Segment Reporting and Transfer Pricing

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1 Segment Reporting and Transfer Pricing
12 B Chapter Twelve B Segment Reporting and Transfer Pricing

2 Delegation of Decision Making (Decentralization) 决策制定的授权（分权）
Decision Making is pushed down. 决策制定权被下放。 Decentralization often occurs as organizations continue to grow. 在组织的持续发展过程中，往往会采用分权经营管理。

3 Frees top management from day-to-day operating activities.
Decentralization 分权 Advantages优点 Allows organization to respond more quickly to events. 使组织对事件作出更快的反应。 Uses specialized knowledge and skills of managers. 利用管理者的专业知识和技能。 Frees top management from day-to-day operating activities. 使高层管理人员从每天的运营 作业中解放出来。

4 Challenge要求 Decentralization 分权
Goal Congruence目标一致: Organization’s subunit managers make decisions that achieve top-management goals. 部门经理的决策必须能够与高级管理层的目标一致。

5 Measuring Performance in Investment Centers 投资中心的业绩计量
Investment Center managers make decisions that affect both profit and invested capital. 投资中心经理的决策不仅影响到利润，还影响到投资额。 Corporate Headquarters 公司总部 Investment Center Evaluation 投资中心评价 Return on investment, residual income, or economic value added 投资收益率、剩余收益 以及经济附加值

6 Return on Investment (ROI) 投资收益率(ROI)
Income利润 Invested Capital投资额 ROI = Income利润 Sales Revenue销售收入 × Invested Capital投资额 Sales Margin 边际利润率 Capital Turnover 资本周转率

7 Return on Investment (ROI) 投资收益率(ROI)
Holly Company reports the following: Holly 公司有关资料如下： Income 利润 $ 30,000 Sales Revenue销售收入 $ 500,000 Invested Capital投资额 $ 200,000 Let’s calculate ROI. 请计算ROI。

8 Return on Investment (ROI) 投资收益率(ROI)
Income Sales Revenue × Invested Capital ROI = $30,000 $500,000 × $200,000 ROI = 6% × = 15%

9 Improving R0I 提高ROI的三条途径
Decrease Expenses 降低成本 Increase Sales Prices 提高售价 Lower Invested Capital 减少投资额 Three ways to improve ROI

10 Improving R0I 提高ROI的途径 Let’s calculate the new ROI. 请计算新的投资收益率。
Holly’s manager was able to increase sales revenue to $600,000 which increased income to $42,000.假设公司的销售收入提高到600000美元，利润提高到42000美元。 There was no change in invested capital.投资额没有发生变化。 Let’s calculate the new ROI. 请计算新的投资收益率。

11 Return on Investment (ROI) 投资收益率(ROI)
Income Sales Revenue × Invested Capital ROI = $42,000 $600,000 × $200,000 ROI = 7% × = 21% Holly increased ROI from 15% to 21%. Holly公司的ROI从15%提高到21%。

12 ROI - A Major Drawback ROI的一个主要弊端
As division manager at Winston, Inc., your compensation package includes a salary plus bonus based on your division’s ROI -- the higher your ROI, the bigger your bonus. 作为Winston公司的部门经理，你的报酬包括工资和奖金两部分，而奖金数额取决与本部门的投资收益率ROI，ROI越高，奖金额就越高。 The company requires an ROI of 15% on all new investments -- your division has been producing an ROI of 30%.公司要求所有新投资项目的ROI达到15%以上——而你部门目前的ROI达到30%。 You have an opportunity to invest in a new project that will produce an ROI of 25%. 现在你有一个新项目投资机会，该项目的ROI可以达到25%。 As division manager would you invest in this project? 作为部门经理，您会投资该项目吗？

13 ROI - A Major Drawback ROI的一个主要弊端
Gee . . . I thought we were supposed to do what was best for the company!我想我们应 该考虑如何才能对公司 最有利。 As division manager, I wouldn’t invest in that project because it would lower my pay!作为部门经理，我不希望对该项目进行投资，因为这将使我的收入减少。

14 Residual Income 剩余收益 Investment center profit Investment capital
– Investment charge = Residual income 投资中心利润-要求的最低投资报酬=剩余收益 Investment capital × Imputed interest rate = Investment charge 投资额*必要的利润率=要求的最低投资报酬 Investment center’s minimum Required rate of return 投资中心要求的最低报酬率

15 Let’s calculate residual income.
Flower Co. has an opportunity to invest $100,000 in a project that will return $25,000.某花卉公司有一个投资机会，投资额100000美元，每年的收益25000美元。 Flower Co. has a 20 percent required rate of return and a 30 percent ROI on existing business. 花卉公司要求的最低报酬率为20%，公司目前的经营业务的ROI为30%。 Let’s calculate residual income. 请计算该投资项目的剩余收益。

16 投资中心利润-要求的最低投资报酬=剩余收益
Residual Income 剩余收益 Investment center profit = $25,000 – Investment charge = 20,000 = Residual income = $ 5,000 投资中心利润-要求的最低投资报酬=剩余收益 = =5000 Investment capital = $100,000 × Imputed interest rate = 20% = Investment charge = $ 20,000 投资额*必要的利润率=要求的最低投资报酬 =100000*20%=20000 Investment center’s minimum Required rate of return 投资中心要求的最低报酬率

17 Residual Income 剩余收益 As a manager at Flower Co., would you invest the $100,000 if you were evaluated using residual income?作为花卉公司 的经理，如果用剩余收益指标进 行衡量，你是否应进行该 美元的投资？ Would your decision be different if you were evaluated using ROI? 如果你用ROI指标进行决 策，是否得到相同的决策结果？

18 Residual Income 剩余收益 Residual income encourages managers to
make profitable investments that would be rejected by managers using ROI. 用ROI指标被管理者拒绝的投资项目，而采用 剩余收益指标进行衡量时，可能被采纳。

19 Economic Value Added 经济附加值
Economic value added tells us how much shareholder wealth is being created. 经济附加值指标可以告诉我们创造了多少 股东财富。

20 Economic Value Added 经济附加值
Investment center’s after-tax operating income – Investment charge = Economic Value Added 投资中心税后营业利润-要求的必要报酬=经济附加值 Weighted average cost of capital 加权资金成本  Investment center’s total assets 投资中心总资产 Investment center’s current liabilities 投资中心总负债 – ( ) After-tax cost of debt 负债的税后 资金成本 Market value of debt 负债市值 Cost of equity capital 权益资本成本 Market value of equity 权益市值  ( ) 

21 Economic Value Added 经济附加值
The Atlantic Division of Suncoast Food Centers reported the following results for the most recent period: Suncoast食品公司的太平洋分公司最近一期的有关资料如下： Compute Atlantic Division’s economic value added. 请计算分公司的经济附加值。

22 Economic Value Added 经济附加值
First, let’s compute the weighted-average cost of capital 首先，我们计算加权平均资本成本。 (9% × (1 – 30%) × $40,000,000) + (.12 × $60,000,000) $40,000, $60,000,000 =

23 Economic Value Added 经济附加值
$6,750,000 × (1 – 30%) $4,725,000 After-tax operating income（税后营业利润） – 4,315,680 = $ 409,320 Economic value added（经济附加值） ($45,000,000 – $600,000) × = $4,315,680 (9% × (1 – 30%) × $40,000,000) + (.12 × $60,000,000) = $40,000, $60,000,000

24 Measuring Investment Capital 投资额的测算
Three issues must be considered before we can properly measure the investment capital. 在测算投资额之前，我们首先必须考虑三个问题。 What assets should be included?需要哪些资产？ Total assets.总资产 Total productive assets.生产性资产总计 Total assets less current liabilities.总资产减当前负债 Only the assets controllable by the manager being evaluated.只有能被经理控制的资产才进行评估。

25 Measuring Investment Capital 投资额的测算
Three issues must be considered before we can properly measure the investment capital. 在测算投资额之前，我们首先必须考虑三个问题。 Should we measure the investment at the beginning or end-of-period amount, or should we use an average of beginning and end-of- period amounts? 我们是测算期初还是期末投资？或者是期初期末的平均数？ Should the assets be shown at historical or current cost?资产是以历史成本还是用当前成本进行计量？

26 Gross or Net Book Value 账面总价值或账面净值
GrizzlyCo is considering an investment that is projected to produce operating profits of $25,000 before depreciation for the next three years Grizzly公司正在考虑一项进行投资，预计该项目在未来三年内可以给企业带来25000美元的折旧前经营利润。 At the beginning of the first year GrizzlyCo will invest $100,000 in an asset that has a ten-year life and no salvage value. Straight-line depreciation is used. 在第一年的开始，Grizzly公司需要投资100000美元，该资产的寿命期为10年，直线折旧法，不计到期残值。 GrizzlyCo calculates ROI based on end-of-year asset values. Grizzly公司基于年末资产价值来计算ROI。 Let’s calculate ROI using both the gross and net book values. 请用资产账面总价值和账面净值来计算ROI。

27 Gross or Net Book Value 账面总价值或账面净值
($100,000 – $0) ÷ 10 = $10,000 per year

28 Gross or Net Book Value 账面总价值或账面净值

29 Gross or Net Book Value 账面总价值或账面净值
$15,000 ÷ $90,000 = % $15,000 ÷ $100,000 = 15%

30 Gross or Net Book Value 账面总价值或账面净值
The ROI increases each year using net book value even though no operating changes take place. 如果以账面净值来计算，即使公司的经 营状况不发生变化，投资收益率ROI也会逐年提高。

31 Gross or Net Book Value 账面总价值或账面净值
Since older assets, with lower net book values, result in higher ROI, managers are discouraged from investing in new assets. 由于旧资产的净值相对较低，使得ROI的计算 结果就高，这会影响经理们投资新资产的兴趣。

32 Measuring Investment Center Income 投资中心利润的计量
Division managers should be evaluated on profit margin they control.需要对部门经理所能控制的边际利润进行评估。 Exclude these costs: 下列成本不包括在内： Costs traceable to the division but not controlled by the division manager. 属于该部门但部门经理不能控制的成本。 Common costs incurred elsewhere and allocated to the division. 分配给该部门的其他间接成本。 The key issue is controllability. 关键在于成本的可控性。

33 Inflation: Historical Cost versus Current-Value Accounting 通货膨胀：历史成本与现值核算
Use of current-value accounting impacts the amount of: 使用现值核算将影响到： Invested capital.投资额 Income. 利润

34 Other Issues in Segment Performance Evaluation 部门业绩评估中的其他问题
Short-run performance measures versus long-run performance measures.短期运营业绩计量与长期运营业绩计量问题。 Importance of nonfinancial information.非财务信息的重要性： Market position. 市场地位 Product leadership. 产品领先性 Productivity. 生产率 Employee attitudes. 员工状况

35 Measuring Performance in Nonprofit Organizations 非盈利组织的业绩计量
Since income is not the primary measure of performance in nonprofit organizations, performance measures other than ROI and residual income are used. 由于利润不是非盈利组织的基本业绩计量指标， 因此，也不能采用ROI和剩余收益指标。

36 Transfer Pricing 转移价格 Let’s change topics! 下面我们换个主题！

37 内部转移价格是指一个部门向另一个部门提供产品或服务时的收费标准。
Transfer Pricing 转移价格 The amount charged when one division sells goods or services to another division 内部转移价格是指一个部门向另一个部门提供产品或服务时的收费标准。 Batteries 电池 Battery Division 电池部门 Auto Division 汽车部门

38 Transfer Pricing 转移价格 The transfer price affects the profit measure for both the selling division and the buying division.转移价格将影响到销售部门和购买部门双方的利润计量。 A higher transfer price for batteries means . . . 较高的转移价格意 味着电池部门的较 高利润。 greater profits for the battery division. Battery Division 电池部门 Auto Division 汽车部门 5

39 A higher transfer price for batteries means . . .
Transfer Pricing 转移价格 The transfer price affects the profit measure for both the selling division and the buying division.转移价格将影响到销售部门和购买部门双方的利润计量。 A higher transfer price for batteries means . . . 较高的转移价格意 味着汽车部门的较 低利润。 Battery Division Auto Division lower profits for the auto division. 6

40 Goal Congruence 目标的一致性
The ideal transfer price allows each division manager to make decisions that maximize the company’s profit, while attempting to maximize his/her own division’s profit. 理想的转移价格将有利于每个部门经理作出 使公司利润最大化的决策，同时也可以使自 己部门的利润最大化。

41 General-Transfer-Pricing Rule 一般转移价格准则
Price 转移价格 Additional outlay cost per unit incurred because goods are transferred 由于产品转移而发生的单位产品追加的支付成本 Opportunity cost per unit to the organization because of the transfer 由于转移而对组织产生的单位产品机会成本 = +

42 Scenario I: No Excess Capacity 方案I：无剩余生产能力
The Battery Division makes a standard 12-volt battery.电池部门生产标准的12伏电池。 Production capacity生产能力 ,000 units Selling price per battery对外单位售价 $40 (to outsiders) Variable costs per battery单位变动成本 $18 Fixed costs per battery单位产品固定成本 $7 (at 300,000 units) The Battery division is currently selling 300, batteries to outsiders at $40. The Auto Division can use 100,000 of these batteries in its X-7 model 电池部门目前对外销售300000瓶电池，对外销售价格为40美元。而汽车部门在其产品中要应用100000瓶电池。 What is the appropriate transfer price? 请问如何确定适当的内部转移价格？ 9

43 Scenario I: No Excess Capacity 方案I：无剩余生产能力
Transfer Price 转移价格 Additional outlay cost per unit incurred because goods are transferred 由于产品转移而发生的单位产品追加的支付成本 Opportunity cost per unit to the organization because of the transfer 由于转移而对组织产生的单位产品机会成本 = + $22 Contribution lost if outside sales given up 如果不对外销售减少的 贡献22美元 Transfer Price 转移价格 $18 variable cost per battery 单位变动成本18美元 = + Transfer price = $40 per battery

44 Scenario I: No Excess Capacity 方案I：无剩余生产能力
Auto division can purchase 100,000 batteries from an outside supplier for less than $40.如果汽车部门可以以低于40元的价格从外部购买电池 Auto division can purchase 100,000 batteries from an outside supplier for more than $40. 如果汽车部门从外部购 买电池的价格超过40元 Transfer will not occur. 则转移就不可能发生 Transfer will occur. 转移就会发生 $40 transfer price 10

45 Scenario I: No Excess Capacity 方案I：无剩余生产能力
General Rule 一般规则 When the selling division is operating at capacity, the transfer price should be set at the market price. 如果销售部门的生产能力没有剩余，则转移价格应该等于产品市场销售价格。 17

46 Scenario II: Excess Capacity 方案II ：有剩余生产能力
The Battery Division makes a standard 12-volt battery.电池部门生产标准的12伏电池。 Production capacity生产能力 ,000 units Selling price per battery对外单位售价 $40 (to outsiders) Variable costs per battery单位变动成本 $18 Fixed costs per battery单位产品固定成本 $7 (at 300,000 units) The Battery division is currently selling 150, batteries to outsiders at $40. The Auto Division can use 100,000 of these batteries in its X-7 model. It can purchase them for $38 from an outside supplier. 电池部门目前对外销售150000瓶电池，价格为40美元。汽车部门在自己的产品生产中需要用100000瓶电池。如果从外部采购，其采购价格为38美元。 What is the appropriate transfer price? 请问如何确定适当的内部转移价格？ 9

47 Scenario II: Excess Capacity 方案II ：有剩余生产能力
Transfer Price 转移价格 Additional outlay cost per unit incurred because goods are transferred 由于产品转移而发生的单位产品追加的支付成本 Opportunity cost per unit to the organization because of the transfer 由于转移而对组织产生的单位产品机会成本 = + Transfer price $18 variable cost per battery 单位产品变动成本 = + $0 Transfer price = $18 per battery

48 Scenario II: Excess Capacity 方案II ：有剩余生产能力
General Rule 一般规则 When the selling division is operating below capacity, the minimum transfer price is the variable cost per unit.如果销售部门生产能力有剩余，则最低的内部转移价格可以是单位产品的变动成本。 So, the transfer price will be no lower than $18, and no higher than $38. 因此，合理的内部转移价格应该在18~38美元之间。 14

49 Scenario II: Excess Capacity 方案II ：有剩余生产能力
Transfer will not occur. 转移不会发生 Transfer will occur. 转移发生 Transfer will not occur. 转移不会发生 $18 transfer price $38 transfer price 10

50 Setting Transfer Prices 内部转移价格的设定
The value placed on transfer goods is used to make it possible to transfer goods between divisions while allowing them to retain their autonomy. 适当的内部转移价格是各部门在保持自身自治权基础上转移 产品的基本保证。 7

51 Goal Congruence 目标的一致性
Conflicts may arise between the company’s interests and an individual manager’s interests when transfer-price-based performance measures are used. 如果在业绩评价中存在内部转移价格问题，则每个部门经理的目标与整个公司的目标就有可能发生冲突。 25

52 Setting Transfer Prices 内部转移价格的设定
Conflicts may be resolved by . . . 冲突的解决途径 Direct intervention by top management 高级管理层的直接干预。 Centrally established transfer price policies 集中制定内部转移价格政策 Negotiated transfer prices 通过协议确定内部转移价格 26

53 Setting Transfer Prices 内部转移价格的设定
Top management may become swamped with pricing disputes causing division managers to lose autonomy.高级管理层也陷入了导致部门经理失去自主权的价格争端的困境。 I just won’t pay $65 for that part! 我不想为此部件 支付65美元！ You really don’t have any choice! 你确实没有选择！ 27

54 Setting Transfer Prices 内部转移价格的设定
Top management may become swamped with pricing disputes causing division managers to lose autonomy.高级管理层也陷入了导致部门经理失去自主权的价格争端的困境。 Now, here is what the two of you are going to do. 好，你们俩就按这个转移价格吧。 28

55 Centrally Established Transfer Prices 集中制定的内部转移价格政策
As a general rule, a market price-based transfer pricing policy contains the following guidelines . . . 作为一般规则，基于市场价格的内部转移价格政策包含下列要点： The transfer price is usually set at a discount from the cost to acquire the item on the open market. 转移价格一般在公开市场上采购的价格基础上打一个折扣。 The selling division may elect to transfer or to continue to sell to the outside. 销售部门可以选择转移或者继续在外部市场上销售。 31

56 Centrally Established Transfer Prices 集中制定的内部转移价格政策
As a general rule, a market price-based transfer pricing policy contains the following guidelines . . . 作为一般规则，基于市场价格的内部转移价格政策包含下列要点： The transfer price is usually set at a discount from the cost to acquire the item on the open market. 转移价格一般在公开市场上采购的价格基础上打一个折扣。 The selling division may elect to transfer or to continue to sell to the outside. 销售部门可以选择转移或者继续在外部市场上销售。 The discount depends on cost savings from selling internally. Cost savings may include items like transportation. 折扣的大小取决于内部销售所节约 的成本，例如运输成本的节约等。 31

57 Negotiating the Transfer Price 协商确定内部转移价格
A system where transfer prices are arrived at through negotiation between managers of buying and selling divisions. 如果系统中的内部转移价格是由购买和销售部门的部门经理通过协商确定的，那么： Much management time is used in the negotiation process. 在谈判协商上要花费不少时间。 Negotiated price may not be in the best interest of overall company operations. 协商确定的价格并不一定能够实现整个 公司运营的最优化。 38

58 Imperfect Markets 不完全的市场
Transfer pricing can be quite complex when selling and buying divisions cannot sell and buy all they want in perfectly competitive markets. 如果销售和购买部门都不能在完全竞争的市场上购买和销售他们的产品，那么，内部转移价格的制定就比较复杂了。 29

59 Cost-Based Transfer Prices 基于成本的转移价格
Some companies use the following measures of cost to establish transfer prices . . . 有些公司采用以下成本计量方法来确定内部转移价格： Variable cost 变动成本 Full absorption cost 全部成本 Beware of treating unit fixed costs as variable. 包括单位变动成本与单位固定成本 35

60 An International Perspective 一个全球性的角度
Since tax rates and import duties are different in different countries, companies have incentives to set transfer prices that will:由于各国的税率和进口关税不同，使得有的公司在制定转移价格时会考虑： Increase revenues in low-tax countries.增加低税率国家的部门收入 Increase costs in high-tax countries. 提高高税率国家的部门成本 Reduce cost of goods transferred to high- import-duty countries. 降低向高关税国家 转移的货物成本 40

61 Behavioral Issues: Risk Aversion and Incentives 实施问题：风险厌恶与激励
The design of a managerial performance evaluation system using financial performance measures involves a trade-off between: 基于财务业绩计量的管理业绩评价系统设计中包含着一个重要的效益背反问题（Trade-off）,它们是： Incentives for the manager to act in the organization’s interests. 对管理者与组织总体 目标保持一致的激励 Risks imposed on the manager because financial performance measures are only partially controlled by the manager. 由于财务业绩计量只在一定程度 上由管理者自身来控制，由此给 管理着带来的风险。 And 36

62 Goal Congruence and Internal Control Systems 目标一致性与内部控制系统
A well-designed internal control system includes a set of procedures to prevent these major lapses in responsible behavior: 一个设计合理的内部控制系统将包括一系列措施来防止下列行为的发生： Fraud. 欺诈 Corruption. 腐败 Financial Misrepresentation. 财务失真 Unauthorized Action. 未经授权的活动

63 End of Chapter 12 Let’s transfer some of your capital to me so that my rate of return will be higher! 请把您的资产转移一部分给我， 以提高我的收益率。