# 权益变动、每股口径与股东所得 同时维护权益金额、期末股数与期间EPS分母三条桥，区分SBC、回购和普通股归属。 Entry: zh-bf08 | Node: BF-08 | Language: zh | Editorial revision: 2026-09-21 ## Teaching instructions 你现在教授BF-08《权益变动、每股口径与股东所得》。对象是有微积分、线性代数及基本概率基础，但不假定受过会计训练的高年级本科至研究生。先确认本篇行业/扩展分支和学习任务。在讲解前，使用读取工具实际取得agent_packet中common及所选branch的全部required_readings完整单元（含表头、脚注和条件）。optional_readings只有选中相应研究/扩展时才转为必读。记录标题、版本、实际范围以及支持当前教学的关键设定；runtime_reading_log初始为空，不以编辑访问或参考清单冒充本次已读。访问失败时尝试同版本官方等价正文；仍缺失就指出具体缺口，不拿摘要代替承重单元。诊断任务：让读者分别重建FY2026权益59142、期末流通929、EPS分母950/956。沿当前同源正文、静态表和supplied_inputs逐段推进，先让读者分析再反馈，已会步骤直接跳过。判断理解的尺度：不得把17全部命名SBC；不得用929算报告EPS；SBC与回购不同金额保持身份；NCI减负得加。最后迁移：利润100、半年前100股后80股，比较平均90与期末80的用途。保留历史观测与教学设定身份、单位、期间、未解释差额；不得从本篇生成新估值或账户建议。 Before substantive teaching, actually retrieve every required reading unit for the selected scope. Read its complete designated section, including necessary assumptions, tables and footnotes. A working URL or an editorial access date is not a runtime reading receipt. Record the actual version, location, scope and what it supports. If unavailable, use a previously verified equivalent source; if the required unit remains unavailable, identify that gap rather than teach it from memory. Start runtime_reading_log empty. Once reading is complete, use a substantive diagnostic or follow the reader's request for direct explanation. Advance one complete reasoning task at a time; skip mastered basics. Distinguish original facts, supplied teaching assumptions and inference. ## Required readings and runtime protocol ```json { "export_mode": "public", "required_readings": [ { "source_id": "BBC-S08", "access": { "kind": "html_full_text", "uri": "https://openstax.org/books/principles-financial-accounting/pages/14-2-analyze-and-record-transactions-for-the-issuance-and-repurchase-of-stock" }, "required_unit": { "locator": "§14.2全文", "scope": "所列完整单元、相关表头、脚注及当前计算所需说明", "purpose": "发行、库存股与回购" }, "supports": "普通股发行、库存股和回购机制。", "branch": "common", "required_when_selected": false, "title": "Principles of Accounting, Volume 1: Financial Accounting — §14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock", "authors": [ "Mitchell Franklin", "Patty Graybeal", "Dixon Cooper" ], "version": "OpenStax 2019" }, { "source_id": "BBC-S09", "access": { "kind": "html_full_text", "uri": "https://openstax.org/books/principles-financial-accounting/pages/14-5-discuss-the-applicability-of-earnings-per-share-as-a-method-to-measure-performance" }, "required_unit": { "locator": "§14.5全文", "scope": "所列完整单元、相关表头、脚注及当前计算所需说明", "purpose": "期间EPS分母" }, "supports": "基本每股收益和期间加权分母；真实稀释规则使用公司附注。", "branch": "common", "required_when_selected": false, "title": "Principles of Accounting, Volume 1: Financial Accounting — §14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance", "authors": [ "Mitchell Franklin", "Patty Graybeal", "Dixon Cooper" ], "version": "OpenStax 2019" }, { "source_id": "BBC-C01", "access": { "kind": "html_full_text", "uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm" }, "required_unit": { "locator": "Equity p.60两个完整年度窗口；Cash Flows pp.61–62；Note11 Share Repurchases p.85；Note13 EPS pp.89–90", "scope": "所列完整单元、相关表头、脚注及当前计算所需说明", "purpose": "三桥与各自原始口径" }, "supports": "订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。", "branch": "common", "required_when_selected": false, "title": "Salesforce, Inc. FY2026 Form 10-K", "authors": [ "Salesforce, Inc." ], "version": "Fiscal year ended 2026-01-31" }, { "source_id": "BBC-C04", "access": { "kind": "html_full_text", "uri": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm" }, "required_unit": { "locator": "Statement1/2归属单元pp.58–59；Statement4完整NCI两期窗口pp.61–62", "scope": "所列完整单元、相关表头、脚注及当前计算所需说明", "purpose": "NCI利润与余额不是同一对象" }, "supports": "制造库存四阶段、部分LIFO与FIFO可比调整，以及NCI利润/权益归属；公司同时包含Financial Products。", "branch": "common", "required_when_selected": false, "title": "Caterpillar Inc. FY2025 Form 10-K", "authors": [ "Caterpillar Inc." ], "version": "Year ended 2025-12-31" } ], "optional_readings": [ { "source_id": "BBC-R01", "access": { "kind": "pdf_full_text", "uri": "https://business.columbia.edu/sites/default/files-efs/imce-uploads/ADP/Spring%202026/1.%20Henry%20Laurion.pdf" }, "required_unit": { "locator": "Introduction；样本与变量；主要分析；结论和内生性限制", "scope": "所列完整单元、相关表头、脚注及当前计算所需说明", "purpose": "将会计交易与管理层/分析师叙述区分" }, "supports": "股权薪酬和同期回购的经济叙述研究；本篇只采用研究设计与关联性/内生性边界，不判定Salesforce动机。", "branch": "research", "required_when_selected": true } ], "runtime_reading_log": [], "supplied_inputs": { "canonical_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/inputs.json", "selected_keys": [ "sf_equity", "sf_eps", "sf_equity_comparison", "cat_nci", "synthetic.share_weighting" ], "data": { "sf_equity": { "source_id": "BBC-C01", "locator": "Consolidated Statements of Stockholders’ Equity, printed p.60", "identity": "historical_observation", "columns": [ "普通股股数（百万股）", "普通股金额（百万美元）", "库存股股数（负数，百万股）", "库存股金额（负数，百万美元）", "额外实收资本（百万美元）", "累计其他综合收益／损失（百万美元）", "留存收益（百万美元）", "权益合计（百万美元）" ], "rows": [ [ "Balance at January 31, 2024", "2024-01-31期初", 1035, 1, -64, -11692, 59841, -225, 11721, 59646 ], [ "Common stock issued", "普通股发行", 21, 0, 0, 0, 1535, 0, 0, 1535 ], [ "Common stock repurchased", "普通股回购", 0, 0, -30, -7815, 0, 0, 0, -7815 ], [ "Stock-based compensation", "股权薪酬", 0, 0, 0, 0, 3200, 0, 0, 3200 ], [ "Other comprehensive loss, net of tax", "其他综合损失税后", 0, 0, 0, 0, 0, -41, 0, -41 ], [ "Cash dividends declared", "宣布现金股息", 0, 0, 0, 0, 0, 0, -1549, -1549 ], [ "Net income", "净利润", 0, 0, 0, 0, 0, 0, 6197, 6197 ], [ "Balance at January 31, 2025", "2025-01-31期末／次年期初", 1056, 1, -94, -19507, 64576, -266, 16369, 61173 ], [ "Common stock issued", "普通股发行", 17, 0, 0, 0, 1062, 0, 0, 1062 ], [ "Common stock withheld related to net share settlement of equity awards", "股权奖励净额结算扣留普通股", 0, 0, 0, 0, -325, 0, 0, -325 ], [ "Common stock repurchased", "普通股回购", 0, 0, -50, -12721, 0, 0, 0, -12721 ], [ "Stock-based compensation", "股权薪酬", 0, 0, 0, 0, 3522, 0, 0, 3522 ], [ "Other comprehensive loss, net of tax", "原行名为loss，本年为正额", 0, 0, 0, 0, 0, 579, 0, 579 ], [ "Cash dividends and dividend equivalents declared", "宣布现金股息及股息等价", 0, 0, 0, 0, 0, 0, -1605, -1605 ], [ "Net income", "净利润", 0, 0, 0, 0, 0, 0, 7457, 7457 ], [ "Balance at January 31, 2026", "2026-01-31期末", 1073, 1, -144, -32228, 68835, 313, 22221, 59142 ] ], "notes": [ "连续选取FY2025–2026完整年度权益变动；原表另有FY2024，未纳入此处年度窗口。", "股数按百万取整，显示0不证明没有股数变动；17不得全部标为SBC发股。", "原表Other comprehensive loss, net of tax在FY2026列正579，按原符号保留。" ] }, "sf_eps": { "source_id": "BBC-C01", "locator": "Note 13, printed pp.89–90", "periods": [ "FY2026", "FY2025", "FY2024" ], "net_income": [ 7457, 6197, 4136 ], "basic_shares_m": [ 950, 962, 974 ], "dilutive_awards_m": [ 6, 12, 10 ], "diluted_shares_m": [ 956, 974, 984 ], "antidilutive_awards_m": [ 9, 7, 13 ], "reported_basic_eps": [ 7.85, 6.44, 4.25 ], "reported_diluted_eps": [ 7.8, 6.36, 4.2 ], "identity": "historical_observation" }, "sf_equity_comparison": { "source_id": "BBC-C01", "locator": "Statements of Equity/Cash Flows; Note 11", "sbc_expense": 3509, "sbc_equity": 3522, "share_settlement_cash_tax": 351, "share_withholding_equity": 325, "repurchase_note": 12677, "repurchase_cash": 12596, "repurchase_equity": 12721, "repurchase_shares_m": 50, "repurchase_avg_price": 254.21, "identity": "historical_observation", "unit": "USD millions except shares million and average price USD/share" }, "cat_nci": { "source_id": "BBC-C04", "locator": "Statements 1/2 pp.58–59; Statement 4 pp.61–62", "year": 2025, "profit_consolidated_affiliates": 8882, "nci_profit": -2, "profit_common": 8884, "opening_nci": 3, "other_nci": -1, "closing_nci": 0, "unit": "USD millions", "identity": "historical_observation" }, "synthetic": { "share_weighting": { "id": "SYN-SHARE-01", "data_identity": "teaching_assumption", "profit": 100, "first_half_shares": 100, "second_half_shares": 80, "first_half_weight": 0.5, "unit": "arbitrary currency / shares", "terms": "Two equal half-year intervals; no preferred distributions or other share changes." } } }, "default_results_file": "labs/default-results.json" }, "diagnosis": "让读者分别重建FY2026权益59142、期末流通929、EPS分母950/956。", "feedback_criteria": "不得把17全部命名SBC；不得用929算报告EPS；SBC与回购不同金额保持身份；NCI减负得加。", "transfer_task": "利润100、半年前100股后80股，比较平均90与期末80的用途。", "experiment_ids": [ "EXP-BF08-EQUITY-SHARES" ] } ``` ## Supplied entry 公司净利润增长，并不等于原有普通股股东按同样比例变得更富。公司可能发行股票、回购股份、分红，也可能有优先股或少数股东。要从公司总额走到普通股每股口径，我们需要把权益金额、流通股数和期间平均股数分别记清，再看它们如何联系。 这一篇以Salesforce FY2026为主。我们会重建三张桥，而不是把所有项目塞进一行“净回购”。最后用Caterpillar的少数权益说明：**期末余额很小，甚至为零，仍可能在期间利润归属中有作用。** ## 1. 先看权益原表：并非每项增加都是盈利 权益是资产扣除负债后的剩余账面金额。净利润会进入权益，但出资、分配、库存股和其他综合收益也会改变它。普通股这一行通常只是按面值等记录的股本项目，不等于所有普通股股东权益，更不等于股票市值。发行、回购的基本机制可以先用这个区别理解。[^equitybook] 下面选取Salesforce原权益变动表中**FY2025与FY2026两个完整年度窗口**，从2024年1月31日开始，保留每个变动行与全部权益列。金额为百万美元，股数为百万股；库存股股数及金额按原表作负数。原年报还列出更早年度，此处没有把它混入这两个年度的期初。[^sf] | 原行／中文 | 普通股股数（百万股） | 普通股金额（百万美元） | 库存股股数（负数，百万股） | 库存股金额（负数，百万美元） | 额外实收资本（百万美元） | 累计其他综合收益／损失（百万美元） | 留存收益（百万美元） | 权益合计（百万美元） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Balance at January 31, 2024／2024-01-31期初 | 1,035 | 1 | (64) | (11,692) | 59,841 | (225) | 11,721 | 59,646 | | Common stock issued／普通股发行 | 21 | 0 | 0 | 0 | 1,535 | 0 | 0 | 1,535 | | Common stock repurchased／普通股回购 | 0 | 0 | (30) | (7,815) | 0 | 0 | 0 | (7,815) | | Stock-based compensation／股权薪酬 | 0 | 0 | 0 | 0 | 3,200 | 0 | 0 | 3,200 | | Other comprehensive loss, net of tax／其他综合损失税后 | 0 | 0 | 0 | 0 | 0 | (41) | 0 | (41) | | Cash dividends declared／宣布现金股息 | 0 | 0 | 0 | 0 | 0 | 0 | (1,549) | (1,549) | | Net income／净利润 | 0 | 0 | 0 | 0 | 0 | 0 | 6,197 | 6,197 | | Balance at January 31, 2025／2025-01-31期末／次年期初 | 1,056 | 1 | (94) | (19,507) | 64,576 | (266) | 16,369 | 61,173 | | Common stock issued／普通股发行 | 17 | 0 | 0 | 0 | 1,062 | 0 | 0 | 1,062 | | Common stock withheld related to net share settlement of equity awards／股权奖励净额结算扣留普通股 | 0 | 0 | 0 | 0 | (325) | 0 | 0 | (325) | | Common stock repurchased／普通股回购 | 0 | 0 | (50) | (12,721) | 0 | 0 | 0 | (12,721) | | Stock-based compensation／股权薪酬 | 0 | 0 | 0 | 0 | 3,522 | 0 | 0 | 3,522 | | Other comprehensive loss, net of tax／原行名为loss，本年为正额 | 0 | 0 | 0 | 0 | 0 | 579 | 0 | 579 | | Cash dividends and dividend equivalents declared／宣布现金股息及股息等价 | 0 | 0 | 0 | 0 | 0 | 0 | (1,605) | (1,605) | | Net income／净利润 | 0 | 0 | 0 | 0 | 0 | 0 | 7,457 | 7,457 | | Balance at January 31, 2026／2026-01-31期末 | 1,073 | 1 | (144) | (32,228) | 68,835 | 313 | 22,221 | 59,142 | 原表FY2026那行英文仍名为“Other comprehensive loss, net of tax”，当年数值却为正579；这里保留它的原名和正号，中文按实际金额理解为权益增加。表内股数已按百万取整，显示0也不代表没有任何零星股数变化。[^sf] 现在只沿最后一列走FY2026： `61,173 + 1,062 − 325 − 12,721 + 3,522 + 579 − 1,605 + 7,457 = 59,142`。 净利润为正7,457，期末权益却比期初少2,031。原因并不神秘：回购、宣布股息和奖励净额结算等权益减少超过了其余增加。出资和股权薪酬在权益中的增加，与客户收入和经营利润不是同一种来源。理解这些方向，才不会把“权益减少”自动判作亏损，或者把“权益增加”都说成公司赚到了钱。 其他综合收益（OCI）这一层也值得保留：有些计量变化按适用会计要求不先进入当期净利润，而进入其他综合收益，随后累积在AOCI中。因此，“净利润 + 分红回购”不是完整权益桥；原表中另列的579不能直接丢掉。[^sf] ## 2. 再看股数：发行、流通和期间平均不同 普通股已发行数从1,056增至1,073；库存股绝对数从94增至144。因此流通股数由 `1,056 − 94 = 962` 变为 `1,073 − 144 = 929`，也可以写成 `962 + 17 − 50 = 929`，单位都是百万股。[^sf] 17是原表“Common stock issued”这一行的百万股变化，不能全部重新命名为股权薪酬发股。发行可以来自不同员工计划及其他安排，费用的确认时点又未必和股份交付一致。相同地，50是本期回购的取整股数，不是每一天都有50百万股从流通中消失。 这就引出了EPS分母。**基本每股收益使用期间加权平均流通普通股数；稀释每股收益按相应规则考虑潜在普通股的稀释影响**。期末股数只描述最后一天，不能替代全年的加权平均。Salesforce Note 13使用库存股法处理相关员工奖励的稀释影响，并另表列出反稀释奖励。[^eps] | Note 13 原行／中文 | FY2026 | FY2025 | FY2024 | | --- | --- | --- | --- | | Net income／净利润（百万美元） | 7,457 | 6,197 | 4,136 | | Weighted-average shares for basic EPS／基本加权平均（百万股） | 950 | 962 | 974 | | Employee stock awards／稀释性奖励增量（百万股） | 6 | 12 | 10 | | Weighted-average shares for diluted EPS／稀释加权平均（百万股） | 956 | 974 | 984 | | Excluded anti-dilutive employee stock awards／另表排除的反稀释奖励（百万股） | 9 | 7 | 13 | 本期基本EPS可核为 `7,457 / 950 ≈ 7.85美元/股`，稀释EPS为 `7,457 / 956 ≈ 7.80美元/股`。950加6才形成956，另列的9百万反稀释奖励没有进入当期这个分母。把929当作基本EPS分母，会得到约8.03，算术虽成立，却回答了另一问题，不是公司报告的基本EPS。 为什么时间加权不能省略？做一个独立教学变式：全年利润100，前半年100股、后半年80股，没有其他变化，基本平均股数是90，EPS约1.11；期末80股算出1.25。回购越接近年末，期末数与全年平均就可能相差越明显。真实公司还要按实际时间、工具条款和稀释规则处理，不能从两端股数反推全年平均。 ## 3. 把SBC、结算与回购分别放回各自的表 Salesforce FY2026披露了下面这些相近但不相同的金额。单位为百万美元。表的目的不是强迫它们相等，而是先认清各自记录什么。[^sf][^buybacks] | 事项 | 原表位置 | 金额及方向 | | --- | --- | --- | | Stock-based compensation expense／股权薪酬费用 | 现金流：从净利润加回 | 3,509 | | Stock-based compensation／权益中确认 | 权益变动表增加 | 3,522 | | Taxes related to net share settlement／净额结算税款 | 筹资现金流支出 | (351) | | Common stock withheld／净额结算扣留 | 权益变动表减少 | (325) | | Repurchases／年度回购金额 | Note 11披露 | 12,677 | | Repurchases of common stock／回购付款 | 现金流量表支出 | (12,596) | | Repurchases／库存股金额变化 | 权益变动表减少 | (12,721) | SBC首先是一种劳动报酬安排。费用进入利润后，在间接法现金流中加回，说明该笔费用没有作为同额现金支出在经营部分再付一次；这不把劳动变成免费，也不消除潜在的股份交付和稀释。另一方面，回购是公司拿现金取得自己的股份，它既有现金价格，也影响流通股数，不能仅因为与SBC同年出现，就宣布两者完全抵消。 这里有两个容易混淆的“净额”。把发行股数与回购股数相减，可以描述本期流通股数的净变化；把现金流入和回购付款相减，可以描述选定现金安排。但股份的发行价格、发生时点、费用确认和未归属奖励不会因为我们做了减法就消失。尤其，Note 11的回购金额12,677、现金付款12,596和权益库存股减少12,721之间，没有在当前材料里形成逐项完整调节；我们保留各自口径，不把差额写成已经证实的单一税项或时点原因。 表内宣布股息1,605与现金股息支付1,587也分别回答“已经承诺分配多少”和“实际支付多少”。期间末可能仍有应付或其他时点差异；读表时应寻找相应关系，而不是直接把一条覆盖另一条。 ## 4. 归属反例：少数股东本期亏损时怎么办？ Caterpillar FY2025的合并及关联公司利润为8,882，减去归属于非控制性权益的损益−2，得到归属于普通股股东的8,884。单位百万美元。计算是 `8,882 − (−2) = 8,884`，不是8,880。[^cat] 这里的NCI，是合并子公司中不归属于母公司的权益。我们合并了该子公司的资产、负债和经营结果，但还要把相应成果归还给各自权利人。非控制性权益承担了2的亏损，扣除这部分亏损后，母公司股东归属结果自然高于合并总结果。这并没有多赚出2，而是在做归属分配。 同年的NCI余额从3出发，经当期亏损−2及Other −1变为0：`3 − 2 − 1 = 0`。因此，期末NCI为0与当年出现NCI损益完全可以同时成立。不能看最后一天就删去整年的少数权益分析。[^cat] ## 5. 在三张桥之间切换
实验分别显示权益金额、期末股数、EPS分母。默认权益59,142，期末流通929百万股，本期基本／稀释EPS约7.85／7.80。切换分母时，界面保留原名，使用期末股数的结果会明确标为“非报告EPS的错误口径对照”，不会假装产生另一种公司官方EPS。
研究选读：为什么有人把回购与股权薪酬放在一起讨论？ Laurion与Robinson的2025年工作论文研究2010—2021年具有较大且持续SBC的公司，考察同期回购与管理层、分析师如何描述或调整SBC之间的关联。它让我们看到：会计上不同的交易，在经济叙述里可能被同时观察。[^research] 但回购决策也受企业自身状况影响，作者明确保留内生性限制。关联不能识别Salesforce本年的全部回购动机，更不能把“有回购”自动转成“SBC没有成本”。读这篇论文时，先区分研究者构造的净回购指标与法定现金流行，再问研究设计能支持到哪一步。
## 6. 练习与解析 **题一**。只给净利润7,457和期末流通股数929，能否核出报告的基本EPS？还缺什么？ **解析**。缺少期间加权平均基本股数。本期是950百万股，因此应算7,457／950。929只是一年结束时的状态。稀释EPS还要用956，而不是再把反稀释9加入。 题二。“净股数减少33百万，所以原股东获得的收益就是33百万乘期末股价。”哪里不完整？ **解析**。股数减少描述数量，不说明公司为此付出的现金价格、发行所得、发生时间或经营变化；期末股价乘净减少股数也不是原股东收到的现金。先完成股数、权益和现金三张桥，才能讨论每股权利怎样改变。回购是否创造价值还需要价格与经营分析，不由这一条数值直接决定。 **题三**。若一家公司期末NCI为零，能否直接把合并净利润全当成母公司股东的全年利润？ **解析**。不能。Caterpillar的 `3 − 2 − 1 = 0` 正是反例：期间存在NCI亏损，利润归属须按本期损益表而不是仅按期末余额。负数的减法也必须保留。 [^equitybook]: OpenStax，[§14.2 股份发行与回购](https://openstax.org/books/principles-financial-accounting/pages/14-2-analyze-and-record-transactions-for-the-issuance-and-repurchase-of-stock)与[§14.5 每股收益](https://openstax.org/books/principles-financial-accounting/pages/14-5-discuss-the-applicability-of-earnings-per-share-as-a-method-to-measure-performance)（2019）。 [^sf]: Salesforce，[FY2026 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Consolidated Statements of Stockholders’ Equity，p.60；现金流pp.61–62。本文完整选取FY2025/FY2026年度权益窗口，金额百万美元、股数百万股。 [^eps]: 同份[Salesforce 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Note 13 Net Income Per Share，pp.89–90，三期基本／稀释分母及反稀释表。Note 11说明2026与2025期末无已流通优先股。 [^buybacks]: 同份[Salesforce 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Note 11 Share Repurchase Program，p.85；期内回购50百万股为取整显示，披露均价254.21美元和金额12,677百万美元；不可由取整股数与均价相乘要求精确相等。 [^cat]: Caterpillar，[FY2025 10-K](https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm)，Statement 1/2 pp.58–59与Statement 4 pp.61–62，2025利润归属及NCI余额变动。金额百万美元。 [^research]: Henry Laurion、Scott Robinson，[Do contemporaneous share repurchases influence managers and analysts framing stock compensation?](https://business.columbia.edu/sites/default/files-efs/imce-uploads/ADP/Spring%202026/1.%20Henry%20Laurion.pdf)，2025年9月工作论文；引言、样本构造、主要分析及结论限制。此处是方法选读，不是Salesforce动机判定。 ## Additional teaching material 交互算法：权益金额从同源表逐行相加；流通=已发行−库存股；基本/稀释EPS分别用各自期间加权分母。 边界：三桥各自单位与时点；排除反稀释奖励；不通过把SBC和回购抵销来断言无成本。 静态结果：https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static.html#EXP-BF08-EQUITY-SHARES。所有输入保留历史/教学身份；行业选择与打印由配套页面提供。 ## Experiment inputs and static equivalents ```json [ { "id": "EXP-BF08-EQUITY-SHARES", "title": "权益变动、每股口径与股东所得：交互实验", "anchor": "bf08-experiment", "description": "同时维护权益金额、期末股数与期间EPS分母三条桥，区分SBC、回购和普通股归属。", "inputs": { "source": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/inputs.json", "selected_keys": [ "sf_equity", "sf_eps", "sf_equity_comparison", "cat_nci", "synthetic.share_weighting" ], "units": "各原表自带单位；教学合同/成本/税例使用独立教学货币单位", "controls": "见labs/interactions.html具名label；全部算法使用engine.js" }, "outputs": { "default": { "equity_period": "FY2026", "eps_period": "FY2026", "opening": 61173, "components": [ 1062, -325, -12721, 3522, 579, -1605, 7457 ], "closing": 59142, "issued_begin_m": 1056, "treasury_begin_m": 94, "outstanding_begin_m": 962, "issued_end_m": 1073, "treasury_end_m": 144, "outstanding_end_m": 929, "basic_eps": 7.849473684210526, "diluted_eps": 7.800209205020921, "basic_shares_m": 950, "diluted_shares_m": 956, "antidilutive": 9, "nci_common": 8884 }, "all_defaults_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/default-results.json" }, "algorithm": "权益金额从同源表逐行相加；流通=已发行−库存股；基本/稀释EPS分别用各自期间加权分母。", "boundaries": "三桥各自单位与时点；排除反稀释奖励；不通过把SBC和回购抵销来断言无成本。", "static_equivalent": { "reader_anchors": [ "bf08-experiment" ], "html": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static.html#EXP-BF08-EQUITY-SHARES", "markdown": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-bc/static-equivalents.md", "markdown_body": "\n## BF-08 · 权益变动、每股口径与股东所得\n\n三桥各自单位与时点；排除反稀释奖励；不通过把SBC和回购抵销来断言无成本。\n\n| 权益原行／中文 | 普通股股数（百万股） | 普通股金额（百万美元） | 库存股股数（负数，百万股） | 库存股金额（负数，百万美元） | 额外实收资本（百万美元） | 累计其他综合收益／损失（百万美元） | 留存收益（百万美元） | 权益合计（百万美元） |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Balance at January 31, 2024／2024-01-31期初 | 1,035 | 1 | -64 | -11,692 | 59,841 | -225 | 11,721 | 59,646 |\n| Common stock issued／普通股发行 | 21 | 0 | 0 | 0 | 1,535 | 0 | 0 | 1,535 |\n| Common stock repurchased／普通股回购 | 0 | 0 | -30 | -7,815 | 0 | 0 | 0 | -7,815 |\n| Stock-based compensation／股权薪酬 | 0 | 0 | 0 | 0 | 3,200 | 0 | 0 | 3,200 |\n| Other comprehensive loss, net of tax／其他综合损失税后 | 0 | 0 | 0 | 0 | 0 | -41 | 0 | -41 |\n| Cash dividends declared／宣布现金股息 | 0 | 0 | 0 | 0 | 0 | 0 | -1,549 | -1,549 |\n| Net income／净利润 | 0 | 0 | 0 | 0 | 0 | 0 | 6,197 | 6,197 |\n| Balance at January 31, 2025／2025-01-31期末／次年期初 | 1,056 | 1 | -94 | -19,507 | 64,576 | -266 | 16,369 | 61,173 |\n| Common stock issued／普通股发行 | 17 | 0 | 0 | 0 | 1,062 | 0 | 0 | 1,062 |\n| Common stock withheld related to net share settlement of equity awards／股权奖励净额结算扣留普通股 | 0 | 0 | 0 | 0 | -325 | 0 | 0 | -325 |\n| Common stock repurchased／普通股回购 | 0 | 0 | -50 | -12,721 | 0 | 0 | 0 | -12,721 |\n| Stock-based compensation／股权薪酬 | 0 | 0 | 0 | 0 | 3,522 | 0 | 0 | 3,522 |\n| Other comprehensive loss, net of tax／原行名为loss，本年为正额 | 0 | 0 | 0 | 0 | 0 | 579 | 0 | 579 |\n| Cash dividends and dividend equivalents declared／宣布现金股息及股息等价 | 0 | 0 | 0 | 0 | 0 | 0 | -1,605 | -1,605 |\n| Net income／净利润 | 0 | 0 | 0 | 0 | 0 | 0 | 7,457 | 7,457 |\n| Balance at January 31, 2026／2026-01-31期末 | 1,073 | 1 | -144 | -32,228 | 68,835 | 313 | 22,221 | 59,142 |\n\n\n| 口径 | 分子：百万美元 | 分母：百万股 | 美元／股 |\n| --- | --- | --- | --- |\n| 报告基本EPS | 7,457 | 950 | 7.849474 |\n| 报告稀释EPS | 7,457 | 956 | 7.800209 |\n| 错误口径对照：期末股数 | 7,457 | 929 | 8.026911 |\n\n\n期末流通：1,073−144=929；期初：1,056−94=962。NCI利润归属8,882−(−2)=8,884；余额3−2−1=0。\n\nSBC费用3,509、权益3,522、结算现金351分开；回购附注12,677、现金12,596、权益12,721分开，不强行抵销。\n" }, "data_identity": "historical_observations_and_separately_labelled_teaching_assumptions" } ] ``` ## Sources - [Salesforce, Inc. FY2026 Form 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm): 订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。 BF-F/G 本批采用：完整收付账、净现金和债务账面/本金、PPA对价及三种回购/股数口径；FX单列。 - [Caterpillar Inc. FY2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm): 制造库存四阶段、部分LIFO与FIFO可比调整，以及NCI利润/权益归属；公司同时包含Financial Products。 - [Do contemporaneous share repurchases influence managers and analysts framing stock compensation?](https://business.columbia.edu/sites/default/files-efs/imce-uploads/ADP/Spring%202026/1.%20Henry%20Laurion.pdf): 股权薪酬和同期回购的经济叙述研究；本篇只采用研究设计与关联性/内生性边界，不判定Salesforce动机。 - [Principles of Accounting, Volume 1: Financial Accounting — §14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock](https://openstax.org/books/principles-financial-accounting/pages/14-2-analyze-and-record-transactions-for-the-issuance-and-repurchase-of-stock): 普通股发行、库存股和回购机制。 - [Principles of Accounting, Volume 1: Financial Accounting — §14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance](https://openstax.org/books/principles-financial-accounting/pages/14-5-discuss-the-applicability-of-earnings-per-share-as-a-method-to-measure-performance): 基本每股收益和期间加权分母；真实稀释规则使用公司附注。 ## Content relations ```json [ { "from": "zh-bf08", "relation": "part_of", "to": "business-reports", "reason": "主要 topic 归属" }, { "from": "zh-bf08", "relation": "uses_method", "to": "zh-bf06", "reason": "按本篇实际使用的局部能力调用；正文已作必要就地补充，不锁为整篇硬先修" }, { "from": "zh-bf08", "relation": "uses_method", "to": "zh-bf07", "reason": "按本篇实际使用的局部能力调用；正文已作必要就地补充，不锁为整篇硬先修" }, { "from": "zh-bf08", "relation": "illustrated_by", "to": "bf08-equity-bridge", "reason": "固定期间原始材料带读", "period": "FY2025/FY2026 equity windows", "cutoff": "2026-09-21" }, { "from": "bf08-equity-bridge", "relation": "supported_by", "to": "BBC-C01", "reason": "该案例的原表与附注", "locator": "Auditor Revenue Recognition CAM pp.54–55；Balance Sheets p.57; Operations p.58；Equity p.60; Cash Flows pp.61–62；Note 1 credit risk/revenue pp.63–65; income tax and ASU adoption pp.69–70；Note 2 Contract Balances/RPO pp.71–72；Note 11 p.85; Note 12 pp.86–89; Note 13 pp.89–90", "scope": "订阅收入确认、合同余额、完整现金流、权益与EPS、收入CAM及所得税附注。金额、现金和股数口径保留，不虚构差额调节。" }, { "from": "zh-bf08", "relation": "illustrated_by", "to": "bf08-nci", "reason": "固定期间原始材料带读", "period": "2025", "cutoff": "2026-09-21" }, { "from": "bf08-nci", "relation": "supported_by", "to": "BBC-C04", "reason": "该案例的原表与附注", "locator": "Statements 1/2 pp.58–59；Statement 4 Equity pp.61–62; Statement 5 Cash Flows（按标题定位）；Note 1 C. Inventories；Note 8 Inventories p.89", "scope": "制造库存四阶段、部分LIFO与FIFO可比调整，以及NCI利润/权益归属；公司同时包含Financial Products。" }, { "from": "zh-bf08", "relation": "supported_by", "to": "BBC-S08", "reason": "定义、机制或选读研究的直接来源", "locator": "§14.2完整单元", "scope": "普通股发行、库存股和回购机制。" }, { "from": "zh-bf08", "relation": "supported_by", "to": "BBC-S09", "reason": "定义、机制或选读研究的直接来源", "locator": "§14.5完整单元", "scope": "基本每股收益和期间加权分母；真实稀释规则使用公司附注。" }, { "from": "zh-bf08", "relation": "supported_by", "to": "BBC-R01", "reason": "定义、机制或选读研究的直接来源", "locator": "Introduction; sample construction 2010–2021; principal analyses; conclusion/limitations", "scope": "股权薪酬和同期回购的经济叙述研究；本篇只采用研究设计与关联性/内生性边界，不判定Salesforce动机。" }, { "from": "bf08-experiment", "relation": "illustrated_by", "to": "EXP-BF08-EQUITY-SHARES", "reason": "同时维护权益金额、期末股数与期间EPS分母三条桥，区分SBC、回购和普通股归属。", "at_section": "bf08-experiment", "conditions": "三桥各自单位与时点；排除反稀释奖励；不通过把SBC和回购抵销来断言无成本。" } ] ``` ## Related entries ## Optional reading path 拆一份企业财报: step 5/14 核对权益、期末股数和EPS分母，解释盈利、发行和分配的不同作用。 权益与股数核清之后，进一步看资源怎样形成、使用，并传导到经营现金。 Next: [资本开支、在建工程与折旧](https://ou-liu-red-sugar.github.io/zh/notebook/capital-expenditure-cip-and-depreciation/)