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1、巴菲特研究中心 Research Centre for Buffettism巴菲特致股东的信 1980 年Buffetts Letters To Berkshire Shareholders 1980Operating earnings improved to $41.9 million in1980 年本公司的营业利益为 4,190 万)1980 from $36.0 million in 1979, but return on美元,较 1979 年的 3,600 万美元成长,beginning equity capital (with securities valued但期初股东权益报酬率
2、(持有股票投at cost) fell to 17.8% from 18.6%. We believe the资以原始成本计)却从去年的 18.6%latter yardsticktobethemostappropriate料滑落至 17.8%。我们认为这个比率最measureofsingle-yearmanagerial economic资能够作为衡量公司管理当局单一年度performance. Informed useofthatyardstick,研经营绩效的指针。当然要运用这项指however, requires an understanding of many投针,还必须对包含会计原
3、则、资产取factors,includingaccountingpolicies,得历史成本、财务杠杆与产业状况等多historical carrying values of assets, financial在内的主要因素有一定程度的了解才载更leverage, and industry conditions.行。In your evaluation of our economic performance,各位在判断本公司的经营绩效时,有we suggest that two factors should receive your下两个因素是你必须特别注意的,一项,specialattent
4、ion -oneofa positivenature”是对公司营运相当有利的,而另一项则企业绩效相对较不利的。让我们先peculiar, to a large extent, to our own)operation, and one of a negative nature从好的那一面看起:。applicable to corporate performance generally.Lets look at the bright side first.Non-Controlled Ownership Earnings无控制权持股之盈余EDITORWhen one company owns p
5、art of another company,当一家公司拥有另一家公司部份股权appropriate accounting proceduresValueFirst1pertaining to时,在会计上通常有三种方式来处理that ownership interest must(be selected from one投资公司在被投资公司所拥有的权of three major categories. The percentage of益,其中所持有的股权多寡将决定公股voting stock that is owned,inlargepart,司采用何种方式。determineswhich牛
6、ofaccountingcategory资principles should be utilized.投Generallyacceptedaccountingprinciples一般公认会计原则规定若持有股权比值to exceptions, naturally, as例超过百分之五十(除了少数例外,就require (subject价PDF像我们先前持有的银行股份),则投资with our“former bank subsidiary) fullconsolidation of sales, expenses, taxes, and公司必须完全合并该被投资公司,包号含营收、费用、所得税与盈余等
7、在内earnings of business holdings more than 50%众的所有会计科目。比如说像是伯克希owned. Blue Chip Stamps, 60% owned by Berkshire信公Inc.,fallsintothiscategory.尔持有 60%股权的蓝筹邮票公司,便微HathawayTherefore, all Blue Chip income and expense items是属于这一类,至于其它 40%股东的索are includedinfullinBerkshires权益在财务报表上则以少数股东权益Consolidated Statemen
8、t of Earnings, with the 40%搜列示。ownership interest of others in Blue Chips net(earningsreflectedintheStatementas adeduction for “minority interest”.Full inclusion of underlying earnings from而若是持有股权比例介于 20%-50%another class of holdings, companies owned 20%之间,像 Wesco 金融公司虽系由伯克PDFM1巴菲特研究中心 Research Cent
9、re for Buffettismto 50% (usually called “investees”), also希尔所控制但却仅持有 48%的股权,normally occurs. Earnings from such companies -则在投资公司的帐上仅记录一个分for example, Wesco Financial, controlled by录,将被投资公司依股权比例所认列Berkshire but only 48% owned - are included via的投资损失或利益予以入帐。因此如)a one-line entry in the owners Statemen
10、t of果 A 公司拥有 B 公司三分之一的股权,Earnings. Unliketheover-50%category, all则不论 B 公司是否将年度盈余全数发items of revenue and expense are omitted; just放,A 公司都必须依比例认列投资利the proportional share of net income is included.料益,另外这两类的会计原则都规定,Thus,if CorporationAownsone-third of资必须附带一些企业间所得税、购买法Corporation B,one-thirdofBs earning
11、s,研价格调整等调整分录,这部份的细节whether or not distributed by B, will end up in投请容我们以后有空再详加说明,(虽然As earnings. There are some modifications,我知道大家可能等不及了)多。both in thisandtheover-50%category, for载更intercorporatetaxesandpurchaseprice下adjustments,theexplanationof whichwe will,save for a later day. (We know you can ha
12、rdlywait.)”Finally come holdings representing less than 20%最后若是持股比例低于 20%,则依照)ownership of another corporations voting会计原则,投资公司仅能认列被投资securities. In these cases, accounting rules公司实际发放的股利部份,至于保留dictate that the owning companies include in而不发放的部份盈余则不予理会,也their earnings only dividends received from su
13、ch因此假若我们持有一家 X 公司 10%的EDITORholdings. Undistributed earnings are ignored.股份,又假设 X 公司在 1980 年共计Thus, should we own 10% of CorporationValueFirst1X with赚了 1,000 万美金,若 X 公司将盈余earnings of $10 million in 1980, we would report全部发放,则我们可认列 100 万的利(in our earnings (ignoring relatively minor taxes益,反之若 X 公司决定保
14、留全部盈余股on intercorporatedividends)either(a) $1不予发放,则我们连一毛钱都不能认牛列。million if X declared the full $10 million in资dividends; (b) $ 500,000 if X paid out 50%, or $5投million, in dividends; or (c) zero if Xreinvested all值earnings.We impose价this shortPDF- and over-simplified -之所以强迫大家上了堂稍微简单的会“courseinaccoun
15、tinguponyoubecause计课的原因在于,伯克希尔将发展的号重点集中于保险事业,使得其资源大Berkshires concentration of resources in the众producesacorresponding量集中投注于第三类的股权投资(亦insurance field信公concentration of its assets in companies in that即持股比例小于 20%)之上,这些被投微third (less than 20% owned) category. Many of资公司仅将它们所赚的盈余分配一小索thesecompaniespayou
16、trelativelysmall部份以现金股利的方式分配给我们,proportions of their earnings in dividends. This这代表其获利能力仅有一小部份呈现搜means that only a small proportion of their在我们公司的帐上,但就经济实质面(current earning power is recorded in our own来说,那只是实际获利的冰山一角而current operating earnings. But, while our已reported operating earnings reflect only
17、 thedividends received from such companies, ourPDFM2巴菲特研究中心 Research Centre for Buffettismeconomic well-being is determined by theirearnings, not their dividends.Our holdings in this third category of companiesEDITOR这类投资近年来因为我们旗下保险事have increased dramatically in recent years as业蓬勃发展,同时也因为股票市场出)our i
18、nsurancebusinesshas prospered andas现许多不错的投资机会而大幅增加,securities markets have presented particularly料股票投资的大量增加再加上这些公司attractive opportunities in thecommonstock本身获利能力的增长使得我们实际获area. The large increase in such holdings, plus资得的成果相当可观,以去年来说,光the growth ofearningsexperienced bythose研是保留在这些公司而未分配给伯克希partial
19、ly-owned companies, has produced an投尔的盈余,便比伯克希尔整年度的帐unusual result; the part of “our” earnings that面盈余还高,虽然这样的情况在一般these companies retained last year (the part not企业界并不多见,但我们预期这种情多paid to us individends) exceeded thetotal载更况在伯克希尔将会持续出现。reported annual operating earnings of Berkshire下Hathaway. Thus,
20、conventional accountingonly,allows less than half of our earnings “iceberg”)to appear above the surface, in plain view.则要容易多了,有些问题早已是根深rates of inflation. (But itsValueFirst1much easier toWithin the corporate world such a result is quiterare; in our case it is likely to be recurring.Our own analysis
21、 of earnings reality differs我们本身对投资盈余如何认列的看法somewhat from generally accepted accounting与一般公认会计原则并不尽相同,尤principles, particularly when those principles其是在目前通货膨涨高涨之际更是如must be applied in a world of high and uncertain此,(但话说回来批评要比修改这套原股(蒂固了),我们有些 100%持股的转投criticize than to improve such accounting rules.T
22、he inherent problems are monumental.) We have资公司帐面上所赚的钱,实质上并不牛owned 100% of businesses whose reported earnings足那个数,即使依照会计原则我们可资were not worth close to 100 cents on the dollar以完全地控制它,(就理论而言,我们投to us even though, in an accounting sense, we对他具有控制权,但实际上我们却必totally controlled their disposition. (The须被迫把所
23、赚到的每一分钱,继续投PDFM“control”值was theoretical.Unlesswe注在更新资产设备,以维持原有生产“reinvested价all earnings,PDFmassive deterioration力,并赚取微薄的利润),相较之下,号in the value of assets already in place would我们也有一些仅持有少数股份而其所众occur. But those reinvested earnings had no赚的盈余远超过帐面列示之数,甚至信prospect of earning anything close to a market其所保留的资金还能为我们赚取更多微公return on capital.) We have also owned small的盈余。fractions of businesses with extraordinary索reinvestmentpossibilities whose retained搜earnings had an economic value to us far in excess(of 100 cents on the dollar.
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