Income and Value - Yale University收入和价值-耶鲁大学.pptVIP

Sunder: Income and Value Whose Income and Whose Value? Shyam Sunder, Yale University Rethinking Capitalism Bruce Initiative at the University of California at Santa Cruz April 7-9, 2011 * * Sunder: Income and Value Capitalism? Some dictionary definitions: an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals and corporations, especially as contrasted to cooperatively or state-owned means of wealth. …an an economic system in which the means of production are privately owned and operated for profit. …characterized by a free market for goods and services and private control of production and consumption. …characterized by the freedom of capitalists to operate or manage their property for profit in competitive conditions …political/economic system which encourages capitalists * * Sunder: Income and Value Why Do We Call It Capitalism? One possibility, rarely discussed: Because we choose to do accounting from the point of view of the supplier of financial capital Look at the accounts and financial reports as currently prepared Let us look at an example * * Sunder: Income and Value Income Statement (in millions, except per share amounts) Year Ended June 30, (Audited) ? 2010 2009 2008 Revenue $ 62,484 $ 58,437 $ 60,420 Operating expenses: Cost of revenue 12,395 12,155 11,598 Research and development 8,714 9,010 8,164 Sales and marketing 13,214 12,879 13,260 General and administrative 4,004 3,700 5,127 Employee severance 59 330 - Total operating expenses 38,386 38,074 38,149 Operating income 24,098 20,363 22,271 Other income (expense) 915 (542) 1,543 Income before income taxes 25,013 19,821 23,814 Provision for income taxes 6,253 5,252 6,133 Net income $ 18,760 $ 14,569 $ 17,681 Cash dividends declared per common share $ 0.52 $ 0.52 $ 0.44 Mi