多品种动态盈亏平衡分析的应用及其评价 Application of multi-product dynamic break-even analysis and its evaluation
仍以前面计算静态保本点的实例为例，假设所得税税率为30%，项目要求的平均报酬率为10%。 We shall still illustrate it by example of calculating the static break-even point, assume that the income tax rate is 30%, and the project’s required average return rate is 10%. 根据公式（7）可计算出该项目年综合动态保本销售额为： According to Formula (7), we can work out the project’s annual overall dynamic breakeven sales amount:

根据公式（8）、（9）可计算出该项目各种产品的年动态保本销售额和动态保本销售量，计算结果如表4所示。 According to Formula (8) and (9), we can work out the annual dynamic breakeven sales amount and dynamic breakeven sales volume for the project’s each kind of product, and the output is shown as Tab.4.

Tab.4Tab.4
  动态保本点相关数据Relevant Data on Dynamic Break-even Point
项 目Item
A产品 Product A 

各种产品的年动态保本销售额 （元） Each kind of product’s annual dynamic breakeven sales amount  (RMB Yuan)
各种产品的年动态保本销售量 （件） Each kind of product’s annual dynamic breakeven sales volume  (piece)
年综合动态保本销售额  （元） Annual overall dynamic breakeven sales amount  (RMB Yuan)
根据上述资料，可计算出该投资项目的net present value 为： According to the data above, we can work out the investment project’s net present value: 

静态保本点时的net present value 为： The net present value at the static break-even point is:

而动态保本点时的net present value 为0。 The net present value at the dynamic break-even point is 0.
该投资项目的会计利润为： The investment project’s accounting profit is:
年利润=332 000-197 000-（71 995 + 50 000）=13 005（元） Annual profit =332 000-197 000-(71 995 + 50 000) =RMB13,005

从以上实例可以看出，该项目年综合静态保本销售额为300 000元，小于正常生产能力情况下的销售额332 000元，说明项目可行，有一定的利润空间，风险不高。 It could be seen from the example above that the project’s annual overall static breakeven sales amount is RMB300,000, which is smaller than the sales amount of RMB332,000 under normal production capability, indicating that the project is feasible, with certain profit room, but low risk. 但是，按以上静态保本点计算出的净现值却为 –173 450元，说明如果考虑资金的时间价值因素，当综合销售额为300 000元时，项目并不保本，而是亏损的。 However, the net present value calculated for the static break-even point above is RMB–173 450, indicating that if the time value of money is considered, the project will not break even, but incur a loss when the total sales amount is RMB300,000. 项目需要取得359 318元的综合销售额时才能保本，而此销售额已大于正常生产能力情况下的销售额332 000元，说明该投资项目风险较大，获利能力较低，不可行。The project can only break even if a total sales amount of RMB359,318 is achieved, which is larger than the sales amount RMB332,000 under normal production capability, indicating that with large risk, but low profitability, the investment project is not feasible.

华译网北京翻译公司翻译过大量有关多品种动态盈亏平衡分析的应用及其评价的文件资料,Beijing Chinese Translation Service Company has translated many technical documents about Application of multi-product dynamic break-even analysis and its evaluation
另一方面，如果按静态的思路，该项目按正常生产能力将A、B、C三种产品销售出去，项目寿命期可获得利润130 050元（13 005×10年）说明项目可行；而按动态的思路，该项目寿命期可获得的net present value 却是 -117 509元，说明项目不可行。 On the other hand, in a static idea, if Products A, B, and C are sold under normal production capability, the project may make a profit of RMB130,050 (13 005×10 years) during its life cycle, indicating that the project is feasible; while in a dynamic idea, the project may create a net present value of RMB-117 509 during its life cycle, indicating that the project is not feasible.
静态与动态两种分析评价方法产生差异的原因在于，静态分析法是从会计核算的角度，依据项目达到正常生产能力年份的收入和成本资料，测算用销售收入收回全部会计成本的各种保本指标。 The reason for the differences produced by static and dynamic analysis and evaluation methods lies in the fact that the static analysis method is to measure various breakeven indicators for using sales revenue to recover all accounting costs in an accounting view with reference to the revenue and cost data for the year when the project reaches normal production capability. 它既没有从项目整个寿命周期的角度去考虑项目的现金流及其时点分布，更没有考虑货币时间价值和资金的机会成本。 It neither considers the project’s cash flow and its time distribution from the angle of the project’s whole life cycle, nor even considers the time value of money and the opportunity cost of fund. 当项目盈亏相抵时，项目的账面利润为零。 When the project breaks even, the project’s book profit is zero. 而动态分析法则是在全面考虑项目整个寿命周期内的现金流及其时点分布的基础上，通过考虑货币时间价值和资金的机会成本，来测算用项目现金流入现值收回项目全部现金流出现值的各种保本指标。 The dynamic analysis method is to measure various breakeven indicators for using the project’s present value of cash inflow to recover the project’s present value of total cash outflow on the basis of generally reflecting the project’s cash flow and its time distribution during its whole life cycle by considering the time value of money and the opportunity cost of fund. 当项目盈亏相抵时，项目获得的是预期投资收益率，其账面利润不是零。 When the project breaks even, the acquired profit is expected investment return, and its book profit is not zero.
上述分析表明，静态盈亏平衡分析虽然操作简便，能够在一定程度上评价投资项目的优劣，但它只是一个会计意义上的保本分析，如果考虑资金的时间价值因素，在静态盈亏平衡点，项目并不保本，而是亏损的。 The analysis above indicates that though static break-even analysis is simple to command, and can evaluate the advantages and disadvantages of an investment project to a certain degree, it is only an breakeven analysis in accounting meanings, and if the time value of money is considered, the project will not break even, but incur a loss at the static break-even point. 静态盈亏平衡分析难以正确评价投资项目适应市场变化的能力和承受风险的能力，从而不能为企业投资决策提供较为客观的参考依据。The static break-even analysis is hard to evaluate in a right way the investment project’s ability to adapt to market changes and bear risks, and thus cannot provide an objective reference basis for business investment decisions. 因此，在对长期投资项目进行盈亏平衡分析时，必须要考虑资金时间价值等因素的影响，即进行动态盈亏平衡分析。Therefore, when making break-even analysis on a long-term investment project, we must consider the effect of such factors as the time value of money, that is, make dynamic break-even analysis.