ﻧﻘﻄﻪ ﺳﺮ ﺑﻪ ﺳﺮ
ﻫﺮ ﺷﺮﮐﺘﻰ ﺩﺭ ﮔﺰﺍﺭﺵ ﺳﺎﻻﻧﻪ ﺧﻮﺩ ﻣﻰﮐﻮﺷﺪ ﺗﻐﻴﻴﺮﺍﺗﻰ ﮐﻪ ﺩﺭ ﻣﻴﺰﺍﻥ ﻓﺮﻭﺵ ﻭ ﺳﻮﺩ ﻫﺮ ﺳﻬﻢ (EPS) ﺭﺥ ﺩﺍﺩﻩ ﺍﺳﺖ ﻭ ﻧﻴﺰ ﻋﻠﺖ ﺗﻨﺎﺳﺐ ﻧﺪﺍﺷﺘﻦ ﺗﻐﻴﻴﺮ ﺳﻮﺩ ﻫﺮ ﺳﻬﻢ ﺑﺎ ﻣﻴﺰﺍﻥ ﻓﺮﻭﺵ ﺭﺍ ﻣﻮﺭﺩﺑﺤﺚ ﻗﺮﺍﺭ ﺩﻫﺪ. ﺍﺯ ﺁﻧﺠﺎ ﮐﻪ ﺳﻮﺩﺁﻭﺭﯼ ﺷﺮﮐﺖ ﯾﮑﯽ ﺍﺯ ﻣﻬﻤﺘﺮﯾﻦ ﭘﺎﺭﺍﻣﺘﺮﻫﺎﯼ ﺗﻌﯿﯿﻦ ﮐﻨﻨﺪﻩ ﺍﺭﺯﺵ ﺷﺮﮐﺖ ﺍﺳﺖ, ﻣﺪﻳﺮﺍﻥ ﻣﺎﻟﻰ ﺑﺮﺍﻯ ﻣﻄﺎﻟﻌﻪ, ﺑﺮﺭﺳﻰ ﻭ ﺗﺠﺰﯾﻪ ﻭ ﺗﺤﻠﯿﻞ ﺭﺍﺑﻄﻪ ﺑﻴﻦ ﻓﺮﻭﺵ ﻭ ﺳﻮﺩ ﺧﺎﻟﺺ ﺷﺮﮐﺖ ﻭ ﺗﺄﺛﻴﺮﻯ ﮐﻪ ﺗﻐﻴﻴﺮ ﻓﺮﻭﺵ ﺩﺭ ﺳﻮﺩ ﺧﺎﻟﺺ (ﻭ ﺑﺮﻋﮑﺲ) ﺩﺍﺭﺩ, ﺍﺯ ﺩﻭ ﺭﻭﺵ ﺷﻨﺎﺧﺘﻪﺷﺪﻩ ﺍﺳﺘﻔﺎﺩﻩ ﻣﻰﮐﻨﻨﺪ ﮐﻪ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ: ﻧﻘﻄﻪ ﺳﺮﺑﻪﺳﺮ ـ breakeven point ﻭ ﺗﺠﺰﻳﻪ ﻭ ﺗﺤﻠﻴﻞ ﺍﻫﺮﻡﻫﺎ ـ leverage analysis ﮐﻪ ﻣﻮﺿﻮﻉ ﺍﻳﻦ ﻣﺒﺤﺚ ﺍﺳﺖ.
ﺩﺭ ﺭﻭﯾﮑﺮﺩ ﻧﻘﻄﻪ ﺳﺮ ﺑﻪ ﺳﺮ ﭼﮕﻮﻧﮕﯽ ﺍﺭﺗﺒﺎﻁ ﺑﯿﻦ ﻓﺮﻭﺵ, ﻫﺰﯾﻨﻪ ﻫﺎ ﻭ ﻣﯿﺰﺍﻥ ﺳﻮﺩﺁﻭﺭﯼ ﻣﻮﺭﺩ ﺍﺭﺯﯾﺎﺑﯽ ﻗﺮﺍﺭ ﻣﯽ ﮔﯿﺮﺩ. ﺩﺭ ﺗﺠﺰﯾﻪ ﻭ ﺗﺤﻠﯿﻞ ﺍﻫﺮﻡ ﻫﺎ, ﭼﮕﻮﻧﮕﯽ ﺗﻐﯿﯿﺮ ﺩﺭ ﺳﻮﺩ ﻋﻤﻠﯿﺎﺗﯽ ﯾﺎ ﺳﻮﺩ ﺧﺎﻟﺺ ﺩﺭ ﻣﻘﺎﺑﻞ ﺗﻐﯿﯿﺮ ﺩﺭ ﻓﺮﻭﺵ ﻣﻮﺭﺩ ﻣﻄﺎﻟﻌﻪ ﻗﺮﺍﺭ ﻣﯽ ﮔﯿﺮﺩ. ﻫﻤﭽﻨﯿﻦ ﺑﺎ ﺗﺤﻠﯿﻞ ﺍﻫﺮﻡ ﻫﺎ ﻣﯽ ﺗﻮﺍﻥ ﻣﯿﺰﺍﻥ ﺭﯾﺴﮏ ﺗﺠﺎﺭﯼ ﯾﺎ ﺭﯾﺴﮏ ﻣﺎﻟﯽ ﺭﺍ ﺍﻧﺪﺍﺯﻩ ﮔﯿﺮﯼ ﮐﺮﺩ.
ﻧﺘﯿﺠﻪ ﻧﻬﺎﯾﯽ ﻋﻤﻠﮑﺮﺩ ﯾﮏ ﺷﺮﮐﺖ, ﺳﻮﺩ ﻫﺮ ﺳﻬﻢ (EPS) ﺍﺳﺖ ﮐﻪ ﺑﺮﺍﯼ ﻣﺤﺎﺳﺒﻪ ﺁﻥ ﺍﺑﺘﺪﺍ ﺳﻮﺩ ﻗﺒﻞ ﺍﺯ ﺑﻬﺮﻩ ﻭ ﻣﻼﯾﺎﺕ (EBIT) ﻣﺤﺴﺎﺑﻪ ﻣﯽ ﺷﻮﺩ, ﺳﭙﺲ ﺑﺎ ﻟﺤﺎﻅ ﮐﺮﺩﻥ ﻫﺰﯾﻨﻪ ﺑﻬﺮﻩ ﻭ ﻣﺎﻟﯿﺎﺕ ﻭ ﺳﻮﺩ ﯾﻬﺎﻡ ﻣﻤﺘﺎﺯ, ﺳﻮﺩ ﻫﺮ ﺳﻬﻢ ﻣﺤﺎﺳﺒﻪ ﻣﯽ ﮔﺮﺩﺩ. ﺩﺭ ﺍﯾﻦ ﺗﺠﺰﯾﻪ ﻭ ﺗﺤﻠﯿﻞ ﺍﺑﺘﺪﺍ ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻧﻘﻄﻪ ﺳﺮ ﺑﻪ ﺳﺮ ﻭ ﺩﺭﺟﻪ ﺍﻫﺮﻡ ﻋﻤﻠﯿﺎﺗﯽ ﻋﻮﺍﻣﻞ ﻣﺆﺛﺮ ﺑﺮ ﺗﻐﯿﯿﺮﺍﺕ ﺳﻮﺩ ﻗﺒﻞ ﺍﺯ ﺑﻬﺮﻩ ﻭ ﻣﺎﻟﯿﺎﺕ ﻣﻮﺭﺩ ﺍﺭﺯﯾﺎﺑﯽ ﻗﺮﺍﺭ ﻣﯽ ﮔﯿﺮﺩ, ﺳﭙﺲ ﻗﺴﻤﺖ ﺩﯾﮕﺮ ﺻﻮﺭﺕ ﺣﺴﺎﺏ ﺳﻮﺩ ﻭ ﺯﯾﺎﻥ ﯾﻌﻨﯽ ﻗﺴﻤﺖ ﻣﺎﻟﯽ ﺁﻥ ﮐﻪ ﭼﮕﻮﻧﮕﯽ ﺍﺭﺗﺒﺎﻁ ﺳﻮﺩ ﻫﺮ ﺳﻬﻢ ﻭ ﺳﻮﺩ ﻗﺒﻞ ﺍﺯ ﺑﻬﺮﻩ ﻭ ﻣﺎﻟﯿﺎﺕ ﺭﺍ ﺑﯿﺎﻥ ﻣﯽ ﮐﻨﺪ, ﻣﻮﺭﺩ ﺗﺠﺰﯾﻪ ﻭ ﺗﺤﻠﯿﻞ ﻗﺮﺍﺭ ﺧﻮﺍﻫﺪ ﮔﺮﻓﺖ
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