[{"data":1,"prerenderedAt":1630},["ShallowReactive",2],{"library-ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng":3,"library-sidebar-buffett":93,"library-sidebar-dao":1096,"library-sidebar-models":1398},{"id":4,"title":5,"body":6,"category":79,"date":80,"description":81,"extension":82,"meta":83,"navigation":84,"order":85,"path":86,"seo":87,"seoDescription":81,"seoTitle":88,"slug":89,"stem":90,"__hash__":91,"_collection":92},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng.md","巴菲特：2002年谁是真正的账房先生",{"type":7,"value":8,"toc":74},"minimark",[9,13,18,22,25,28,35,38,41,44,47,50,53,56,59,62,65,68,71],[10,11,5],"h1",{"id":12},"巴菲特2002年谁是真正的账房先生",[14,15,17],"h2",{"id":16},"巴菲特谁是真正的账房先生","巴菲特：谁是真正的账房先生",[19,20,21],"p",{},"2002 年7 月24 日",[19,23,24],{},"如今，人们对企业盈利报告和CEO 的信誉产生了信任危机。这是有道理的。",[19,26,27],{},"多年来，我一直对大多数公司报告的盈利数字缺乏信心。我指的不是安然Enron 和世通WorldCom 这两家公司，它们都是彻头彻尾的欺诈行为。相反，我指的是CEO 使用合法但不正当的会计方法来夸大报告收益。",[19,29,30,34],{},[31,32,33],"strong",{},"最明目张胆的欺骗发生在股票期权会计和养老基金收益假设方面","。这两个领域的不正当手法令安然和世通的造假相形见绌。",[19,36,37],{},"在计算直接影响其收益的养老金成本时，标普500 股票指数中的公司目前使用高达11%的投资收益率假设。所选择的回报率非常重要：在许多情况下，收益率1%的上调将使公司的年度报告收益增加1 亿美元以上。因此，许多CEO 选择过于乐观的假设也就不足为奇了，即使他们的养老金资产业绩表现糟糕。这些CEO 根本无视这一令人不快的现实，而他们乐于助人的精算师和审计师则会为公司选择的任何回报率假设提供帮助。多方便啊：客户A 采用6.5%的回报假设，获得了干净的审计意见，而客户B 也是如此，选择了11%的回报假设。",[19,39,40],{},"所有这些都很糟糕，但更大的罪过是期权会计。期权是许多公司的巨大成本，也是高管的巨大利益。这就难怪他们会拼命避免将期权作为费用计入收益。几乎所有的CEO 都毫不脸红地告诉他们的股东，期权是没有成本的。",[19,42,43],{},"对于这些CEO 们，我有一个提议：伯克希尔将向你们出售保险、地毯或我们的任何其他产品，以换取与你们自己授予的期权相同的期权。这一切都是免费的。但你真的认为当你交出期权换取地毯时，你的公司不会产生成本吗？或者你真的认为对期权进行估值太困难了，这也是你不将期权计入成本的借口之一？如果您真的持有这些观点，请给我打电话。我们可以做笔大生意。",[19,45,46],{},"CEO 们经常声称期权没有成本，因为期权的发行是无现金的。但是当他们这样做的时候，他们忽略了一个事实，那就是许多CEO 经常将养老金收益计入他们的收益，尽管这个项目并没有给他们的公司带来一毛钱。他们还忽视了另一个现实：当公司向其高管授予限制性股票时，尽管没有现金转手，但这些授予通常会被适当地计入费用。",[19,48,49],{},"当公司给予员工一些有价值的东西以换取他们的服务时，这显然是一项报酬支出。如果费用不属于收益表，那么它们到底属于哪里呢？",[19,51,52],{},"为了在这些方面洁身自好，CEO 不需要\"独立\"董事、监督委员会或绝对没有利益冲突的审计师。他们只需要做正确的事。正如艾伦格林斯潘Alan Greenspan 上周有力宣称的那样，CEO 的态度和行为决定着公司的行为。",[19,54,55],{},"事实上，国会和SEC 的行动有可能制造烟幕，阻碍真正的会计改革。参议院本身就是公司能够回避期权费用化的主要原因。1994 年5 月3 日，参议院在参议员Joseph Lieberman 的领导下，迫使财务会计准则委员会FASB 和当时的SEC 主席Arthur Levitt 放弃将期权计入费用的规定。Levitt 先生曾说过，他对这次退缩的后悔程度超过了他在担任主席期间所做的任何其他举动。遗憾的是，现任SEC 领导层似乎无意纠正这一问题。",[19,57,58],{},"我不相信国会制定会计规则。但是，参议院在1994 年为一切皆可行的报告制度放水，它现在应该关闭闸门。",[19,60,61],{},"与其举行听证会和大发牢骚，为什么参议院不取消1994 年的行动，从而解放会计准则委员会呢？",[19,63,64],{},"CEO 希望得到尊重和信任。只有当他们值得被尊重时，他们才会被尊重，也应该被尊重。他们不应再谈论一些害群之马，而应反思自己的行为。",[19,66,67],{},"最近，有几家公司的CEO 站出来采用诚实的会计。但大多数公司仍在直接或通过行业协会花费股东的钱财，来游说反对真正的改革。他们口口声声说原则，但对大多数人来说，他们的动机是钱袋子。",[19,69,70],{},"为了股东和国家的利益，CEO 应该告诉他们的会计部门，今天就停止记录虚假的养老基金收益，并开始记录所有的薪酬成本。他们不需要研究或学习新的规则就能做到这一点。他们只需要采取行动。",[72,73],"hr",{},{"title":75,"searchDepth":76,"depth":76,"links":77},"",2,[78],{"id":16,"depth":76,"text":17},"访谈与文章",null,"巴菲特在《华盛顿邮报》撰文，批评CEO使用不正当会计方法夸大盈利，强调财务诚信与审计独立性的重要。","md",{},true,42,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":5,"description":81},"巴菲特：2002年谁是真正的账房先生｜巴菲特","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng","buffett\u002Finterview\u002Fba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng","Tpztsu8AuPl8QKKOeEtMymk3ntrDPwAL0OIayu6RbI0","buffett",[94,99,102,106,109,112,115,119,122,125,129,132,135,139,142,145,149,152,155,159,162,165,169,172,175,179,182,185,189,192,195,199,202,205,209,212,215,219,222,225,229,232,235,239,242,245,249,252,255,259,262,265,269,272,275,280,283,286,290,293,296,300,303,306,310,313,316,320,323,326,330,333,336,340,343,346,350,353,356,360,363,366,370,373,376,380,383,386,390,393,396,400,403,406,410,413,416,420,423,426,430,433,437,440,444,447,451,454,458,461,465,468,472,475,479,482,485,486,490,493,497,500,504,507,511,514,518,521,525,528,532,535,539,542,546,549,553,556,560,563,567,570,574,577,581,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,900,904,908,912,916,920,924,928,932,936,940,944,948,952,956,960,964,968,972,976,980,984,988,992,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092],{"title":95,"slug":96,"category":97,"order":98},"1956 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巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":140,"slug":141,"category":79,"order":138},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":143,"slug":144,"category":105,"order":138},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":146,"slug":147,"category":97,"order":148},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":150,"slug":151,"category":79,"order":148},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":153,"slug":154,"category":105,"order":148},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":156,"slug":157,"category":97,"order":158},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":160,"slug":161,"category":79,"order":158},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":163,"slug":164,"category":105,"order":158},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":166,"slug":167,"category":97,"order":168},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":170,"slug":171,"category":79,"order":168},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":173,"slug":174,"category":105,"order":168},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":176,"slug":177,"category":97,"order":178},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":180,"slug":181,"category":79,"order":178},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":183,"slug":184,"category":105,"order":178},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":186,"slug":187,"category":97,"order":188},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":190,"slug":191,"category":79,"order":188},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":193,"slug":194,"category":105,"order":188},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":196,"slug":197,"category":97,"order":198},"1962年中 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发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":223,"slug":224,"category":105,"order":218},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":226,"slug":227,"category":97,"order":228},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":230,"slug":231,"category":79,"order":228},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":233,"slug":234,"category":105,"order":228},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":236,"slug":237,"category":97,"order":238},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":240,"slug":241,"category":79,"order":238},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":243,"slug":244,"category":105,"order":238},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":246,"slug":247,"category":97,"order":248},"1964 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