企业经营与财务分析 / BF-14

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。

15–20分钟（共同部分＋所选分支；选读另计）编辑 2026-09-21

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。¹

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。²

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：³

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。³

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。⁴

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。²⁴

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。⁵

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。

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。只采用资源特征；不将图中估计存量当公司数据。 ↩︎
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。取得日 2026-09-21；金额百万美元。 ↩︎ ↩︎
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。 ↩︎ ↩︎
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。 ↩︎ ↩︎
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。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。 ↩︎

动手试一试

无形资源、研发与商誉

单独打开实验 ↗查看正文中的输入与静态结果

这篇词条与哪些内容相连

图中汇集本篇及其段落的直接关系，具体使用位置见下方列表。箭头按关系名称阅读。例如“需要先修”指向需要掌握的内容；推荐阅读顺序另见本领域路线。

逐条查看关系与依据

无形资源、研发与商誉— 属于 →业务、资源与资本
主要 topic 归属
无形资源、研发与商誉— 依据来源 →Salesforce, Inc. FY2026 Form 10-K
指定原文支持本篇采用范围；不扩展为整份原件已读
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。
无形资源、研发与商誉— 依据来源 →The Economics of Intangible Capital
指定原文支持本篇采用范围；不扩展为整份原件已读
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。
无形资源、研发与商誉— 依据来源 →Measuring Intangible Capital with Market Prices
指定原文支持本篇采用范围；不扩展为整份原件已读
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。
无形资源、研发与商誉— 由实例讲解 →CRM · FY2026 / 2026-01-31; November2025 preliminary PPA · BF-14
固定期间的教学案例，不指向动态最新研究
无形资源、研发与商誉— 调用方法 →资本开支、在建工程与折旧
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
5. 用图把三条路径分开— 由实例讲解 →无形资源、研发与商誉：同源实验
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。
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。
使用位置：bf14-experiment
分部、合并范围与共同资源— 调用方法 →无形资源、研发与商誉
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

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# 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"
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      "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",
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  ],
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    "input_id": "BFDE-SHARED-20260921-v1",
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      "scope": [
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        "BF-13",
        "BF-14",
        "BF-18",
        "BF-17",
        "BF-16"
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      "retrieved_on": "2026-09-21",
      "identity": "Historical financial-statement observations; teaching cases are separately labelled. Values are not stock valuation inputs.",
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        "source_id": "BF-S-COST-FY2025-PDF",
        "unit": "USD million",
        "periods": [
          "2025-08-31",
          "2024-09-01"
        ],
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          52,
          52
        ],
        "ppe": {
          "locator": "FY2025 annual-report PDF printed pp42–43; PDF pp48–49",
          "land": [
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            9447
          ],
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            25508,
            23727
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            13127,
            12387
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            1389
          ],
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            50840,
            46950
          ],
          "accumulated_depreciation_amortization_positive": [
            18931,
            17918
          ],
          "net": [
            31909,
            29032
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        },
        "flows": {
          "locator": "Printed pp35,39; PDF pp41,45",
          "net_sales": [
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            249625
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          "merchandise_costs": [
            239886,
            222358
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          "cash_ppe_additions_outflow_positive": [
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            4710
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          "consolidated_depreciation_amortization": [
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            2237
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            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
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          "receivables_net": [
            3203,
            2721
          ],
          "deferred_membership_fees": [
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            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,
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          "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,
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            25
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          "payment_buckets": [
            "FY2026",
            "FY2027",
            "FY2028",
            "FY2029",
            "FY2030",
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          "operating_payments": [
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            250,
            235,
            204,
            184,
            2451
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          "operating_interest_deduction": 923,
          "operating_liability": 2668,
          "finance_payments": [
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            132,
            135,
            122,
            109,
            1780
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          "finance_payments_total": 2411,
          "finance_interest_deduction": 932,
          "finance_liability": 1479,
          "signed_not_commenced_payments_excluded": 1094,
          "future_operating_sublease_income_not_netted": 92
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      },
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        "periods": [
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          "2025-01-31"
        ],
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          "locator": "Consolidated Statements of Operations p58 including notes1–2; MD&A Research and Development",
          "total_revenue": [
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            37895
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            5493
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            1091
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          "acquired_intangibles_amortization_cost_of_revenue": [
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            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": [
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            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": [
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            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,
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            "receivables": 233,
            "ppe": 128,
            "operating_rou": 27,
            "other_assets": 149,
            "goodwill": 5257,
            "identifiable_intangibles": 3818
          },
          "liabilities_positive": {
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            "unearned_revenue": 651,
            "operating_lease_liabilities": 30,
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            "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,
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          "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": [
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          "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": [
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            1609
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          "equipment_leased_to_others": [
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            5701
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          "construction_in_progress": [
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            1751
          ],
          "gross": [
            31906,
            29477
          ],
          "accumulated_depreciation_positive": [
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            16116
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          "net": [
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          "consolidated_depreciation": [
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            1983
          ],
          "cat_financial_leased_to_others_depreciation": [
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            722
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        },
        "operating_profit_bridge": {
          "locator": "MD&A p33 Consolidated Operating Profit Comparison, original chart cat-20251231_g4.jpg; Definitions pp36–38",
          "opening_2024": 13072,
          "drivers": {
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            "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",
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              "intersegment_column": 0,
              "total_sales": 4220,
              "profit": 966
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          ],
          "financial_products_external_column_includes_group_revenue": 712,
          "reportable_sales_total": 73955,
          "all_other_sales": 327,
          "corporate_eliminations_sales": -6693,
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          "all_other_intersegment_column": 281,
          "corporate_external_column": -805,
          "corporate_intersegment_column": -5888,
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            "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",
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            "fixed_costs": 125000,
            "income": 85000
          }
        ],
        "sales_changes": [
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          -0.2
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      }
    },
    "supplemental": {
      "costco_ppe_original_labels": [
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          "Land",
          "土地",
          "N/A"
        ],
        [
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          "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
        ],
        [
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          "Property and equipment, net",
          "物业及设备净额",
          null
        ]
      ],
      "cat_ppe_original_labels": [
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          "—"
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        [
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          "建筑及土地改良",
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        [
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        [
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          "Construction-in-process",
          "在建工程",
          "—"
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        [
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          "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",
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          "credit card incentive",
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          "third-party pharmacy",
          "other receivables"
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        "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": {
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          3
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      },
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        },
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          "gross_close": 684,
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          "accum_change_net": 95,
          "accum_close": 277,
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          "FY2028",
          "FY2029",
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          "FY2031",
          "Thereafter"
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      },
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        [
          "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。

<a id="bf14-economic-resource"></a>
## 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。<strong>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。</strong>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。

<a id="bf14-rd"></a>
## 2. 内部研发：先恢复投入口径

<a id="CASE-BFDE-CRM-BF14-20260921"></a>
<a id="bf14-ppa"></a>
## 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<strong>初步购买价分摊</strong>，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<strong>除商誉外的可辨认净资产</strong>，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 | — |

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]

<a id="bf14-intangible-roll"></a>
## 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 <strong>1,687</strong>；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。

<a id="bf14-experiment"></a>
## 5. 用图把三条路径分开

<a id="bf14-research"></a>
<details data-agent-option="epw">
<summary>进阶：把费用流量构造成资本存量，需要什么额外假设？</summary>

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<strong>不是 Salesforce 数字，也不是论文估计值</strong>。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。

</details>

<a id="bf14-exercise"></a>
## 6. 完成一份资源与会计来源卡

<strong>任务。</strong>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。

<strong>解析。</strong>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。

<strong>迁移。</strong>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？

<strong>解析。</strong>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
<a id="EXP-BF14-INTANGIBLE-LAYERS"></a>
## 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
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    "locator": [
      "MD&A Seasonal Nature pp39–40; Research and Development / Sales and Marketing",
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      "Note2 Unearned Revenue p71 and footnotes",
      "Note5 p75; Note6 pp75–77",
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      "Note8 pp80–81"
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    "relation": "illustrated_by",
    "to": "EXP-BF14-INTANGIBLE-LAYERS",
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```

## 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/)

READ TOGETHER

一起读，也一起把问题说清楚。

关于整篇的想法留在这里；某个推导、算例或表格的问题，可以点小节旁的“章说”，在原处展开讨论。

使用 GitHub 账号参与

对象	期限／时点	币种和权利	抵押或履约安排	先看哪种报价
国库券bill	本例91天，定日到期	美元面值债权	到期按约付面值	每100面值价格、年化贴现率
repo	本例设施为隔夜	先交换现金与证券，约定反向交易

起点（终点均为 2025-12）	月数	月均收益	样本标准差	损失 VaR95	损失 ES95
1990-01	432	1.3886%	7.2883%	10.68%	16.0582%
2000-01	312	1.0356%	7.5239%	11.62%	17.3815%
2010-01	192	1.7414%	5.7

重抽设计	模拟 SE（百分点/月）	精确条件重抽 SE（百分点/月）	percentile 95% 均值区间（%/月）
iid	0.3529	0.3503	[0.6979, 2.0693]
非循环 MBB，$\ell=3$	0.3565	0.3548	[0.6828, 2.0742]
非循环 MBB，$\ell=6$	0.3699	0.3611	[0.6649,

Terminal price	Payoff	Premium paid	Profit
90	0	8	−8
100	0	8	−8
105	5	8	−3
108	8	8	0
120	20	8	12

到期价格	到期收益	减去已付权利金	净盈亏
90	0	8	−8
100	0	8	−8
105	5	8	−3
108	8	8	0
120	20	8	12

1. 先问资源怎样工作，再问它怎样入账

2. 内部研发：先恢复投入口径

3. Informatica：从购买对价到可辨认净资产与商誉

4. 资产净额怎样变化：摊销费用不等于累计净变动

5. 用图把三条路径分开

6. 完成一份资源与会计来源卡

动手试一试

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