Break-even Point[收支平衡点]
Break-even Analysis[收支平衡分析]

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收支平衡点（Break-even Point）就是收益与损失相等的那一点， 它能够反映投资何时将产生积极回报。 收支平衡点也是销售收入与成本费用相等的那一点， 或者是总成本与总收入相等的那一点。 在收支平衡点处，既没有盈利，也没有损失。 在制定价格和决定边际利润之后，收支平衡点就成了盈利水平的底线，因此，在经营管理中，把握好收支平衡点非常重要。

今天达到的收支平衡点既不能弥补昨天发生的损失， 也不能为未来的损失做任何储备。 从投资回报的角度来看，它对此没有任何贡献。

收支平衡分析可以被广泛运用于产品、投资或是公司的整体运营。在期权领域，它也有用武之地。 就此而言，收支平衡点就是权证必须达到一定的市场价格，只有在这一价格水平上，期权买方在行权期间才不会有任何损失。 对于买入期权，它等于行使价格 + 已付溢价； 对于出售期权，它等于行使价格 - 已付溢价。

固定成本、变动成本和利润之间的关系

收支平衡分析是研究固定成本、变动成本和利润关系的一个非常有用的工具， 收支平衡点能够告知投资将于何时产生积极回报。 它可以用直观的图表或者简单的公式来表达。 通过收支平衡分析，可以计算出在一给定价格水平上，为了覆盖所有成本所必需达到的最低产量。 通过收支平衡分析，可以计算出在一给定产量水平上，为了覆盖所有成本所必需达到的最低价格。 在做收支平衡分析时，首先要定义成本项。

固定成本就是公司进入某一商业活动后所卷入的、不管生产水平出现任何变化仍然维持固定不变的成本。 固定成本包括设备折旧、利息费用、税金，以及一般营业费用，等等。 总固定成本是各项固定成本之和。

变动成本和产量直接相关， 它包括已售商品成本或生产费用，如人工、电费、原料、燃料，以及其他与生产或投资相关联的费用。 总变动成本是一定产量水平上的各变动成本之和。 平均变动成本或单位变动成本，就是用总变动成本除以产量。

注意不能把收支平衡点和Payback Period[投资回收期]混淆，后者是指收回投资成本所需的时间。

如果用价值管理术语来阐述，收支平衡点则可以被定义为Operating Profit[营业利润]的边际水平，在这一水平上，经营或投资实现了最低可接受的Rate of Return[收益率]，即总资金成本。

收支平衡点的计算

公式：

BEP = TFC/(SUP - VCUP)

注释：

• BEP    = 收支平衡点（Break-even Point）
• TFC     = 总固定成本（Total Fixed Costs）
• VCUP = 单位变动成本（Variable Costs per Unit of Production）
• SUP    = 单位产品价格（Selling Price Per Unit of Production）

收支平衡分析的优势

收支平衡分析的主要优势在于阐述了成本、产量及利润之间的关系。 它的扩展分析还可以显示出固定成本和变动成本关系变化、商品价格变化，以及收入变化如何影响利润水平和收支平衡。 与局部预算或资本预算工具结合使用，收支平衡分析更为有效。 当然，收支平衡分析的最主要功能还是在于揭示为了规避经营损失的最低产出水平。

收支平衡分析的局限

• 每次分析只适用于一个产品。
• 将所有固定成本或变动成本一一归类，比较困难 。
• 即便成本和收入函数关系发生变化，经营者仍可能运用原有的收支平衡分析，从而造成经营风险，导致经济损失。

参考书： Marcell Schweitzer - Break-Even Analyses: Basic Model， Variants， Extensions

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