Official definition · 官方定义
“The accounting equation is a basic principle of accounting and a fundamental element of the balance sheet.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
The accounting equation says assets equal liabilities plus equity. Everything a company owns was paid for either by borrowing or by owners' money, including retained profit.
会计恒等式是：资产 = 负债 + 所有者权益。公司拥有的一切，要么是借来的，要么是股东投入的（含留存利润）。
The equation is the reason a balance sheet balances, and the reason a buyback or a dividend cannot create value by itself: paying out cash reduces assets and equity by the same amount. It also frames leverage. When liabilities grow faster than assets, equity is being squeezed — which is exactly what happens to a company borrowing to fund losses.
这个等式是资产负债表能「平」的原因，也是回购或分红本身不创造价值的原因：付出多少现金，资产和权益就同时减少多少。
它也是理解杠杆的框架。当负债增长快于资产，权益正在被挤压——借钱补亏损的公司就是这样一步步被榨干的。
Equity is cash
It is a residual claim, not a pile of money.
Assets are worth their book value
Book value is historical cost minus depreciation.
The equation is optional
Double-entry bookkeeping enforces it by construction.
· assets equal liabilities plus equity
· balance sheet identity
· negative equity
· shareholders' funds
assets equal liabilities plus equity 资产等于负债加权益；balance sheet identity 资产负债表恒等式；negative equity 负权益；shareholders' funds 股东资金。
· equity vs market capitalisation
· book value vs fair value
equity 是账面权益，market capitalisation 是市场估值；book value 是历史成本，fair value 是当前价值。
The company ended the year with assets of $Xbn against liabilities of $Ybn.
报表句：年末资产 X 亿美元，负债 Y 亿美元——差额就是权益，against 表对照。