Earnings Per Share[每股盈余]
(EPS[每股盈利])

知识中心

每股盈利（Earnings per Share，EPS）是一种衡量企业价值的传统方法。 EPS的近义词有： 会计盈余（Accounting Earnings）和报告收益（Reported Earnings）。它们的不同之处在于，EPS是由除以平均已发行股票数量得到的。

EPS的计算

（净利润-优先股股息）/（所有的已发行股票+所有的约当普通股）（参见右图）。

完全稀释后每股盈余（Fully Diluted EPS）

完全稀释后每股盈余意味着所有约当普通股(可转换证券、优先股、认股证以及选择权)都包括在了普通股里面。

公司实际价值的恶劣指标

报告收益是衡量公司价值的一个非常低劣的指标。

EPS不可靠的六个主要原因：

1. 可能会用到选择性的会计方法。 美国财务会计准则委员会或国际会计标准所要求的变动调整，以及企业所做的自愿调整都有可能改变每股盈利的值，但不影响经济有效值。
2. 将风险排除在外。 经营风险和金融风险在年度报告里均没有反映。
3. 将投资条件排除在外。 例如，在报告收益中就没有考虑营运资金的变化。
4. 股息分配政策没有考虑在内。 例如，股息下降将显示EPS增加，但事实上公司价值并没有变化。
5. 货币的时间价值被忽略了。 报告收益的结果并不是现值。
6. 无形资产在经济体系中扮演着越来越重要的角色，传统的工业经济已经朝向服务经济、知识经济转化。

尽管出现了安然症候群（Enronitis），EPS仍然广泛存在于许多公司的年报里。

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]

论坛 关于以下内容的论坛讨论：每股盈利。您可以在下方提出有关此主题的问题、分享您的经验、报告新的发展或解释一些事情。 开始一个新的论坛主题关于每股盈利 在这里分享您的知识（或提出问题）   Restricted Stock Award in EPS Calculation When calculating my EPS should I include the Restricted Stock Awards (RSA)? The RSA were given out in Feb/09 and have a vesting period of 5 years. I am preparing my 10-Q for the first quarter of 2009.... 14   What is Ongoing EPS? In need to find a good definition of Ongoing Earnings per Share. Who can help?... 14   1条评论 Consequences of Stock Price Decrease Hi, I would like to know if a company stock price decreases, why is this an issue and what are the consequences?... 13   10条评论 What is Pro Forma EPS? What is Pro Forma Earnings per Share exactly?... 5   1条评论

专家提示 关于Earnings per Share（英语）的高级见解。在这里，您将找到专家的专业建议。 What are the Indicators of High Quality of Earnings? Analyzing Reported Earnings The term quality of earnings usually refers to the degree of conservatism in a firm�s reported earnings. Indicators of h... What is the Degree of Management Discretion or Manipulation? Analyzing Reported Earnings The discretionary nature of income recognition permits an examination of the degree of management manipulation of earnin... Stock Buybacks as a Means of Value Extraction Stock Buybacks, Stock Repurchases, Corporate Profitability, Economic Prosperity, Executive Compensation, EPS According to Prof. Lazonick, in the USA the increased corporate profitability over the last couple of years did not lead... Computation of DILUTED EPS Financial Reporting Diluted EPS is a conservative measure of the earnings flow to each share, as this measure presumes the maximum possible ...

信息来源 有关每股盈利的各种信息来源。在这里，您将找到Powerpoint，视频，新闻等可用于您自己的讲座和讲习班。 Financial Statement Analysis | Ratio Analysis Ratio Analysis, Finanical Statement Analysis This presentation provides insights in Financial statement and ratio analysis, and includes the following sectios: 1. F... Diluted EPS Financial Reporting This paper by Carol Marquardt and Christine I. Wiedman examines the economic consequences of changes in the financial re... 3 Minute Introduction to Financial Ratio Analysis: Why do it and What are the Main Types? Types of Financial Ratios, Financial Ratio Analysis, Financial Ratio Types Why financial ratio analysis? 1. To compare the financial health of (similar) companies (which one is doin... Prospective EPS Financial Engineering This report by Hraham Bates a.o. considers the relation between pro-forma and forecast consensus earnings per share (EPS... Earnings per Share Diagram Financial Reporting Download and edit this 12manage PowerPoint graphic for limited personal, educational and business use. Republishing in ...

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比较：  EBIT[息税前利润]  |  EBITDA[息税、折旧及摊销前利润]  |  P/E ratio[市盈率]  |  Economic Value Added[经济增值]  |  Cash Ratio[现金比率]  |  Current Ratio[流动比率]  |  Return on Equity[股本回报率]  |  Fair Value[公允价值]  |  ROIC[资本回报率]

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