# 无形资源、研发与商誉
沿研发、初步购买价分摊和集团无形资产滚动识别资源及会计来源；进阶再构建条件明确的资本存量。
Entry: zh-bf14 | Node: BF-14 | Language: zh | Editorial revision: 2026-09-21
## Teaching instructions
你正在教 BF-14《无形资源、研发与商誉》，材料版本2026-09-21。学习任务：恢复9,636=4,379+5,257，解释3,818、294/36及1,687/1,569的各自身份。
本篇核心为Salesforce+JEP；EPW只在读者启用进阶测量分支后转为必读。 optional只有读者启用后才变为必读。先实际打开指定公开原文单元，分页读到单元结束，必要表图核原页，记录标题/版本/位置/范围与当前用途。文献目录、工具返回标题或作者先前已读记录都不能代替本次读取；runtime_reading_log从空数组开始。读取失败先找同版本正式等价原文，仍缺则说明该单元缺口，不凭摘要补讲。
诊断任务：{"core": "恢复9,636=4,379+5,257，解释3,818、294/36及1,687/1,569的各自身份。"}。补充任务：给出对价与PPA，让读者先把非商誉净资产从完整资产负债中恢复出来。
随后沿本包完整正文、实际输入、静态实验与题解推进一个完整任务，先让读者解释或计算再反馈；已会的基础跳过。默认迁移是换一类资源或调整明确的资本化/折损参数并解释身份；只有读者展开研究分支后才读EPW，不要求另找一个公司期间。通过尺度：不重复加研发SBC，不把累计净变动当费用；模型初始存量/流量/比例/折损/时序全部可重算。
保持真实披露、分析计算、教学模型三种身份，参数只改变模型，不反写真实公司数据。资料不足处不要补造差额或估值。最后明确：读者已经能独立重建什么，换一份材料时还需先核哪些条件？
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",
"default_branch": "core",
"branch_options": [
"core"
],
"branch_tasks": {
"core": "恢复9,636=4,379+5,257，解释3,818、294/36及1,687/1,569的各自身份。"
},
"selection_rules": {
"common": "始终必读",
"selected": "只读所选主分支",
"all": "读所有主分支",
"optional": "读者启用后再读；cat/epw/cross不同入口"
},
"required_readings": [
{
"source_id": "BFDE-JEP",
"title": "The Economics of Intangible Capital",
"authors": [
"Nicolas Crouzet",
"Janice C. Eberly",
"Andrea L. Eisfeldt",
"Dimitris Papanikolaou"
],
"version": "JEP 36(3), Summer2022, pp29–52; DOI10.1257/jep.36.3.29",
"access": {
"kind": "pdf_full_text",
"uri": "https://www.kellogg.northwestern.edu/faculty/crouzet/html/papers/EconIntan_published.pdf"
},
"required_unit": {
"locator": "pp29–34 / PDF1–6",
"scope": "Introduction及Characteristics单元至下一节标题",
"purpose": "区分经营无形资源与账面确认"
},
"supports": "无形资源的承载、非竞争性使用、有限排他性与过时；本篇未复现后续模型或把Figure1研究量当公司数据。",
"branch": "common"
},
{
"source_id": "BBC-C01",
"title": "Salesforce, Inc. — FY2026 Form 10-K",
"authors": [
"Salesforce, Inc."
],
"version": "FY ended 2026-01-31; comparison 2025-01-31; filed 2026-03-02",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm"
},
"required_unit": {
"locator": "Statement p58 and notes1–2; Note1 pp67–68; Note7 pp77–79; Note8 pp80–81",
"scope": "研发含SBC、初步Informatica PPA、奖励分配、无形资产/商誉滚动完整采用表注",
"purpose": "重建PPA和实际摊销"
},
"supports": "研发含SBC、初步Informatica PPA、无形资产与商誉、租赁、单经营分部、开票收款季节性。1,569累计摊销净变化与1,687费用分别列示。",
"branch": "common"
}
],
"optional_readings": [
{
"source_id": "BFDE-EPW",
"title": "Measuring Intangible Capital with Market Prices",
"authors": [
"Michael Ewens",
"Ryan H. Peters",
"Sean Wang"
],
"version": "Management Science, Articles in Advance, April5 2024, pp1–21; DOI10.1287/mnsc.2021.02058",
"access": {
"kind": "pdf_full_text",
"uri": "https://profsean.wang/papers/ewens-peters-wang-2025-ms.pdf"
},
"required_unit": {
"locator": "Introduction, §§2–4.2, pp1–7",
"scope": "完整积累/退出数据/识别/价格约束单元",
"purpose": "进入测量分支前区分假设和估计"
},
"supports": "退出价格连接历史研发/SG&A与资本存量；资本化比例与折损识别限制、选择/协同/溢付及价格约束。只用设置与局限，不采用摘要效果量或公司参数。",
"branch": "research",
"activated_by": "epw"
}
],
"runtime_reading_log": [],
"supplied_inputs": {
"input_id": "BFDE-SHARED-20260921-v1",
"historical": {
"scope": [
"BF-12",
"BF-13",
"BF-14",
"BF-18",
"BF-17",
"BF-16"
],
"retrieved_on": "2026-09-21",
"identity": "Historical financial-statement observations; teaching cases are separately labelled. Values are not stock valuation inputs.",
"costco": {
"source_id": "BF-S-COST-FY2025-PDF",
"unit": "USD million",
"periods": [
"2025-08-31",
"2024-09-01"
],
"fiscal_weeks": [
52,
52
],
"ppe": {
"locator": "FY2025 annual-report PDF printed pp42–43; PDF pp48–49",
"land": [
10323,
9447
],
"buildings_improvements": [
25508,
23727
],
"equipment_fixtures": [
13127,
12387
],
"construction_in_progress": [
1882,
1389
],
"gross": [
50840,
46950
],
"accumulated_depreciation_amortization_positive": [
18931,
17918
],
"net": [
31909,
29032
]
},
"flows": {
"locator": "Printed pp35,39; PDF pp41,45",
"net_sales": [
269912,
249625
],
"merchandise_costs": [
239886,
222358
],
"cash_ppe_additions_outflow_positive": [
5498,
4710
],
"consolidated_depreciation_amortization": [
2426,
2237
],
"capex_included_in_liabilities_supplemental_noncash": [
193,
203
],
"cashflow_inventory_adjustment": [
559,
-2068
],
"cashflow_accounts_payable_adjustment": [
404,
1938
],
"cfo": [
13335,
11339
]
},
"working_capital": {
"locator": "Printed p37 balance sheet; pp41–42 Receivables, Net; p39 cash flow",
"inventory": [
18116,
18647
],
"accounts_payable": [
19783,
19421
],
"receivables_net": [
3203,
2721
],
"deferred_membership_fees": [
2854,
2501
],
"receivables_identity": "Includes vendor, credit-card, reinsurance and tax receivables; do not use total as customer credit-sale receivables.",
"payable_days_denominator": "Merchandise costs proxy, not independently observed credit purchases."
},
"leases_2025": {
"locator": "Note5 printed pp50–51; PDF pp56–57; policy printed p43",
"operating_rou_asset": 2725,
"finance_lease_asset_net": 1488,
"finance_asset_balance_sheet_location": "Other long-term assets",
"operating_liability_current": 208,
"operating_liability_noncurrent": 2460,
"finance_liability_current": 78,
"finance_liability_noncurrent": 1401,
"operating_cost": 271,
"finance_asset_amortization": 102,
"finance_interest_expense": 63,
"variable_cost": 182,
"total_cost_reported": 618,
"cash_operating_leases": 255,
"cash_finance_interest": 58,
"cash_finance_principal": 147,
"cash_scope": "Cash paid for amounts included in measurement of lease liabilities; not total lease cash payments including variable payments.",
"new_modified_operating_rou": 294,
"new_modified_finance_rou": 131,
"remaining_term_years_operating_finance": [
20,
25
],
"payment_buckets": [
"FY2026",
"FY2027",
"FY2028",
"FY2029",
"FY2030",
"Thereafter"
],
"operating_payments": [
267,
250,
235,
204,
184,
2451
],
"operating_payments_total": 3591,
"operating_interest_deduction": 923,
"operating_liability": 2668,
"finance_payments": [
133,
132,
135,
122,
109,
1780
],
"finance_payments_total": 2411,
"finance_interest_deduction": 932,
"finance_liability": 1479,
"signed_not_commenced_payments_excluded": 1094,
"future_operating_sublease_income_not_netted": 92
}
},
"salesforce": {
"source_id": "BBC-C01",
"unit": "USD million",
"periods": [
"2026-01-31",
"2025-01-31"
],
"income": {
"locator": "Consolidated Statements of Operations p58 including notes1–2; MD&A Research and Development",
"total_revenue": [
41525,
37895
],
"rd_expense": [
5993,
5493
],
"rd_sbc_included": [
1162,
1091
],
"acquired_intangibles_amortization_cost_of_revenue": [
692,
750
],
"acquired_intangibles_amortization_sales_marketing": [
995,
901
]
},
"working_capital": {
"locator": "Balance sheet p57; Note2 Unearned Revenue p71; MD&A seasonal nature pp39–40",
"accounts_receivable_net": [
14339,
11945
],
"unearned_revenue": [
24317,
20743
],
"unearned_opening_2026": 20743,
"billings_and_other_2026": 45099,
"revenue_over_time_2026": 39041,
"revenue_point_in_time_2026": 2484,
"unearned_acquired_informatica": 651,
"identity": "Billings and other includes FX, contract assets and business combinations; neither cash receipts nor organic billings."
},
"leases_2026": {
"locator": "Note6 Leases and Other Commitments pp75–77; Note1 Leases pp67–68",
"operating_rou_asset": 2003,
"finance_lease_asset_gross": 1427,
"finance_accumulated_amortization_positive": 813,
"finance_lease_asset_net": 614,
"finance_asset_balance_sheet_location": "Property and equipment",
"operating_liability_current": 548,
"operating_liability_noncurrent": 2189,
"finance_liability_current": 275,
"finance_liability_noncurrent": 260,
"operating_cost": 614,
"finance_asset_amortization": 375,
"finance_interest_expense": 25,
"cash_operating_leases": 695,
"cash_finance_interest": 25,
"cash_finance_principal": 367,
"remaining_term_years_operating_finance": [
7,
3
],
"payment_buckets": [
"FY2027",
"FY2028",
"FY2029",
"FY2030",
"FY2031",
"Thereafter"
],
"operating_payments": [
615,
571,
493,
338,
268,
790
],
"operating_payments_total": 3075,
"operating_interest_deduction": 338,
"operating_liability": 2737,
"finance_payments": [
289,
120,
76,
58,
26,
0
],
"finance_payments_total": 569,
"finance_interest_deduction": 34,
"finance_liability": 535
},
"informatica_2025_ppa": {
"locator": "Note7 Informatica, Inc., pp77–79",
"acquisition_period": "November 2025",
"status": "Preliminary purchase-price allocation at FY2026 filing; measurement period not complete",
"consideration_components": {
"cash": 9538,
"preexisting_relationship": 62,
"assumed_equity_purchase_component": 36
},
"consideration_total": 9636,
"assets": {
"cash": 1405,
"receivables": 233,
"ppe": 128,
"operating_rou": 27,
"other_assets": 149,
"goodwill": 5257,
"identifiable_intangibles": 3818
},
"liabilities_positive": {
"payables_accruals_current": 221,
"unearned_revenue": 651,
"operating_lease_liabilities": 30,
"other_noncurrent": 36,
"deferred_tax_liability": 443
},
"intangibles": [
{
"name": "Cloud developed technology",
"amount": 1350,
"life_years": 7
},
{
"name": "Other developed technology",
"amount": 270,
"life_years": 3
},
{
"name": "Customer relationships",
"amount": 1840,
"life_years": 10
},
{
"name": "Trade names",
"amount": 79,
"life_years": 4
},
{
"name": "Backlog",
"amount": 279,
"life_years": 2
}
],
"assumed_equity_fair_value": 330,
"assumed_equity_future_service_component": 294
},
"intangible_roll": {
"locator": "Note8 pp80–81; addition/retirement columns are net movements, not gross acquisition or amortization flows",
"gross_opening": 10183,
"additions_and_retirements_net": 3956,
"gross_closing": 14139,
"accum_amortization_opening_positive": 5755,
"expense_and_retirements_net_positive": 1569,
"accum_amortization_closing_positive": 7324,
"net_opening": 4428,
"net_closing": 6815,
"goodwill_opening": 51283,
"regrello": 704,
"informatica": 5257,
"other_acquisitions_adjustments": 697,
"goodwill_closing": 57941
},
"segment_identity": "One operating segment; Note1 p63 CODM assesses consolidated net income. Product offering revenue categories are not separately reported operating segments."
},
"caterpillar": {
"source_id": "BBC-C04",
"unit": "USD million",
"periods": [
"2025-12-31",
"2024-12-31"
],
"comparative_identity": "2024 figures as retrospectively adjusted in FY2025 filing after July 1, 2025 segment changes",
"ppe": {
"locator": "Note9 p89; Note1D pp64–65",
"land": [
616,
612
],
"buildings": [
7761,
7281
],
"machinery_equipment": [
13737,
12523
],
"capitalized_software": [
1696,
1609
],
"equipment_leased_to_others": [
6004,
5701
],
"construction_in_progress": [
2092,
1751
],
"gross": [
31906,
29477
],
"accumulated_depreciation_positive": [
16766,
16116
],
"net": [
15140,
13361
],
"consolidated_depreciation": [
2093,
1983
],
"cat_financial_leased_to_others_depreciation": [
699,
722
]
},
"operating_profit_bridge": {
"locator": "MD&A p33 Consolidated Operating Profit Comparison, original chart cat-20251231_g4.jpg; Definitions pp36–38",
"opening_2024": 13072,
"drivers": {
"sales_volume_including_product_mix": 1218,
"price_realization": -817,
"manufacturing_costs": -2148,
"sga_rd": -336,
"currency": -32,
"financial_products": 49,
"restructuring": -85,
"other": 230
},
"closing_2025": 11151,
"bridge_identity": "Company historical attribution, not structural marginal profit coefficients."
},
"revenue_bridge": {
"locator": "MD&A p31 Sales and Revenues Comparison",
"opening_2024": 64809,
"drivers": {
"sales_volume": 3389,
"price_realization": -817,
"currency": 45,
"financial_products": 163
},
"closing_2025": 67589
},
"segments_2025": {
"locator": "Note23 pp115–121; external-column Financial Products footnote is integral",
"rows": [
{
"name": "Construction Industries",
"external_column": 24800,
"intersegment_column": 260,
"total_sales": 25060,
"profit": 4675
},
{
"name": "Resource Industries",
"external_column": 12185,
"intersegment_column": 289,
"total_sales": 12474,
"profit": 1988
},
{
"name": "Power & Energy",
"external_column": 27143,
"intersegment_column": 5058,
"total_sales": 32201,
"profit": 6418
},
{
"name": "Financial Products",
"external_column": 4220,
"intersegment_column": 0,
"total_sales": 4220,
"profit": 966
}
],
"financial_products_external_column_includes_group_revenue": 712,
"reportable_sales_total": 73955,
"all_other_sales": 327,
"corporate_eliminations_sales": -6693,
"consolidated_sales": 67589,
"all_other_external_column": 46,
"all_other_intersegment_column": 281,
"corporate_external_column": -805,
"corporate_intersegment_column": -5888,
"reportable_profit_total": 14047,
"profit_reconciling_items": {
"all_other": -8,
"cost_centers": -11,
"corporate_costs": -1006,
"timing": -175,
"restructuring": -445,
"inventory_method": 49,
"postretirement_benefit": 185,
"sbc": -230,
"financing_costs": -180,
"currency": -81,
"goodwill_impairment": 0,
"other_income_expense_method": -470,
"other_method": -134
},
"consolidated_pretax_profit": 11541,
"interest_expense_excluding_financial_products": 502,
"other_income": 892,
"consolidated_operating_profit": 11151
}
},
"teaching_cvp": {
"source_id": "BFDE-CVP",
"identity": "OpenStax §3.5 fictional Company A/B example; not actual company observations",
"unit": "USD",
"assumptions": "Constant prices and unit variable costs, fixed product mix, unchanged fixed costs within the relevant range; reported income here is model operating income.",
"companies": [
{
"name": "A",
"sales": 250000,
"variable_costs": 102000,
"fixed_costs": 63000,
"income": 85000
},
{
"name": "B",
"sales": 315000,
"variable_costs": 105000,
"fixed_costs": 125000,
"income": 85000
}
],
"sales_changes": [
0.1,
-0.2
]
}
},
"supplemental": {
"costco_ppe_original_labels": [
[
"land",
"Land",
"土地",
"N/A"
],
[
"buildings_improvements",
"Buildings and improvements",
"建筑及改良",
"5–50 years"
],
[
"equipment_fixtures",
"Equipment and fixtures",
"设备及装置",
"3–20 years"
],
[
"construction_in_progress",
"Construction in progress",
"在建工程",
"N/A"
],
[
"gross",
null,
"原值合计（原表该行无行名）",
null
],
[
"accumulated_depreciation_amortization_positive",
"Accumulated depreciation and amortization",
"累计折旧摊销（减项）",
null
],
[
"net",
"Property and equipment, net",
"物业及设备净额",
null
]
],
"cat_ppe_original_labels": [
[
"land",
"Land",
"土地",
"—"
],
[
"buildings",
"Buildings and land improvements",
"建筑及土地改良",
"20–45 years"
],
[
"machinery_equipment",
"Machinery, equipment and other",
"机器、设备及其他",
"2–10 years"
],
[
"capitalized_software",
"Software",
"软件",
"3–7 years"
],
[
"equipment_leased_to_others",
"Equipment leased to others",
"出租给他人的设备",
"1–7 years"
],
[
"construction_in_progress",
"Construction-in-process",
"在建工程",
"—"
],
[
"gross",
"Total property, plant and equipment, at cost",
"物业厂房设备成本合计",
null
],
[
"accumulated_depreciation_positive",
"Less: Accumulated depreciation",
"减：累计折旧",
null
],
[
"net",
"Property, plant and equipment–net",
"物业厂房设备净额",
null
]
],
"costco_receivables_exact_scope": {
"source_id": "BF-S-COST-FY2025-PDF",
"locator": "IR PDF printed pp41–42; SEC pp43–44, Receivables, Net",
"original_categories": [
"vendor",
"credit card incentive",
"reinsurance",
"third-party pharmacy",
"other receivables"
],
"explanation_zh": "其他应收主要为对政府的应收，多与税款有关。信用卡奖励应收不是顾客刷卡货款；结算期不超过四天的顾客刷卡货款另依现金政策列示。"
},
"costco_lease_2024": {
"operating_rou_asset": 2617,
"finance_lease_asset_net": 1433,
"operating_liability_current": 179,
"operating_liability_noncurrent": 2375,
"finance_liability_current": 147,
"finance_liability_noncurrent": 1351,
"total_assets": 4050,
"total_liabilities": 4052,
"operating_cost": 284,
"finance_asset_amortization": 97,
"finance_interest_expense": 58,
"variable_cost": 163,
"total_cost_reported": 602,
"cash_operating_leases": 274,
"cash_finance_interest": 58,
"cash_finance_principal": 136,
"remaining_term": [
19,
23
],
"discount_rate_percent": [
2.67,
4.59
]
},
"salesforce_lease_2025": {
"operating_rou_asset": 2157,
"operating_liability_current": 579,
"operating_liability_noncurrent": 2380,
"finance_lease_asset_gross": 1520,
"finance_accumulated_amortization_positive": 708,
"finance_lease_asset_net": 812,
"finance_liability_current": 337,
"finance_liability_noncurrent": 341,
"operating_cost": 684,
"finance_asset_amortization": 303,
"finance_interest_expense": 28,
"cash_operating_leases": 628,
"cash_finance_interest": 27,
"cash_finance_principal": 380,
"remaining_term": [
7,
3
]
},
"intangible_rows": [
{
"label_original": "Acquired developed technology",
"label_zh": "购入已开发技术",
"gross_open": 2958,
"gross_change_net": 1838,
"gross_close": 4796,
"accum_open": 1753,
"accum_change_net": 654,
"accum_close": 2407,
"net_open": 1205,
"net_close": 2389,
"remaining_years": 4.4
},
{
"label_original": "Customer relationships",
"label_zh": "客户关系",
"gross_open": 6894,
"gross_change_net": 1765,
"gross_close": 8659,
"accum_open": 3820,
"accum_change_net": 820,
"accum_close": 4640,
"net_open": 3074,
"net_close": 4019,
"remaining_years": 6.3
},
{
"label_original": "Other (1)",
"label_zh": "其他（商号、未开票订单、区域权利）",
"gross_open": 331,
"gross_change_net": 353,
"gross_close": 684,
"accum_open": 182,
"accum_change_net": 95,
"accum_close": 277,
"net_open": 149,
"net_close": 407,
"remaining_years": 2.1
}
],
"future_amortization": {
"buckets": [
"FY2027",
"FY2028",
"FY2029",
"FY2030",
"FY2031",
"Thereafter"
],
"amounts": [
1842,
1412,
1104,
710,
448,
1299
]
},
"cat_profit_rows_original": [
[
"all_other",
"Profit from All Other Segment",
"其他分部利润"
],
[
"cost_centers",
"Cost centers",
"成本中心"
],
[
"corporate_costs",
"Corporate costs",
"公司共同成本"
],
[
"timing",
"Timing",
"确认时点差异"
],
[
"restructuring",
"Restructuring costs",
"重组成本"
],
[
"inventory_method",
"Inventory/cost of sales",
"存货／销售成本计量"
],
[
"postretirement_benefit",
"Postretirement benefit income (expense)",
"退休后福利收益（费用）"
],
[
"sbc",
"Stock-based compensation expense",
"股权薪酬费用"
],
[
"financing_costs",
"Financing costs",
"融资成本"
],
[
"currency",
"Currency",
"汇率"
],
[
"goodwill_impairment",
"Goodwill impairment charge",
"商誉减值"
],
[
"other_income_expense_method",
"Other income/expense methodology differences",
"其他损益计量方法差异"
],
[
"other_method",
"Other methodology differences",
"其他方法差异"
]
],
"cat_segment_costs_2025": {
"cost_of_goods_sold": [
18393,
9018,
22474,
0
],
"sga_rd": [
1902,
1513,
3330,
829
],
"other_segment_items": [
90,
-45,
-21,
2425
]
},
"cat_segments_2024": {
"rows": [
[
"Construction Industries",
25344,
111,
25455,
6165
],
[
"Resource Industries",
12100,
371,
12471,
2538
],
[
"Power & Energy",
24088,
4766,
28854,
5736
],
[
"Financial Products Segment",
4053,
0,
4053,
932
]
],
"total_profit": 15371,
"reconciling": [
43,
-1,
-889,
133,
-359,
33,
67,
-223,
-126,
145,
0,
-740,
-81
],
"pretax": 13373,
"revenue": 64809,
"reportable_revenue": 70833,
"all_other_revenue": 344,
"corporate_revenue": -6368
},
"cat_segment_name_overrides": {
"Financial Products": "Financial Products Segment"
},
"origins": {
"costco_lease_2024": "BF-S-COST-FY2025-PDF Note5 printed pp50–51 / PDF pp56–57, reopened 2026-09-21",
"salesforce_lease_2025": "BBC-C01 Note6 pp75–77, same-session full reading",
"intangible_rows": "BBC-C01 Note8 pp80–81, same-session full reading",
"cat_segment_costs_2025": "BBC-C04 Note23 p120, same-session full reading",
"cat_segments_2024": "BBC-C04 Note23 pp118,120–121; comparatives as recast in FY2025 filing"
}
},
"teaching": {
"asset": {
"identity": "Author synthetic example, not company transactions",
"unit": "teaching currency units",
"cost": 100,
"residual": 0,
"life_months": 60,
"initial_cash": 150,
"payment": "2026-01",
"acquisition": "2026-02",
"ready": "2026-04",
"start": "2026-01",
"months": 12,
"convention": "Events at month start; same-day acquisition then ready then payment; depreciation at month end starting ready month, full months, no tax/interest/disposal, depreciation expensed in this example."
},
"intangible": {
"identity": "Author synthetic accumulation model, not EPW estimates or Salesforce valuation",
"unit": "teaching currency units",
"rd": [
100,
120,
80
],
"sga_excluding_rd": [
60,
60,
60
],
"alpha": 1,
"gamma": 0.3,
"delta_r": 0.2,
"delta_s": 0.2,
"initial_r": 0,
"initial_s": 0,
"order": "Opening stock depreciates first; eligible current investment added at each period end. R&D and SG&A inputs do not overlap."
},
"cvp_extension": {
"identity": "Author optional capacity-step variation; not OpenStax original inputs or CAT facts",
"sales_change": 0.1,
"step_enabled": false,
"threshold": 0.15,
"step_fixed_cost": 10000
},
"retail_cycle": {
"identity": "Author synthetic inventory/cash-timing example, not Costco days",
"unit": "teaching currency units and relative days",
"cost": 100,
"price": 150,
"acquire_day": 0,
"sale_day": 20,
"collect_day": 23,
"pay_day": 30,
"order": "Day start: acquire, sell, collect, pay. Same-day effects follow this explicit convention; cumulative net cash can be negative as a financing-gap measure, not an observed bank balance."
},
"subscription_cycle": {
"identity": "Author synthetic subscription funding example, not actual Salesforce contract",
"unit": "teaching currency units and relative 30-day months",
"amount": 120,
"invoice_day": 0,
"collection_day": 30,
"term_months": 12,
"monthly_cost": 6,
"month_days": 30,
"order": "Invoice and unconditional right at day0; each service month completed on day30*n; collection precedes same-day service cash cost. No refunds/tax, no costs before day30. Advances cover remaining service obligations."
}
},
"provenance": {
"lead_input_sha256": "5300ec0d05b830f8d6aa2ce72fd367beb3dc6bbfe044ff6cd28146e8beb7c68b",
"lead_input_lines": 209,
"transcription": "All supplied keys and amounts reproduced semantically; original byte hash identifies connector source, not this JSON serialization. Labels clarified in supplemental, raw observations unchanged.",
"reference_plan_sha256": "d6a351ea333643dc50af7704a7984a43fb623f24a058db74726b12c418a1494b"
},
"canonical_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-de/inputs.json"
},
"default_outputs": {
"intangible_facts": {
"period": "FY2026 / 2026-01-31",
"unit": "USD million",
"preliminary": true,
"consideration": 9636,
"assets": 11017,
"liabilities": 1381,
"identifiable_net_assets": 4379,
"goodwill": 5257,
"identifiable_intangibles": 3818,
"goodwill_share": 0.5455583229555833,
"award_total": 330,
"award_purchase": 36,
"award_future_service": 294,
"amortization_expense": 1687,
"accumulated_amortization_net_change": 1569,
"net_open": 4428,
"gross_net_change": 3956,
"net_close": 6815,
"rd": 5993,
"included_rd_sbc": 1162,
"goodwill_roll": [
51283,
704,
5257,
697,
57941
]
},
"intangible": {
"parameters": {
"identity": "Author synthetic accumulation model, not EPW estimates or Salesforce valuation",
"unit": "teaching currency units",
"rd": [
100,
120,
80
],
"sga_excluding_rd": [
60,
60,
60
],
"alpha": 1,
"gamma": 0.3,
"delta_r": 0.2,
"delta_s": 0.2,
"initial_r": 0,
"initial_s": 0,
"order": "Opening stock depreciates first; eligible current investment added at each period end. R&D and SG&A inputs do not overlap."
},
"rows": [
{
"period": "T1",
"rd": 100,
"sga_excluding_rd": 60,
"opening_g": 0,
"opening_s": 0,
"depreciation_g": 0,
"depreciation_s": 0,
"investment_g": 100,
"investment_s": 18,
"g": 100,
"s": 18,
"total": 118
},
{
"period": "T2",
"rd": 120,
"sga_excluding_rd": 60,
"opening_g": 100,
"opening_s": 18,
"depreciation_g": 20,
"depreciation_s": 3.6,
"investment_g": 120,
"investment_s": 18,
"g": 200,
"s": 32.4,
"total": 232.4
},
{
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 32.4,
"depreciation_g": 40,
"depreciation_s": 6.48,
"investment_g": 80,
"investment_s": 18,
"g": 240,
"s": 43.92,
"total": 283.92
}
],
"ending": {
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 32.4,
"depreciation_g": 40,
"depreciation_s": 6.48,
"investment_g": 80,
"investment_s": 18,
"g": 240,
"s": 43.92,
"total": 283.92
}
},
"intangible_gamma_half": {
"parameters": {
"identity": "Author synthetic accumulation model, not EPW estimates or Salesforce valuation",
"unit": "teaching currency units",
"rd": [
100,
120,
80
],
"sga_excluding_rd": [
60,
60,
60
],
"alpha": 1,
"gamma": 0.5,
"delta_r": 0.2,
"delta_s": 0.2,
"initial_r": 0,
"initial_s": 0,
"order": "Opening stock depreciates first; eligible current investment added at each period end. R&D and SG&A inputs do not overlap."
},
"rows": [
{
"period": "T1",
"rd": 100,
"sga_excluding_rd": 60,
"opening_g": 0,
"opening_s": 0,
"depreciation_g": 0,
"depreciation_s": 0,
"investment_g": 100,
"investment_s": 30,
"g": 100,
"s": 30,
"total": 130
},
{
"period": "T2",
"rd": 120,
"sga_excluding_rd": 60,
"opening_g": 100,
"opening_s": 30,
"depreciation_g": 20,
"depreciation_s": 6,
"investment_g": 120,
"investment_s": 30,
"g": 200,
"s": 54,
"total": 254
},
{
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 54,
"depreciation_g": 40,
"depreciation_s": 10.8,
"investment_g": 80,
"investment_s": 30,
"g": 240,
"s": 73.2,
"total": 313.2
}
],
"ending": {
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 54,
"depreciation_g": 40,
"depreciation_s": 10.8,
"investment_g": 80,
"investment_s": 30,
"g": 240,
"s": 73.2,
"total": 313.2
}
}
},
"prompt": "你正在教 BF-14《无形资源、研发与商誉》，材料版本2026-09-21。学习任务：恢复9,636=4,379+5,257，解释3,818、294/36及1,687/1,569的各自身份。\n本篇核心为Salesforce+JEP；EPW只在读者启用进阶测量分支后转为必读。 optional只有读者启用后才变为必读。先实际打开指定公开原文单元，分页读到单元结束，必要表图核原页，记录标题/版本/位置/范围与当前用途。文献目录、工具返回标题或作者先前已读记录都不能代替本次读取；runtime_reading_log从空数组开始。读取失败先找同版本正式等价原文，仍缺则说明该单元缺口，不凭摘要补讲。\n诊断任务：{\"core\": \"恢复9,636=4,379+5,257，解释3,818、294/36及1,687/1,569的各自身份。\"}。补充任务：给出对价与PPA，让读者先把非商誉净资产从完整资产负债中恢复出来。\n随后沿本包完整正文、实际输入、静态实验与题解推进一个完整任务，先让读者解释或计算再反馈；已会的基础跳过。默认迁移是换一类资源或调整明确的资本化/折损参数并解释身份；只有读者展开研究分支后才读EPW，不要求另找一个公司期间。通过尺度：不重复加研发SBC，不把累计净变动当费用；模型初始存量/流量/比例/折损/时序全部可重算。\n保持真实披露、分析计算、教学模型三种身份，参数只改变模型，不反写真实公司数据。资料不足处不要补造差额或估值。最后明确：读者已经能独立重建什么，换一份材料时还需先核哪些条件？",
"selected_branch": "core",
"required_readings_by_branch": {
"core": [
{
"source_id": "BFDE-JEP",
"title": "The Economics of Intangible Capital",
"authors": [
"Nicolas Crouzet",
"Janice C. Eberly",
"Andrea L. Eisfeldt",
"Dimitris Papanikolaou"
],
"version": "JEP 36(3), Summer2022, pp29–52; DOI10.1257/jep.36.3.29",
"access": {
"kind": "pdf_full_text",
"uri": "https://www.kellogg.northwestern.edu/faculty/crouzet/html/papers/EconIntan_published.pdf"
},
"required_unit": {
"locator": "pp29–34 / PDF1–6",
"scope": "Introduction及Characteristics单元至下一节标题",
"purpose": "区分经营无形资源与账面确认"
},
"supports": "无形资源的承载、非竞争性使用、有限排他性与过时；本篇未复现后续模型或把Figure1研究量当公司数据。",
"branch": "common"
},
{
"source_id": "BBC-C01",
"title": "Salesforce, Inc. — FY2026 Form 10-K",
"authors": [
"Salesforce, Inc."
],
"version": "FY ended 2026-01-31; comparison 2025-01-31; filed 2026-03-02",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm"
},
"required_unit": {
"locator": "Statement p58 and notes1–2; Note1 pp67–68; Note7 pp77–79; Note8 pp80–81",
"scope": "研发含SBC、初步Informatica PPA、奖励分配、无形资产/商誉滚动完整采用表注",
"purpose": "重建PPA和实际摊销"
},
"supports": "研发含SBC、初步Informatica PPA、无形资产与商誉、租赁、单经营分部、开票收款季节性。1,569累计摊销净变化与1,687费用分别列示。",
"branch": "common"
}
]
},
"required_readings_all_branches": [
{
"source_id": "BFDE-JEP",
"title": "The Economics of Intangible Capital",
"authors": [
"Nicolas Crouzet",
"Janice C. Eberly",
"Andrea L. Eisfeldt",
"Dimitris Papanikolaou"
],
"version": "JEP 36(3), Summer2022, pp29–52; DOI10.1257/jep.36.3.29",
"access": {
"kind": "pdf_full_text",
"uri": "https://www.kellogg.northwestern.edu/faculty/crouzet/html/papers/EconIntan_published.pdf"
},
"required_unit": {
"locator": "pp29–34 / PDF1–6",
"scope": "Introduction及Characteristics单元至下一节标题",
"purpose": "区分经营无形资源与账面确认"
},
"supports": "无形资源的承载、非竞争性使用、有限排他性与过时；本篇未复现后续模型或把Figure1研究量当公司数据。",
"branch": "common"
},
{
"source_id": "BBC-C01",
"title": "Salesforce, Inc. — FY2026 Form 10-K",
"authors": [
"Salesforce, Inc."
],
"version": "FY ended 2026-01-31; comparison 2025-01-31; filed 2026-03-02",
"access": {
"kind": "html_full_text",
"uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm"
},
"required_unit": {
"locator": "Statement p58 and notes1–2; Note1 pp67–68; Note7 pp77–79; Note8 pp80–81",
"scope": "研发含SBC、初步Informatica PPA、奖励分配、无形资产/商誉滚动完整采用表注",
"purpose": "重建PPA和实际摊销"
},
"supports": "研发含SBC、初步Informatica PPA、无形资产与商誉、租赁、单经营分部、开票收款季节性。1,569累计摊销净变化与1,687费用分别列示。",
"branch": "common"
}
],
"branch_selection_protocol": "网页已选分支和展开的选读优先；切换后以相应 required_readings_by_branch 的完整数组替换必读，cross/all才读取所有主分支。运行日志从空开始。",
"experiment_ids": [
"EXP-BF14-INTANGIBLE-LAYERS"
]
}
```
## Supplied entry
企业可以多年使用一套设计、软件、客户关系或组织方法，但这些资源不一定在资产负债表上以同样方式出现。自己研发、通过收购买入和事后估计“经济资本存量”，是三条不同的路径。本篇以 Salesforce 的研发与 Informatica 收购为线索，先恢复会计上实际确认的关系，再讨论怎样提出一项有条件的经济资源估计。
主读约 15–20 分钟，完成一份购买价分摊与摊销核对。无形资本测量的研究分支和参数实验可以另行展开；不需要先读完整论文才能看懂本篇的公司材料。
## 1. 先问资源怎样工作，再问它怎样入账
一套软件可以在多个地方重复部署，一种管理流程也可能被不同团队同时使用；但它们需要代码、设备、文档或人员来承载。可复制不等于收益能被企业完全占有：人员流动、模仿、更新不足和制度安排都会改变收益归属与资源寿命。JEP 2022 对无形资本的讨论，用“非竞争性使用”和“有限排他性”把这两面分开。[^bf14-jep]
这给我们一个可用的阅读框架：先写出资源、承载方式、用途和收益归属，再看报表沿哪条确认路径记录了它。经营资源、会计资产、研究者估计的资本存量，描述的不是同一个集合。费用化不等于投入必然没有未来作用；买入形成资产，也不等于这项未来作用已经被证明。
## 2. 内部研发：先恢复投入口径
Salesforce FY2026 截至 2026-01-31，研发费用为 5,993 百万美元，其中股权薪酬 1,162 已经包含在内；FY2025 两项分别为 5,493 与 1,091。研发活动涉及员工与分摊成本，这些金额能够支持“本期投入了什么”的分析。若想进一步判断形成了多少可持续能力，还需要项目产出、更新需求、留存人员、客户采用和收益证据。[^bf14-crm-fs]
先把一处常见重复去掉：5,993 不能再加 1,162 作为“全部研发投入”。同样，若把研发费用资本化作分析调整，也不能只把费用从利润表拿走；必须说明形成多少资源、以后如何耗损以及相应成本怎样重新进入期间分析。我们先看一份实际发生、并且给出了资源分类的收购。
## 3. Informatica：从购买对价到可辨认净资产与商誉
Salesforce 在 2025 年 11 月收购 Informatica。以下是 FY2026 10-K 当时披露的初步购买价分摊，并非后来的最终版本；单位均为百万美元。对价首先来自三项：[^bf14-ppa]
| 对价原行 | 金额 |
|---|---:|
| Cash／现金 | 9,538 |
| Fair value of pre-existing relationship／先前关系公允价值 | 62 |
| Fair value of equity plan assumed／承接股权计划中计入对价部分 | 36 |
| Total／总对价 | 9,636 |
现在把买来的资产和承接的负债都放回来，而不是只拿无形资产与现金对比。
| 初步购买价分摊原行 | 金额 |
|---|---|
| Cash and cash equivalents／现金及等价物 | 1,405 |
| Accounts receivable／应收 | 233 |
| Property and equipment, net／物业设备净额 | 128 |
| Operating lease right-of-use assets／使用权资产 | 27 |
| Other assets／其他资产 | 149 |
| Goodwill／商誉 | 5,257 |
| Intangible assets／可辨认无形资产 | 3,818 |
| Accounts payable, accrued expenses and other current liabilities／应付、应计及其他流动负债 | (221) |
| Unearned revenue／未实现收入 | (651) |
| Operating lease liabilities／经营租赁负债 | (30) |
| Other noncurrent liabilities／其他非流动负债 | (36) |
| Deferred tax liability／递延所得税负债 | (443) |
| Net assets acquired／含商誉的取得净资产 | 9,636 |
原表含商誉的净资产总额为 9,636。将商誉单独取出，其他已确认资产减负债为 4,379，于是 $4,379+5,257=9,636$。这里 4,379 是除商誉外的可辨认净资产，包括其他资产和负债；3,818 才是其中可辨认无形资产的总额。
| 可辨认无形资产原行 | 初步金额 | 估计寿命 |
|---|---:|---:|
| Developed technology—Cloud／云技术 | 1,350 | 7年 |
| Developed technology—Other／其他技术 | 270 | 3年 |
| Customer relationships／客户关系 | 1,840 | 10年 |
| Trade names／商号 | 79 | 4年 |
| Backlog／订单相关无形资产 | 279 | 2年 |
| Total intangible assets subject to amortization | 3,818 | — |
这些类别帮助我们问出不同的经营问题：技术需要怎样持续更新，客户关系如何维持，现有订单的服务期又有多长？寿命是用于会计分摊的估计，不是“到那一天资源价值必然归零”的预测。商誉占对价约 54.56%，它只描述这次初步分摊的结构，不能直接转成企业护城河评分。
原件还给了一个很有区分力的归属例：承接的股权奖励公允价值为 330，其中 36 初步计入收购对价，294 对应未来服务，并将在剩余服务期费用化。支付工具相似，并不代表经济归属相同。把全部 330 当购买对价，会使上面的 9,636 失去原件身份。[^bf14-ppa]
## 4. 资产净额怎样变化：摊销费用不等于累计净变动
集团 Note 8 把购入无形资产分为技术、客户关系及其他。以下为 FY2026 全部分项重排，金额百万美元。原值变动列是 `Additions and retirements, net`；累计摊销变动列是 `Expense and retirements, net`。保留这两个限定，比把列名缩成“新增”和“摊销”更重要。[^bf14-roll]
| 原分类 | 期初原值 | 增加及退除净额 | 期末原值 | 期初累计摊销正额 | 费用及退除净额正额 | 期末累计摊销正额 | 期初净额 | 期末净额 |
|---|---|---|---|---|---|---|---|---|
| Acquired developed technology／购入已开发技术 | 2,958 | 1,838 | 4,796 | 1,753 | 654 | 2,407 | 1,205 | 2,389 |
| Customer relationships／客户关系 | 6,894 | 1,765 | 8,659 | 3,820 | 820 | 4,640 | 3,074 | 4,019 |
| Other (1)／其他（商号、未开票订单、区域权利） | 331 | 353 | 684 | 182 | 95 | 277 | 149 | 407 |
| Total／合计 | 10,183 | 3,956 | 14,139 | 5,755 | 1,569 | 7,324 | 4,428 | 6,815 |
先做净额核对：原值 $10,183+3,956=14,139$；累计摊销正额 $5,755+1,569=7,324$；期末净额 $14,139-7,324=6,815$。等价地，期初净额 4,428 加原值净变动 3,956，再减累计摊销净变动 1,569，得到 6,815。
但本年实际购入无形资产摊销费用，在利润表脚注中是收入成本内 692 加销售营销费用内 995，合计 1,687；Note 8 将其概述为约 1.7 billion。1,569 所在的列把摊销与资产退除的影响净列，不能替换 1,687 当本年费用。我们已经得到一张闭合的存量桥，却仍保留了正确的期间费用。[^bf14-crm-fs][^bf14-roll]
未来摊销表按 FY2027 至 FY2031 及 thereafter 列为 1,842、1,412、1,104、710、448、1,299，合计 6,815。这是报告日现存资产对应的未来分摊，不包含以后尚未发生的收购。商誉则另走一张表：$51,283+704+5,257+697=57,941$；704 为 Regrello，5,257 为 Informatica，697 为其他收购与调整，含汇率及前期计量调整。商誉与有限寿命无形资产不共享一张机械摊销表。
## 5. 用图把三条路径分开
默认图从 9,636 对价出发，分成除商誉外净资产 4,379 与商誉 5,257，再允许展开 3,818 的五类无形资产。切换到存量视图，会看到 4,428 如何走到 6,815，以及单列的实际费用 1,687。历史数据在这两种视图里不随参数改变。
进阶：把费用流量构造成资本存量，需要什么额外假设？
Ewens、Peters、Wang 的 *Measuring Intangible Capital with Market Prices*，本篇采用的是 2024-04-05 Articles in Advance 版本。作者用退出事件价格连接历史研发和 SG&A 流量；相关设定还要处理商誉中的协同与溢付，以及退出样本选择。其 §4.1 在设定下不能同时独立识别组织资本的投入比例与折损率，于是固定后一参数来估前者；§4.2 另约束价格与存量的联系。这是参数化测量问题，不是从某年 SG&A 直接读出一个已知资产。[^bf14-epw]
我们用一个更小、完全标明身份的模型理解这一点。下面的流量不是 Salesforce 数字，也不是论文估计值。知识资本记为 $G$，组织资本记为 $S$；期初存量分别为 0。每期先折损期初存量，再把本期期末形成的投入加入：
$$G_t=(1-\delta_G)G_{t-1}+\alpha R_t$$
$$S_t=(1-\delta_S)S_{t-1}+\gamma M_t$$
$R_t$ 是研发流量，$M_t$ 是明确排除研发、避免重叠的 SG&A 流量。默认研发为 100、120、80，SG&A 每期为 60；研发形成比例 $\alpha=1$，SG&A 形成比例 $\gamma=0.3$，两种折损率都为 20%。当前投入在期末加入，因此不在本期先被折损一次。
| 教学期 | 研发流量 | SG&A流量（不含研发） | 期末G | 期末S | 合计 |
|---|---:|---:|---:|---:|---:|
| T1 | 100 | 60 | 100 | 18 | 118 |
| T2 | 120 | 60 | 200 | 32.4 | 232.4 |
| T3 | 80 | 60 | 240 | 43.92 | 283.92 |
例如 T2 的知识资本是 $100\times0.8+120=200$。把形成比例 $\gamma$ 改成 0.5 后，T3 组织资本为 73.2，总额为 313.2；差额 29.28 完全来自假设变化，不是公司新创造了这笔可观测财富。初始存量、流量、形成比例、折损和先后次序都可在实验中查看和改变。
把这套模型用于真实研究，还必须检验历史投入与实际经营能力之间的关系。全文后续估计与验证、协同调整附录不在这里复现，因此不采用论文摘要的效果量来为 Salesforce 设参数。
## 6. 完成一份资源与会计来源卡
任务。写出 Informatica 对价、可辨认无形资产、除商誉外净资产和商誉四个金额，并说明各自如何核对。再写出集团本期无形摊销费用与累计摊销净变动。
解析。对价 9,636；无形资产五项合计 3,818；除商誉外净资产 4,379；商誉 5,257，后两者合计对价。不能用 $3,818+5,257$ 代替总对价，因为还少了其他净资产。集团实际摊销为 $692+995=1,687$，累计摊销净变动为 1,569；它们分别属于期间费用与含退除影响的存量滚动。
迁移。某公司内部研发费用很高，但账面无形资产少。为研究其经营能力，你下一步做什么？
解析。先列研发项目、承载资源、持续更新、控制与收益归属的证据；然后判断费用与未来能力的联系。若另建资本存量，显式给出起始存量、形成比例、折损及验证办法，并保留原始报表。这样既不把“未入账”当“没有资源”，也不把每笔费用都变成未来资产。
[^bf14-jep]: Crouzet, Eberly, Eisfeldt, Papanikolaou (2022), *The Economics of Intangible Capital*, JEP 36(3), pp29–34，完整 “Characteristics of Intangibles as Assets”。[已发表版](https://www.kellogg.northwestern.edu/faculty/crouzet/html/papers/EconIntan_published.pdf)。只采用资源特征；不将图中估计存量当公司数据。
[^bf14-crm-fs]: Salesforce FY2026 10-K，Consolidated Statements of Operations p58 及脚注1–2，MD&A Research and Development／Sales and Marketing；Note 1 无形资产及业务合并政策 pp67–68。[SEC 原件](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)。取得日 2026-09-21；金额百万美元。
[^bf14-ppa]: 同一原件 Note 7，Informatica, Inc.，pp77–79；对价、初步购买价分摊、寿命和承接奖励分配。材料固定为 FY2026 披露，不把后续最终计量倒填回来。
[^bf14-roll]: 同一原件 Note 8，pp80–81；含全部原值、累计摊销、净额、未来摊销和商誉滚动及脚注。
[^bf14-epw]: Ewens, Peters, Wang, *Measuring Intangible Capital with Market Prices*, Management Science，Articles in Advance，2024-04-05，Introduction、§§2–4.2（pp1–7）。[作者版本](https://profsean.wang/papers/ewens-peters-wang-2025-ms.pdf)。文件名含2025，正文版本为2024；1996–2017退出样本，测量设定与选择局限按原文，不以该模型替换公司会计确认。
## Additional teaching material
## BF-14｜无形资源、研发与商誉：静态实验
输入身份 `BFDE-SHARED-20260921-v1`。公司金额为百万美元；教学设备、现金例和资本模型为教学金额；CVP 为美元。
### 固定历史数
| 身份 | 金额 |
|---|---|
| 初步PPA对价 | 9,636 |
| 非商誉净资产 | 4,379 |
| 其中可辨认无形资产 | 3,818 |
| 商誉 | 5,257 |
| 承接奖励全部公允价值 | 330 |
| 奖励计入对价 | 36 |
| 奖励对应未来服务 | 294 |
| 实际本年摊销费用 | 1,687 |
| 累计摊销净滚动 | 1,569 |
| 研发费用 | 5,993 |
| 研发内已含SBC | 1,162 |
### 条件明确的存量模型
先折损期初存量，再加期末资本化流量。G、S初始均0；研发100/120/80，剔除研发的SG&A60/60/60；alpha=1，gamma=.3；deltaG=deltaS=.2。输入为作者教学设定，不是Salesforce或论文估计参数。
#### 默认
| 期 | 期初G | 期初S | 研发投入 | SG&A投入 | 知识折损 | 组织折损 | G | S | 合计 |
|---|---|---|---|---|---|---|---|---|---|
| T1 | 0 | 0 | 100 | 18 | 0 | 0 | 100 | 18 | 118 |
| T2 | 100 | 18 | 120 | 18 | 20 | 3.6 | 200 | 32.4 | 232.4 |
| T3 | 200 | 32.4 | 80 | 18 | 40 | 6.48 | 240 | 43.92 | 283.92 |
#### 仅改gamma=.5
| 期 | 期初G | 期初S | 研发投入 | SG&A投入 | 知识折损 | 组织折损 | G | S | 合计 |
|---|---|---|---|---|---|---|---|---|---|
| T1 | 0 | 0 | 100 | 30 | 0 | 0 | 100 | 30 | 130 |
| T2 | 100 | 30 | 120 | 30 | 20 | 6 | 200 | 54 | 254 |
| T3 | 200 | 54 | 80 | 30 | 40 | 10.8 | 240 | 73.2 | 313.2 |
两条流量长度须一致，比例和折损须在[0,1]，初始存量及流量非负且有限。参数变化只影响教学模型。
## Experiment inputs and static equivalents
```json
[
{
"id": "EXP-BF14-INTANGIBLE-LAYERS",
"title": "无形资源、研发与商誉：同源实验",
"anchor": "bf14-experiment",
"description": "真实PPA/滚动只作有符号加总。教学G_t=(1-delta_r)G_(t-1)+alpha*RD_t，S_t=(1-delta_s)S_(t-1)+gamma*SGA_t；SGA剔除RD，先折损期初再加期末流。",
"inputs": {
"input_id": "BFDE-SHARED-20260921-v1",
"source": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-de/inputs.json",
"identity": "历史观察与教学设定分别标识",
"values": {
"schema_version": "BFDE-1.0",
"input_id": "BFDE-SHARED-20260921-v1",
"revised": "2026-09-21",
"historical": {
"scope": [
"BF-12",
"BF-13",
"BF-14",
"BF-18",
"BF-17",
"BF-16"
],
"retrieved_on": "2026-09-21",
"identity": "Historical financial-statement observations; teaching cases are separately labelled. Values are not stock valuation inputs.",
"costco": {
"source_id": "BF-S-COST-FY2025-PDF",
"unit": "USD million",
"periods": [
"2025-08-31",
"2024-09-01"
],
"fiscal_weeks": [
52,
52
],
"ppe": {
"locator": "FY2025 annual-report PDF printed pp42–43; PDF pp48–49",
"land": [
10323,
9447
],
"buildings_improvements": [
25508,
23727
],
"equipment_fixtures": [
13127,
12387
],
"construction_in_progress": [
1882,
1389
],
"gross": [
50840,
46950
],
"accumulated_depreciation_amortization_positive": [
18931,
17918
],
"net": [
31909,
29032
]
},
"flows": {
"locator": "Printed pp35,39; PDF pp41,45",
"net_sales": [
269912,
249625
],
"merchandise_costs": [
239886,
222358
],
"cash_ppe_additions_outflow_positive": [
5498,
4710
],
"consolidated_depreciation_amortization": [
2426,
2237
],
"capex_included_in_liabilities_supplemental_noncash": [
193,
203
],
"cashflow_inventory_adjustment": [
559,
-2068
],
"cashflow_accounts_payable_adjustment": [
404,
1938
],
"cfo": [
13335,
11339
]
},
"working_capital": {
"locator": "Printed p37 balance sheet; pp41–42 Receivables, Net; p39 cash flow",
"inventory": [
18116,
18647
],
"accounts_payable": [
19783,
19421
],
"receivables_net": [
3203,
2721
],
"deferred_membership_fees": [
2854,
2501
],
"receivables_identity": "Includes vendor, credit-card, reinsurance and tax receivables; do not use total as customer credit-sale receivables.",
"payable_days_denominator": "Merchandise costs proxy, not independently observed credit purchases."
},
"leases_2025": {
"locator": "Note5 printed pp50–51; PDF pp56–57; policy printed p43",
"operating_rou_asset": 2725,
"finance_lease_asset_net": 1488,
"finance_asset_balance_sheet_location": "Other long-term assets",
"operating_liability_current": 208,
"operating_liability_noncurrent": 2460,
"finance_liability_current": 78,
"finance_liability_noncurrent": 1401,
"operating_cost": 271,
"finance_asset_amortization": 102,
"finance_interest_expense": 63,
"variable_cost": 182,
"total_cost_reported": 618,
"cash_operating_leases": 255,
"cash_finance_interest": 58,
"cash_finance_principal": 147,
"cash_scope": "Cash paid for amounts included in measurement of lease liabilities; not total lease cash payments including variable payments.",
"new_modified_operating_rou": 294,
"new_modified_finance_rou": 131,
"remaining_term_years_operating_finance": [
20,
25
],
"payment_buckets": [
"FY2026",
"FY2027",
"FY2028",
"FY2029",
"FY2030",
"Thereafter"
],
"operating_payments": [
267,
250,
235,
204,
184,
2451
],
"operating_payments_total": 3591,
"operating_interest_deduction": 923,
"operating_liability": 2668,
"finance_payments": [
133,
132,
135,
122,
109,
1780
],
"finance_payments_total": 2411,
"finance_interest_deduction": 932,
"finance_liability": 1479,
"signed_not_commenced_payments_excluded": 1094,
"future_operating_sublease_income_not_netted": 92
}
},
"salesforce": {
"source_id": "BBC-C01",
"unit": "USD million",
"periods": [
"2026-01-31",
"2025-01-31"
],
"income": {
"locator": "Consolidated Statements of Operations p58 including notes1–2; MD&A Research and Development",
"total_revenue": [
41525,
37895
],
"rd_expense": [
5993,
5493
],
"rd_sbc_included": [
1162,
1091
],
"acquired_intangibles_amortization_cost_of_revenue": [
692,
750
],
"acquired_intangibles_amortization_sales_marketing": [
995,
901
]
},
"working_capital": {
"locator": "Balance sheet p57; Note2 Unearned Revenue p71; MD&A seasonal nature pp39–40",
"accounts_receivable_net": [
14339,
11945
],
"unearned_revenue": [
24317,
20743
],
"unearned_opening_2026": 20743,
"billings_and_other_2026": 45099,
"revenue_over_time_2026": 39041,
"revenue_point_in_time_2026": 2484,
"unearned_acquired_informatica": 651,
"identity": "Billings and other includes FX, contract assets and business combinations; neither cash receipts nor organic billings."
},
"leases_2026": {
"locator": "Note6 Leases and Other Commitments pp75–77; Note1 Leases pp67–68",
"operating_rou_asset": 2003,
"finance_lease_asset_gross": 1427,
"finance_accumulated_amortization_positive": 813,
"finance_lease_asset_net": 614,
"finance_asset_balance_sheet_location": "Property and equipment",
"operating_liability_current": 548,
"operating_liability_noncurrent": 2189,
"finance_liability_current": 275,
"finance_liability_noncurrent": 260,
"operating_cost": 614,
"finance_asset_amortization": 375,
"finance_interest_expense": 25,
"cash_operating_leases": 695,
"cash_finance_interest": 25,
"cash_finance_principal": 367,
"remaining_term_years_operating_finance": [
7,
3
],
"payment_buckets": [
"FY2027",
"FY2028",
"FY2029",
"FY2030",
"FY2031",
"Thereafter"
],
"operating_payments": [
615,
571,
493,
338,
268,
790
],
"operating_payments_total": 3075,
"operating_interest_deduction": 338,
"operating_liability": 2737,
"finance_payments": [
289,
120,
76,
58,
26,
0
],
"finance_payments_total": 569,
"finance_interest_deduction": 34,
"finance_liability": 535
},
"informatica_2025_ppa": {
"locator": "Note7 Informatica, Inc., pp77–79",
"acquisition_period": "November 2025",
"status": "Preliminary purchase-price allocation at FY2026 filing; measurement period not complete",
"consideration_components": {
"cash": 9538,
"preexisting_relationship": 62,
"assumed_equity_purchase_component": 36
},
"consideration_total": 9636,
"assets": {
"cash": 1405,
"receivables": 233,
"ppe": 128,
"operating_rou": 27,
"other_assets": 149,
"goodwill": 5257,
"identifiable_intangibles": 3818
},
"liabilities_positive": {
"payables_accruals_current": 221,
"unearned_revenue": 651,
"operating_lease_liabilities": 30,
"other_noncurrent": 36,
"deferred_tax_liability": 443
},
"intangibles": [
{
"name": "Cloud developed technology",
"amount": 1350,
"life_years": 7
},
{
"name": "Other developed technology",
"amount": 270,
"life_years": 3
},
{
"name": "Customer relationships",
"amount": 1840,
"life_years": 10
},
{
"name": "Trade names",
"amount": 79,
"life_years": 4
},
{
"name": "Backlog",
"amount": 279,
"life_years": 2
}
],
"assumed_equity_fair_value": 330,
"assumed_equity_future_service_component": 294
},
"intangible_roll": {
"locator": "Note8 pp80–81; addition/retirement columns are net movements, not gross acquisition or amortization flows",
"gross_opening": 10183,
"additions_and_retirements_net": 3956,
"gross_closing": 14139,
"accum_amortization_opening_positive": 5755,
"expense_and_retirements_net_positive": 1569,
"accum_amortization_closing_positive": 7324,
"net_opening": 4428,
"net_closing": 6815,
"goodwill_opening": 51283,
"regrello": 704,
"informatica": 5257,
"other_acquisitions_adjustments": 697,
"goodwill_closing": 57941
},
"segment_identity": "One operating segment; Note1 p63 CODM assesses consolidated net income. Product offering revenue categories are not separately reported operating segments."
},
"caterpillar": {
"source_id": "BBC-C04",
"unit": "USD million",
"periods": [
"2025-12-31",
"2024-12-31"
],
"comparative_identity": "2024 figures as retrospectively adjusted in FY2025 filing after July 1, 2025 segment changes",
"ppe": {
"locator": "Note9 p89; Note1D pp64–65",
"land": [
616,
612
],
"buildings": [
7761,
7281
],
"machinery_equipment": [
13737,
12523
],
"capitalized_software": [
1696,
1609
],
"equipment_leased_to_others": [
6004,
5701
],
"construction_in_progress": [
2092,
1751
],
"gross": [
31906,
29477
],
"accumulated_depreciation_positive": [
16766,
16116
],
"net": [
15140,
13361
],
"consolidated_depreciation": [
2093,
1983
],
"cat_financial_leased_to_others_depreciation": [
699,
722
]
},
"operating_profit_bridge": {
"locator": "MD&A p33 Consolidated Operating Profit Comparison, original chart cat-20251231_g4.jpg; Definitions pp36–38",
"opening_2024": 13072,
"drivers": {
"sales_volume_including_product_mix": 1218,
"price_realization": -817,
"manufacturing_costs": -2148,
"sga_rd": -336,
"currency": -32,
"financial_products": 49,
"restructuring": -85,
"other": 230
},
"closing_2025": 11151,
"bridge_identity": "Company historical attribution, not structural marginal profit coefficients."
},
"revenue_bridge": {
"locator": "MD&A p31 Sales and Revenues Comparison",
"opening_2024": 64809,
"drivers": {
"sales_volume": 3389,
"price_realization": -817,
"currency": 45,
"financial_products": 163
},
"closing_2025": 67589
},
"segments_2025": {
"locator": "Note23 pp115–121; external-column Financial Products footnote is integral",
"rows": [
{
"name": "Construction Industries",
"external_column": 24800,
"intersegment_column": 260,
"total_sales": 25060,
"profit": 4675
},
{
"name": "Resource Industries",
"external_column": 12185,
"intersegment_column": 289,
"total_sales": 12474,
"profit": 1988
},
{
"name": "Power & Energy",
"external_column": 27143,
"intersegment_column": 5058,
"total_sales": 32201,
"profit": 6418
},
{
"name": "Financial Products",
"external_column": 4220,
"intersegment_column": 0,
"total_sales": 4220,
"profit": 966
}
],
"financial_products_external_column_includes_group_revenue": 712,
"reportable_sales_total": 73955,
"all_other_sales": 327,
"corporate_eliminations_sales": -6693,
"consolidated_sales": 67589,
"all_other_external_column": 46,
"all_other_intersegment_column": 281,
"corporate_external_column": -805,
"corporate_intersegment_column": -5888,
"reportable_profit_total": 14047,
"profit_reconciling_items": {
"all_other": -8,
"cost_centers": -11,
"corporate_costs": -1006,
"timing": -175,
"restructuring": -445,
"inventory_method": 49,
"postretirement_benefit": 185,
"sbc": -230,
"financing_costs": -180,
"currency": -81,
"goodwill_impairment": 0,
"other_income_expense_method": -470,
"other_method": -134
},
"consolidated_pretax_profit": 11541,
"interest_expense_excluding_financial_products": 502,
"other_income": 892,
"consolidated_operating_profit": 11151
}
},
"teaching_cvp": {
"source_id": "BFDE-CVP",
"identity": "OpenStax §3.5 fictional Company A/B example; not actual company observations",
"unit": "USD",
"assumptions": "Constant prices and unit variable costs, fixed product mix, unchanged fixed costs within the relevant range; reported income here is model operating income.",
"companies": [
{
"name": "A",
"sales": 250000,
"variable_costs": 102000,
"fixed_costs": 63000,
"income": 85000
},
{
"name": "B",
"sales": 315000,
"variable_costs": 105000,
"fixed_costs": 125000,
"income": 85000
}
],
"sales_changes": [
0.1,
-0.2
]
}
},
"supplemental": {
"costco_ppe_original_labels": [
[
"land",
"Land",
"土地",
"N/A"
],
[
"buildings_improvements",
"Buildings and improvements",
"建筑及改良",
"5–50 years"
],
[
"equipment_fixtures",
"Equipment and fixtures",
"设备及装置",
"3–20 years"
],
[
"construction_in_progress",
"Construction in progress",
"在建工程",
"N/A"
],
[
"gross",
null,
"原值合计（原表该行无行名）",
null
],
[
"accumulated_depreciation_amortization_positive",
"Accumulated depreciation and amortization",
"累计折旧摊销（减项）",
null
],
[
"net",
"Property and equipment, net",
"物业及设备净额",
null
]
],
"cat_ppe_original_labels": [
[
"land",
"Land",
"土地",
"—"
],
[
"buildings",
"Buildings and land improvements",
"建筑及土地改良",
"20–45 years"
],
[
"machinery_equipment",
"Machinery, equipment and other",
"机器、设备及其他",
"2–10 years"
],
[
"capitalized_software",
"Software",
"软件",
"3–7 years"
],
[
"equipment_leased_to_others",
"Equipment leased to others",
"出租给他人的设备",
"1–7 years"
],
[
"construction_in_progress",
"Construction-in-process",
"在建工程",
"—"
],
[
"gross",
"Total property, plant and equipment, at cost",
"物业厂房设备成本合计",
null
],
[
"accumulated_depreciation_positive",
"Less: Accumulated depreciation",
"减：累计折旧",
null
],
[
"net",
"Property, plant and equipment–net",
"物业厂房设备净额",
null
]
],
"costco_receivables_exact_scope": {
"source_id": "BF-S-COST-FY2025-PDF",
"locator": "IR PDF printed pp41–42; SEC pp43–44, Receivables, Net",
"original_categories": [
"vendor",
"credit card incentive",
"reinsurance",
"third-party pharmacy",
"other receivables"
],
"explanation_zh": "其他应收主要为对政府的应收，多与税款有关。信用卡奖励应收不是顾客刷卡货款；结算期不超过四天的顾客刷卡货款另依现金政策列示。"
},
"costco_lease_2024": {
"operating_rou_asset": 2617,
"finance_lease_asset_net": 1433,
"operating_liability_current": 179,
"operating_liability_noncurrent": 2375,
"finance_liability_current": 147,
"finance_liability_noncurrent": 1351,
"total_assets": 4050,
"total_liabilities": 4052,
"operating_cost": 284,
"finance_asset_amortization": 97,
"finance_interest_expense": 58,
"variable_cost": 163,
"total_cost_reported": 602,
"cash_operating_leases": 274,
"cash_finance_interest": 58,
"cash_finance_principal": 136,
"remaining_term": [
19,
23
],
"discount_rate_percent": [
2.67,
4.59
]
},
"salesforce_lease_2025": {
"operating_rou_asset": 2157,
"operating_liability_current": 579,
"operating_liability_noncurrent": 2380,
"finance_lease_asset_gross": 1520,
"finance_accumulated_amortization_positive": 708,
"finance_lease_asset_net": 812,
"finance_liability_current": 337,
"finance_liability_noncurrent": 341,
"operating_cost": 684,
"finance_asset_amortization": 303,
"finance_interest_expense": 28,
"cash_operating_leases": 628,
"cash_finance_interest": 27,
"cash_finance_principal": 380,
"remaining_term": [
7,
3
]
},
"intangible_rows": [
{
"label_original": "Acquired developed technology",
"label_zh": "购入已开发技术",
"gross_open": 2958,
"gross_change_net": 1838,
"gross_close": 4796,
"accum_open": 1753,
"accum_change_net": 654,
"accum_close": 2407,
"net_open": 1205,
"net_close": 2389,
"remaining_years": 4.4
},
{
"label_original": "Customer relationships",
"label_zh": "客户关系",
"gross_open": 6894,
"gross_change_net": 1765,
"gross_close": 8659,
"accum_open": 3820,
"accum_change_net": 820,
"accum_close": 4640,
"net_open": 3074,
"net_close": 4019,
"remaining_years": 6.3
},
{
"label_original": "Other (1)",
"label_zh": "其他（商号、未开票订单、区域权利）",
"gross_open": 331,
"gross_change_net": 353,
"gross_close": 684,
"accum_open": 182,
"accum_change_net": 95,
"accum_close": 277,
"net_open": 149,
"net_close": 407,
"remaining_years": 2.1
}
],
"future_amortization": {
"buckets": [
"FY2027",
"FY2028",
"FY2029",
"FY2030",
"FY2031",
"Thereafter"
],
"amounts": [
1842,
1412,
1104,
710,
448,
1299
]
},
"cat_profit_rows_original": [
[
"all_other",
"Profit from All Other Segment",
"其他分部利润"
],
[
"cost_centers",
"Cost centers",
"成本中心"
],
[
"corporate_costs",
"Corporate costs",
"公司共同成本"
],
[
"timing",
"Timing",
"确认时点差异"
],
[
"restructuring",
"Restructuring costs",
"重组成本"
],
[
"inventory_method",
"Inventory/cost of sales",
"存货／销售成本计量"
],
[
"postretirement_benefit",
"Postretirement benefit income (expense)",
"退休后福利收益（费用）"
],
[
"sbc",
"Stock-based compensation expense",
"股权薪酬费用"
],
[
"financing_costs",
"Financing costs",
"融资成本"
],
[
"currency",
"Currency",
"汇率"
],
[
"goodwill_impairment",
"Goodwill impairment charge",
"商誉减值"
],
[
"other_income_expense_method",
"Other income/expense methodology differences",
"其他损益计量方法差异"
],
[
"other_method",
"Other methodology differences",
"其他方法差异"
]
],
"cat_segment_costs_2025": {
"cost_of_goods_sold": [
18393,
9018,
22474,
0
],
"sga_rd": [
1902,
1513,
3330,
829
],
"other_segment_items": [
90,
-45,
-21,
2425
]
},
"cat_segments_2024": {
"rows": [
[
"Construction Industries",
25344,
111,
25455,
6165
],
[
"Resource Industries",
12100,
371,
12471,
2538
],
[
"Power & Energy",
24088,
4766,
28854,
5736
],
[
"Financial Products Segment",
4053,
0,
4053,
932
]
],
"total_profit": 15371,
"reconciling": [
43,
-1,
-889,
133,
-359,
33,
67,
-223,
-126,
145,
0,
-740,
-81
],
"pretax": 13373,
"revenue": 64809,
"reportable_revenue": 70833,
"all_other_revenue": 344,
"corporate_revenue": -6368
},
"cat_segment_name_overrides": {
"Financial Products": "Financial Products Segment"
},
"origins": {
"costco_lease_2024": "BF-S-COST-FY2025-PDF Note5 printed pp50–51 / PDF pp56–57, reopened 2026-09-21",
"salesforce_lease_2025": "BBC-C01 Note6 pp75–77, same-session full reading",
"intangible_rows": "BBC-C01 Note8 pp80–81, same-session full reading",
"cat_segment_costs_2025": "BBC-C04 Note23 p120, same-session full reading",
"cat_segments_2024": "BBC-C04 Note23 pp118,120–121; comparatives as recast in FY2025 filing"
}
},
"teaching": {
"asset": {
"identity": "Author synthetic example, not company transactions",
"unit": "teaching currency units",
"cost": 100,
"residual": 0,
"life_months": 60,
"initial_cash": 150,
"payment": "2026-01",
"acquisition": "2026-02",
"ready": "2026-04",
"start": "2026-01",
"months": 12,
"convention": "Events at month start; same-day acquisition then ready then payment; depreciation at month end starting ready month, full months, no tax/interest/disposal, depreciation expensed in this example."
},
"intangible": {
"identity": "Author synthetic accumulation model, not EPW estimates or Salesforce valuation",
"unit": "teaching currency units",
"rd": [
100,
120,
80
],
"sga_excluding_rd": [
60,
60,
60
],
"alpha": 1,
"gamma": 0.3,
"delta_r": 0.2,
"delta_s": 0.2,
"initial_r": 0,
"initial_s": 0,
"order": "Opening stock depreciates first; eligible current investment added at each period end. R&D and SG&A inputs do not overlap."
},
"cvp_extension": {
"identity": "Author optional capacity-step variation; not OpenStax original inputs or CAT facts",
"sales_change": 0.1,
"step_enabled": false,
"threshold": 0.15,
"step_fixed_cost": 10000
},
"retail_cycle": {
"identity": "Author synthetic inventory/cash-timing example, not Costco days",
"unit": "teaching currency units and relative days",
"cost": 100,
"price": 150,
"acquire_day": 0,
"sale_day": 20,
"collect_day": 23,
"pay_day": 30,
"order": "Day start: acquire, sell, collect, pay. Same-day effects follow this explicit convention; cumulative net cash can be negative as a financing-gap measure, not an observed bank balance."
},
"subscription_cycle": {
"identity": "Author synthetic subscription funding example, not actual Salesforce contract",
"unit": "teaching currency units and relative 30-day months",
"amount": 120,
"invoice_day": 0,
"collection_day": 30,
"term_months": 12,
"monthly_cost": 6,
"month_days": 30,
"order": "Invoice and unconditional right at day0; each service month completed on day30*n; collection precedes same-day service cash cost. No refunds/tax, no costs before day30. Advances cover remaining service obligations."
}
},
"provenance": {
"lead_input_sha256": "5300ec0d05b830f8d6aa2ce72fd367beb3dc6bbfe044ff6cd28146e8beb7c68b",
"lead_input_lines": 209,
"transcription": "All supplied keys and amounts reproduced semantically; original byte hash identifies connector source, not this JSON serialization. Labels clarified in supplemental, raw observations unchanged.",
"reference_plan_sha256": "d6a351ea333643dc50af7704a7984a43fb623f24a058db74726b12c418a1494b"
}
}
},
"outputs": {
"default": {
"intangible_facts": {
"period": "FY2026 / 2026-01-31",
"unit": "USD million",
"preliminary": true,
"consideration": 9636,
"assets": 11017,
"liabilities": 1381,
"identifiable_net_assets": 4379,
"goodwill": 5257,
"identifiable_intangibles": 3818,
"goodwill_share": 0.5455583229555833,
"award_total": 330,
"award_purchase": 36,
"award_future_service": 294,
"amortization_expense": 1687,
"accumulated_amortization_net_change": 1569,
"net_open": 4428,
"gross_net_change": 3956,
"net_close": 6815,
"rd": 5993,
"included_rd_sbc": 1162,
"goodwill_roll": [
51283,
704,
5257,
697,
57941
]
},
"intangible": {
"parameters": {
"identity": "Author synthetic accumulation model, not EPW estimates or Salesforce valuation",
"unit": "teaching currency units",
"rd": [
100,
120,
80
],
"sga_excluding_rd": [
60,
60,
60
],
"alpha": 1,
"gamma": 0.3,
"delta_r": 0.2,
"delta_s": 0.2,
"initial_r": 0,
"initial_s": 0,
"order": "Opening stock depreciates first; eligible current investment added at each period end. R&D and SG&A inputs do not overlap."
},
"rows": [
{
"period": "T1",
"rd": 100,
"sga_excluding_rd": 60,
"opening_g": 0,
"opening_s": 0,
"depreciation_g": 0,
"depreciation_s": 0,
"investment_g": 100,
"investment_s": 18,
"g": 100,
"s": 18,
"total": 118
},
{
"period": "T2",
"rd": 120,
"sga_excluding_rd": 60,
"opening_g": 100,
"opening_s": 18,
"depreciation_g": 20,
"depreciation_s": 3.6,
"investment_g": 120,
"investment_s": 18,
"g": 200,
"s": 32.4,
"total": 232.4
},
{
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 32.4,
"depreciation_g": 40,
"depreciation_s": 6.48,
"investment_g": 80,
"investment_s": 18,
"g": 240,
"s": 43.92,
"total": 283.92
}
],
"ending": {
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 32.4,
"depreciation_g": 40,
"depreciation_s": 6.48,
"investment_g": 80,
"investment_s": 18,
"g": 240,
"s": 43.92,
"total": 283.92
}
},
"intangible_gamma_half": {
"parameters": {
"identity": "Author synthetic accumulation model, not EPW estimates or Salesforce valuation",
"unit": "teaching currency units",
"rd": [
100,
120,
80
],
"sga_excluding_rd": [
60,
60,
60
],
"alpha": 1,
"gamma": 0.5,
"delta_r": 0.2,
"delta_s": 0.2,
"initial_r": 0,
"initial_s": 0,
"order": "Opening stock depreciates first; eligible current investment added at each period end. R&D and SG&A inputs do not overlap."
},
"rows": [
{
"period": "T1",
"rd": 100,
"sga_excluding_rd": 60,
"opening_g": 0,
"opening_s": 0,
"depreciation_g": 0,
"depreciation_s": 0,
"investment_g": 100,
"investment_s": 30,
"g": 100,
"s": 30,
"total": 130
},
{
"period": "T2",
"rd": 120,
"sga_excluding_rd": 60,
"opening_g": 100,
"opening_s": 30,
"depreciation_g": 20,
"depreciation_s": 6,
"investment_g": 120,
"investment_s": 30,
"g": 200,
"s": 54,
"total": 254
},
{
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 54,
"depreciation_g": 40,
"depreciation_s": 10.8,
"investment_g": 80,
"investment_s": 30,
"g": 240,
"s": 73.2,
"total": 313.2
}
],
"ending": {
"period": "T3",
"rd": 80,
"sga_excluding_rd": 60,
"opening_g": 200,
"opening_s": 54,
"depreciation_g": 40,
"depreciation_s": 10.8,
"investment_g": 80,
"investment_s": 30,
"g": 240,
"s": 73.2,
"total": 313.2
}
}
},
"all_defaults_file": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-de/default-results.json"
},
"algorithm": "真实PPA/滚动只作有符号加总。教学G_t=(1-delta_r)G_(t-1)+alpha*RD_t，S_t=(1-delta_s)S_(t-1)+gamma*SGA_t；SGA剔除RD，先折损期初再加期末流。",
"boundaries": "不重复加研发SBC，不把累计净变动当费用；模型初始存量/流量/比例/折损/时序全部可重算。",
"local_url": "/notebook/labs/bf-de/interactions.html#EXP-BF14-INTANGIBLE-LAYERS",
"static_equivalent": {
"html": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-de/static.html#EXP-BF14-INTANGIBLE-LAYERS",
"markdown": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-de/static-equivalents.md"
}
}
]
```
## 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。
- [Measuring Intangible Capital with Market Prices](https://profsean.wang/papers/ewens-peters-wang-2025-ms.pdf): 退出价格连接历史研发/SG&A与资本存量；资本化比例与折损识别限制、选择/协同/溢付及价格约束。只用设置与局限，不采用摘要效果量或公司参数。
- [The Economics of Intangible Capital](https://www.kellogg.northwestern.edu/faculty/crouzet/html/papers/EconIntan_published.pdf): 无形资源的承载、非竞争性使用、有限排他性与过时；本篇未复现后续模型或把Figure1研究量当公司数据。
本批采用：信息的存储、使用中非竞争性、有限排他性及经营范围/投入之间的权衡。本文不使用不存在的§2.1编号，也不声称证明附录。
## Content relations
```json
[
{
"from": "zh-bf14",
"relation": "part_of",
"to": "business-capital",
"reason": "主要 topic 归属"
},
{
"from": "zh-bf14",
"relation": "supported_by",
"to": "BBC-C01",
"reason": "指定原文支持本篇采用范围；不扩展为整份原件已读",
"locator": [
"MD&A Seasonal Nature pp39–40; Research and Development / Sales and Marketing",
"Statements p57–58 and notes1–2",
"Note1 consolidation/Segments p63; PPE/Leases/intangibles/business combinations pp67–68",
"Note2 Unearned Revenue p71 and footnotes",
"Note5 p75; Note6 pp75–77",
"Note7 pp77–80 (main Informatica pp77–79)",
"Note8 pp80–81"
],
"scope": "研发含SBC、初步Informatica PPA、无形资产与商誉、租赁、单经营分部、开票收款季节性。1,569累计摊销净变化与1,687费用分别列示。"
},
{
"from": "zh-bf14",
"relation": "supported_by",
"to": "BFDE-JEP",
"reason": "指定原文支持本篇采用范围；不扩展为整份原件已读",
"locator": [
"Introduction and Characteristics of Intangibles as Assets, printed pp29–34, PDF pp1–6"
],
"scope": "无形资源的承载、非竞争性使用、有限排他性与过时；本篇未复现后续模型或把Figure1研究量当公司数据。"
},
{
"from": "zh-bf14",
"relation": "supported_by",
"to": "BFDE-EPW",
"reason": "指定原文支持本篇采用范围；不扩展为整份原件已读",
"locator": [
"Introduction; §§2,3,3.1,4.1,4.2, printed pp1–7"
],
"scope": "退出价格连接历史研发/SG&A与资本存量；资本化比例与折损识别限制、选择/协同/溢付及价格约束。只用设置与局限，不采用摘要效果量或公司参数。"
},
{
"from": "zh-bf14",
"relation": "illustrated_by",
"to": "CASE-BFDE-CRM-BF14-20260921",
"reason": "固定期间的教学案例，不指向动态最新研究"
},
{
"from": "zh-bf14",
"relation": "uses_method",
"to": "zh-bf12",
"reason": "局部调用资源/计量/边界关系，可在本文补齐；不是整篇硬先修"
},
{
"from": "bf14-experiment",
"relation": "illustrated_by",
"to": "EXP-BF14-INTANGIBLE-LAYERS",
"reason": "真实PPA/滚动只作有符号加总。教学G_t=(1-delta_r)G_(t-1)+alpha*RD_t，S_t=(1-delta_s)S_(t-1)+gamma*SGA_t；SGA剔除RD，先折损期初再加期末流。",
"at_section": "bf14-experiment",
"conditions": "不重复加研发SBC，不把累计净变动当费用；模型初始存量/流量/比例/折损/时序全部可重算。"
}
]
```
## Related entries
## Optional reading path
拆一份企业财报: step 7/14
区分研发、可辨认无形资产、商誉和经济资本模型。
业务可以使用共同平台；接着看报告分部如何汇回集团。
Next: [分部、合并范围与共同资源](https://ou-liu-red-sugar.github.io/zh/notebook/segments-consolidation-and-shared-resources/)