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1、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，特采用中英文对照方式。这是巴菲特本人对企业估值的一次全面阐释。全文如下：Appendix附录Purchase-Price Accounting Adjustments and the Cash Flow Fallacy购买法会计调整数与现金流量的谬误First a short quiz: below are abbreviated 1986 statements of earnings for two companies. Which business is the
2、more valuable?首先先来个小考：以下是两家公司的财务报表，请问哪一家比较值钱?图 1：As youve probablyguessed, Companies O and N are the samebusiness - ScottFetzer. In the O (for old) column we have shown what the companys1986 GAAPearningswould have been ifwe had not purchased it;in the N(fornew) column we have shown Scott FetzersGAAP
3、earningsas actuallyreported by Berkshire.大家或许都已经猜到了，公司 O跟公司 N 指的都是同一家公司 - 史考特 - 飞兹， O 公司 ( 指旧公司 ) 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余报表，至于 N 公司 ( 指新公司 ) 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。It should be emphasized that the two columns depict identical economics- i.e.,
4、the same sales, wages, taxes, etc. And both companies generate the same amount of cash for owners. Only the accounting is different.必须强调的是，这两家公司数字所叙述的是同一个经济事实， 也就是营收、薪资、税负都相同，而两家公司贡献给股东的现金流入也完全相同， 唯一不同的就只有适用的会计原则。So, fellow philosophers, which column presents truth? Upon which set of numbers should
5、managers and investors focus?所以说，各位伟大的思想家，到底哪一家呈现的才是事实 ? 投资人与经理人到底应该关心哪一份报表 ?Before we tackle those questions, lets look at what produces thedisparity between O and N. Wewill simplify our discussion in somerespects, but the simplification should not produce any inaccuracies in analysisor conclusions
6、.在处理这些问题以前， 让我们先看看到底这两家公司有哪一些差异之处， 我们会试着将讨论予以简化，当然这不致产生错误的分析与结论。The contrast between O and N comes about because we paid an amount forScott Fetzer that was different from its stated net worth. Under GAAP,such differences -such premiums or discounts - must be accounted forpurchase-price adjustments.
7、In Scott Fetzers case, we paid $315million for net assetsthat were carriedon its booksat $172.4 million.So we paid a premium of $142.6 million.by新公司 (N) 与旧公司 (O) 差异的起因源自于我们购买史考特 - 飞兹的价钱与其会计帐面净值有所不同， 根据一般公认会计原则， 这样的差异 - 不论时溢价或是折价，都必须计入购买法差异调整项下，就本例而言，我们支付了 3.15 亿美元买下帐面价值 1.724 亿美元的资产，中间就产生了 1.426 亿美元
8、的溢价。The firststep in accountingfor any premium paid is to adjustthe carryingvalue of currentassets to currentvalues.In practice,thisrequirementusually does not affect receivables, which are routinely carried atcurrentvalue,but oftenaffectsinventories.Because of a $22.9 millionLIFO reserve and other
9、accounting intricacies, Scott Fetzers inventoryaccount was carried at a $37.3 million discount from current value. So, making our first accounting move, we used $37.3 million of our $142.6 million premium to increase the carrying value of the inventory.会计原则规定处理购并溢价的第一步是将流动资产的帐列价值调整至目前的价值，实务上，通常受影响的是
10、存货等资产， 至于具立即变现性的应收帐款则不受影响，由于史考特 - 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。Assuming any premium isleftaftercurrent assetsareadjusted,thenextstep is to adjust fixed assets to current value. In our case, thisadjustmentalso requireda few accountingacrobaticsre
11、latingtodeferredtaxes. Since this has been billedas a simplifieddiscussion,Iwillskipthe detailsand give you thebottom line:$68.0millionwas added tofixedassets and $13.0 million was eliminated from deferred tax liabilities.After making this $81.0 million adjustment, we were left with $24.3 million of
12、 premium to allocate.在流动资产调整完之后， 第二步就是调整固定资产至现在的价值， 再次地，我们必须运用一些会计技巧来处理相关的递延所得税， 由于之前我们强调是简单的讨论，所以我决定略去部份细节，直接公布结果，其中 6,800 万加到固定资产，至于另外的 1,300 万则从递延所得税负债扣除， 最后剩下 2,430 万美元的溢价待处理。Had our situationcalledforthem two steps would next have been required:the adjustment of intangible assets other than Goo
13、dwill to current fairvalues, and the restatement of liabilities to current fair values, arequirement that typically affects only long-term debt and unfunded nliabilities.In ScottFetzerscase, however, neitherof these steps wasnecessary.如果有必要， 接下来还有两个步骤要进行： 一是调整无形资产 ( 商誉除外 ) ，一是调整负债，通常包含长期负债以及未提拨煺休金负债
14、， 然而就本例而言， 这些步骤都不需要。The final accounting adjustment we needed to make, after recording fair market values for all assets and liabilities, was the assignment of the residual premium to Goodwill (technically known as excess of cost overthe fair value of net assets acquired). This residual amounted to $24.3 million. Thus, the balance sheet of Scott Fetzer immediately before the acquisition, which is summarized b
