{"id":6235,"date":"2013-03-11T09:39:52","date_gmt":"2013-03-11T00:39:52","guid":{"rendered":"http:\/\/cfonews.main.jp\/cfonews\/?p=6235"},"modified":"2013-03-11T09:39:52","modified_gmt":"2013-03-11T00:39:52","slug":"%e3%83%90%e3%83%95%e3%82%a7%e3%83%83%e3%83%88%e3%81%8b%e3%82%89%e3%81%ae%e6%89%8b%e7%b4%992012%e5%b9%b4%e5%ba%a6%e3%83%bc%e9%85%8d%e5%bd%93%e3%81%ab%e5%90%a6%e5%ae%9a%e7%9a%84%e3%81%aa%e7%90%86","status":"publish","type":"post","link":"https:\/\/www.cfonews.jp\/?p=6235","title":{"rendered":"\u30d0\u30d5\u30a7\u30c3\u30c8\u304b\u3089\u306e\u624b\u7d192012\u5e74\u5ea6\u30fc\u914d\u5f53\u306b\u5426\u5b9a\u7684\u306a\u7406\u7531"},"content":{"rendered":"

\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u304c\u6bce\u5e74\u6052\u4f8b\u306e\u306e\u300c\u624b\u7d19\u300d\u3092\u516c\u8868\u3057\u305f\u3002\u81ea\u3089\u304c\u7d4c\u55b6\u30c8\u30c3\u30d7\u3092\u52d9\u3081\u308b\u6295\u8cc7\u4f1a\u793e\u306e\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b6\u30a6\u30a7\u30a4\u306e\u682a\u4e3b\u306b\u3042\u3066\u305f\u3082\u306e\u3060\u682a\u4e3b\u4ee5\u5916\u3082\u719f\u8aad\u3059\u308b\u300c\u30d0\u30d5\u30a7\u30c3\u30c8\u304b\u3089\u306e\u624b\u7d19\u300d\u3092\u8aad\u307f\u89e3\u3053\u3046\u3002<\/span><\/strong>
\n \uff08\u65e5\u7d4c\u30f4\u30a7\u30ea\u30bf\u30b92013\u5e743\u670810\u65e556\u30da\u30fc\u30b8\uff09<\/span><\/p><\/blockquote>\n

\u3010CFO\u306a\u3089\u3053\u3046\u8aad\u3080\u3011<\/h3>\n

\u300c\u300e\u6295\u8cc7\u5148\u4f01\u696d\u306e\u7d4c\u55b6\u8005\u306b\u306f\uff08\u30e9\u30a4\u30d0\u30eb\u306e\u4fb5\u5165\u3092\u9632\u3050\uff09\u5840\u3092\u5e83\u3052\u308b\u6a5f\u4f1a\u306b\u96c6\u4e2d\u3057\u3066\u307b\u3057\u3044\u3068\u304a\u9858\u3044\u3057\u3066\u3044\u307e\u3059\u3002\u5f7c\u3089\u306f\u59a5\u5f53\u306a\u6848\u3092\u591a\u304f\u898b\u3064\u3051\u307e\u3059\u304c\u3001\u3068\u304d\u306b\u306f\u8aa4\u308a\u307e\u3059\u3002\u305d\u308c\u306f\u81ea\u5206\u306e\u6b32\u3057\u3044\u7b54\u3048\u304b\u3089\u59cb\u3081\u3066\u3057\u307e\u3044\u3001\u5408\u7406\u7684\u306a\u7406\u7531\u3092\u5f8c\u4ed8\u3051\u3059\u308b\u3053\u3068\u306b\u8d77\u56e0\u3057\u305f\u5931\u6557\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u3044\u306e\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u7121\u610f\u8b58\u306b\u3084\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u304b\u3089\u3001\u5371\u3046\u3044\u3082\u306e\u3067\u3059\u3002\u300f<\/span>
\n \u3053\u306e\u90e8\u5206\u306f\u3001\u7a3c\u3044\u3060\u5229\u76ca\u3092\u3044\u304b\u306b\u3046\u307e\u304f\u914d\u5206\u3057\u3066\u4e8b\u696d\u3092\u4f38\u3070\u3057\u3001\u8cb7\u53ce\u3082\u7d9a\u3051\u3066\u3044\u304f\u3053\u3068\u304c\u5927\u4e8b\u304b\u3092\u8aac\u304f\u4e2d\u3067\u3082<\/span>
\n \u51fa\u3066\u304f\u308b\u3002\u914d\u5f53\u3067\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3053\u3068\u306b\u306f\u5426\u5b9a\u7684\u3002\u4e8b\u696d\u306e\u6295\u8cc7\u306b\u306f\u5931\u6557\u3082\u3042\u308b\u304c\u3001\u7d4c\u55b6\u8005\u304c\u6295\u8cc7\u3084\u8cb7\u53ce\u3092\u7d9a\u3051\u308b\u65b9\u304c\u3001\u682a\u4e3b\u306b\u8c4a\u304b\u3055\u3092\u3082\u305f\u3089\u3057\u3066\u3044\u304f\u3068\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u306f\u4fe1\u3058\u3066\u3044\u308b\u306e\u3060\u3002\u300d\uff08\u524d\u63b2\u7d19\uff09<\/span><\/p><\/blockquote>\n

\u914d\u5f53\u306b\u5426\u5b9a\u7684\u306a\u7406\u7531\u3092\u30d0\u30d5\u30a7\u30c3\u30c8\u306f\u5177\u4f53\u7684\u306a\u6570\u5024\u4f8b\u306b\u57fa\u3065\u304d\u6b21\u306e\u3088\u3046\u306b\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u300cWe\u2019ll start by assuming that you and I are the equal owners of a business with $2 million of net worth. The business earns 12% on tangible net worth \u2013 $240,000 \u2013 and can reasonably expect to earn the same 12% on reinvested earnings. Furthermore, there are outsiders who always wish to buy into our business at 125% of net worth. Therefore, the value of what we each own is now $1.25 million.<\/span>
\n You would like to have the two of us shareholders receive one-third of our company\u2019s annual earnings and have two-thirds be reinvested. That plan, you feel, will nicely balance your needs for both current income and capital growth. So you suggest that we pay out $80,000 of current earnings and retain $160,000 to increase the future earnings of the business. In the first year, your dividend would be $40,000, and as earnings grew and the one- third payout was maintained, so too would your dividend. In total, dividends and stock value would increase 8% each year (12% earned on net worth less 4% of net worth paid out).<\/span>
\n After ten years our company would have a net worth of $4,317,850 (the original $2 million compounded at 8%) and your dividend in the upcoming year would be $86,357. Each of us would have shares worth $2,698,656 (125% of our half of the company\u2019s net worth). And we would live happily ever after \u2013 with dividends and the value of our stock continuing to grow at 8% annually.<\/span>
\n There is an alternative approach, however, that would leave us even happier. Under this scenario, we would leave all earnings in the company and each sell 3.2% of our shares annually. Since the shares would be sold at 125% of book value, this approach would produce the same $40,000 of cash initially, a sum that would grow annually. Call this option the \u201csell-off\u201d approach.<\/span>
\n Under this \u201csell-off\u201d scenario, the net worth of our company increases to $6,211,696 after ten years ($2 million compounded at 12%). Because we would be selling shares each year, our percentage ownership would have declined, and, after ten years, we would each own 36.12% of the business. Even so, your share of the net worth of the company at that time would be $2,243,540. And, remember, every dollar of net worth attributable to each of us can be sold for $1.25. Therefore, the market value of your remaining shares would be $2,804,425, about 4% greater than the value of your shares if we had followed the dividend approach.<\/span>
\n Moreover, your annual cash receipts from the sell-off policy would now be running 4% more than you would have received under the dividend scenario. Voila! \u2013 you would have both more cash to spend annually and more capital value.\u300d\uff08\u30ea\u30f3\u30af\u306ePDF20\u9801\uff09<\/span><\/p><\/blockquote>\n

\u8981\u3059\u308b\u306b\u3053\u3046\u3044\u3046\u3053\u3068\u3067\u3059\u3002
\n\uff08\u62ec\u5f27\u306e\u8a08\u7b97\u5f0f\u306f\u79c1\u304c\u66f8\u304d\u8db3\u3057\u305f\u3082\u306e\u3067\u3059\uff09<\/p>\n

\u3042\u306a\u305f\u3068\u79c1\u306e\uff12\u4eba\u304c200\u4e07\u30c9\u30eb\u3092\u5b9f\u7269\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u3002\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u304b\u3089\u6bce\u671f12\uff05\u306e\u5229\u76ca\u3001\u3064\u307e\u308a24\u4e07\u30c9\u30eb\u306e\u7d14\u5229\u76ca\u304c\u5f97\u3089\u308c\u308b\u3002\u3053\u306e\u4e8b\u696d\u306e\u5e02\u5834\u4fa1\u5024\u306f\u7c3f\u4fa1\u306e125\uff05\u3001\u3064\u307e\u308a250\u4e07\u30c9\u30eb\u3067\u3042\u308b\u3002<\/p>\n

\u3053\u3053\u3067\u914d\u5f53\u3059\u308b\u5834\u5408\u3068\u3001\u914d\u5f53\u3057\u306a\u3044\u5834\u5408\u306e\u51a8\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n

\u25cf\u914d\u5f53\u3059\u308b\u5834\u5408<\/strong>
\n\u3053\u3053\u3067\u5229\u76ca\u306e1\/3\u3092\u914d\u5f53\uff08\u4e00\u4eba\u5f53\u305f\u308a\u306e\u914d\u5f534\u4e07\u30c9\u30eb(=24\u4e07\u30c9\u30eb*1\/3\u00f72))\u3067\u53d7\u3051\u53d6\u308a\u30012\/3\u3092\u518d\u6295\u8cc7\u3059\u308b\u3002
\n\u3053\u306e\u3068\u304d\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306f\u5e74\u52298\uff05\u3067\u6210\u9577\u3059\u308b\uff0812\uff05\u22124\uff05\uff09\u3002<\/p>\n

10\u5e74\u5f8c\u3053\u306e\u4e8b\u696d\u306e\u7c3f\u4fa1\u306f431\u4e077850\u30c9\u30eb\u306b\u306a\u308b\uff08=200\u4e07\u30c9\u30eb*1.08^10)\u3002
\n\u305d\u306e\u5e74\u306e\u3042\u306a\u305f\u306e\u914d\u5f53\u306f86,537 \u30c9\u30eb(=431\u4e077850\u30c9\u30eb*4%\u00f72)\u3001\u4e00\u4eba\u5f53\u305f\u308a\u306e\u5e02\u5834\u4fa1\u5024\u306f269\u4e078656\u30c9\u30eb(=250*1.08^10\u00f72)\u306b\u306a\u308b\u3002<\/p>\n

\u25cf\u90e8\u5206\u58f2\u5374\u3059\u308b\u5834\u5408<\/strong>
\n\u6301\u5206\u3092\u6bce\u5e743.2\uff05\u305a\u3064\u58f2\u5374\u3059\u308b\u3002\u521d\u5e74\u5ea6\u306e\u624b\u53d6\u308a\u91d1\u984d\u306f4\u4e07\u30c9\u30eb\uff08=250\u4e07\u30c9\u30eb\u00d73.2%\u00f72)\u3002
\n\u3053\u306e\u65b9\u5f0f\u306e\u5834\u5408\u300110\u5e74\u5f8c\u306e\u8cc7\u7523\u7c3f\u4fa1\u306f621\u4e071696\u30c9\u30eb(=200\u4e07\u30c9\u30eb*1.12^10)\u300110\u5e74\u5f8c\u306e\u3042\u306a\u305f\u306e\u6301\u5206\u6bd4\u7387\u306f36.12\uff05(=(1-0.032)^10\u00f72)\u3001\u8cc7\u7523\u6301\u5206\u306f224\u4e073540\u30c9\u30eb\u306b\u306a\u308b\u3002\u3053\u306e\u3068\u304d\u306e\u5e02\u5834\u4fa1\u5024\u306f280\u4e074425\u30c9\u30eb(=224\u4e073540\u30c9\u30eb*1.25)\u3002<\/p>\n

\u4e21\u8005\u3092\u6bd4\u8f03\u3059\u308b\u3068\u3001\u90e8\u5206\u58f2\u5374\u65b9\u5f0f\u306e\u65b9\u304c\u6bce\u5e74\u306e\u624b\u53d6\u984d\u306f4\uff05\u5927\u304d\u304f\u307e\u305f\u5e02\u5834\u4fa1\u5024\u3082\u5927\u304d\u3044\u3002<\/p>\n

\u30d0\u30d5\u30a7\u30c3\u30c8\u5148\u751f\u306f\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7406\u8ad6\u3067\u8a00\u3046\u3068\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u6295\u8cc7\u6a5f\u4f1a\u304c\u3042\u308b\u306a\u3089\u3001\u914d\u5f53\u306b\u56de\u3059\u3088\u308a\u6295\u8cc7\u306b\u56de\u3059\u3079\u304d\u3068\u3044\u3046\u3053\u3068\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3010\u30ea\u30f3\u30af\u3011<\/h3>\n

\u300cBerkshire\u2019s Corporate Performance vs. the S&P 500\u300d \uff3bPDF\uff3d<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u304c\u6bce\u5e74\u6052\u4f8b\u306e\u306e\u300c\u624b\u7d19\u300d\u3092\u516c\u8868\u3057\u305f\u3002\u81ea\u3089\u304c\u7d4c\u55b6\u30c8\u30c3\u30d7\u3092\u52d9\u3081\u308b\u6295\u8cc7\u4f1a\u793e\u306e\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b6\u30a6\u30a7\u30a4\u306e\u682a\u4e3b\u306b\u3042\u3066\u305f\u3082\u306e\u3060\u682a\u4e3b\u4ee5\u5916\u3082\u719f\u8aad\u3059\u308b\u300c\u30d0\u30d5\u30a7\u30c3\u30c8\u304b\u3089\u306e\u624b\u7d19\u300d\u3092\u8aad\u307f\u89e3\u3053\u3046\u3002 \uff08\u65e5\u7d4c\u30f4\u30a7\u30ea\u30bf\u30b92013\u5e74 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":"","_wp_rev_ctl_limit":""},"categories":[45],"tags":[156],"class_list":["post-6235","post","type-post","status-publish","format-standard","hentry","category-45","tag-156"],"_links":{"self":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/6235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6235"}],"version-history":[{"count":2,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/6235\/revisions"}],"predecessor-version":[{"id":6237,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/6235\/revisions\/6237"}],"wp:attachment":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}