巴菲特致股东的信1980.pdfVIP

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1980年 Buffett’s Letters To Berkshire Shareholders 1980 Operating earnings improved to $41.9 million in 1980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(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 yardstick to be the most appropriate 滑落至 17.8%。我们认为这个比率最 measure of single-year managerial economic 能够作为衡量公司管理当局单一年度 performance. Informed use of that yardstick, 经营绩效的指针。当然要运用这项指 however, requires an understanding of many 针，还必须对包含会计原则、资产取 factors, including accounting policies, 得历史成本、财务杠杆与产业状况等 historical carrying values of assets, financial 在内的主要因素有一定程度的了解才 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 两个因素是你必须特别注意的，一项 special attention - one of a positive nature 是对公司营运相当有利的，而另一项 peculiar, to a large extent, to our own 则企业绩效相对较不利的。让我们先 operation, and one of a negative nature 从好的那一面看起:。 applicable to corporate performance generally. Let’s look at the bright side first. Non-Controlled Ownership Earnings 无控制权持股之盈余 When one company owns part of another company, 当一家公司拥有另一家公司部份股权 appropriate accounting procedures pertaining 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 voting stock that is owned, in large part, 司采用何种方式。 determines which category of accounting principles should be utilized. Generally accepted accounting principles 一般公认会计原则规定若持有股权比 require (subject to exceptions, naturally, as 例超过百