什么是EBITDA？ 释义
EBITDA是Earnings Before Interest, Taxes, Depreciation and Amortization的缩写，即未计利息、税项、折旧及摊销前的利润。 EBITDA被私人资本公司广泛使用，用以计算公司经营业绩。
EBITDA的计算 公式
净销售量
- 营业费用
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营业利润（EBIT）
+ 折旧费用
+ 摊销费用
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EBITDA
EBITDA的运用
最初私人资本公司运用EBITDA，而不考虑利息、税项、折旧及摊销，是因为他们要用自己认为更精确的数字来代替他们，
- 他们移除利息和税项，是因为他们要用自己的税率计算方法以及新的资本结构下的财务成本算法。
- 摊销费用被排除在外，是因为它衡量的是前期获得的无形资产，而不是本期现金开支。
- 折旧是对资本支出的非直接的回顾，也被排除在外，并被一个未来资本开支的估算值所代替。
后来，许多上市公司、分析师以及媒体记者亦纷纷怂恿投资人用EBITDA去衡量上市公司的现金情况。 EBITDA常被拿来和现金流比较，因为它和净收入之间的差距就是两项对现金流没有影响的开支项目， 即折旧和摊销。
为什么EBITDA会误入歧途？
然而，上市公司将EBITDA等同于现金流，却是一个非常不可取、很容易将企业导入歧途的做法！ 原因何在？
- 它排除了利息和税项，但它们却是真实的现金开支项目，而并非总是可选的， 一个公司必须支付它的税款和贷款。
- 它并没有将所有的非现金项目都排除在外。 只有折旧和摊销被排除掉了， EBITDA中没有调整地非现金项目还有备抵坏账、计提存货减值和股票期权成本。
- 不同于现金流对营运资本的准确量度，EBITDA忽略了营运资本的变化情况。 例如，营运资本的额外投资就意味着消耗现金。
- 最后，EBITDA的最大缺点反映在“E”上，即利润项上。 如果一家上市公司保修成本、重构开支以及备抵坏账的准备金不足或超支，那么它的利润项都会发生变化倾斜。 在这样的情况下，企业就很容易被EBITDA导入歧途。 如果它过早地报告经营收入，或是将一些普通成本视作资本投入，那么EBITDA报告的利润结果也是值得可疑的。 如果它通过资本来回交易的方式膨胀收入，这种情况下，EBITDA报告的利润结果就一点价值也没有了。
参考书： Steven M. Bragg - Business Ratios and Formulas: A Comprehensive Guide - 
参考书： Ciaran Walsh - Key Management Ratios [中译本《关键管理指标：掌握驱动和控制企业的管理工具》，北京经济管理出版社，2005] -
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 EBITDA for Aluminium Manufacturer
Can anyone please suggest me how do we calculate EBITDA for aluminium manufacturing company? Or is it correct to say quantity*NEP-total cost=EBITDA?
WHERE NEP=net effective premium.....
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EBITDA growing in Europe
A recent PwC survey based on analysis of 2,800 European financial statements found the following slightly growing percentages of companies of using EBITDA or similar measures (EBITA, EBITAE and EBITDAE - last E is Exceptionals) in the financial state...
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未计利息、税项、折旧及摊销前的利润 小组
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未计利息、税项、折旧及摊销前的利润 培训|活动
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What are the Indicators of High Quality of Earnings?
The term quality of earnings usually refers to the degree of conservatism in a firms reported earnings. Indicators of high earnings quality in...
Usage (application)Analyzing Reported Earnings
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What is the Degree of Management Discretion or Manipulation?
The discretionary nature of income recognition permits an examination of the degree of management manipulation of earnings under one or more of the fo...
Usage (application)Analyzing Reported Earnings
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What is Debt to EBITDA? Definition
Debt to EBITDA is a measure of a firm''s ability to pay off its incurred debt. The Debt to EBITDA ratio shows the approximate amount of time that woul...
Usage (application)Credit Rating
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Operating Income Before Depreciation And Amortization (OIBDA)
The Operating Income Before Depreciation And Amortization (OIBDA = Operating Income + Depreciation + Amortization + Tax + Interest) is a financial per...
Usage (application)Profitability Measurements
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EBITDA-To-Interest Coverage Ratio
The EBITDA-To-Interest Coverage Ratio is used to assign a company's financial durability to test its least profitably capability to pay off its intere...
Usage (application)Finance & Investing
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新闻
EBITDA 衡量
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新闻
EBITDA 估价
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视频
EBITDA 衡量
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视频
EBITDA 估价
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简报
EBITDA 衡量
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简报
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EBITDA 衡量
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更多
EBITDA 估价
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比较： EBIT[息税前利润] | P/E ratio[市盈率] | PEG Ratio[市盈率与增长比率] | Relative Value of Growth[增长相对价值] | Economic Value Added[经济增值] | Economic Margin[经济利润] | Cash Ratio[现金比率] | Current Ratio[流动比率] | Earnings Per Share[每股盈利] | Return on Equity[股本回报率] | Return on Invested Capital[资本回报率] | Market Value Added[市场增值] | CFROI[现金流投资回报] | Fair Value[公允价值] | TSR[股东总回报] | Seven Signs Of Ethical Collapse[伦理的崩溃七个标志]
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