什么是 Capex

Capital expenditures (CAPEX or capex) are expenditures creating future benefits. Capex are used by a company to acquire or upgrade physical assets such as equipment, property, or industrial buildings. In accounting, a capital expenditure is added to an asset account ("capitalized"), thus increasing the asset's basis (the cost or value of an asset as adjusted for tax purposes). Capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset.

Included in such amounts is spending on:

acquiring fixed assets
bringing them into business
legal costs of buying buildings
carriage inwards on machinery bought
any other cost needed for a fixed asset ready for use.
An ongoing question of the accounting of any company is whether certain expenses should be capitalized or expensed. Costs that are expensed in a particular month simply appear on the financial statement as a cost that was incurred that month. Costs that are capitalized, however, are amortized over multiple years. Capitalized expenditures show up on the balance sheet. Most ordinary business expenses are clearly either expensable or capitalizable, but some expenses could be treated either way, according to the preference of the company.

The counterpart of capital expenditure is operational expenditure ("OpEx").

CAPEX（Capital Expenditure）即资本性支出，计算公式为：CAPEX=战略性投资+滚动性投资。

    资本性投资支出指用于基础建设、扩大再生产等方面的需要在多个会计年度分期摊销的资本性支出。

    由于战略性投资的决策权不在本地网，因此BPR的指标考核中，Capex仅限于滚动性投资，不包括战略性投资。主要指标是Capex收入率和投资、回报率（ROI），前者为Capex收入比，反映资本性支出占收入的比重；后者反映投资效益。