[{"data":1,"prerenderedAt":1650},["ShallowReactive",2],{"library-ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi":3,"library-sidebar-buffett":114,"library-sidebar-dao":1116,"library-sidebar-models":1418},{"id":4,"title":5,"body":6,"category":100,"date":101,"description":102,"extension":103,"meta":104,"navigation":105,"order":106,"path":107,"seo":108,"seoDescription":102,"seoTitle":109,"slug":110,"stem":111,"__hash__":112,"_collection":113},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi.md","巴菲特：2002年股票期权与常识",{"type":7,"value":8,"toc":95},"minimark",[9,13,18,22,25,28,31,34,37,40,43,46,49,52,55,58,61,64,67,70,73,76,82,87,92],[10,11,5],"h1",{"id":12},"巴菲特2002年股票期权与常识",[14,15,17],"h2",{"id":16},"巴菲特股票期权与常识2002","巴菲特：股票期权与常识2002",[19,20,21],"p",{},"2002 年4 月9 日，《华盛顿邮报》A18 版",[19,23,24],{},"1994 年，7 位身材瘦弱的会计专家，他们聪明且经验丰富，一致认为，授予公司员工的股票期权是一项公司费用。6 名拥有类似资历、身材肥胖的注册会计师一致宣布，这些期权薪酬不是这样的。",[19,26,27],{},"真的是腰围而不是智力决定了一个人的会计原则吗？是的，确实如此。几乎可以肯定的是，金钱方面的肥胖，解释了国会投票表决结果的分歧。",[19,29,30],{},"确认期权费用化的7 位支持者是财务会计标准委员会(FASB)的成员，他们的年收入为31.3 万美元。他们的六个对手是当时的六大会计师事务所的管理合伙人，这些会计师事务所的收入是他们的公共利益同行的好几倍。",[19,32,33],{},"在这场对决中，六大会计事务所巨头受到了企业CEO 的怂恿，他们为了使公司的报告收益，人为的保持在高位，不惜拼命地掩盖巨额且不断增长的期权成本。在安然(Enron)财务舞弊曝光之前，会计界受到客户的广泛影响，他们的审计师非常乐意为企业提供帮助支持。",[19,35,36],{},"国会议员们决定对这场争斗进行裁决，毕竟，谁能更好地评估会计准则？然后人们看到公司的CEO 和他们的审计人员冲进了国会大厦。这些势力完全把反对派击垮了。美国参议员以88 票赞成、9 票反对的表决结果宣布，期权薪酬是无成本的，无需计入费用。这让他们许多最大的竞选捐款人欣喜若狂。达尔文本可以预见这个结果：最胖者生存。",[19,38,39],{},"应当强调的是，这一论点并不是关于各种期权的使用。当时，公司可以像现在一样，以他们希望的任何方式奖励员工。他们可以用现金、汽车、去夏威夷旅游或其他选择作为奖励——只要是他们认为能最有效地激励员工的任何方式。",[19,41,42],{},"但这些其他形式的奖励必须被记录为一项费用，而期权以极其不成比例的金额奖励给高管，却根本没有被计入费用，过去是，现在仍然是。",[19,44,45],{},"希望保持现状的CEO 们提出了几个理由。一个是期权很难估值。这简直是胡说八道：我已经买卖期权40 年了，知道它们的定价非常复杂，但计算设备的使用寿命比这困难得多，这个困难使得年折旧费仅仅是一个猜测。然而，没有人认为，这种不精确性会导致一家公司记录折旧费用失去其必要性。同样，美国企业的养老金费用也是根据各种各样的假设计算的，注册会计师通常允许管理层选择任何假设。",[19,47,48],{},"相信我，CEO 们知道他们的期权价值多少钱。这就是为什么他们为之而战。",[19,50,51],{},"还有人认为，期权不应该记录为企业费用是因为，它们不涉及公司的现金支出。但授予限制性股票也不会导致现金支出，但此类授予的价值却经常被列为费用。",[19,53,54],{},"此外，当公司发行期权时，会有一个隐藏的、但非常真实的现金成本。如果我的公司伯克希尔，以今天的市场价格给我1000 股A 股的十年期权，那么它就是用一个至少2000 万美元现金价值的资产来补偿我。如果公司在市场上出售此类期权，它今天就会收到这笔钱。对于公司来说，给员工一些可以换成现金的东西，跟给员工现金的结果是一样的。顺便说一句，当员工获得期权的那天，他可以进行各种市场操作，立即变现为现金，即使他公司股票的市场价格低于期权的行权价格。",[19,56,57],{},"最后，那些反对期权费用化的人，提出了我称之为\"有用的童话故事\"的论点。他们表示，由于国家需要年轻的、创新型的公司，其中许多公司是大型的期权发行者，如果将期权薪酬称为一种费用支出，从而影响这些新兴企业的报告\"收益\"，这将损害国家利益。",[19,59,60],{},"那么，既然现金薪酬也会影响年轻、有前途的公司的报告\"收益\"，为什么还要将其作为一项费用支出而记录入帐呢？实际上，为什么不让这些公司发行期权来代替现金支付水电和租金，然后假装这些费用也不存在？伯克希尔出售给美国企业的许多商品和服务，我们将很乐意接受以期权代替现金支付。",[19,62,63],{},"在伯克希尔，当我们收购的公司包含员工期权，我们通常会取消期权计划。当这样一家公司与我们谈判出售时，它的管理层理所当然地希望我们提供一个新的基于业绩的现金计划，以替代失去的期权补偿。这些经理人和我们不费吹灰之力就能计算出消失的计划给公司带来的成本。当然，在进行替代时，我们记录了一大笔费用，即使被收购的公司从来没有记录其期权计划的成本。",[19,65,66],{},"公司告诉股东，期权比现金更能吸引、留住和激励员工。我相信这是真的。这些公司应该继续发行期权。但是他们也应该像考虑其他费用一样考虑这项费用。",[19,68,69],{},"以卡尔·莱文(Carl Levin)和约翰·麦凯恩(John McCain)为首的一些参议员，现在正在重新审视如何恰当地计算各种期权问题。他们相信，美国企业，无论大小，都能经受住诚实的报告考验，继安然-安达信舞弊事件之后，同样如此。",[19,71,72],{},"我认为国会干涉会计准则通常是不明智的。不过，在这件事上，国会制定了一个不恰当的标准，我为它们返回犯罪现场重审而欢呼。",[19,74,75],{},"这一次，国会应该听取那些瘦弱的会计师们的意见。他们的思维逻辑很简单：",[19,77,78],{},[79,80,81],"strong",{},"(1)如果期权不是一种薪酬形式，那它们是什么？",[19,83,84],{},[79,85,86],{},"(2)如果薪酬不是一项费用，那它是什么？",[19,88,89],{},[79,90,91],{},"(3)如果费用不应该计入收益的计算中，那么这些费用又该放在何处呢？",[93,94],"hr",{},{"title":96,"searchDepth":97,"depth":97,"links":98},"",2,[99],{"id":16,"depth":97,"text":17},"访谈与文章",null,"巴菲特在《华盛顿邮报》撰文，批评会计界不将股票期权视为费用的荒谬，强调薪酬透明与常识的重要性。","md",{},true,41,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":5,"description":102},"巴菲特：2002年股票期权与常识｜巴菲特","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi","buffett\u002Finterview\u002Fba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi","juNYP5YOc9Gep5BgbTA3wuf5JtuhLH3tl4v7ZoAnNFM","buffett",[115,120,123,127,130,133,136,140,143,146,150,153,156,160,163,166,170,173,176,180,183,186,190,193,196,200,203,206,210,213,216,220,223,226,230,233,236,240,243,246,250,253,256,260,263,266,270,273,276,280,283,286,290,293,296,300,303,306,310,313,316,320,323,326,330,333,336,340,343,346,350,353,356,360,363,366,370,373,376,380,383,386,390,393,396,400,403,406,410,413,416,420,423,426,430,433,436,440,443,446,450,453,457,460,464,467,471,474,478,481,485,488,492,495,498,499,503,506,510,513,517,520,524,527,531,534,538,541,545,548,552,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,920,924,928,932,936,940,944,948,952,956,960,964,968,972,976,980,984,988,992,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112],{"title":116,"slug":117,"category":118,"order":119},"1956 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":679,"slug":680,"category":100,"order":677},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":682,"slug":683,"category":118,"order":684},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":686,"slug":687,"category":100,"order":684},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":689,"slug":690,"category":118,"order":691},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":693,"slug":694,"category":100,"order":691},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":696,"slug":697,"category":118,"order":698},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":700,"slug":701,"category":100,"order":698},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":703,"slug":704,"category":118,"order":705},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":707,"slug":708,"category":100,"order":705},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":710,"slug":711,"category":118,"order":712},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":714,"slug":715,"category":100,"order":712},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":717,"slug":718,"category":118,"order":719},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":721,"slug":722,"category":100,"order":719},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":724,"slug":725,"category":118,"order":726},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":728,"slug":729,"category":100,"order":726},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":731,"slug":732,"category":118,"order":733},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":735,"slug":736,"category":100,"order":733},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":738,"slug":739,"category":118,"order":740},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":742,"slug":743,"category":100,"order":740},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":745,"slug":746,"category":118,"order":747},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":749,"slug":750,"category":100,"order":747},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":752,"slug":753,"category":118,"order":754},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":756,"slug":757,"category":100,"order":754},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":759,"slug":760,"category":118,"order":761},"2008 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":819,"slug":820,"category":100,"order":817},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":822,"slug":823,"category":118,"order":824},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":826,"slug":827,"category":100,"order":824},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":829,"slug":830,"category":118,"order":831},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":833,"slug":834,"category":100,"order":831},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":836,"slug":837,"category":118,"order":838},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":840,"slug":841,"category":100,"order":838},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":843,"slug":844,"category":118,"order":845},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":847,"slug":848,"category":100,"order":845},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":850,"slug":851,"category":118,"order":852},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":854,"slug":855,"category":100,"order":852},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":857,"slug":858,"category":118,"order":859},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":861,"slug":862,"category":100,"order":859},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":864,"slug":865,"category":118,"order":866},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":868,"slug":869,"category":100,"order":866},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":871,"slug":872,"category":118,"order":873},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":875,"slug":876,"category":100,"order":873},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":878,"slug":879,"category":118,"order":880},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":882,"slug":883,"category":100,"order":880},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":885,"slug":886,"category":118,"order":887},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":889,"slug":890,"category":100,"order":887},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":892,"slug":893,"category":118,"order":894},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":896,"slug":897,"category":100,"order":894},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":899,"slug":900,"category":118,"order":901},"2025 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