Operatingcostsareassociatedwiththemaintenanceandadministrationofabusinessonaday-to-daybasis.Operatingcostisatotalfigurethatincludedirectcostsofgoodssold(COGS)fromoperatingexpenses(whichexcludedirectproductioncosts),andsoincludeseverythingfromrent,payroll,andotheroverheadcoststorawmaterialsandmaintenanceexpenses.Operatingcostsexcludenon-operatingexpensesrelatedtofinancingsuchasinterest,investments,orforeigncurrencytranslation.
营业成本与企业日常业务的维护和管理有关。营业成本既包括营业费用（不包括直接生产成本）中的销货成本，也包括租金、工资及从原材料到维护费用等其他日常管理费用。营业成本不包括与利息、投资或外币折算等与融资有关的非营业费用。
Theoperatingcostisdeductedfromrevenuetoarriveatoperatingincomeandisreflectedonacompany’sincomestatement.
总收入减去营业收入即为营业成本，营业成本反映在公司的利润表上。
KEYTAKEAWAYS
Operatingcostsaretheongoingexpensesincurredfromthenormalday-to-dayofrunningabusinessthatincludebothoverheadandcostsofgoodssold(COGS).
营业成本是企业在正常的日常经营业务过程中发生的持续性费用，包括日常管理费用和销货成本。
CommonoperatingcostsinadditiontoCOGSmayincluderent,equipment,inventorycosts,marketing,payroll,insurance,andfundsallocatedforresearchanddevelopment;andexcludenon-operatingcosts.
除销货成本以外的一般营业成本可能包括租金、设备、库存成本、营销、工资、保险和研发资金；不包括非营业成本。
Operatingcostscanbefoundandanalyzedbylookingatacompany'sincomestatement.
可以通过查看公司的利润表来查找并分析营业成本。
营业费用
OperatingExpenses
FormulaandCalculationforOperatingCost
营业成本的计算公式和计算步骤
Usethefollowingformulaandstepstocalculatetheoperatingcostofabusiness.Youwillfindtheinformationneededfromthefirm'sincomestatementthatisusedtoreportthefinancialperformancefortheaccountingperiod.
通过以下公式和步骤计算公司的营业成本。以下所需信息可从公司的利润表（用以报告公司在某一会计年度的财务状况）中获得。
Operatingcost=Costofgoodssold+Operatingexpenses
营业成本=销货成本＋营业费用
Fromacompany'sincomestatementtakethetotalcostofgoodssold,whichcanalsobecalledcostofsales.
从公司的利润表中找到总销货成本，也叫总销售成本。
Findtotaloperatingexpenses,whichshouldbefartherdowntheincomestatement.
找到总营业费用，一般在利润表的下方。
AddtotaloperatingexpensesandcostofgoodssoldorCOGStoarriveatthetotaloperatingcostsfortheperiod.
将总营业费用和销货成本相加，获得当期的总营业成本。
DecipheringOperatingCosts
解读营业成本
Businesseshavetokeeptrackofoperatingcostsaswellasthecostsassociatedwithnon-operatingactivities,suchasinterestexpensesonaloan.Bothcostsareaccountedfordifferentlyinacompany'sbooks,allowinganalyststodeterminehowcostsareassociatedwithrevenue-generatingactivitiesandwhetherornotthebusinesscanberunmoreefficiently.
Generallyspeaking,acompany’smanagementwillseektomaximizeprofitsforthecompany.Becauseprofitsaredeterminedbothbytherevenuethatthecompanyearnsandtheamountthecompanyspendsinordertooperate,profitcanbeincreasedbothbyincreasingrevenueandbydecreasingoperatingcosts.Becausecuttingcostsgenerallyseemslikeaneasierandmoreaccessiblewayofincreasingprofits,managerswilloftenbequicktochoosethismethod.
一般来说，公司的管理层往往会寻求公司利益最大化。由于利润由公司所赚取的收入以及公司的经营支出决定，因此可以通过增加收入及减少营业成本来增加利润。而缩减成本往往看起来比增加收入更容易实现，因此管理层通常会很快地做出这个选择。
However,trimmingoperatingcoststoomuchcanreduceacompany’sproductivityand,thus,itsprofitaswell.Whilereducinganyparticularoperatingcostwillusuallyincreaseshort-termprofits,itcanalsohurtthecompany’searningsinthelong-term.Forexample,ifacompanycutsitsadvertisingcostsitsshort-termprofitswilllikelyimprove,asitisspendinglessmoneyonoperatingcosts.
However,byreducingitsadvertising,thecompanymightalsoreduceitscapacitytogeneratenewbusinessandearningsinthefuturecouldsuffer.Ideally,companieslooktokeepoperatingcostsaslowaspossiblewhilestillmaintainingtheabilitytoincreasesales.
OperatingCostsComponents
营业成本构成
Whileoperatingcostsgenerallydonotincludecapitaloutlays,theycanincludemanycomponentsofoperatingexpensesincluding:
尽管营业成本一般不包括资本支出，但可以包括营业费用的许多组成部分，其中包括：
Accountingandlegalfees
会计和法律费用
Bankcharges
银行手续费
Salesandmarketingcosts
销售和营销成本
Travelexpenses
差旅费
Entertainmentcosts
招待费
Non-capitalizedresearchanddevelopmentexpenses
非资本化研发费用
Officesupplycosts
办公用品费用
Rent
租金
Repairandmaintenancecosts
维修和保养费
Utilityexpenses
公共事业费
Salaryandwageexpenses
薪资
Operatingcostswillalsoincludethecostofgoodssold,whicharetheexpensesdirectlytiedtotheproductionofgoodsandservices.Someofthecostsinclude:
营业成本也包括销货成本，销货成本指与商品和服务的生产直接挂钩的费用。其中一些成本包括：
Directmaterialcosts
直接材料成本
Directlabor
直接劳动力成本
Rentoftheplantorproductionfacility
厂房或生产设施租金
Benefitsandwagesfortheproductionworkers
生产工人的福利和薪资
Repaircostsofequipment
设备的维修成本
Utilitycostsandtaxesoftheproductionfacilities
生产设施的公共事业费和税费
Abusiness’soperatingcostsarecomprisedoftwocomponents,fixedcostsandvariablecosts,whichdifferinimportantways.
企业的营业成本由固定成本和变动成本两部分构成，这两部分具有很大的差异。
FixedCosts
固定成本
Afixedcostisonethatdoesnotchangewithanincreaseordecreaseinsalesorproductivityandmustbepaidregardlessofthecompany’sactivityorperformance.Forexample,amanufacturingcompanymustpayrentforfactoryspace,regardlessofhowmuchitisproducingorearning.Whileitcandownsizeandreducethecostofitsrentpayments,itcannoteliminatethesecosts,andsotheyareconsideredtobefixed.Fixedcostsgenerallyincludeoverheadcosts,insurance,security,andequipment.
固定成本指的是不受业务量或生产力的增减变动而改变的、无论公司的经营活动或经营业绩如何均须支付的成本。例如，就一家制造业公司而言，无论其生产多少产品或获得多少利润，都必须要支付厂房租金。虽然它可以缩小规模，降低租金成本，但却不能完全消除这些成本，因此，这些成本被视为固定成本。固定成本一般包括日常管理费用、保险、安保和设备费用。
Fixedcostscanhelpinachievingeconomiesofscale,aswhenmanyofacompany’scostsarefixedthecompanycanmakemoreprofitperunitasitproducesmoreunits.Inthissystem,fixedcostsarespreadoutoverthenumberofunitsproduced,makingproductionmoreefficientasproductionincreasesbyreducingtheaverageper-unitcostofproduction.Economiesofscalecanallowlargecompaniestosellthesamegoodsassmallercompaniesforlowerprices.
固定成本可以促进规模经济的实现。当一家公司的许多成本都是固定成本时，这家公司每生产更多单位的产品就能创造更多的利润。在这一体系中，固定成本分摊到生产的产品单位的数量上，通过降低每单位的生产成本增加产量，从而提高生产效率。规模经济可以让大公司以更低的价格出售与小公司相同的产品。
Theeconomiesofscaleprinciplecanbelimitedinthatfixedcostsgenerallyneedtoincreasewithcertainbenchmarksinproductiongrowth.Forexample,amanufacturingcompanythatincreasesitsrateofproductionoveraspecifiedperiodwilleventuallyreachapointwhereitneedstoincreasethesizeofitsfactoryspaceinordertoaccommodatetheincreasedproductionofitsproducts.
但由于固定成本一般会随着产量增长的某些基准而增长，因此规模经济也是会受到限制的。例如，在一特定时期内提高其生产率的一家制造业公司最终会在某个时候需要扩大工厂规模才能实现产品产量的提高。
VariableCosts
变动成本
Variablecosts,likethenameimplies,arecomprisedofcoststhatvarywithproduction.Unlikefixedcosts,variablecostsincreaseasproductionincreasesanddecreaseasproductiondecreases.Examplesofvariablecostsincluderawmaterialcosts,payroll,andthecostofelectricity.Forexample,inorderforafast-foodrestaurantchainthatsellsFrenchfriestoincreaseitsfrysales,itwillneedtoincreaseitspurchaseordersofpotatoesfromitssupplier.
变动成本，顾名思义，指随着产量变化而变化的成本。与固定成本不同，变动成本会随着产量的增加或减少而增加或减少。变动成本包括原材料成本、工资和电费。例如，一家卖炸薯条的快餐店若要增加炸薯条的销量，则需要从其供应商处购买更多的土豆。
It'ssometimespossibleforacompanytoachieveavolumediscountor"pricebreak"whenpurchasingsuppliesinbulk,whereintheselleragreestoslightlyreducetheper-unitcostinexchangeforthebuyer’sagreementtoregularlybuythesuppliesinlargeamounts.Asaresult,theagreementmightdiminishthecorrelationsomewhatbetweenanincreaseordecreaseinproductionandanincreaseordecreaseinthecompany’soperatingcosts.Forexample,thefast-foodcompanymaybuyitspotatoesat$0.50perpoundwhenitbuyspotatoesinamountsoflessthan200pounds.
However,thepotatosuppliermayoffertherestaurantchainapriceof$0.45perpoundwhenitbuyspotatoesinbulkamountsof200to500pounds.Volumediscountsgenerallyhaveasmallimpactonthecorrelationbetweenproductionandvariablecostsandthetrendotherwiseremainsthesame.
Typically,companieswithahighproportionofvariablecostsrelativetofixedcostsareconsideredtobelessvolatile,astheirprofitsaremoredependentonthesuccessoftheirsales.Inthesameway,theprofitabilityandriskforthesamecompaniesarealsoeasiertogauge.
通常，人们会认为变动成本占固定成本比例高的公司更为稳定，因为这些公司的利润更多的取决于其销量，且它们的盈利能力和风险也更容易衡量。
Semi-VariableCosts
半变动成本
Inadditiontofixedandvariablecosts,itisalsopossibleforacompany’soperatingcoststobeconsideredsemi-variable(or“semi-fixed.")Thesecostsrepresentamixtureoffixedandvariablecomponentsand,thus,canbethoughtofasexistingbetweenfixedcostsandvariablecosts.Semi-variablecostsvaryinpartwithincreasesordecreasesinproduction,likevariablecosts,butstillexistwhenproductioniszero,likefixedcosts.Thisiswhatprimarilydifferentiatessemi-variablecostsfromfixedcostsandvariablecosts.
除固定和变动成本外，公司的营业成本也包括半变动成本（或“半固定成本”）。半变动成本是一种同时包含固定成本和变动成本因素的混合成本，可被视为介于固定成本和变动成本之间的成本。随着产量增加或减少，半变动成本部分会发生变化（如可变成本），但即使产量为零也依然存在（如固定成本）。这就是半变动成本与固定成本和变动成本之间的主要区别。
Anexampleofsemi-variablecostsisovertimelabor.Regularwagesforworkersaregenerallyconsideredtobefixedcosts,aswhileacompany’smanagementcanreducethenumberofworkersandpaidwork-hours,itwillalwaysneedaworkforceofsomesizetofunction.Overtimepaymentsareoftenconsideredtobevariablecosts,asthenumberofovertimehoursthatacompanypaysitsworkerswillgenerallyrisewithincreasedproductionanddropwithreducedproduction.Whenwagesarepaidbasedonconditionsofproductivityallowingforovertime,thecosthasbothfixedandvariablecomponentsandarethereforeconsideredtobesemi-variablecosts.
RealWorldExample
真实示例
BelowistheincomestatementforAppleInc.(AAPL)asofDecember29,2018,accordingtotheir10Qreport:
lApplereportedtotalrevenueornetsalesof$84.310billionfortheperiod(highlightedinblue).
苹果公司报告称当期的总收入或净销售额为843.1亿美元（蓝色高亮显示）
lThetotalcostofsales(orcostofgoodssold)was$52.279billion,whiletotaloperatingexpenseswere$8.685billion(inred).
总销售成本（或销货成本）为522.79亿美元，总营业费用为86.85亿美元（红色高亮显示）。
lWecalculateoperatingcostas$52.279billion(COS)+$8.685billion(OPEX).
我们计算的营业成本为522.79亿美元+86.85亿美元
lOperatingcostswere$60.964billionfortheperiod.
当期营业成本为609.64亿美元。
AppleExampleOperatingCosts.Investopedia
苹果营业成本示例。Investopedia
Apple'stotaloperatingcostsmustbeexaminedoverseveralquarterstogetasenseofwhetherthecompanyismanagingitsoperatingcostseffectively.Also,investorscanmonitoroperatingexpensesandcostofgoodssold(orcostofsales)separatelytodeterminewhethercostsareeitherincreasingordecreasingovertime.
SG&Avs.OperatingCosts
销售、一般和管理费用与营业成本
Selling,general,andadministrativeexpense(SG&A)isreportedontheincomestatementasthesumofalldirectandindirectsellingexpensesandallgeneralandadministrativeexpenses(G&A)ofacompany.Itincludesallthecostsnotdirectlytiedtomakingaproductorperformingaservice—thatis,SG&Aincludesthecoststosellanddeliverproductsorservices,inadditiontothecoststomanagethecompany.
销售、一般和管理费用在损益表中作为公司所有直接和间接的销售费用以及所有一般和管理费用的总和列报，其中包括与制造产品或履行服务没有直接联系的所有成本——即，除公司管理成本外，销售、一般和管理费用还包括销售、交付产品或服务的成本。
SG&Aincludesnearlyeverythingthatisn'tinthecostofgoodssold(COGS).Ontheotherhand,operatingcostsincludeCOGSplusalloperatingexpensesincludingSG&A.
销售、一般和管理费用几乎包含销货成本以外的所有费用。另一方面，营业成本包含销货成本加包含销售、一般和管理费用在内的所有营业费用/
LimitationsofOperatingCosts
营业成本的局限性
Aswithanyfinancialmetric,operatingcostsmustbecomparedovermultiplereportingperiodstogetasenseofanytrend.Companiessometimescancutcostsforaparticularquarterthusinflatingtheirearningstemporarily.Investorsmustmonitorcoststoseeifthey'reincreasingordecreasingovertimewhilealsocomparingthoseresultstotheperformanceofrevenueandprofit.