed costs 固定成本 ($1,500,000) ($2,100,000)
Net Operating Profit (Same) 净营业利润 (P) 500,000 500,000
Degree of operating leverage 运营杠杆率 (CM/P) 4.0 5.2
25 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 运营杠杆与利润变动关系论证
Benchmark Co. High F.C. Co.
基准公司 高成本公司
Increase in sales 销售增长 12.5% 12.5%
Degree of operating leverage 经营杠杆率 X 4.0 X 5.2
Increase in profits 利润增长 50% 65%
Proof 证明:
Unit contribution margin单位边际贡献 $500 $650
Unit change in sales (4,000 x 12.5%) 单位销售变动 x 500 x 500
Change in profits 利润变动 $250,000 $325,000
Percentage increase from the original $500,000 profit 50% 65%
与最初 500,000 美元利润相比增加的百分比
26 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.2 运营杠杆与MOS%关系证明
Benchmark Co. High F.C. Co.
基准公司 高成本公司
Total Sales (Same) 总销售（一样）(S) $3,200,000 $3,200,000
Contribution margin 边际贡献 (CM) $2,000,000 $2,600,000
Fixed costs 固定成本 (F) ($1,500,000) ($2,100,000)
Net Operating Profit (Same) (P) 500,000 500,000
Degree of operating leverage 经营杠杆率 (CM/P) 4.0 5.2
Break-even Sales Dollars [F/(CM/S)] 盈亏平衡销售额 2,400,000 2,584,615
Break-even % (to sales) 盈亏平衡%（占销售额） 75% 80.77%
MoS% = 1 – BE% 25% 19.23%
1/MoS% 4.0 5.2
= Degree of operating leverage 经营杠杆率
27 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.3 盈亏平衡：多种产品或服务（加权平均边际贡献 WACM）
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自⾏车占 RBC 总销售收入的 45%，手推车占剩余的 55%。 RBC 提供以下信息：
Bikes comprise 45% of RBC’s total sales revenue and the carts comprise the remaining
55%. RBC provides the following information:
$265,000
加权平均边际贡献
= = 48.2% (rounded)
WACM $550,000
28 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.3 盈亏平衡：多种产品或服务（加权平均边际贡献 WACM）
Dollar sales to breakeven Fixed expenses 固定成本
=
销售额达到盈亏平衡 CM ratio 边际贡献率
Dollar sales to breakeven $170,000
= = $352,697
销售额达到盈亏平衡 48.2%
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29 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.3 盈亏平衡：多种产品或服务（BE%）
RBC’s Bikes and Carts sales and profit data are as follows:
Bicycle Carts Total
Sales $ 250,000 $ 3 00,000 $ 550,000
Variable expenses 150,000 1 35,000 285,000
Contribution margin 100,000 1 65,000 265,000
Fixed expenses 170,000
Net operating income $ 95,000
Contributi on Margin 1
Sales $ 250,000 $300,000 DOL = =
Net Operating Income MoS%
x
Net Operating Income
BE% = 64.15%
MoS% =
Contributi on Margin
95,000
Breakeven sales $160,375 $192,450
MoS% = = 35.85%
265,000
Total break-even sales = $352,825 MoS% =1− BE%
BE% =1− MoS% =1−35.85 = 64.15%
30 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.3 盈亏平衡：多种产品或服务（BE%）
Bicycle Carts Total
Sales $ 160,375 100% $ 192,450 100% $ 352,825 100.0%
Variable expenses 96,225 60% 86,603 45% 182,828 51.8%
Contribution margin 64,150 40% 105,847 55% 169,997 48.2%
Fixed expenses 170,000
Net operating income Rounding error $ (3)
31 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
▪ 雅克提牦⽜有限公司Yakety Yak Limited (YYL) 是一家位于苏格兰爱丁堡的会议组织者。它已与欧
洲药剂师协会 (AEP) 签约，在苏格兰圣安德鲁斯组织其年度会议。会议的财务目标是在为期两
天的活动中实现收支平衡，包括为希望借此机会在世界著名的圣安德鲁斯⽼球场打高尔夫球的
会员提供补贴。以下信息与会议价格的设置有关。
1) 有多少代表将参加存在一些不确定性，但 AEP 估计以前的活动吸引了 70 到 120 名代表，预计
今年的情况大致相同。
2) 将有10位受邀嘉宾不收费，因为他们将是会议的演讲嘉宾。据估计，10 位受邀嘉宾中的每一
位将产生 300 英镑的旅⾏和酒店费用，由会议组织者支付。（请注意，这是他们的每日代表费
和晚餐费用之外的费用。）假设受邀客人都没有时间打高尔夫球。
3) 圣安德鲁斯的会议场地已表⽰将收取 10,000 英镑的固定费用，以便在两天内完全、独家使用
场地。
4) 每⽇代表费用为每⼈ 35 英镑，用于支付午餐和茶点——这也是受邀客人的额外费用。
5) 会议的⼴告费用估计为 1,000 英镑，另外还有 1,000 英镑用于向协会成员发送特别邮件。
6) AEP 决定为希望打⽼球场的代表支付每位高尔夫球⼿ 45 英镑的补贴是合适的。它估计大约有
35 名代表将接受这一提议，无论出席会议的总人数如何。
7) 计划在第一天晚上举⾏一次会议晚宴——费用为每位代表 30 英镑。
8) YYL 将获得 2,000 英镑的组织会议费用。
9) AEP 计划向每位代表收取 325 英镑的参会费用。
问题：
AEP 必须参加多少代表才能实现会议盈亏平衡的目标？
120⼈参会，利润多少？
32 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
▪ Yakety Yak Limited (YYL) is a conference organizer based in Edinburgh, Scotland. It has been contracted by the
Association of European Pharmacists (AEP) to organize its annual conference in St Andrews, Scotland. The financial
objective of the conference is to break even over the two-day event, inclusive of a subsidy for those members who
wish to take the opportunity to play golf on the world-famous Old Course at St Andrews. The following information is
relevant to the setting of a price for the conference.
(1) There is some uncertainty about how many delegates will attend but AEP estimates that previous events have
attracted between 70 and 120 delegates and expect this year to be much the same.
(2) There will be 10 invited guests who will not be charged because they will be the guest speakers at the conference. It
is estimated that each of the 10 invited guests will incur £300 of travel and hotel costs, to be paid for by the
conference organizers. (Note that this is in addition to their daily delegate rates and dinner costs.) It is assumed that
none of the invited guests will have any time available to play golf.
(3) The conference venue in St Andrews has indicated that there will be a fixed charge of £10,000 for full, exclusive
access to the venue for the two days.
(4) There will be a daily delegate rate of £35 per person to cover lunch and refreshments – and this will also be an
additional cost for the invited guests.
(5) The cost of advertising the conference is estimated to be £1,000, plus a further £1,000 for special mailshots to
members of the association.
(6) AEP has decided that it is appropriate to pay a subsidy of £45 per golfer for those delegates who wish to play the
Old Course. It estimates that around 35 delegates will take up this offer, irrespective of the total number attending
the conference.
(7) It is planned to hold a conference dinner in the evening of the first day – at a cost of £30 per delegate.
(8) YYL will be paid a fee of £2,000 for organizing the conference.
(9) AEP plans to charge each delegate £325 for attending the conference.
Question:
How many delegates will have to attend for AEP to achieve its objective of breakeven for the conference?
How much profit will be made if 120 delegates attend the conference?
33 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
£ £
固定成本
会议场地费 10,000
⼴告 1,000
邮件截图 1,000
会议组织者费用 2,000
10名受邀代表的费用
- 午餐和茶点（2 天 @ 35 英镑） 70
- 会议晚宴 30
- 旅⾏开⽀ 300
400 4,000
高尔夫补贴费用（35 名代表，45 英镑） 1,575
19,575
每个代表的可变成本
午餐和茶点（2 天 @ 35 英镑） 70
会议晚宴 30
100
每个代表的贡献
会议费 325
可变成本 100
贡献 225
会议盈亏平衡 （= 19,575/225） 87名代表
收⼊证明
总捐款（120 名代表 × 225 英镑） 27,000
减：固定成本 19,575
净利 7,425
34 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
▪ 斩波器有限公司Chopper Ltd 是一家马来西亚企业，生产三种类型的手工专业菜⼑：
➢ 蔬菜（V）
➢ ⾯包（B）
➢ 雕刻（C）
▪ 以马来西亚令吉 (RM) 计的预测售价和明年的单位销量为：
蔬菜刀（V） ⾯包刀（B） 雕刻刀（C）
售价（RM） RM105 150 110
单位 18,000 24,000 30,000
▪ 每种类型的⼑都是使用相同材料和劳动力的不同组合制成的。所有产品的预测销量均基于上一年的销量。
▪ 每把⼑的可变成本是：
蔬菜刀（V） ⾯包刀（B） 雕刻刀（C）
钢 12 28 16
木头 8 22 26
熟练劳动力 16 34 22
其他 4 10 18
▪ 明年的固定管理费用预计为 675,000 令吉。
问题：计算加权平均边际贡献 (WACM)。
35 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
蔬菜刀（V） ⾯包刀（B） 雕刻刀（C）
销售价格 105 150 110
可变成本 40 94 82
边际贡献 65 56 28
边际贡献% 61.9% 37.33% 25.45% = 每单位边际贡献/销售价格
预测单位销售额 18,000 24,000 30,000
销售额（收入） 1,890,000 3,600,000 3,300,000 8,790,000
边际贡献 1,170,000 1,344,000 840,000 3,354,000
WACM 38.16%
（= 3,354,000/ 8,790,000）
问题：计算下一年的总盈亏平衡销售收入。
解答:
▪ 固定成本：RM675,000
▪ WACM：38.16%
▪ 销售额（收入）：RM1,769,007 盈亏平衡
36 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
问题：在一张图表上绘制多产品盈利量(PV) 图表，清楚地显⽰盈亏线并假设Draw a multi-product profit-volume (PV) chart on one
graph showing clearly the profit/loss lines and assuming：
▪ 按对销售额的贡献率最高的顺序销售产品Selling the products in order of highest-ranking contribution to sales ratios first
▪ 以恒定的组合销售产品。 Selling the products in a constant mix
产品 收入 累计收入 利润 累计利润
开始（固定成本） （675,000） (675,000)
V 1,890,000 1,890,000 1,170,000 495,000
B 3,600,000 5,490,000 1,344,000 1,839,000
C 3,300,000 8,790,000 840,000 2,679,000
37 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.4 使⽤ CVP 分析
问题：简要评论你的发现。
解答:
▪ 从图表中可以看出，如果产品按排名最高的顺序销售，盈亏平衡将在销售收入略低于 110 万令吉时发生。
▪ 确切的数字可以通过将 675,000 令吉的固定成本除以产品 V 的贡献/销售 (C/S) 比率61.9% 得出，得出准确的盈
亏平衡收入1,090,385 令吉。
▪ 这大大早于 RM1,769,007 的盈亏平衡点，如上计算，如果产品全部以恒定组合销售，就会出现这种情况。
▪ 其原因显然是因为利润更高的产品 V 在单独销售时比产品 V、B 和C 的组合销售时对单位固定成本的贡献更大
。三款产品的加权平均C/S比仅为38.16%，而V的C/S比为61.9%。
▪ 很明显，如果 V 被优先出售，盈亏平衡会更早发生。然而，实际上，全年的销售组合会有所不同，Chopper
Ltd 既不能假设⼑具以恒定的组合销售，也不能假设最有利可图的⼑具可以首先出售。
▪ 总之，如果可能，公司最好先销售贡献最高的产品或服务，然后按贡献最高的顺序销售其余产品。如果公司
这样做，它将更快地达到盈亏平衡。如果产品以恒定组合销售，则需要更长的时间才能达到盈亏平衡点。
▪ From the chart it can be seen that, if the products are sold in order of the highest-ranking first, breakeven will take
place at a point just under RM1.1m of sales revenue.
▪ The exact figure can be worked out by taking the fixed costs of RM675,000 and dividing them by Product V's
contribution/sales (C/S) ratio of 61.9%, which gives an exact breakeven revenue of RM1,090,385.
▪ This is substantially earlier than the breakeven point of RM1,769,007, which occurs if the products are all sold in a
constant mix, as calculated above.
▪ The reason for this is clearly because the more profitable product, V, contributes more per unit to fixed costs when
being sold on its own than when a mix of products V, B and C is sold. The weighted average C/S ratio of all three
products is only 38.16%, compared to V's C/S ratio of 61.9%.
▪ It is clear that breakeven will occur earlier if V is sold in priority. In reality, however, the mix of sales will vary
throughout the year and Chopper Ltd can assume neither that the knives are sold in a constant mix nor that the most
profitable can be sold first.
▪ In summary, it is better for a company, if possible, to sell its highest contributing product or service first and then the
remaining products in order of highest contribution. If the company does this, it will reach breakeven sooner. If the
products are sold in a constant mix, the breakeven point will take longer to reach.
38 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.5 CVP 假设
▪ 每单位的售价是不变的。Selling price per unit is constant.
▪ 成本可以分为固定要素和可变要素。Costs can be categorized into fixed and variable elements.
▪ 半可变成本可以分为固定要素和可变要素。Semi-variable costs can be split into fixed and variable
elements.
▪ 固定成本保持不变，可变成本成比例变化。Fixed costs remain constant and variable costs vary
proportionately.
▪ 成本和收入以线性方式表现。Costs and revenues behave in a linear fashion.
▪ 存货以边际成本计价。Inventory is valued at marginal cost.
▪ 生产/销售量的变化只会影响成本和收入。Production/sales volume changes can only affect costs
and revenues.
▪ 对于多产品/服务场景，销售组合保持不变。For multi-product/service scenarios, the sales mix
remains constant.
39 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.6 贡献分析及限制因素 Contribution analysis and limiting factors
▪ 贡献分析 [Contribution Analysis]作为处理短期资源分配问题的工具特别有效。如果一家公司生产
多种产品或提供多种服务，那么优先考虑那些产生最高贡献的产品/服务是很重要的。例如，为
了满⾜销售需求,制造公司将组织其生产计划，以优先考虑那些贡献最大的产品。这确保了企业
资源的最佳利用。
▪ 生产不止一种产品或提供不止一种服务的公司可能会⾯临资源不足以满⾜预测销售需求的情况。
因此，必须对产品和/或服务的正确组合做出决定，以确保尽可能有效地使用稀缺资源。A
company that manufactures more than one product or provides more than one service can face a
situation in which there are insufficient resources to meet forecast sales demand. Consequently,
decisions have to be made about the correct mix of products and/or services to ensure that the scarce
resources are used as effectively as possible.
▪ 限制因素 Limiting factors（限制公司最大化其贡献和利润的能力的因素）的例子是劳动力时间（
熟练或非熟练）、机器时间、计算机时间、材料和空间的短缺。Examples of limiting factors (things
that limit the ability of a company to maximize its contribution and hence profit) are shortages of labor
time (skilled or unskilled), machine time, computer time, materials and space.
▪ 限制因素分析的关键基本假设是：
➢ 企业希望最大化利润
➢ 鉴于固定成本在短期内不会发生变化，当贡献最大化时利润将最大化。Profit will be maximized
when contribution is maximized, given that fixed costs will not change in the short term.
40 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.6 贡献分析及限制因素 Contribution analysis and limiting factors
▪ 通过从每个限制因素单位产生最大可能的贡献，总贡献将最大化。因此，在多产品或多服务的情
况下，可以应用贡献分析通过遵循某些步骤来确定最佳结果。Total contribution will be maximized
by generating the largest possible contribution from each unit of limiting factor. Therefore, in multi-
product or multi-service situations, contribution analysis can be applied to determine the optimal
outcome by following certain steps.
1) 识别并确认限制因素。Identify and confirm the limiting factor.
2) 确定每个产品/服务的金额贡献 [monetary contribution]和每个产品/服务的总贡献。 Identify the
monetary contribution per product/service and total contribution per product/service.
3) 识别每个产品/服务使用的限制因素。Identify each product/service usage of the limiting factor.
4) 计算每个限制因素单位的产品/服务的金额贡献（例如，每⼩时熟练劳动力的美元）。
Compute the monetary contribution per product/service for each unit of the limiting factor (for
example, dollars per hour of skilled labor).
5) 按照每个限制因素的贡献顺序（最高优先）对产品/服务进⾏排名。Rank the products/services
in order of contribution per limiting factor (highest first).
6) 将稀缺资源部署到排名第一的产品/服务,排名第2的产品/服务等等,直到稀缺资源被消耗完。
Deploy the scarce resource to the first-ranked product/service, the second-ranked product/service
and so on until the scarce resources are consumed.
41 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.6 贡献分析及限制因素 Contribution analysis and limiting factors
▪ 黄金海岸配饰有限公司Gold Coast Accessories Ltd (GCAL)是一家位于昆士兰的澳大利亚公司，生
产一系列专业的高尔夫套头衫，直接销售给大型零售高尔夫商店。该公司最近经历了一段增长
期，但由于每件产品都是手工缝制的，因此产量受到熟练劳动力的限制。该公司的四个产品线
是Burleigh，PalmMeadow，Glades和Southport。提供以下产品信息：
以下信息也可用:
1) A$ 70,000 澳元的总固定成本FC平均分配给4个产品线。
2) 零售客户订购了以下数量的每种产品，将于6月发货：B 伯利：500 ; P 棕榈草甸：300; G 林地
：450; S 绍斯波特：750
3) 公司预计6月份将有10,900个熟练劳动力时可用。
4) 熟练劳动力每小时花费 A$7 澳元，并且⾜够熟练可以很容易地转移到任何产品上。
5) 没有期初或期末存货。
Q1: 向公司准备一份简要报告，确定 6 月份熟练⼯时能力的短缺；以及在产品中部署熟练⼯时
[deploy skilled labour hours]，以在 6 月实现最大盈利[max profitability]
Q2: 编制 6 月份的预测损益表。[prepare the forecast P&L a/c for June]
42 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.6 贡献分析及限制因素 Contribution analysis and limiting factors
B P G S
熟练劳动成本 63 42 56 35
每单位熟练工时（除以7澳元） 9 6 8 5
销售需求（台） 500 300 450 750
所需的总熟练工时 4,500 1,800 3,600 3,750 13,650
可用的实际熟练工时 10,900
短缺 2,750
B P G S 最佳⽣产计划 小时 单位 全部小时数
售价 155 140 185 120 可用的 10,900
材料 25 21 31 20 S 5 750 （3,750）
熟练劳动成本 63 42 56 35 可用剩余 7,150
其他可变成本 4 6 7 4 P 6 300 （1,800）
总可变成本 92 69 94 59 可用剩余 5,350
每单位贡献 63 71 91 61 G 8 450 （3,600）
每单位熟练工时 9 6 8 5 可用剩余 1,750
每单位熟练⼯时的贡献 7 11.83 11.38 12.20 B 9 194 （1,746）
排行 4 2 3 1 可用剩余 4
注：在满足Southport、PalmMeadow 和Glades 的最大需求后，Burleigh 品牌仅可用1,750 小时，仅允许制造194 小时，
这将需要1,746 小时的可用1,750 小时。
43 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
2.6 贡献分析及限制因素 Contribution analysis and limiting factors
餐品 单位 熟练劳动力 总熟练⼯时贡献 每单位贡献 总（A$）
每单位小时数 （A$）
S 750 5 3,750 61 45,750
P 300 6 1,800 71 21,300
G 450 8 3,600 91 40,950
B 194 9 1,746 63 12,222
总贡献 120,222
固定成本 （70,000）
净利 50,222
44 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Lee Kuan Yew on “Business” vs “Business Model”
Lee Kuan Yew Hard Truths To Keep Singapore Going +DVD [Hardcover]
“What is it Singaporeans do
when they go into business?
They set up a shop, because
that’s what they think business
is. Set up a shop or restaurant
and buy and sell. What else do
they do? You look at our
history, what have we done?”
45 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
CVP Application in Restaurant: “Business” vs “Business Model”
Stores Sales (S$m)
2011 100 >250 (est)
46 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Restaurant as a Business: High Fixed Costs (Capex) and “Slow”
A restaurant, a high fixed-cost nature business, takes a few years to breakeven on average,
if one is hardworking and capable – and “lucky”. At least a decade of hard work to scale up
to a chain of 10 to 20 restaurants with average revenue of $1-5 million per restaurant,
depending on the skill-set and perseverance of the restaurant operators.
Latest profits after 20
years: “single-digit”. [Straits
Stores Sales ($m)
Times, 13 Jul 2011]
1991/92 1 3.6
2011 100 >250
✓ Very successful but “business is tougher as it gets bigger?”
✓ Key question: Can the business get easier as it gets bigger?
47 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Wei Dong: Think “Business Model”!
Wei Dong: 20 Years of hard work? Faster! How?
Breakeven Quantity = Fixed Cost / (Selling Price Per Unit – Variable Cost Per Unit)
Lower fixed cost to breakeven faster?
Franchisee model – get franchisees to spend the
capex and lower fixed cost investments?
Wei Dong says No! Increase fixed cost –
aggressively!
48 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Case Study: Wei Dong & His “Business Model” for Fu Ji Food &
Catering: $2B Olympic Caterer & Forbes Richest
http://t2.gstatic.com/images?q=tbn:wmX60I4xIoiVDM:http://media01.linkedin.com/media/p/2/000/020/026/3a0ba26.png
Caterer
Restaurant
Restaurants are “slow”. Franchise to lighten up? Load up aggressively on the fixed
cost investments instead!
2002: “Millions of factories” + long-term contracts for planning/budgeting
Possibly the first in China to operate on such a big scale.
Listed on HKSE in Dec 04. Raise HK$3.5 billion in funds from investors in 4 years.
Net worth $515m, Forbes 400 Richest Chinese [Forbes: 2 Nov 06]
http://www.forbes.com/lists/2006/74/biz_06china_Wei-Dong-Yao-Jun_FE7U.html
Olympic 2008 caterer, >$2 billion market cap
49 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Darling Stock… Provisional Liquidation…
Apply for provisional
liquidation, leaving behind
HK$2.2 billion CB unpaid
50 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Due Diligence: “It’s the Unseen that Matters!”
“Excuse me, where is the toilet?”
Fancy machines are busy chopping away, but are preparing food not for lunch meals (long-term sales contracts);
busy activity in utilizing machines for pig farmers and other restaurants, booking ad-hoc volatile short-term
low-margin sales as part of overall sales figures and capitalizing expenses (i.e. expenses in income statement go
What to observe?
into cashflow statement) to inflate profit margins artificially high to attract investors’ attention and capital.
What to observe?
Machines?
Customers?
Numbers?
51 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Fast Growth and Huge Capex Can be Dangerous
“The company listed in December 2004 after raising HK$310 million. It then continued to raise
funds - each year - by issuing convertible bonds. It raised a total of more than HK$3.5 billion in
four years. How much did this company earn? For the six months to September last year, the
latest financial report it made, it had earnings of only HK$280 million. A company earning
several hundred million dollars a year was still able to raise billions of funds over a few years.
And what was the money used for? According to the company's announcements, it mainly
went towards expanding catering facilities for schools. Many of these projects are still under
construction, and hence there is no promise of any return from the investment. Now with the
financial crisis still roiling the market, the company has applied for provisional liquidation,
leaving bondholders with HK$2.2 billion of unpaid debt and shareholders unlikely to get
anything back. If investors had grilled Fu Ji on whether it had expanded too rapidly, it might
have helped prevent the collapse of the firm. But when the market was on its bull run from
2003 to 2007, few questioned the company's expansion plans.”
- Shareholders have role to play in governance, SCMP, 10 Nov 09 http://t2.gstatic.com/images?q=tbn:wmX60I4xIoiVDM:http://media01.linkedin.com/media/p/2/000/020/026/3a0ba26.png
52 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
Value Stock? “… looked healthy and solvent.”
“An October 23 report for bondholders by accounting firm KPMG and reviewed by the South
China Morning Post showed Fu Ji had lost almost 11,000 of its 13,823 staff in the past 12
months and lost catering contracts with major corporate clients including Intel Corp, Wal-Mart
Stores and Taiwanese computer manufacturer Asus. Fu Ji's shares were suspended at HK$7.20
in July because the company did not publish annual results. When it last updated the stock
market on its financial position in December last year, it reported a 272 million yuan
(HK$308.75 million) net profit and more than HK$3 billion worth of assets. But investors had
no idea the caterer was heading for liquidation. When Fu Ji last released accounts, it looked
healthy and solvent. "[There is] possible inflation of revenue figures for the past few years,"
wrote KPMG. Fu Ji issued bonds totalling HK$3.1 billion from 2005-07, saying it would use the
cash to expand its food factories on the outskirts of Shanghai and build new facilities in Jiangsu
province and Beijing. In December last year, Fu Ji said it had 2.1 billion yuan of assets in the
form of "construction in progress" and a further 1.35 billion yuan of other land and property.
These incomplete food factories, which are on industrial land on the outskirts of cities, could be
hard to shift. Fu Ji auditor CCIF CPA's staff refused to comment.” - SCMP
http://t2.gstatic.com/images?q=tbn:wmX60I4xIoiVDM:http://media01.linkedin.com/media/p/2/000/020/026/3a0ba26.png
53 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.0 成本管理和分配间接费⽤ Cost Management & Allocating Overheads
产品制造成本 = 直接成本 + 间接成本 成本流
▪ 直接成本 Direct Cost（材料和劳动力） 很容易
▪ 内部审计、人力
追溯到产品或服务。 Service
资源、会计等
Department ▪ 服务部门的成本
▪ 间接成本 Indirect Cost（工厂成本，保险，维 成为运营部门的
服务部门
间接成本
护等）不容易追溯到特定产品或服务。随着技
▪ 为什么分配？
术的进步和自动化水平的提高，大多数制造业
提供信息、激励
和服务业的直接成本大大减少，但间接成本却 $ $ 、利润/资产衡量
大大增加。
▪ 如果服务部门成本
▪ 间接成本的分配现在是了解产品和服务成本以 Operating
被归类为生产成本
及做出定价决策的重要组成部分。The
Department ，则它们应包含在
allocation of indirect costs is now a vital part of 单位产品成本中，
运营部门
因此必须分配给运
understanding product and service costs and
营部门
making pricing decisions.
$ $
➢ 检查将间接间接费用分配给产品和服务的传
统方法和替代方法。
➢ 讨论每种方法的优缺点。
Products 产品
➢ 就给定场景中哪种方法可能适用提供指导。
54 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.0 成本管理和分配间接费⽤ Cost Management & Allocating Overheads
泰勒·斯威夫特与前唱片公司的合同争议：唱片公司给了她一份关于各种收入来源和收入的不完整的账目，而没有详
细说明唱片公司分配间接费用的情况。 据称，该品牌甚至参与了创造性的会计做法，从而减少了她的利润份额。
Taylor Swift’s contract controversy with her former record label: The record label had given her an incomplete accounting
of her various revenue streams and earnings without detailed information about the label's allocation of overhead costs.
The label had even allegedly engaged in creative accounting practices that reduced her share of the profits.
55 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.1 分配产品/服务的间接费⽤：⽰例
▪ 约堡有限公司：南非锡罐制造商 Joburg Ltd 正在准备其生产管理费用预算和确定分配给生产部
门的间接费用。有三个生产部门（过程 X、过程 Y 和测试）和两个服务或支持功能（⻝堂和维
护）。成本中心费用及相关信息如下。使用的货币是南非兰特 (R)。
问题：使用您从提供的信息中认为合适的潜在基础，计算3个⽣产部门和2个服务部门的间接费用总额。
Using the potential bases that you consider appropriate from the information provided, calculate overhead totals
for the three production and the two service departments.
56 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.1 分配产品/服务的间接费⽤：⽰例
▪ 计算3个生产部门和2个服务部门的间接费用总额 [total indirect overheads]
管理费用分配给不同部门如下：
▪ 间接工资和消耗品很容易被相关部门识别，并相应地分配给五个部门。
▪ 房租、保险、电、热、光、机器折旧等均不易分摊，按各部门使用的分摊基础的相对份额分摊
到各部门。Rent, insurance, power, heat and light, and machine depreciation were not easily
allocated and so were apportioned to different departments according to the relative share of each
basis of apportionment used by each department.
57 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.1 分配产品/服务的间接费⽤：⽰例
▪ 现在计算生产部门的总成本，根据生产部门对服务部门服务的使用情况，重新分配服务部门的成本，从而计
算出每个生产部门的总间接间接费用。Now calculate the total costs for the production departments by re-
apportioning the service departments' costs on the basis of the production departments' usage of the service
departments’ services to calculate the total indirect overhead for each production department.
598,500 x(1,440/6,300)
= 136,800
问题：新产品在流程X中花费1个机器小时，在流程 Y中花费2个机器小时，在测试中花费0.5个机器小时。计算新
产品被分配以下⽣产开销。
解答：使用直接机器工时：生产部门总共工作了 453,600 个机器工时，因此每个部门的生产开销为：
流程 X = $1,012,524/104,600 = $9.68 每机器⼩时
流程 Y = $1,134,000/324,000 = $3.50 每机器⼩时
测试 = $855,156/25,000 = $34.206每⼩时
新产品被分配以下⽣产开销 = (1 x 9.68 美元) + (2 x 3.50 美元) + (0.5 x 34.206 美元) = 33.78 美元。
58 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.2 作业成本法（ABC）
▪ 基于活动成本核算(ABC) Activity-based Costing 提供了一种更现实的间接费用分配方式。它通过识别导
致间接成本的活动，然后根据活动水平将这些成本分配给产品和服务来做到这一点。Activity-based
costing (ABC) provides a potentially more realistic apportionment of overheads. It does this by identifying
activities that result in overhead costs and then apportioning these costs to products and services based on
their level of activity.
▪ ABC 可用于找出不同产品和服务的成本以及盈利能力. ABC 它也可以用来找出部门活动的真实成本。
ABC can be used to find the cost and hence the profitability of different products and services. It can also be
used to find the true cost of departmental activities.
▪ ABC方法的步骤如下。
➢ 第 1 步：确定活动。Identify the activities.
➢ 第 2 步：确定每项活动的成本动因。 Identify the cost driver for each activity.
➢ 第 3 步：计算总活动水平。 Calculate the total activity levels.
➢ 第 4 步：计算每个成本驱动因素的成本。 Work out the cost per cost driver.
➢ 第 5 步：根据每个产品的用途对产品收取费用。 Charge the costs to the products based on what each
uses.
▪ ABC 可能提供更准确的间接费用跟踪，从而在企业中进⾏更好的管理和决策，而不是在预先确定的基
础上吸收间接费用。ABC 的基础是“活动导致成本发生”。因此，成本会根据产品或客户对活动的使用
量来分配。 ABC potentially provides more accurate tracing of overheads, resulting in better management
and decision making in a business than absorbing overheads out on a pre-determined basis. The basis of ABC
is that 'activities cause costs to occur'. Therefore, costs are assigned to products or customers based on how
much they use of an activity.
59 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.2 作业成本法（ABC）：例子
▪ ⽡杜兹产品有限公司(VPG)：Vaduz Products GmbH 总部位于列支敦士登，⽣产三种⽛科产品，每种产品使用相同的制造
实践和机械。VPG使用的货币单位是瑞士法郎(CHF)。该公司目前采用传统的吸收成本核算系统运营，尽管一些董事对其
定价决策的相关性和准确性表⽰严重怀疑。特别是，他们认为产品A 和B 的成本被低估了。因此，董事们要求VPG 的管
理会计师评估在其成本核算系统中引入基于活动的方法是否合适。
▪ 管理会计师收集了11 月份的以下数据和信息：
1) 直接⼈⼯成本为每小时15瑞⼠法郎。
2) 本期制造费用总计755,500 瑞⼠法郎，按每⼯时39.7946 瑞⼠法郎的⽐率计入⽣产单位。
产品 劳动小时 器械小时 每单位材料成本 单位 Units 每单位售价
Labor Hours Machine Material Cost Per Selling Price
Hours Unit Per Unit
A 0.8 1.6 35 875 120
B 1.8 1.0 18 1,425 150
C 2.4 3.0 54 6,550 195
▪ ⽡在为可能引入ABC 系统做准备时，管 ▪ 在尝试衡量与每种产品相关的活动水平
理会计师还建议可以将制造费用总额分 时，已经积累了以下活动量：
析到以下成本池中：
成本池 % 活动量 A B C 总计
与设置有关的费用 30 设置数量 95 80 385 560
与机械有关的费用 25 材料移动次数 10 26 94 130
与材料处理有关的费用 15 检查次数 370 110 420 900
与检查有关的费用 30
100
60 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.2 作业成本法（ABC）：例子
问题：⽡整理完这些信息后，管理会计师寻求一些帮助来确定每单位的ABC 成本。他急于迎接其他管理团
队成员的批评，他们认为当前的成本计算方法导致夸大了制造产品A 和 B 的成本。通过应用传统的吸收成
本法计算每个产品的单位成本和单位⽑利率。
Having collated this information, the management accountant seeks some assistance in determining the ABC cost
per unit. He is anxious to meet the criticisms of other management team members who believe that the current
approach to costing results in the overstatement of the costs of manufacturing Products A and B. Compute the
cost per unit and gross margin per unit of each product through the application of traditional absorption costing
methods.
解题：目前采用传统的吸收成本核算系统运营。制造费用总计755,500 瑞⼠法郎，按每⼯时39.7946 瑞⼠
法郎的⽐率计入⽣产单位。
传统的吸收成本法 A B C 计算
材料 35 18 54
人工（CHF15/⼩时） 12 27 36 15 x0.8=12; 15 x 1.8 = 27; 15 x 2.4 = 36
总直接成本 47 45 90
制造费用（CHF39.7946/工时） 31.84 71.63 95.51 39.7946 x 0.8 = 31.84
78.84 116.83 185.51
售价/单位 120 150 195
毛利/单位 41.16 33.37 9.49
⽑利率% 34.30% 22.25% 4.87
61 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.2 作业成本法（ABC）：例子
问题：使用 ABC 原则计算每种产品的单位成本。
解题：
机械小时 A B C 总计
机械⼩时/单位 1.6 1.0 3.5
单位 875 1,425 6,550
机械总⼩时数 1,400 1,425 22,925 25,750
关键：将间接费用成本分配到活动成本池 + 计算成本池的活动率
间接成本 活动成本池% 活动成本池 CHF 活动测量 成本池的活动率
将间接费用成本分配到
设置 30 226,650 560 404.73
活动成本池
设置数量
机械 25 188,875 25,750 7.33
机械总⼩时数
材料 15 113,325 130 871.73
材料移动次数
目前采用传统的吸收成本
检查 30 226,650 900 251.83 核算系统运营。制造费用
检查次数 总计 CHF 755,500 ，按每
工时 CHF 39.7946 的比率
100 755,500
计入生产单位。
62 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
3.2 作业成本法（ABC）：例子
A B C
活动 成本 活动 成本 活动 成本 总成本
设置 95 38,450 80 32,379 385 155,822
机械 1,400 10,269 1,425 10.452 22,925 168,154
材料 10 8,717 26 22,665 94 81,943
检查 370 93,178 110 27,702 420 105,750
将间接费用分配
总间接成本 150,614 93,198 511,688 755,000
给成本对象（产
单位 875 1,425 6,550 品、客户等）
每单位间接成本 172.13 65.4 78.12
每单位直接成本 47 45 90
每单位总ABC成本 219.13 110.4 168.12
ABC方法 A B C 传统方法 A B C
售价/单位 120 150 195 毛利/单位 41.16 33.37 9.49
ABC成本/单位 219.13 110.40 168.12 ⽑利率% 34.30% 22.25% 4.87%
⽑利 （99.13） 39.60 26.88
⽑利率% -82.61% 26.40% 13.78%
▪ 在定价方⾯，ABC分析表明产品 A 成本被严重低估。如果产品 C 处于竞争市场中，则应该有降低价格的空间，
以使其更具竞争力并攻击其竞争对手。这是因为，如果我们接受 ABC 作为更准确的成本分配，公司在产品 C 上
赚取的利润比想象的要多，因此导致降价的空间。
63 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
练习电子课本习题：考试准备
64 财务决策 FINANCIAL DECISION MAKING | 单元4：管理会计Topic 4: Management Accounting | 纪钧文KEE Koon Boon, May 2024
