# 再投资、融资与资本配置 完整恢复真实资金来源29028与用途30701，把FX单列；从同一初始账本比较留存、偿债、设施投入和回购。 Entry: zh-bf21 | Node: BF-21 | Language: zh | Editorial revision: 2026-09-21 ## Teaching instructions 你教授BF-21《再投资、融资与资本配置》，版本2026-09-21-review-v3，面对有微积分、线性代数与基本概率基础的高年级本科至研究生。使用本包同源全文，不另造一套事实。 本篇只有core主线，不要求选择不存在的行业。先读required_readings；研究框为可选，只有启用时才补读对应optional_readings。 先实际打开每项公开URL，读完required_unit包含的正文/表/脚注；记录标题、版本、定位、得到的关键设定。runtime_reading_log初始为空，不能把编辑的阅读回执当本次已读。只有摘要、登录页或访问失败不算完成；尝试正式等价入口，仍缺则说明具体单元并停止该范围的实质讲解。 当前分支任务：{"core": "闭合Salesforce三类净现金流-1673和FX152；CFO展开须替换整体。用同一起点算四种3000用途，再以1200预算复算回购，不判断未知财富变化。"} 用一项完整真实材料任务诊断，不把四则运算拆成逐句考试。让读者先完成关系和解释，再对照同源题解反馈；已会内容直接跳过。实验的历史、分析计算和教学合同身份分开，所有默认输入来自supplied_inputs。解释必须包含原表定位、时间/单位和任务的正向完成。 最后问“读者只读完这个词条，真的能学明白吗？”用独立产出与迁移答案作检验，而不是给自评分。数字正确但混用时间、主体、税额或现金/股数时，指出具体误解并让读者修一份完整结果。不要把过程记录写进读者正文。 本篇特有边界：FX152单列；CFO展开替换而非再加；四种用途同一起点。回购需价格、股数及权益；不生成未来收益或财富优劣。 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", "node_id": "BF-21", "content_version": "2026-09-21-review-v3", "default_branch": "core", "branch_options": [ "core" ], "branch_tasks": { "core": "闭合Salesforce三类净现金流-1673和FX152；CFO展开须替换整体。用同一起点算四种3000用途，再以1200预算复算回购，不判断未知财富变化。" }, "required_readings": [ { "source_id": "BFFG-S04", "access": { "kind": "html_full_text", "uri": "https://openstax.org/books/principles-finance/pages/1-1-what-is-finance", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "§1.1 Business Finance", "scope": "所在全节；采用业务资金功能段", "purpose": "资金用途的机制" }, "supports": "资金用途的机制", "branch": "common", "required_when": "共同或所选行业主线", "title": "OpenStax Principles of Finance — What Is Finance?", "authors": [ "Julie Dahlquist", "Rainford Knight" ], "version": "2022", "retrieved_at": "2026-09-21", "id": "BF21-READ-01" }, { "source_id": "BBC-C01", "access": { "kind": "html_full_text", "uri": "https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "完整CFS pp61–62，Note7 Informatica，Note9 Debt，Note11，收入/权益/Note13", "scope": "完整现金表含零值和补充，债务到期/授信，收购对价，回购和股数", "purpose": "从资金到资源、义务和普通股" }, "supports": "从资金到资源、义务和普通股", "branch": "common", "required_when": "共同或所选行业主线", "title": "Salesforce, Inc. FY2026 Form 10-K", "authors": [ "Salesforce, Inc." ], "version": "FY ended 2026-01-31；filed 2026-03-02", "retrieved_at": "2026-09-21", "id": "BF21-READ-02" } ], "optional_readings": [ { "source_id": "BFFG-R03", "access": { "kind": "pdf_full_text", "uri": "https://rirani.web.illinois.edu/AEFIK_ShortTermLongTerm.pdf", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "§2–3、§6、§7；printed p10例及脚注", "scope": "Nov2023工作稿完整采用单元", "purpose": "阈值激励、机会成本和外推边界" }, "supports": "阈值激励、机会成本和外推边界", "branch": "research", "required_when": "所选扩展启用时", "title": "How Do Short-Term Incentives Affect Long-Term Productivity?", "authors": [ "Heitor Almeida", "Nuri Ersahin", "Vyacheslav Fos", "Rustom M. Irani", "Mathias Kronlund" ], "version": "实际全文Nov2023工作稿；最终卷期RFS39(1)(2026),114–157，online2024-10-07", "retrieved_at": "2026-09-21", "id": "BF21-READ-03", "activated_by": "research", "required_when_selected": true } ], "runtime_reading_log": [], "supplied_inputs": { "schema_version": "BFFG-1.0", "content_version": "2026-09-21-review-v3", "cutoff": "2026-09-21", "identity_policy": "historical_observation / disclosed_non_gaap / analyst_arithmetic / hypothetical_contract 分列；未获取的未来现金及收益为null。", "tables": { "sf_cash": { "id": "sf_cash", "title": "Salesforce Consolidated Statements of Cash Flows", "source_id": "BFFG-C04", "locator": "Printed pp.61–62", "periods": [ "FY2026 · 2026-01-31", "FY2025 · 2025-01-31", "FY2024 · 2024-01-31" ], "unit": "USD millions", "data_identity": "historical_observation", "rows": [ { "id": "op", "label_original": "Operating activities", "label_zh": "经营活动", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "net", "label_original": "Net income", "label_zh": "净利润", "kind": "detail", "section": "cfo", "values": [ 7457, 6197, 4136 ] }, { "id": "adjust", "label_original": "Adjustments to reconcile net income to net cash provided by operating activities", "label_zh": "由净利润调节至经营活动净现金", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "da", "label_original": "Depreciation and amortization (1)", "label_zh": "折旧和摊销（1）", "kind": "detail", "section": "cfo", "values": [ 3631, 3477, 3959 ] }, { "id": "contract_amort", "label_original": "Amortization of costs capitalized to obtain revenue contracts, net", "label_zh": "取得收入合同资本化成本的摊销净额", "kind": "detail", "section": "cfo", "values": [ 2197, 2095, 1925 ] }, { "id": "sbc", "label_original": "Stock-based compensation expense", "label_zh": "股权薪酬费用", "kind": "detail", "section": "cfo", "values": [ 3509, 3183, 2787 ] }, { "id": "strategic", "label_original": "(Gains) losses on strategic investments, net", "label_zh": "战略投资收益／损失净额的现金流调整", "kind": "detail", "section": "cfo", "values": [ -1017, 121, 277 ] }, { "id": "changes", "label_original": "Changes in assets and liabilities, net of business combinations", "label_zh": "资产负债变动，扣除企业合并影响", "kind": "heading", "section": "cfo", "values": [ null, null, null ] }, { "id": "ar", "label_original": "Accounts receivable, net", "label_zh": "应收款净额变动", "kind": "detail", "section": "cfo", "values": [ -2160, -490, -659 ] }, { "id": "contract_add", "label_original": "Costs capitalized to obtain revenue contracts, net", "label_zh": "取得收入合同的资本化成本净额变动", "kind": "detail", "section": "cfo", "values": [ -2811, -2121, -1872 ] }, { "id": "prepaid", "label_original": "Prepaid expenses and other current assets and other assets", "label_zh": "预付及其他资产变动", "kind": "detail", "section": "cfo", "values": [ 819, -1495, -843 ] }, { "id": "ap", "label_original": "Accounts payable and accrued expenses and other liabilities", "label_zh": "应付、应计费用及其他负债变动", "kind": "detail", "section": "cfo", "values": [ 1014, 1089, -478 ] }, { "id": "lease", "label_original": "Operating lease liabilities", "label_zh": "经营租赁负债变动", "kind": "detail", "section": "cfo", "values": [ -567, -548, -621 ] }, { "id": "unearned", "label_original": "Unearned revenue", "label_zh": "未赚取收入变动", "kind": "detail", "section": "cfo", "values": [ 2924, 1584, 1623 ] }, { "id": "cfo", "label_original": "Net cash provided by operating activities", "label_zh": "经营活动产生净现金", "kind": "total", "section": "cfo", "values": [ 14996, 13092, 10234 ] }, { "id": "inv", "label_original": "Investing activities", "label_zh": "投资活动", "kind": "heading", "section": "cfi", "values": [ null, null, null ] }, { "id": "acquisitions", "label_original": "Business combinations, net of cash acquired", "label_zh": "企业合并，扣取得现金", "kind": "detail", "section": "cfi", "values": [ -9268, -2734, -82 ] }, { "id": "strategic_purchases", "label_original": "Purchases of strategic investments", "label_zh": "购入战略投资", "kind": "detail", "section": "cfi", "values": [ -1958, -539, -496 ] }, { "id": "strategic_sales", "label_original": "Sales of strategic investments", "label_zh": "出售战略投资", "kind": "detail", "section": "cfi", "values": [ 184, 126, 108 ] }, { "id": "market_purchases", "label_original": "Purchases of marketable securities", "label_zh": "购入有价证券", "kind": "detail", "section": "cfi", "values": [ -3763, -6879, -3761 ] }, { "id": "market_sales", "label_original": "Sales of marketable securities", "label_zh": "出售有价证券", "kind": "detail", "section": "cfi", "values": [ 4414, 4143, 1511 ] }, { "id": "market_maturities", "label_original": "Maturities of marketable securities", "label_zh": "有价证券到期", "kind": "detail", "section": "cfi", "values": [ 2395, 3378, 2129 ] }, { "id": "capex", "label_original": "Capital expenditures", "label_zh": "资本支出", "kind": "detail", "section": "cfi", "values": [ -594, -658, -736 ] }, { "id": "cfi", "label_original": "Net cash used in investing activities", "label_zh": "投资活动使用净现金", "kind": "total", "section": "cfi", "values": [ -8590, -3163, -1327 ] }, { "id": "fin", "label_original": "Financing activities", "label_zh": "筹资活动", "kind": "heading", "section": "cff", "values": [ null, null, null ] }, { "id": "debtissue", "label_original": "Proceeds from issuance of debt, net of issuance costs", "label_zh": "发行债务所得，扣发行成本", "kind": "detail", "section": "cff", "values": [ 6000, 0, 0 ] }, { "id": "repurchases", "label_original": "Repurchases of common stock", "label_zh": "回购普通股现金", "kind": "detail", "section": "cff", "values": [ -12596, -7829, -7620 ] }, { "id": "settlementtax", "label_original": "Payments for taxes related to net share settlement of equity awards", "label_zh": "股权奖励净额结算相关税款", "kind": "detail", "section": "cff", "values": [ -351, 0, 0 ] }, { "id": "employee", "label_original": "Proceeds from employee stock plans", "label_zh": "员工股票计划所得", "kind": "detail", "section": "cff", "values": [ 1039, 1540, 1954 ] }, { "id": "financeprincipal", "label_original": "Principal payments on financing obligations", "label_zh": "融资义务本金支付", "kind": "detail", "section": "cff", "values": [ -584, -603, -629 ] }, { "id": "debtrepay", "label_original": "Repayments of debt", "label_zh": "偿还债务", "kind": "detail", "section": "cff", "values": [ 0, -1000, -1182 ] }, { "id": "dividends", "label_original": "Payments of dividends and dividend equivalents", "label_zh": "股息及股息等价支付", "kind": "detail", "section": "cff", "values": [ -1587, -1537, 0 ] }, { "id": "cff", "label_original": "Net cash used in financing activities", "label_zh": "筹资活动使用净现金", "kind": "total", "section": "cff", "values": [ -8079, -9429, -7477 ] }, { "id": "fx", "label_original": "Effect of exchange rate changes", "label_zh": "汇率变化影响", "kind": "detail", "section": "cash", "values": [ 152, -124, 26 ] }, { "id": "change", "label_original": "Net increase (decrease) in cash and cash equivalents", "label_zh": "现金及等价物净增／减", "kind": "subtotal", "section": "cash", "values": [ -1521, 376, 1456 ] }, { "id": "begin", "label_original": "Cash and cash equivalents, beginning of period", "label_zh": "期初现金及等价物", "kind": "balance", "section": "cash", "values": [ 8848, 8472, 7016 ] }, { "id": "end", "label_original": "Cash and cash equivalents, end of period", "label_zh": "期末现金及等价物", "kind": "balance", "section": "cash", "values": [ 7327, 8848, 8472 ] }, { "id": "supp", "label_original": "Supplemental cash flow disclosure", "label_zh": "补充现金流披露（不再加入合计）", "kind": "heading", "section": "supplement", "values": [ null, null, null ] }, { "id": "paidinterest", "label_original": "Cash paid for interest", "label_zh": "已付利息", "kind": "supplement", "section": "supplement", "values": [ 276, 233, 254 ] }, { "id": "paidtax", "label_original": "Cash paid for income taxes, net of tax refunds", "label_zh": "已付所得税，扣退款", "kind": "supplement", "section": "supplement", "values": [ 1282, 2061, 1027 ] } ], "notes": [ "（1）D&A含取得无形资产摊销、固定资产折旧、使用权资产摊销及减值。", "资产与负债变动按原表扣除企业合并影响，不能直接用两个期末余额替换。", "现金集合为cash and cash equivalents。补充已付利息和税款已经体现在现金流中，不重复累加。" ], "aggregation_rules": [ { "target": "cfo", "components": [ "net", "da", "contract_amort", "sbc", "strategic", "ar", "contract_add", "prepaid", "ap", "lease", "unearned" ], "operation": "signed_sum" }, { "target": "cfi", "components": [ "acquisitions", "strategic_purchases", "strategic_sales", "market_purchases", "market_sales", "market_maturities", "capex" ], "operation": "signed_sum" }, { "target": "cff", "components": [ "debtissue", "repurchases", "settlementtax", "employee", "financeprincipal", "debtrepay", "dividends" ], "operation": "signed_sum" }, { "target": "change", "components": [ "cfo", "cfi", "cff", "fx" ], "operation": "signed_sum" }, { "target": "end", "components": [ "begin", "change" ], "operation": "signed_sum" } ], "retrieved_at": "2026-09-21", "provenance": "同会话已核原表输入复用；本批仍保留原标签、比较列与脚注。" } }, "sf_finance": { "source_id": "BFFG-C04", "period": "FY2026 ended 2026-01-31", "unit": "USD million; shares in millions", "principal": 14500, "carrying": 14439, "current": 4000, "noncurrent": 10439, "maturity_labels": [ "FY2027", "FY2028", "FY2029", "FY2030", "FY2031", "Thereafter" ], "maturity_principal": [ 4000, 0, 4500, 0, 0, 6000 ], "revolver": 5000, "revolver_drawn": 0, "revolver_maturity": "October 2029", "informatica_cash": 9538, "informatica_other": [ 62, 36 ], "informatica_total": 9636, "informatica_loan_draw": 6000, "repurchases": { "cfs": 12596, "note11": 12677, "equity": 12721, "rounded_shares_m": 50, "average_price": 254.21 }, "shares": { "issued_end": 1073, "treasury_end": 144, "outstanding_end": 929, "basic_weighted": 950, "diluted_weighted": 956 }, "rd": 5993 }, "capital_teaching": { "id": "SYN-BF21-ALLOCATION", "data_identity": "hypothetical_contract", "unit": "统一教学金额单位；股数为教学股", "initial": { "cash": 3000, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 6000, "shares": 100 }, "budget": 3000, "repurchase_price": 60, "conditions": [ "同一初始状态、同一即时比较点。", "建设限已取得且符合资本化条件设施；不涵盖所有研发或内部投入。", "回购使用库存股成本法，无费用税款；0<=B<=cash，p>0，B/p ## 1. 资金用途为什么必须连到经营活动 企业面对的安排通常不止“花钱”与“不花钱”。内部建设改变未来可提供的服务能力；收购把一组已有资源、人员、客户关系和义务带入集团；偿债减少未来合同负担；分红和回购把现金交给股东，但影响的股数不同；留存保留以后选择的余地。这些安排分别涉及营运资金、长期投入和融资结构。只有把资金时间和经营目标同时写出，才有比较的起点。[^finance] 一项金额很大的回购既不能自动说明资本配置优秀，也不能自动说明没有再投资。软件研发可以作为期间费用，收购可以列在投资活动，门店建设则进入物业设备；若只看资本支出一行，就把不同资源形成渠道压成了一种。因此本篇的顺序是完整资金账→取得的资源或权利→同一初始状态下的比较。 ## 2. 先保留完整资金账：Salesforce FY2026 以下是现金流量表全部行的三年列，金额为百万美元，财年分别截至相应年份1月31日。可以先看三类小计和期初期末，再回看经营活动的展开。资产负债变动按原表扣除了企业合并影响，补充利息和税款披露已经进入相关现金流，不能再加一次。[^sfcfs]
展开完整合并现金流量表（三年列、全部主板块及补充） | 原行名称 | 中文读法 | FY2026 · 2026-01-31 | FY2025 · 2025-01-31 | FY2024 · 2024-01-31 | |---|---|---:|---:|---:| | Operating activities | 经营活动 | | | | | Net income | 净利润 | 7,457 | 6,197 | 4,136 | | Adjustments to reconcile net income to net cash provided by operating activities | 由净利润调节至经营活动净现金 | | | | | Depreciation and amortization (1) | 折旧和摊销（1） | 3,631 | 3,477 | 3,959 | | Amortization of costs capitalized to obtain revenue contracts, net | 取得收入合同资本化成本的摊销净额 | 2,197 | 2,095 | 1,925 | | Stock-based compensation expense | 股权薪酬费用 | 3,509 | 3,183 | 2,787 | | (Gains) losses on strategic investments, net | 战略投资收益／损失净额的现金流调整 | (1,017) | 121 | 277 | | Changes in assets and liabilities, net of business combinations | 资产负债变动，扣除企业合并影响 | | | | | Accounts receivable, net | 应收款净额变动 | (2,160) | (490) | (659) | | Costs capitalized to obtain revenue contracts, net | 取得收入合同的资本化成本净额变动 | (2,811) | (2,121) | (1,872) | | Prepaid expenses and other current assets and other assets | 预付及其他资产变动 | 819 | (1,495) | (843) | | Accounts payable and accrued expenses and other liabilities | 应付、应计费用及其他负债变动 | 1,014 | 1,089 | (478) | | Operating lease liabilities | 经营租赁负债变动 | (567) | (548) | (621) | | Unearned revenue | 未赚取收入变动 | 2,924 | 1,584 | 1,623 | | Net cash provided by operating activities | 经营活动产生净现金 | 14,996 | 13,092 | 10,234 | | Investing activities | 投资活动 | | | | | Business combinations, net of cash acquired | 企业合并，扣取得现金 | (9,268) | (2,734) | (82) | | Purchases of strategic investments | 购入战略投资 | (1,958) | (539) | (496) | | Sales of strategic investments | 出售战略投资 | 184 | 126 | 108 | | Purchases of marketable securities | 购入有价证券 | (3,763) | (6,879) | (3,761) | | Sales of marketable securities | 出售有价证券 | 4,414 | 4,143 | 1,511 | | Maturities of marketable securities | 有价证券到期 | 2,395 | 3,378 | 2,129 | | Capital expenditures | 资本支出 | (594) | (658) | (736) | | Net cash used in investing activities | 投资活动使用净现金 | (8,590) | (3,163) | (1,327) | | Financing activities | 筹资活动 | | | | | Proceeds from issuance of debt, net of issuance costs | 发行债务所得，扣发行成本 | 6,000 | — | — | | Repurchases of common stock | 回购普通股现金 | (12,596) | (7,829) | (7,620) | | Payments for taxes related to net share settlement of equity awards | 股权奖励净额结算相关税款 | (351) | — | — | | Proceeds from employee stock plans | 员工股票计划所得 | 1,039 | 1,540 | 1,954 | | Principal payments on financing obligations | 融资义务本金支付 | (584) | (603) | (629) | | Repayments of debt | 偿还债务 | — | (1,000) | (1,182) | | Payments of dividends and dividend equivalents | 股息及股息等价支付 | (1,587) | (1,537) | — | | Net cash used in financing activities | 筹资活动使用净现金 | (8,079) | (9,429) | (7,477) | | Effect of exchange rate changes | 汇率变化影响 | 152 | (124) | 26 | | Net increase (decrease) in cash and cash equivalents | 现金及等价物净增／减 | (1,521) | 376 | 1,456 | | Cash and cash equivalents, beginning of period | 期初现金及等价物 | 8,848 | 8,472 | 7,016 | | Cash and cash equivalents, end of period | 期末现金及等价物 | 7,327 | 8,848 | 8,472 | | Supplemental cash flow disclosure | 补充现金流披露（不再加入合计） | | | | | Cash paid for interest | 已付利息 | 276 | 233 | 254 | | Cash paid for income taxes, net of tax refunds | 已付所得税，扣退款 | 1,282 | 2,061 | 1,027 | 单位：USD millions。（1）D&A含取得无形资产摊销、固定资产折旧、使用权资产摊销及减值。 资产与负债变动按原表扣除企业合并影响，不能直接用两个期末余额替换。 现金集合为cash and cash equivalents。补充已付利息和税款已经体现在现金流中，不重复累加。
FY2026三类现金流先相加： ```text 经营 14,996 + 投资 (−8,590) + 筹资 (−8,079) = −1,673 三类净现金流 −1,673 + 汇率折算影响 152 = 现金余额净减 −1,521 期初 8,848 − 1,521 = 期末 7,327 ``` 152使美元报告现金余额增加，但它不是客户回款、投资出售所得或新增借款。我们将它放在余额折算桥上，而不列为经营或融资来源。 ### 将原表重排成来源与用途，仍保留每一行的身份 | 资金来源：原行及中文含义 | FY2026 | |---|---:| | Net cash provided by operating activities／经营现金流整体 | 14,996 | | Sales of strategic investments／战略投资出售 | 184 | | Sales of marketable securities／有价证券出售 | 4,414 | | Maturities of marketable securities／有价证券到期 | 2,395 | | Proceeds from issuance of debt, net of issuance costs／债务发行所得，扣发行费用 | 6,000 | | Proceeds from employee stock plans／员工股票计划所得 | 1,039 | | 来源合计，不含汇率折算 | 29,028 | | 资金用途：原行及中文含义 | 支出正额 | |---|---:| | Business combinations, net of cash acquired／企业合并，扣取得现金 | 9,268 | | Purchases of strategic investments／战略投资购买 | 1,958 | | Purchases of marketable securities／有价证券购买 | 3,763 | | Capital expenditures／资本支出 | 594 | | Repurchases of common stock／普通股回购 | 12,596 | | Payments for taxes related to net share settlement of equity awards／股权奖励净额结算相关税款 | 351 | | Principal payments on financing obligations／融资义务本金支付 | 584 | | Repayments of debt／债务偿还 | — | | Payments of dividends and dividend equivalents／股息及股息等价物支付 | 1,587 | | 用途合计 | 30,701 | 这是对原现金流行的分析重排，不是额外一张GAAP报表。29,028−30,701＝−1,673，再单列152才回到期末7,327。用途表将支出写成正额便于阅读；原表负号保留在上面的完整表中。[^sfcfs] ### 经营来源展开时，要替换整体而不是叠加 14,996并不是凭空产生的一块钱。它从净利润7,457出发，经过以下完整间接调整： ```text 7,457 + 3,631 + 2,197 + 3,509 − 1,017 − 2,160 − 2,811 + 819 + 1,014 − 567 + 2,924 = 14,996 ``` 其中包括折旧摊销、合同取得成本摊销、股权薪酬、投资收益调整，以及经营资产负债的变化。点击展开时，这11行替换来源表中的14,996，而不是在14,996之外再加7,457或3,509。每个分项是从利润到现金的调节，不应都重新叫作“客户付入的现金”。 ## 3. 把几笔主要用途接回资源、义务和股东 ### 企业合并取得的是业务集合，不只是资本支出 9,268为整个年度“企业合并、扣取得现金”的现金流。Note 7另列Informatica交易：现金对价9,538，加既存关系公允价值62和承接奖励中计入对价的36，共9,636。两处所研究的范围不同，不能把年度9,268整行改名成“Informatica价格”。收购材料还提供所取得技术、客户关系及其他资产负债，因而可以把资金用途接回具体业务资源。[^acquisition] 资金来源也能查到对应安排：公司于2025年11月提取4,000的364天贷款和2,000的三年贷款，用于Informatica相关融资需要。我们因此能提出真正的问题：新业务的整合、履约和现金贡献在什么时间形成，而相应融资何时到期？“收购金额大”本身不回答这两个时间是否匹配。[^debt] ### 债务表和现金流表有不同的计量职责 Note 9期末债务本金14,500，账面额14,439；流动4,000、非流动10,439。本金到期表如下，不能拿账面差额替代付款。[^debt] | 到期财年 | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 | 其后 | 合计 | |---|---:|---:|---:|---:|---:|---:|---:| | 本金 | 4,000 | — | 4,500 | — | — | 6,000 | 14,500 | 另外5,000循环授信在期末未提款，到期为2029年10月；未提款能力与已取得债务发行现金6,000也不是同一个存量。使用它要查合同条件与日期，不能一边把它算作现金，一边忽略未来融资义务。 ### 分配需要同时看现金、权益和股数 公司FY2026回购在三份材料中的金额分别为：现金流12,596、Note 11表中12,677、权益变动12,721。Note 11使用百万股取整显示约50百万股，平均价格254.21美元。这里保留各表口径，不凭数字接近把差额全归给某一种税或结算原因。[^repurchase] 期末已发行1,073百万股减库存股144百万股，得到在外929百万股；FY2026基本EPS使用950百万股加权平均，稀释EPS使用956百万股。回购改变期末股数及期间加权路径，但并不意味着可以随手用929重算全年EPS。员工股票计划所得1,039也须保留自己的现金来源身份，不能一概称为本年SBC发行。 资本配置由此不再是“回购12,596大于资本支出594，所以没有再投资”。期间研发费用5,993、企业合并和其他投入属于不同资源形成渠道，研发已进入经营利润和现金形成过程，不能在来源/用途表再简单扣一遍。要评价它们，下一条材料应是交付能力、客户采用、整合进展、现金时点与对应义务，而不是金额排名。[^rd] ## 4. 同一笔3,000，四种用途留下什么 现在离开Salesforce历史，建立一份独立教学账本。初始现金3,000、其他资产7,000、债务4,000、普通股账面权益6,000，在外100股。金额和股数都是统一教学单位。我们在同一个即时比较点处理3,000预算，无费用、无税，也没有新增经营收益。 留存不发生交易，现金相对期初变动为0。偿债支付3,000并减少同额债务。建设限于已经取得、符合资本化条件的设施：现金换成设施，不把所有研发都假定能资本化。回购另设执行价60，以库存股成本法处理；支付3,000取得50股，权益减少3,000，在外股数降到50。 | 相同初始状态后的方案 | 现金 | 其他资产 | 新设施 | 总资产A | 债务L | 普通股账面权益E | 在外股数 | |---|---:|---:|---:|---:|---:|---:|---:| | 留存 | 3,000 | 7,000 | 0 | 10,000 | 4,000 | 6,000 | 100 | | 偿债 | 0 | 7,000 | 0 | 7,000 | 1,000 | 6,000 | 100 | | 建设可资本化设施 | 0 | 7,000 | 3,000 | 10,000 | 4,000 | 6,000 | 100 | | 以60回购 | 0 | 7,000 | 0 | 7,000 | 4,000 | 3,000 | 50 | 四行都满足A＝L＋E。回购取得的本公司股票不是表内新增经营资产；在本设定中它以库存股成本减少权益。支付给退出股东的现金也不能被遗漏，然后只凭留下股份的数量或每股账面值判断原股东财富。 这张表只回答即时账面状态。设施是否值得建，需要产能、需求、成本和投用时间；还债是否优于留现，需要利息与未来资金需求；回购价格是否合适，需要另一套经营与定价分析。我们没有为这些未知项偷偷设置收益率，所以图里也不产生“最优方案”。
实验先显示真实资金账，再切到教学账本。改预算时所有方案从相同期初重新计算；改回购价时只改变教学回购股数，不能用它重写Salesforce真实50百万股或现金支出。 ## 5. 两个完整任务 任务一：从真实资金表复算期末现金。写清为什么152不能列为融资来源，以及为什么展开CFO后不能把14,996与11行调节同时相加。 任务二：将教学企业的“全部回购”方案换成“全部还债”。比较同一时点的现金、债务、权益和在外股数。再只用1,200预算、回购价60，复算回购状态。
展开完整解析 真实来源29,028减用途30,701得到−1,673；加汇率影响152，现金变化−1,521；8,848−1,521＝7,327。152是美元报告余额折算贡献，不是新增融资现金。11行间接调节已经合计为14,996；展开只是说明整体怎样组成，同时保留两者会重复计算。 全额回购与全额还债都用3,000，所以期末现金都是0。回购后债务4,000、权益3,000、在外50股；还债后债务1,000、权益6,000、在外100股。资产同为7,000，右侧只是不同权利人的余额不同。两状态不能由账面变化直接排出股东财富优劣。 预算1,200回购：取得1,200÷60＝20股；现金1,800，其他资产7,000，总资产8,800；债务4,000，权益4,800，在外80股，仍有8,800＝4,000＋4,800。被回购股东收到1,200现金，不能在讨论原股东整体所得时将它忽略。
研究选读：为什么EPS提高也要看放弃的用途 Almeida等人的公开稿（2023-11；后发表于RFS 39(1)，2026）研究1988–2013美国制造业在回购前EPS惊喜阈值附近的激励差异，不是只把“实际回购者”抽出来比较。解释其结果需要阈值附近没有其他直接影响结果的政策跳变；结论不能直接移植到Salesforce或所有回购。[^almeida] 论文的独立教学例还能让我们检查一个细节：若季度利润2,990百万美元、股数1,000百万股，以60美元花600百万美元回购，则减少10百万股。假定期初回购、原现金年息5%、税率30%，本季少赚税后利息600×5%÷4×70%＝5.25百万美元。新EPS为(2,990−5.25)÷(1,000−10)＝3.01490，取整3.01。提高EPS的同时，总利润反而少了5.25。这个例子不是投资建议，而是在教我们把被放弃的用途也写进比较。[^almeida]
[^finance]: OpenStax，Dahlquist与Knight，Principles of Finance（2022），[§1.1 What Is Finance?](https://openstax.org/books/principles-finance/pages/1-1-what-is-finance)，business finance的营运资金、长期投资和融资结构框架。 [^sfcfs]: [Salesforce FY2026 Form 10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Consolidated Statements of Cash Flows，印刷pp61–62，完整年度列与D&A脚注及补充利息/税款；2026-01-31年结，百万美元。 [^acquisition]: 同份[10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Note 7 Informatica对价单元。9,538现金、62既存关系、36奖励对价与年度合并净现金行分开。 [^debt]: 同份[10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Note 9 Debt，完整债务、到期、Revolving Credit Facility及2025年11月融资单元。 [^repurchase]: 同份[10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Note 11 Share Repurchase Program、权益变动表、Note 13 EPS及现金流量表；金额/期末股数/加权股数各自保留。 [^rd]: 同份[10-K](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/crm-20260131.htm)，Consolidated Statements of Operations，FY2026 Research and development 5,993；费用包含自身股权薪酬组成。 [^almeida]: Almeida、Ersahin、Fos、Irani、Kronlund，[How Do Short-Term Incentives Affect Long-Term Productivity?，2023-11公开稿](https://rirani.web.illinois.edu/AEFIK_ShortTermLongTerm.pdf)，§2含印刷p10教学例及脚注、§3数据、§6稳健性与§7结论；最终卷期RFS 39(1)（2026），114–157，DOI 10.1093/rfs/hhae064。此处未复现保密样本或声称读到最终版全文。 ## Additional teaching material ## 资金用途：真实账与教学账 真实资金来源29,028，用途30,701，三类净现金流−1,673，汇率折算＋152，期初8,848到期末7,327。零值Repayments of debt仍为0。 完整CFO（展开时替换14,996）： | 原行 | 金额 | |---|---| | Net income | 7457 | | Depreciation and amortization (1) | 3631 | | Amortization of costs capitalized to obtain revenue contracts, net | 2197 | | Stock-based compensation expense | 3509 | | (Gains) losses on strategic investments, net | -1017 | | Accounts receivable, net | -2160 | | Costs capitalized to obtain revenue contracts, net | -2811 | | Prepaid expenses and other current assets and other assets | 819 | | Accounts payable and accrued expenses and other liabilities | 1014 | | Operating lease liabilities | -567 | | Unearned revenue | 2924 | 统一教学账本：现金3000、其他资产7000、债务4000、权益6000、在外100股，预算3000；回购价60，无费用税。 | 方案 | 现金 | 设施 | 总资产 | 债务 | 权益 | 在外股数 | A−L−E | |---|---|---|---|---|---|---|---| | retain | 3000 | 0 | 10000 | 4000 | 6000 | 100 | 0 | | repay | 0 | 0 | 7000 | 1000 | 6000 | 100 | 0 | | build | 0 | 3000 | 10000 | 4000 | 6000 | 100 | 0 | | repurchase | 0 | 0 | 7000 | 4000 | 3000 | 50 | 0 | 留存变化为0；建设仅限已取得、符合资本化条件的设施。回购不生成经营资产。未来收益与财富变化均未设定。 Almeida公开稿的独立教学例：600÷60＝10百万股；放弃季度税后利息600×5%×(1−30%)×1/4＝5.25；(2990−5.25)÷990＝3.0148989899。该例不是公司历史交易。 ## Experiment inputs and static equivalents ```json [ { "id": "EXP-BF21-SOURCES-USES", "title": "资金账与同一初始状态", "anchor": "bf21-allocation", "description": "来源/用途/FX三层；四种同初始账本安排。", "inputs": { "provided_by": "agent_packet.supplied_inputs", "selection": "agent_packet.selected_branch", "pointer_contract": "agent_packet.input_projection", "complete_frozen_input_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/bf-fg/inputs.json", "scope": "实际输入已在同一教学包中提供一次；当前 experiment 通过上述绑定复用，不复制第二份表格。" }, "algorithm": "cash按原现金行分组；allocate从相同初始账本执行指定用途。", "boundaries": "CFO展开替换；FX非流入；资本化设施已取得；0<=预算<=现金、回购价>0、回购股数<在外股数。", "outputs": { "historical": { "identity": "reported_cash_rows_regrouped", "sources": [ { "id": "cfo", "label_original": "Net cash provided by operating activities", "label_zh": "经营现金流整体", "value": 14996, "section": "cfo" }, { "id": "strategic_sales", "label_original": "Sales of strategic investments", "label_zh": "出售战略投资", "value": 184, "section": "cfi" }, { "id": "market_sales", "label_original": "Sales of marketable securities", "label_zh": "出售有价证券", "value": 4414, "section": "cfi" }, { "id": "market_maturities", "label_original": "Maturities of marketable securities", "label_zh": "有价证券到期", "value": 2395, "section": "cfi" }, { "id": "debtissue", "label_original": "Proceeds from issuance of debt, net of issuance costs", "label_zh": "发行债务所得，扣发行成本", "value": 6000, "section": "cff" }, { "id": "employee", "label_original": "Proceeds from employee stock plans", "label_zh": "员工股票计划所得", "value": 1039, "section": "cff" } ], "uses": [ { "id": "acquisitions", "label_original": "Business combinations, net of cash acquired", "label_zh": "企业合并，扣取得现金", "value": -9268, "section": "cfi" }, { "id": "strategic_purchases", "label_original": "Purchases of strategic investments", "label_zh": "购入战略投资", "value": -1958, "section": "cfi" }, { "id": "market_purchases", "label_original": "Purchases of marketable securities", "label_zh": "购入有价证券", "value": -3763, "section": "cfi" }, { "id": "capex", "label_original": "Capital expenditures", "label_zh": "资本支出", "value": -594, "section": "cfi" }, { "id": "repurchases", "label_original": "Repurchases of common stock", "label_zh": "回购普通股现金", "value": -12596, "section": "cff" }, { "id": "settlementtax", "label_original": "Payments for taxes related to net share settlement of equity awards", "label_zh": "股权奖励净额结算相关税款", "value": -351, "section": "cff" }, { "id": "financeprincipal", "label_original": "Principal payments on financing obligations", "label_zh": "融资义务本金支付", "value": -584, "section": "cff" }, { "id": "dividends", "label_original": "Payments of dividends and dividend equivalents", "label_zh": "股息及股息等价支付", "value": -1587, "section": "cff" } ], "zero": [ { "id": "debtrepay", "label_original": "Repayments of debt", "label_zh": "偿还债务", "value": 0, "section": "cff" } ], "sources_total": 29028, "uses_total": 30701, "cfo": 14996, "cfi": -8590, "cff": -8079, "net_three_activities": -1673, "fx_separate": 152, "change": -1521, "begin": 8848, "end": 7327, "operating_explanation": [ { "id": "net", "label_original": "Net income", "label_zh": "净利润", "value": 7457 }, { "id": "da", "label_original": "Depreciation and amortization (1)", "label_zh": "折旧和摊销（1）", "value": 3631 }, { "id": "contract_amort", "label_original": "Amortization of costs capitalized to obtain revenue contracts, net", "label_zh": "取得收入合同资本化成本的摊销净额", "value": 2197 }, { "id": "sbc", "label_original": "Stock-based compensation expense", "label_zh": "股权薪酬费用", "value": 3509 }, { "id": "strategic", "label_original": "(Gains) losses on strategic investments, net", "label_zh": "战略投资收益／损失净额的现金流调整", "value": -1017 }, { "id": "ar", "label_original": "Accounts receivable, net", "label_zh": "应收款净额变动", "value": -2160 }, { "id": "contract_add", "label_original": "Costs capitalized to obtain revenue contracts, net", "label_zh": "取得收入合同的资本化成本净额变动", "value": -2811 }, { "id": "prepaid", "label_original": "Prepaid expenses and other current assets and other assets", "label_zh": "预付及其他资产变动", "value": 819 }, { "id": "ap", "label_original": "Accounts payable and accrued expenses and other liabilities", "label_zh": "应付、应计费用及其他负债变动", "value": 1014 }, { "id": "lease", "label_original": "Operating lease liabilities", "label_zh": "经营租赁负债变动", "value": -567 }, { "id": "unearned", "label_original": "Unearned revenue", "label_zh": "未赚取收入变动", "value": 2924 } ], "operating_explanation_sum": 14996, "note": "CFO展开替换整体；来源29028不含FX，补充现金披露不再累计。" }, "allocation": [ { "identity": "hypothetical_instant_book_state", "action": "retain", "budget": 3000, "price": 60, "initial": { "cash": 3000, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 6000, "shares": 100 }, "state": { "cash": 3000, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 6000, "shares": 100 }, "assets": 10000, "liabilities_plus_equity": 10000, "accounting_gap": 0, "delta": { "cash": 0, "other_assets": 0, "facility": 0, "debt": 0, "equity": 0, "shares": 0 }, "shares_bought": 0, "future_return": null, "wealth_change": null }, { "identity": "hypothetical_instant_book_state", "action": "repay", "budget": 3000, "price": 60, "initial": { "cash": 3000, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 6000, "shares": 100 }, "state": { "cash": 0, "other_assets": 7000, "facility": 0, "debt": 1000, "equity": 6000, "shares": 100 }, "assets": 7000, "liabilities_plus_equity": 7000, "accounting_gap": 0, "delta": { "cash": -3000, "other_assets": 0, "facility": 0, "debt": -3000, "equity": 0, "shares": 0 }, "shares_bought": 0, "future_return": null, "wealth_change": null }, { "identity": "hypothetical_instant_book_state", "action": "build", "budget": 3000, "price": 60, "initial": { "cash": 3000, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 6000, "shares": 100 }, "state": { "cash": 0, "other_assets": 7000, "facility": 3000, "debt": 4000, "equity": 6000, "shares": 100 }, "assets": 10000, "liabilities_plus_equity": 10000, "accounting_gap": 0, "delta": { "cash": -3000, "other_assets": 0, "facility": 3000, "debt": 0, "equity": 0, "shares": 0 }, "shares_bought": 0, "future_return": null, "wealth_change": null }, { "identity": "hypothetical_instant_book_state", "action": "repurchase", "budget": 3000, "price": 60, "initial": { "cash": 3000, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 6000, "shares": 100 }, "state": { "cash": 0, "other_assets": 7000, "facility": 0, "debt": 4000, "equity": 3000, "shares": 50 }, "assets": 7000, "liabilities_plus_equity": 7000, "accounting_gap": 0, "delta": { "cash": -3000, "other_assets": 0, "facility": 0, "debt": 0, "equity": -3000, "shares": -50 }, "shares_bought": 50, "future_return": null, "wealth_change": null } ], "paper_example": { "identity": "published_teaching_example_not_company_data", "shares_bought": 10, "forgone_interest": 5.25, "eps": 3.01489898989899 } }, "static_equivalent": "## 资金用途：真实账与教学账\n\n真实资金来源29,028，用途30,701，三类净现金流−1,673，汇率折算＋152，期初8,848到期末7,327。零值Repayments of debt仍为0。\n\n完整CFO（展开时替换14,996）：\n\n| 原行 | 金额 |\n|---|---|\n| Net income | 7457 |\n| Depreciation and amortization (1) | 3631 |\n| Amortization of costs capitalized to obtain revenue contracts, net | 2197 |\n| Stock-based compensation expense | 3509 |\n| (Gains) losses on strategic investments, net | -1017 |\n| Accounts receivable, net | -2160 |\n| Costs capitalized to obtain revenue contracts, net | -2811 |\n| Prepaid expenses and other current assets and other assets | 819 |\n| Accounts payable and accrued expenses and other liabilities | 1014 |\n| Operating lease liabilities | -567 |\n| Unearned revenue | 2924 |\n\n统一教学账本：现金3000、其他资产7000、债务4000、权益6000、在外100股，预算3000；回购价60，无费用税。\n\n| 方案 | 现金 | 设施 | 总资产 | 债务 | 权益 | 在外股数 | A−L−E |\n|---|---|---|---|---|---|---|---|\n| retain | 3000 | 0 | 10000 | 4000 | 6000 | 100 | 0 |\n| repay | 0 | 0 | 7000 | 1000 | 6000 | 100 | 0 |\n| build | 0 | 3000 | 10000 | 4000 | 6000 | 100 | 0 |\n| repurchase | 0 | 0 | 7000 | 4000 | 3000 | 50 | 0 |\n\n留存变化为0；建设仅限已取得、符合资本化条件的设施。回购不生成经营资产。未来收益与财富变化均未设定。\n\nAlmeida公开稿的独立教学例：600÷60＝10百万股；放弃季度税后利息600×5%×(1−30%)×1/4＝5.25；(2990−5.25)÷990＝3.0148989899。该例不是公司历史交易。\n", "source_id_aliases": { "BFFG-C01": "BF-S-COST-FY2025-SEC", "BFFG-C02": "BF-S-JPM-FY2025", "BFFG-C04": "BBC-C01", "BFFG-C06": "EIBC-S04", "BFFG-S05": "BF-S-SEC-GUIDE" }, "local_url": "/notebook/labs/bf-fg/interactions.html?experiment=EXP-BF21-SOURCES-USES" } ] ``` ## 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。 - [How Do Short-Term Incentives Affect Long-Term Productivity?](https://rirani.web.illinois.edu/AEFIK_ShortTermLongTerm.pdf): 1988–2013制造业阈值激励设计及机会成本例；不按实际回购行为筛选，不外推所有回购。 - [OpenStax Principles of Finance — What Is Finance?](https://openstax.org/books/principles-finance/pages/1-1-what-is-finance): 稳定教学结构，不代替具体公司合同、会计范围或统一安全阈值。 ## Content relations ```json [ { "from": "zh-bf21", "relation": "part_of", "to": "business-capital", "reason": "主要 topic 归属" }, { "from": "zh-bf21", "relation": "illustrated_by", "to": "bf21-cfs", "reason": "同一正文中的具名期间案例" }, { "from": "bf21-cfs", "relation": "supported_by", "to": "BBC-C01", "reason": "原表支持本例", "locator": [ "Statements pp57–62", "Note 7 Informatica", "Note 9 Debt (pp82–83)", "Note 11 Share Repurchase Program p85", "Note 13 EPS" ], "scope": "2026-01-31材料" }, { "from": "bf21-structure", "relation": "supported_by", "to": "BFFG-S04", "reason": "稳定教学结构，不代替具体公司合同、会计范围或统一安全阈值。", "locator": [ "§1.1 全节，采用Business Finance部分" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf21-structure" }, { "from": "bf21-sources-uses", "relation": "supported_by", "to": "BBC-C01", "reason": "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。", "locator": [ "Statements pp57–62", "Note 7 Informatica", "Note 9 Debt (pp82–83)", "Note 11 Share Repurchase Program p85", "Note 13 EPS" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf21-sources-uses" }, { "from": "bf21-research", "relation": "supported_by", "to": "BFFG-R03", "reason": "1988–2013制造业阈值激励设计及机会成本例；不按实际回购行为筛选，不外推所有回购。", "locator": [ "§2 strategy及printed p10例和脚注", "§3 data", "§6 robustness", "§7 conclusion" ], "scope": "仅正文/所选扩展实际使用范围", "at_section": "bf21-research" }, { "from": "bf21-cfs", "relation": "uses_method", "to": "zh-bf07", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf21-cfs" }, { "from": "bf21-resources", "relation": "uses_method", "to": "zh-bf12", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf21-resources" }, { "from": "bf21-resources", "relation": "uses_method", "to": "zh-bf19", "reason": "调用已说明的局部读表能力，可就地补充，不锁整篇先修", "at_section": "bf21-resources" }, { "from": "bf21-allocation", "relation": "illustrated_by", "to": "EXP-BF21-SOURCES-USES", "at_section": "bf21-allocation", "reason": "来源/用途/FX三层；四种同初始账本安排。", "conditions": "CFO展开替换；FX非流入；资本化设施已取得；0<=预算<=现金、回购价>0、回购股数<在外股数。" } ] ``` ## Related entries ## Optional reading path 拆一份企业财报: step 13/14 从真实现金流恢复来源与用途，再比较同一初始账本的四种安排。 最后换成自己的分析页，把原表、推导和竞争解释交给另一个读者。 Next: [企业财报综合带读与迁移练习](https://ou-liu-red-sugar.github.io/zh/notebook/integrated-company-financial-analysis/)