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1、精选文档巴菲特谈企业估值（1986年）范闻备注：全文摘自1986年巴菲特致股东信的附录部分，原汁原味。为方便深刻理解巴菲特的投资理念，特采纳中英文比较方式。这是巴菲特自己对企业估值的一次全面阐释。全文以下：Appendix附录Purchase-PriceAccountingAdjustmentsandtheCashFlowFallacy购买法会计调整数与现金流量的错误Firstashortquiz:belowareabbreviated1986statementsofearningsfortwocompanies.Whichbusinessisthemorevaluable?第一先来个小考：以
2、下是两家企业的财务报表，请问哪一家比较值钱?图1：Asyouveprobablyguessed,CompaniesOandNarethesamebusiness-ScottFetzer.IntheO(forold)columnwehaveshownwhatthecompanys1986GAAPearningswouldhavebeenifwehadnotpurchasedit;intheN(fornew)columnwehaveshownScottFetzersGAAPearningsasactuallyreportedbyBerkshire.大家或许都已经猜到了，企业O跟企业N指的都是同一家
3、企业-史考特-飞兹，O企业(指旧企业)系假设它1986年没有被Berkshire买下时依照一般公认会计原则编制的盈利报表，至于N企业(指新企业)则是指1986年它被Berkshire买下后，依照一般公认会计原则在Berkshire报表上显示的相关数字。Itshouldbeemphasizedthatthetwocolumnsdepictidenticaleconomics-i.e.,thesamesales,wages,taxes,etc.Andbothcompaniesgeneratethesameamountofcashforowners.Onlytheaccountingisdiffer
4、ent.一定重申的是，这两家企业数字所表达的是同一个经济事实，也就是营收、薪资、税负都相同，而两家企业贡献给股东的现金流入也完整相同，独一不一样的就只有适用的会计原则。So,fellowphilosophers,whichcolumnpresentstruth?Uponwhichsetofnumbersshouldmanagersandinvestorsfocus?所以说，各位伟大的思想家，究竟哪一家表现的才是事实?投资人与经理人究竟应该关怀哪一份报表?Beforewetacklethosequestions,letslookatwhatproducesthedisparitybetweenO
5、andN.Wewillsimplifyourdiscussioninsomerespects,butthesimplificationshouldnotproduceanyinaccuraciesinanalysisorconclusions.在办理这些问题以前，让我们先看看究竟这两家企业有哪一些差异之处，我们会试着将谈论予以简化，自然这不致产生错误的解析与结论。ThecontrastbetweenOandNcomesaboutbecausewepaidanamountforScottFetzerthatwasdifferentfromitsstatednetworth.UnderGAAP,s
6、uchdifferences-suchpremiumsordiscounts-mustbeaccountedforpurchase-priceadjustments.InScottFetzerscase,wepaid$315millionfornetassetsthatwerecarriedonitsbooksat$172.4million.Sowepaidapremiumof$142.6million.by新企业(N)与旧企业(O)差其他因由源自于我们购买史考特-飞兹的价格与其会算帐面净值有所不一样，依据一般公认会计原则，这样的差异-不论时溢价或是折价，都一定计入购买法差异调整项下，就本例而
7、言，我们支付了3.15亿美元买下帐面价值1.724亿美元的财富，中间就产生了1.426亿美元的溢价。Thefirststepinaccountingforanypremiumpaidistoadjustthecarryingvalueofcurrentassetstocurrentvalues.Inpractice,thisrequirementusuallydoesnotaffectreceivables,whichareroutinelycarriedatcurrentvalue,butoftenaffectsinventories.Becauseofa$22.9millionLIFOre
8、serveandotheraccountingintricacies,ScottFetzersinventoryaccountwascarriedata$37.3milliondiscountfromcurrentvalue.So,makingourfirstaccountingmove,weused$37.3millionofour$142.6millionpremiumtoincreasethecarryingvalueoftheinventory.会计原则规定办理购并溢价的第一步是将流动财富的帐列价值调整至目前的价值，实务上，平时受影响的是存货等财富，至于具马上变现性的应收帐款则不受影响
9、，因为史考特-飞兹的存货计价方式采后进先出法，使得其帐列的存货成本低于市价3,730万美元，所以第一个动作就是将1.426亿美元溢价中的3,730万美元用来调整存货价值。Assuminganypremiumisleftaftercurrentassetsareadjusted,thenextstepistoadjustfixedassetstocurrentvalue.Inourcase,thisadjustmentalsorequiredafewaccountingacrobaticsrelatingtodeferredtaxes.Sincethishasbeenbilledasasimpl
10、ifieddiscussion,Iwillskipthedetailsandgiveyouthebottomline:$68.0millionwasaddedtofixedassetsand$13.0millionwaseliminatedfromdeferredtaxliabilities.Aftermakingthis$81.0millionadjustment,wewereleftwith$24.3millionofpremiumtoallocate.在流动财富调整完以后，第二步就是调整固定财富至此刻的价值，再次地，我们一定运用一些会计技巧来办理相关的递延所得税，因为以前我们重申是简单的
11、谈论，所以我决定略去部份细节，直接宣告结果，此中6,800万加到固定财富，至于其他的1,300万则从递延所得税负债扣除，最后剩下2,430万美元的溢价待办理。Hadoursituationcalledforthemtwostepswouldnexthavebeenrequired:theadjustmentofintangibleassetsotherthanGoodwilltocurrentfairvalues,andtherestatementofliabilitiestocurrentfairvalues,arequirementthattypicallyaffectsonlylong-
12、termdebtandunfundednliabilities.InScottFetzerscase,however,neitherofthesestepswasnecessary.假如有必需，接下来还有两个步骤要进行：一是调整无形财富(商誉除外)，一是调整负债，平时包含长远负债以及未提拨煺休金负债，但是就本例而言，这些步骤都不需要。Thefinalaccountingadjustmentweneededtomake,afterrecordingfairmarketvaluesforallassetsandliabilities,wastheassignmentoftheresidualpre
13、miumtoGoodwill(technicallyknownasexcessofcostoverthefairvalueofnetassetsacquired).Thisresidualamountedto$24.3million.Thus,thebalancesheetofScottFetzerimmediatelybeforetheacquisition,whichissummarizedbelowincolumnO,wastransformedbythepurchaseintothebalancesheetshownincolumnN.Inrealterms,bothbalancesh
14、eetsdepictthesameassetsandliabilities-but,asyoucansee,certainfiguresdiffersignificantly.最后我们一定进行的会计动作，就是将节余的溢价部份归类到商誉这个科目(专业的解说是获得成本超越财富公正价值部份)，金额为2,430万美元，就这样旧企业也就是史考特-飞兹在被购并的前一刻的财富负债表，被改成新企业在Berkshire帐上所列的各项数字，现实的状况是，二者都是用来说明同一家企业所拥有的财富与负债，但大家可以清楚地发现，二者在某些科目却有极大的不一样。图2：Thehigherbalancesheetfigures
15、shownincolumnNproducethelowerincomefiguresshownincolumnNoftheearningsstatementpresentedearlier.Thisistheresultoftheassetwrite-upsandofthefactthatsomeofthewritten-upassetsmustbedepreciatedoramortized.Thehighertheassetfigure,thehighertheannualdepreciationoramortizationchargetoearningsmustbe.Thechargesthatflowedtotheearningsstatementbecauseofthebalancesheetwrite-upswerenumberedinthestatementofearningsshownearlier:新企业的盈利数字比旧企业的来得低，这是因为其财富负债表中的某些财富一定冲销或是按期折旧摊销所致，帐列财富金额越高，每年一定提列的折旧与摊销也就越高，就本例而言，可能影响损益的数字包含：$4,979,000fornon-cash
