Governance

Globally, listed companies are much

1 HKIoD: THE 21ST CENTURY DIRECTOR

strategic goals. Some commonly used financial ratios are listed below:

Return on equity (ROE) = net income/shareholder equityReturn on assets (ROA) = net income/total assetsProfit margin = net income/salesGross profit margin= Gross profit/salesCost to income ratio = Operation cost/Revenue

A snap shot of the ratios at one point of time is not adequate. Board members usually look at the trend of the ratios over a longer time horizon. A trend of declining gross profit margin over one year is a cause for concern. Board members would look into the underlying reasons contributing to the continued decline, whether it is due to keen competition, or weak cost management. In addition to comparing the actual ratios with the target ratios, it would be desirable to compare them with those of the peers and the industry so as to identify the relative competitiveness of the corporation in the marketplace.

Monitoring the trend of the ratios can also enable the Board directors to spot the red flags (signals pointing to unhealthy conditions that warrant attention). For examples, a continued fall in liquidity ratio (current assets over current liabilities) under 1 time indicates that the corporation’s ability to meet its daily obligations is in doubt, and a consistent high leverage ratio (long-term liabilities over total assets) indicates that the corporation has taken up too much debt and its long-term viability is in trouble.

(3) Balanced scorecard

Traditionally, the performance of a

(1) Budget

A budget is an expression of a corporation’s strategy in financial terms. It is a quantitative expression of a proposed plan for a future time period, comprising both financial and non-financial aspects. Budgeting is an integral part of strategic management whereby a corporation attempts to capitalize on the opportunities in the marketplace and match them with its own capabilities and resources.

When scrutinizing a budget proposed by the management, the board should make sure that the budget is supported by an operation budget with detailed action programmes. The sum of revenues to be generated from the action programmes would add up to the total revenues of the corporation. Without concrete action programmes, the budget is built on a

loose ground. The board should carefully review the assumptions of the budget to ensure that they are realistic and in line with the operating environment. The board should also look carefully into the budget to see if there is budgetary slack in it. Budgeting slack is a “cushion” that managers intentionally build into a budget to make it easier for them to meet the budget by overstating the expenses and understating the revenues.

A budget should contain some important ratios as yardsticks for measurement, such as return on equity, return on assets, cost to income ratio. For some companies, economic profit is used in addition to accounting profit. Economic profit is arrived at by deducting the accounting profit by cost of capital. The economic profit is a more robust measure when capital is no longer interest free.

The shareholders charge interest on the money they have invested in the corporation. For example, when a corporation with a capital of $1 billion registered an accounting profit of $ 0.1 million in 2020, on the surface, the corporation made a profit. However, from the perspective of the shareholders, they made a loss because they could have made an earning $1 million if they put their monies into a bank for one year fixed deposit with an interest rate of 0.1%. Economic profit is derived from the concept of opportunity cost.

(2) Financial ratios for performance

monitoring

Financial ratios translate accounting data into valuable information to enable broad members to sense operating performance, measure progress towards

he board of directors of a corporation is

responsible for formulating the

strategic objectives and policies of the Tcompany, and monitor the progress of their

implementation. Moreover, they scrutinize the

investment plan submitted by the management to

ensure that the resources of the company are used

in an effective and efficient manner. Nowadays,

board members are with diverse background, not

necessarily in accounting and finance. However,

in order to discharge their responsibilities as

stated above, it would be helpful to them to have a

fundamental knowledge in management

accounting. In this short article, I would describe

some tools that are commonly used in this respect.

Management Accounting Knowledge Helpful To Directors In Discharging Their Duties管 理 會 計 知 識 有 助 董 事 執 行 職 務

Dr Norman Law 羅文華博士

corporation is measured by a single perspective – financial result. The balanced scorecard uses wider measures, not just financial measures. It translates a corporation’s strategy into a set of performance measures, covering four perspectives – financial performance, customer satisfaction, internal processes, as well as learning and growth (human capital). Financial performance is a lagging indicator, while the other three are leading indicators. It can evaluate both short- and long-term performance of the corporation. Good performance in customer satisfaction, internal processes as well as learning and growing would point to good financial performance in the future. It also connects strategic objectives in cause- and-effect relationships with each other in the four perspectives. Financial performance is driven by the other three perspectives, while customer satisfaction and internal processes are driven by learning and growth.

As such, balanced scorecard is a useful tool for board members to monitor the progress of the corporation in meeting its strategic objectives, both in short and long term.

(4) Valuation technique for decision

making

For a corporation to grow, it would incur long-term commitments of large amounts of resources to acquire capital assets, say, machinery, factory, or another corporation. The board members face decision making that would impact the financial results of the corporation in the future, and thus these decisions are of great strategic significance.

One common method to judge whether the investment is justified is net present value (NPV) decision model. The future

cash inflows and outflows are discounted back to their present values by a carefully chosen discount rate. NPV is the difference between the present value of total cash inflows and that of the cash outflows. If the NPV is positive, then the project is acceptable.

In scrutinizing the investment proposal submitted by the management, the board members need to consider whether a suitable discount rate is used. The discount rate should be commensurate with the riskiness of the investment. If the investment is of higher risk, then a higher discount rate is needed. Thus, it is imperative for the board members to consider if the management’s risk assessment is robust or not.

事會負責為公司制定策略性目

標 和 政 策 ， 並 且 監 督 執 行 進

度，此外亦負責審議管理層提

交的投資計劃，使公司資源得

以高效運用並且帶來成果。今時今日的董

事會由不同背景的成員組成，他們未必是

會計或金融專才，但只要掌握基本的管理

會計(management accounting)知識，定

必有助執行上述職責。我會在本文說明一

些這方面的常用工具。

(1) 預算案

預算案以財務方式說明公司策略，換言之是

為涵蓋未來某段時間的草擬計劃（包括財務

和非財務）提供量化說明。制定預算案是策

略管理不可或缺的一環，公司藉著預算案配

合本身的能力和資源以捕捉商機。

董事會審議管理層的投資計劃時，會要求以

具詳細行動計劃的營運預算案作支持。行動

計劃產生各項收益的總和必須等於公司的總

體收益，如果沒有具體的行動計劃，預算案

便缺乏穩固基礎。董事會必須小心檢視預算

案的各項假設，確保配合現實情況和營運環

境，另外亦須小心研究預算案有否預留「緩

衝」，藉著高估開支和低估收益以確保不會

超出預算。

預算案必須包括一些重要比率作為衡量標

準，例如股權回報率、資產回報率和成本收

益比例，一些公司還會在經濟利潤以外加入

會計利潤。經濟利潤是從會計利潤扣除資本

成本所得之數，如果資本並非免息，經濟利

潤會是更準確衡量利潤的指標。股東向公司

投資會賺取利息。例如，一間註冊資本為10

億元的公司於2020年錄得10萬元會計利潤，

表面上是賺了錢，但從股東的角度來說卻是

虧了本，因為如果股東將錢存入銀行做一年

定期存款，以0.1%息率計算可賺取100萬

元。經濟利潤是衍生自機會成本的概念。

(2) 以財務比率監察業績

財務比率將會計數據化為重要資訊，讓董事

會成員了解營運表現和衡量實現策略目標的

進度。以下是一些常用的財務比率：

1. 股權回報率 = 淨收益／股東權益

2. 資產回報率 = 淨收益／資產總額

3. 利潤率 = 淨收益／銷售

4. 毛利率 = 毛利／銷售

5. 成本收益比例 = 營運成本／收益

單單觀察某個時點的比率並不足夠，故此董

事會成員通常會檢視一段較長時期的比率趨

向。如果毛利率在一年時間內呈下跌趨向便

需多加注意，董事會成員應研究導致利潤持

續下跌的原因，並確定是否基於競爭激烈還

是成本管理不力。除了按照目標比率對比實

際比率，還須跟同行公司和業界的業績比較

以確定公司在市場的相對競爭力。

董事會成員監察比率趨向能夠察覺警告信

號，這些信號顯示不容忽視的不健康狀況。

例如流動資金比率（流動資產跟流動負債的

比率）不斷下降至低於一倍, 顯示公司在履

行日常責任方面的能力成疑，槓桿比率（長

遠負債跟總資產的比率）持續高企則顯示公

司負債過高且長遠來說難以持續經營。

(3) 平衡計分卡

一間公司的表現向來是從財務業績的單一角

度衡量。平衡計分卡除了財務表現之外還包

括多項其他指標，將公司的策略化為一套從

四個角度衡量業績的方法，包括財務表現、

客戶滿意度、內部流程和學習與增長（人力

資本）。除了財務表現是滯後指標之外其他

三項均屬領先指標，可以衡量公司的短期和

長期表現。如客戶滿意度、內部流程和學習

與增長表現良好，即預示未來財務表現良

好。此外，這四方面在實現策略目標上亦存

在因果關係，財務表現由其他三方面帶動，

而客戶滿意度、內部流程則受學習與增長帶

動。

因此， 董事會成員可以依賴平衡計分卡來監

督公司實現短期和長期策略目標的進度。

(4) 有助決策的估值技巧

公司要實現增長必須長期投放大量資源以收

購資本資產，例如機器、廠房或其他公司。

董事會成員有些決定會影響公司的未來財務

業績，這類決策極具策略重要性。

淨現值決策模型是判斷是否值得作出某項投

資的常用方法之一。此方法是小心確定某個

折現率，然後按之將未來的現金流入和流出

折現至現值。淨現值是總現金流入現值和總

現金流出現值之差，如果得出的淨現值是正

數，項目便屬可以接受。

董事會成員審議管理人員的投資提案時，必

須考慮所採用的折現率是否適當。折現率必

須跟投資的風險程度相稱，如果投資屬高風

險便需要採用高折現率，故此董事會成員必

須考慮管理人員的風險評估是否適當。

strategic goals. Some commonly used financial ratios are listed below:

Return on equity (ROE) = net income/shareholder equityReturn on assets (ROA) = net income/total assetsProfit margin = net income/salesGross profit margin= Gross profit/salesCost to income ratio = Operation cost/Revenue

A snap shot of the ratios at one point of time is not adequate. Board members usually look at the trend of the ratios over a longer time horizon. A trend of declining gross profit margin over one year is a cause for concern. Board members would look into the underlying reasons contributing to the continued decline, whether it is due to keen competition, or weak cost management. In addition to comparing the actual ratios with the target ratios, it would be desirable to compare them with those of the peers and the industry so as to identify the relative competitiveness of the corporation in the marketplace.

Monitoring the trend of the ratios can also enable the Board directors to spot the red flags (signals pointing to unhealthy conditions that warrant attention). For examples, a continued fall in liquidity ratio (current assets over current liabilities) under 1 time indicates that the corporation’s ability to meet its daily obligations is in doubt, and a consistent high leverage ratio (long-term liabilities over total assets) indicates that the corporation has taken up too much debt and its long-term viability is in trouble.

(3) Balanced scorecard

Traditionally, the performance of a

企業管治

(1) Budget

A budget is an expression of a corporation’s strategy in financial terms. It is a quantitative expression of a proposed plan for a future time period, comprising both financial and non-financial aspects. Budgeting is an integral part of strategic management whereby a corporation attempts to capitalize on the opportunities in the marketplace and match them with its own capabilities and resources.

When scrutinizing a budget proposed by the management, the board should make sure that the budget is supported by an operation budget with detailed action programmes. The sum of revenues to be generated from the action programmes would add up to the total revenues of the corporation. Without concrete action programmes, the budget is built on a

loose ground. The board should carefully review the assumptions of the budget to ensure that they are realistic and in line with the operating environment. The board should also look carefully into the budget to see if there is budgetary slack in it. Budgeting slack is a “cushion” that managers intentionally build into a budget to make it easier for them to meet the budget by overstating the expenses and understating the revenues.

A budget should contain some important ratios as yardsticks for measurement, such as return on equity, return on assets, cost to income ratio. For some companies, economic profit is used in addition to accounting profit. Economic profit is arrived at by deducting the accounting profit by cost of capital. The economic profit is a more robust measure when capital is no longer interest free.

The shareholders charge interest on the money they have invested in the corporation. For example, when a corporation with a capital of $1 billion registered an accounting profit of $ 0.1 million in 2020, on the surface, the corporation made a profit. However, from the perspective of the shareholders, they made a loss because they could have made an earning $1 million if they put their monies into a bank for one year fixed deposit with an interest rate of 0.1%. Economic profit is derived from the concept of opportunity cost.

(2) Financial ratios for performance

monitoring

Financial ratios translate accounting data into valuable information to enable broad members to sense operating performance, measure progress towards

he board of directors of a corporation is

responsible for formulating the

strategic objectives and policies of the

company, and monitor the progress of their

implementation. Moreover, they scrutinize the

investment plan submitted by the management to

ensure that the resources of the company are used

in an effective and efficient manner. Nowadays,

board members are with diverse background, not

necessarily in accounting and finance. However,

in order to discharge their responsibilities as

stated above, it would be helpful to them to have a

fundamental knowledge in management

accounting. In this short article, I would describe

some tools that are commonly used in this respect.

corporation is measured by a single perspective – financial result. The balanced scorecard uses wider measures, not just financial measures. It translates a corporation’s strategy into a set of performance measures, covering four perspectives – financial performance, customer satisfaction, internal processes, as well as learning and growth (human capital). Financial performance is a lagging indicator, while the other three are leading indicators. It can evaluate both short- and long-term performance of the corporation. Good performance in customer satisfaction, internal processes as well as learning and growing would point to good financial performance in the future. It also connects strategic objectives in cause- and-effect relationships with each other in the four perspectives. Financial performance is driven by the other three perspectives, while customer satisfaction and internal processes are driven by learning and growth.

As such, balanced scorecard is a useful tool for board members to monitor the progress of the corporation in meeting its strategic objectives, both in short and long term.

(4) Valuation technique for decision

making

For a corporation to grow, it would incur long-term commitments of large amounts of resources to acquire capital assets, say, machinery, factory, or another corporation. The board members face decision making that would impact the financial results of the corporation in the future, and thus these decisions are of great strategic significance.

One common method to judge whether the investment is justified is net present value (NPV) decision model. The future

cash inflows and outflows are discounted back to their present values by a carefully chosen discount rate. NPV is the difference between the present value of total cash inflows and that of the cash outflows. If the NPV is positive, then the project is acceptable.

In scrutinizing the investment proposal submitted by the management, the board members need to consider whether a suitable discount rate is used. The discount rate should be commensurate with the riskiness of the investment. If the investment is of higher risk, then a higher discount rate is needed. Thus, it is imperative for the board members to consider if the management’s risk assessment is robust or not.

事會負責為公司制定策略性目

標 和 政 策 ， 並 且 監 督 執 行 進

度，此外亦負責審議管理層提

交的投資計劃，使公司資源得

以高效運用並且帶來成果。今時今日的董

事會由不同背景的成員組成，他們未必是

會計或金融專才，但只要掌握基本的管理

會計(management accounting)知識，定

必有助執行上述職責。我會在本文說明一

些這方面的常用工具。

(1) 預算案

預算案以財務方式說明公司策略，換言之是

為涵蓋未來某段時間的草擬計劃（包括財務

和非財務）提供量化說明。制定預算案是策

略管理不可或缺的一環，公司藉著預算案配

合本身的能力和資源以捕捉商機。

董事會審議管理層的投資計劃時，會要求以

具詳細行動計劃的營運預算案作支持。行動

Dr LAW Man Wah Norman MHKIoD is a independent non-executive director at SH Group (Holdings) Limited.

1.

2.

3.

4.

5.

計劃產生各項收益的總和必須等於公司的總

體收益，如果沒有具體的行動計劃，預算案

便缺乏穩固基礎。董事會必須小心檢視預算

案的各項假設，確保配合現實情況和營運環

境，另外亦須小心研究預算案有否預留「緩

衝」，藉著高估開支和低估收益以確保不會

超出預算。

預算案必須包括一些重要比率作為衡量標

準，例如股權回報率、資產回報率和成本收

益比例，一些公司還會在經濟利潤以外加入

會計利潤。經濟利潤是從會計利潤扣除資本

成本所得之數，如果資本並非免息，經濟利

潤會是更準確衡量利潤的指標。股東向公司

投資會賺取利息。例如，一間註冊資本為10

億元的公司於2020年錄得10萬元會計利潤，

表面上是賺了錢，但從股東的角度來說卻是

虧了本，因為如果股東將錢存入銀行做一年

定期存款，以0.1%息率計算可賺取100萬

元。經濟利潤是衍生自機會成本的概念。

(2) 以財務比率監察業績

財務比率將會計數據化為重要資訊，讓董事

會成員了解營運表現和衡量實現策略目標的

進度。以下是一些常用的財務比率：

1. 股權回報率 = 淨收益／股東權益

2. 資產回報率 = 淨收益／資產總額

3. 利潤率 = 淨收益／銷售

4. 毛利率 = 毛利／銷售

5. 成本收益比例 = 營運成本／收益

單單觀察某個時點的比率並不足夠，故此董

事會成員通常會檢視一段較長時期的比率趨

向。如果毛利率在一年時間內呈下跌趨向便

需多加注意，董事會成員應研究導致利潤持

續下跌的原因，並確定是否基於競爭激烈還

是成本管理不力。除了按照目標比率對比實

際比率，還須跟同行公司和業界的業績比較

以確定公司在市場的相對競爭力。

董事會成員監察比率趨向能夠察覺警告信

號，這些信號顯示不容忽視的不健康狀況。

例如流動資金比率（流動資產跟流動負債的

比率）不斷下降至低於一倍, 顯示公司在履

行日常責任方面的能力成疑，槓桿比率（長

遠負債跟總資產的比率）持續高企則顯示公

司負債過高且長遠來說難以持續經營。

(3) 平衡計分卡

一間公司的表現向來是從財務業績的單一角

度衡量。平衡計分卡除了財務表現之外還包

括多項其他指標，將公司的策略化為一套從

四個角度衡量業績的方法，包括財務表現、

客戶滿意度、內部流程和學習與增長（人力

資本）。除了財務表現是滯後指標之外其他

三項均屬領先指標，可以衡量公司的短期和

長期表現。如客戶滿意度、內部流程和學習

與增長表現良好，即預示未來財務表現良

好。此外，這四方面在實現策略目標上亦存

在因果關係，財務表現由其他三方面帶動，

而客戶滿意度、內部流程則受學習與增長帶

動。

因此， 董事會成員可以依賴平衡計分卡來監

督公司實現短期和長期策略目標的進度。

(4) 有助決策的估值技巧

公司要實現增長必須長期投放大量資源以收

購資本資產，例如機器、廠房或其他公司。

董事會成員有些決定會影響公司的未來財務

業績，這類決策極具策略重要性。

淨現值決策模型是判斷是否值得作出某項投

資的常用方法之一。此方法是小心確定某個

折現率，然後按之將未來的現金流入和流出

折現至現值。淨現值是總現金流入現值和總

現金流出現值之差，如果得出的淨現值是正

數，項目便屬可以接受。

董事會成員審議管理人員的投資提案時，必

須考慮所採用的折現率是否適當。折現率必

須跟投資的風險程度相稱，如果投資屬高風

險便需要採用高折現率，故此董事會成員必

須考慮管理人員的風險評估是否適當。

董

2香港董事學會: 廿一世紀董事

strategic goals. Some commonly used financial ratios are listed below:

Return on equity (ROE) = net income/shareholder equityReturn on assets (ROA) = net income/total assetsProfit margin = net income/salesGross profit margin= Gross profit/salesCost to income ratio = Operation cost/Revenue

A snap shot of the ratios at one point of time is not adequate. Board members usually look at the trend of the ratios over a longer time horizon. A trend of declining gross profit margin over one year is a cause for concern. Board members would look into the underlying reasons contributing to the continued decline, whether it is due to keen competition, or weak cost management. In addition to comparing the actual ratios with the target ratios, it would be desirable to compare them with those of the peers and the industry so as to identify the relative competitiveness of the corporation in the marketplace.

Monitoring the trend of the ratios can also enable the Board directors to spot the red flags (signals pointing to unhealthy conditions that warrant attention). For examples, a continued fall in liquidity ratio (current assets over current liabilities) under 1 time indicates that the corporation’s ability to meet its daily obligations is in doubt, and a consistent high leverage ratio (long-term liabilities over total assets) indicates that the corporation has taken up too much debt and its long-term viability is in trouble.

(3) Balanced scorecard

Traditionally, the performance of a

(1) Budget

A budget is an expression of a corporation’s strategy in financial terms. It is a quantitative expression of a proposed plan for a future time period, comprising both financial and non-financial aspects. Budgeting is an integral part of strategic management whereby a corporation attempts to capitalize on the opportunities in the marketplace and match them with its own capabilities and resources.

When scrutinizing a budget proposed by the management, the board should make sure that the budget is supported by an operation budget with detailed action programmes. The sum of revenues to be generated from the action programmes would add up to the total revenues of the corporation. Without concrete action programmes, the budget is built on a

loose ground. The board should carefully review the assumptions of the budget to ensure that they are realistic and in line with the operating environment. The board should also look carefully into the budget to see if there is budgetary slack in it. Budgeting slack is a “cushion” that managers intentionally build into a budget to make it easier for them to meet the budget by overstating the expenses and understating the revenues.

A budget should contain some important ratios as yardsticks for measurement, such as return on equity, return on assets, cost to income ratio. For some companies, economic profit is used in addition to accounting profit. Economic profit is arrived at by deducting the accounting profit by cost of capital. The economic profit is a more robust measure when capital is no longer interest free.

The shareholders charge interest on the money they have invested in the corporation. For example, when a corporation with a capital of $1 billion registered an accounting profit of $ 0.1 million in 2020, on the surface, the corporation made a profit. However, from the perspective of the shareholders, they made a loss because they could have made an earning $1 million if they put their monies into a bank for one year fixed deposit with an interest rate of 0.1%. Economic profit is derived from the concept of opportunity cost.

(2) Financial ratios for performance

monitoring

Financial ratios translate accounting data into valuable information to enable broad members to sense operating performance, measure progress towards

he board of directors of a corporation is

responsible for formulating the

strategic objectives and policies of the

company, and monitor the progress of their

implementation. Moreover, they scrutinize the

investment plan submitted by the management to

ensure that the resources of the company are used

in an effective and efficient manner. Nowadays,

board members are with diverse background, not

necessarily in accounting and finance. However,

in order to discharge their responsibilities as

stated above, it would be helpful to them to have a

fundamental knowledge in management

accounting. In this short article, I would describe

some tools that are commonly used in this respect.

corporation is measured by a single perspective – financial result. The balanced scorecard uses wider measures, not just financial measures. It translates a corporation’s strategy into a set of performance measures, covering four perspectives – financial performance, customer satisfaction, internal processes, as well as learning and growth (human capital). Financial performance is a lagging indicator, while the other three are leading indicators. It can evaluate both short- and long-term performance of the corporation. Good performance in customer satisfaction, internal processes as well as learning and growing would point to good financial performance in the future. It also connects strategic objectives in cause- and-effect relationships with each other in the four perspectives. Financial performance is driven by the other three perspectives, while customer satisfaction and internal processes are driven by learning and growth.

As such, balanced scorecard is a useful tool for board members to monitor the progress of the corporation in meeting its strategic objectives, both in short and long term.

(4) Valuation technique for decision

making

For a corporation to grow, it would incur long-term commitments of large amounts of resources to acquire capital assets, say, machinery, factory, or another corporation. The board members face decision making that would impact the financial results of the corporation in the future, and thus these decisions are of great strategic significance.

One common method to judge whether the investment is justified is net present value (NPV) decision model. The future

cash inflows and outflows are discounted back to their present values by a carefully chosen discount rate. NPV is the difference between the present value of total cash inflows and that of the cash outflows. If the NPV is positive, then the project is acceptable.

In scrutinizing the investment proposal submitted by the management, the board members need to consider whether a suitable discount rate is used. The discount rate should be commensurate with the riskiness of the investment. If the investment is of higher risk, then a higher discount rate is needed. Thus, it is imperative for the board members to consider if the management’s risk assessment is robust or not.

事會負責為公司制定策略性目

標 和 政 策 ， 並 且 監 督 執 行 進

度，此外亦負責審議管理層提

交的投資計劃，使公司資源得

以高效運用並且帶來成果。今時今日的董

事會由不同背景的成員組成，他們未必是

會計或金融專才，但只要掌握基本的管理

會計(management accounting)知識，定

必有助執行上述職責。我會在本文說明一

些這方面的常用工具。

(1) 預算案

預算案以財務方式說明公司策略，換言之是

為涵蓋未來某段時間的草擬計劃（包括財務

和非財務）提供量化說明。制定預算案是策

略管理不可或缺的一環，公司藉著預算案配

合本身的能力和資源以捕捉商機。

董事會審議管理層的投資計劃時，會要求以

具詳細行動計劃的營運預算案作支持。行動 羅文華博士 MHKIoD 為香港董事學會會員, 順興集團(控股)有限公司獨立非執行董事。

Governance

Globally, listed companies are much

3 HKIoD: THE 21ST CENTURY DIRECTOR

計劃產生各項收益的總和必須等於公司的總

體收益，如果沒有具體的行動計劃，預算案

便缺乏穩固基礎。董事會必須小心檢視預算

案的各項假設，確保配合現實情況和營運環

境，另外亦須小心研究預算案有否預留「緩

衝」，藉著高估開支和低估收益以確保不會

超出預算。

預算案必須包括一些重要比率作為衡量標

準，例如股權回報率、資產回報率和成本收

益比例，一些公司還會在經濟利潤以外加入

會計利潤。經濟利潤是從會計利潤扣除資本

成本所得之數，如果資本並非免息，經濟利

潤會是更準確衡量利潤的指標。股東向公司

投資會賺取利息。例如，一間註冊資本為10

億元的公司於2020年錄得10萬元會計利潤，

表面上是賺了錢，但從股東的角度來說卻是

虧了本，因為如果股東將錢存入銀行做一年

定期存款，以0.1%息率計算可賺取100萬

元。經濟利潤是衍生自機會成本的概念。

(2) 以財務比率監察業績

財務比率將會計數據化為重要資訊，讓董事

會成員了解營運表現和衡量實現策略目標的

進度。以下是一些常用的財務比率：

1. 股權回報率 = 淨收益／股東權益

2. 資產回報率 = 淨收益／資產總額

3. 利潤率 = 淨收益／銷售

4. 毛利率 = 毛利／銷售

5. 成本收益比例 = 營運成本／收益

單單觀察某個時點的比率並不足夠，故此董

事會成員通常會檢視一段較長時期的比率趨

向。如果毛利率在一年時間內呈下跌趨向便

需多加注意，董事會成員應研究導致利潤持

續下跌的原因，並確定是否基於競爭激烈還

是成本管理不力。除了按照目標比率對比實

際比率，還須跟同行公司和業界的業績比較

以確定公司在市場的相對競爭力。

董事會成員監察比率趨向能夠察覺警告信

號，這些信號顯示不容忽視的不健康狀況。

例如流動資金比率（流動資產跟流動負債的

比率）不斷下降至低於一倍, 顯示公司在履

行日常責任方面的能力成疑，槓桿比率（長

遠負債跟總資產的比率）持續高企則顯示公

司負債過高且長遠來說難以持續經營。

(3) 平衡計分卡

一間公司的表現向來是從財務業績的單一角

度衡量。平衡計分卡除了財務表現之外還包

括多項其他指標，將公司的策略化為一套從

四個角度衡量業績的方法，包括財務表現、

客戶滿意度、內部流程和學習與增長（人力

資本）。除了財務表現是滯後指標之外其他

三項均屬領先指標，可以衡量公司的短期和

長期表現。如客戶滿意度、內部流程和學習

與增長表現良好，即預示未來財務表現良

好。此外，這四方面在實現策略目標上亦存

在因果關係，財務表現由其他三方面帶動，

而客戶滿意度、內部流程則受學習與增長帶

動。

因此， 董事會成員可以依賴平衡計分卡來監

督公司實現短期和長期策略目標的進度。

(4) 有助決策的估值技巧

公司要實現增長必須長期投放大量資源以收

購資本資產，例如機器、廠房或其他公司。

董事會成員有些決定會影響公司的未來財務

業績，這類決策極具策略重要性。

淨現值決策模型是判斷是否值得作出某項投

資的常用方法之一。此方法是小心確定某個

折現率，然後按之將未來的現金流入和流出

折現至現值。淨現值是總現金流入現值和總

現金流出現值之差，如果得出的淨現值是正

數，項目便屬可以接受。

董事會成員審議管理人員的投資提案時，必

須考慮所採用的折現率是否適當。折現率必

須跟投資的風險程度相稱，如果投資屬高風

險便需要採用高折現率，故此董事會成員必

須考慮管理人員的風險評估是否適當。

Publisher 出版機構The Hong Kong Institute of Directors 香港董事學會

Sponsor 贊助機構Corporate Governance Development Foundation Fund 企業管治發展基金

Publishing Board 出版委員會Mr Stanley Mok (Chairman) 莫兆光先生（主席）Ms Bonnie S Y Chan 陳心愉女士Mrs Margaret S Leung 梁甘秀玲女士Mr Richard Tsang 曾立基先生Dr Carlye Tsui 徐尉玲博士

Project Management 項目統籌Executive Office, The Hong Kong Institute of Directors香港董事學會行政處

For enquiries about circulation and advertisement, please contact:有關發行及廣告查詢，請聯絡：Chief Business Officer: Ms Miriam Yee業務總監：余海恩小姐

For editorial enquiries, please contact:有關編輯上的查詢，請聯絡：Associate Manager, Communication & Projects: Ms Moni Ching傳訊及項目副經理：程穎姍小姐

Tel 電話： +852 2889 1414Fax 傳真： +852 2889 9982Email 電郵： magazine@hkiod.com

Editor 編輯Ms Cora Wan 溫旭兒小姐

The Hong Kong Institute of Directors 香港董事學會

Patron 贊助人The Hon Mrs Carrie Lam Cheng Yuet-ngor GBM GBS 林鄭月娥行政長官

Hon President & Founding Chairman 榮譽會長兼創會主席Dr the Hon Moses Cheng GBM GBS OBE JP 鄭慕智博士

Past Chairmen 前任主席Dr Herbert H M Hui JP 許浩明博士 (Deceased) (已故)Mr Peter S H Wong MBA 黃紹開先生Dr Kelvin Wong JP DBA 黃天祐博士

Council 理事會 (2018-2019)

Chairman 主席: Mr Henry Lai 賴顯榮律師

Deputy Chairmen 副主席:Mr George Magnus BBS OBE MA(Cantab) 麥理思先生 Ir Edmund K H Leung SBS OBE JP 梁廣灝工程師Dr David Wong GBS JP 黃友嘉博士Dr Christopher To 陶榮博士

Mr Liu Tingan 劉廷安先生

Treasurer 司庫: Mr Man Mo Leung 文暮良先生

Immediate Past Chairman 卸任主席: Dr Kelvin Wong JP DBA 黃天祐博士

Chief Executive Officer 行政總裁:Dr Carlye Tsui BBS MBE JP 徐尉玲博士

Council Members 理事會成員:Ms Bonnie S Y Chan 陳心愉女士Dr Leonard S K Chan 陳新國博士

Dr Charles Cheung JP MBA DBA (Hon) 張惠彬博士Dr Justin K H Chiu 趙國雄博士

Mr Vincent Chan 陳永誠先生Mr Hamilton Cheng 鄭炳熙先生

Mr George Hongchoy 王國龍先生Mr Randy Hung 孔敬權先生Mr Ip Shing Hing JP 葉成慶律師Mr Carmelo Lee JP 李嘉士律師Mrs Margaret S Leung 梁甘秀玲女士Mr Ka-Yin Li 李家彥先生

Mr William Lo 羅志聰先生Ir Prof John Mok 莫建鄰教授Mr Stanley Mok 莫兆光先生Ms Cynthia Y S Tang 鄧宛舜女士Mr Richard Tsang 曾立基先生Mr Jim Wardell 詹華達先生Mrs Alison F Y Wong 黃李鳳英女士Mr Huen Wong BBS JP 王桂壎律師Dr Anthony Yeung 楊俊偉博士Dr Linda Y W Yung 翁月華女士

The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors.

香港董事學會為香港代表專業董事的首要組織，其宗旨是促進所有公司的持久成就；為達成使命，

學會致力提倡優秀企業管治與釐訂相關標準，以及協助董事的專業發展。

2104 Shanghai Industrial Investment Building, 48 Hennessy Road, Wan Chai, Hong Kong 香港灣仔軒尼詩道48號上海實業大廈2104

http://www.hkiod.com/21century.html

The Hong Kong Institute of Directors 香港董事學會 The Hong Kong Institute of Directors

Corporate Governance Development Foundation Fund 企業管治發展基金

Sponsored by 贊助機構：

The 21st Century

D I R E C T O R廿 一 世 紀

董事

Publisher 出版機構The Hong Kong Institute of Directors 香港董事學會

Sponsor 贊助機構Corporate Governance Development Foundation Fund 企業管治發展基金

Publishing Board 出版委員會Mr Stanley Mok (Chairman) 莫兆光先生（主席）Ms Bonnie S Y Chan 陳心愉女士Ms Agnes K Y Tai 戴潔瑩女士Mr Richard Tsang 曾立基先生Dr Carlye Tsui 徐尉玲博士

Project Management 項目統籌Executive Office, The Hong Kong Institute of Directors香港董事學會行政處

For enquiries about circulation and advertisement, please contact:有關發行及廣告查詢，請聯絡：Chief Business Officer: Ms Miriam Yee業務總監：余海恩小姐

For editorial enquiries, please contact:有關編輯上的查詢，請聯絡：

傳訊及項目副經理：任綺欣小姐

Tel 電話： +852 2889 1414Fax 傳真： +852 2889 9982Email 電郵： magazine@hkiod.com

The Hong Kong Institute of Directors 香港董事學會

Patron 贊助人The Hon Mrs Carrie Lam Cheng Yuet-ngor GBM GBS 林鄭月娥行政長官

Hon President & Founding Chairman 榮譽會長兼創會主席Dr the Hon Moses Cheng GBM GBS OBE JP 鄭慕智博士

Past Chairmen 前任主席Dr Herbert H M Hui JP 許浩明博士 (Deceased) (已故)Mr Peter S H Wong MBA 黃紹開先生Dr Kelvin Wong SBS JP DBA 黃天祐博士

Council 理事會 (2021-2022)Chairman 主席:

Mr Henry Lai 賴顯榮律師

Mr Henry Lai 賴顯榮律師

Deputy Chairmen 副主席:Ir Edmund K H Leung SBS OBE JP 梁廣灝工程師

Dr Christopher To 陶榮博士

Mr Jeffrey Mak 麥振興律師

Treasurer 司庫: Mr Man Mo Leung 文暮良先生

Immediate Past Chairman 卸任主席:

Chief Executive Officer 行政總裁:Dr Carlye Tsui BBS MBE JP 徐尉玲博士

Council Members 理事會成員:

Ms Bonnie S Y Chan 陳心愉女士

Dr Leonard S K Chan 陳新國博士

Dr Charles Cheung JP MBA DBA (Hon) 張惠彬博士Dr Justin K H Chiu 趙國雄博士

Mr Vincent Chan 陳永誠先生Dr Chen Linlong Mike 陳林龍博士Mr Hamilton Cheng 鄭炳熙先生

Mr Richard Ho 何麗康先生Mr Randy Hung 孔敬權先生Mr Ip Shing Hing JP 葉成慶律師Mrs Margaret S Leung 梁甘秀玲女士Mr Ka-Yin Li 李家彥先生

Mr William Lo 羅志聰先生

Ir Prof John Mok 莫建鄰教授Mr Stanley Mok 莫兆光先生

Ms Cynthia Y S Tang 鄧宛舜女士

Mr Richard Tsang 曾立基先生

Mr Andrew Weir 韋安祖先生

Mr Kenneth Wong 黃永恩律師

Mr Stephen Weatherseed 韋大象先生Mr Jim Wardell 詹華達先生

Mr Huen Wong BBS JP 王桂壎律師

Ms Alice Yip 葉嘉明女士

The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors.

香港董事學會為香港代表專業董事的首要組織，其宗旨是促進所有公司的持久成就；為達成使命，

學會致力提倡優秀企業管治與釐訂相關標準，以及協助董事的專業發展。

2104 Shanghai Industrial Investment Building, 48 Hennessy Road, Wan Chai, Hong Kong 香港灣仔軒尼詩道48號上海實業大廈2104

http://www.hkiod.com/21century.html

The Hong Kong Institute of Directors 香港董事學會 The Hong Kong Institute of Directors

Corporate Governance Development Foundation Fund 企業管治發展基金

Sponsored by 贊助機構：

The 21st Century

D I R E C T O R廿 一 世 紀

董事

Associate Manager, Communication & Projects: Ms Joanne Yam

Ms Agnes K Y Tai 戴潔瑩女士