浅析保本点在经营现金流量分析中的应用

Application of Break-Even Point (BEP)to Analysis of Operating Cash Flow (OCF)

企业在进行项目经济评估即长期经营决策时大多基于现金流量模式,如净现值(NPV)模型;在进行短期经营决策时往往仅使用基于权责发生制的盈临界点分析即会计保本点分析,从而使得企业长期决策和短期决策相脱节。本文通过销售量和经营现金流量的关系分析,明确当项目的销售量达到会计保本点时,投资项目NPV小于零,其不仅不能为投资者创造价值而且侵蚀企业价值。而使得投资项目的NPV等于零的财务保本点给企业的经营过程中树立了一个持续的销售量标杆,若企业的销售量可以持续地达到或超过财务保本点,项目可以为企业创造价值,因此财务保本点对企业的价值创造具有更重要的意义。

An enterprise makes long-term operating decision on the basis of cash flow model, for example, NPV, while it does short-term operating decision on the basis of analysis of accounting BEP, thus the long and short term decisions are separated with each other.The paper, by examining the relationships between the sales volume and operating cash flow, reveals that it is not only unprofitable for the investors but also to deteriorate value of an enterprise, when the sales volume reaches accounting BEP, and NPV of the investment project is below zero whereas, financial BEP, which brings NPV of the investment project to zero, establishes leverage in the enterprise operation. Such continuous favorable situations can make profit for the enterprise. Thus, financial BEP is more significant for the enterprise to create profit.