{"id":6238,"date":"2013-03-12T09:54:08","date_gmt":"2013-03-12T00:54:08","guid":{"rendered":"http:\/\/cfonews.main.jp\/cfonews\/?p=6238"},"modified":"2023-07-06T14:05:21","modified_gmt":"2023-07-06T05:05:21","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%86-2","status":"publish","type":"post","link":"https:\/\/www.cfonews.jp\/?p=6238","title":{"rendered":"\u30d0\u30d5\u30a7\u30c3\u30c8\u304b\u3089\u306e\u624b\u7d192012\u5e74\u5ea6\u30fc\u914d\u5f53\u306b\u5426\u5b9a\u7684\u306a\u7406\u7531\u3000\u305d\u306e\uff12"},"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<\/strong><\/span>
\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

\u6628\u65e5\u306e\u7d9a\u304d<\/a>\u3067\u3059\u3002<\/p>\n

\u30d0\u30d5\u30a7\u30c3\u30c8\u306f\u624b\u7d19\u306e\u4e2d\u3067\u3001\u914d\u5f53\u3088\u308a\u3082\u90e8\u5206\u58f2\u5374\u65b9\u5f0f\u304c\u512a\u308c\u3066\u3044\u308b\u7406\u7531\u3092\u6b21\u306e\u3088\u3046\u306b\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u300cAside from the favorable math, there are two further \u2013 and important \u2013 arguments for a sell-off policy. First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted. Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them \u2013 perhaps even most of them \u2013 are in a net-savings mode and logically should prefer no payment at all.<\/span><\/p>\n

The sell-off alternative, on the other hand, lets each shareholder make his own choice between cash receipts and capital build-up. One shareholder can elect to cash out, say, 60% of annual earnings while other shareholders elect 20% or nothing at all. Of course, a shareholder in our dividend-paying scenario could turn around and use his dividends to purchase more shares. But he would take a beating in doing so: He would both incur taxes and also pay a 25% premium to get his dividend reinvested. (Keep remembering, open-market purchases of the stock take place at 125% of book value.)<\/span><\/p>\n

The second disadvantage of the dividend approach is of equal importance: The tax consequences for all taxpaying shareholders are inferior \u2013 usually far inferior \u2013 to those under the sell-off program. Under the dividend program, all of the cash received by shareholders each year is taxed whereas the sell-off program results in tax on only the gain portion of the cash receipts.\u300d\uff08\u30ea\u30f3\u30af\u306ePDF\u306e20\u9801-21\u9801\uff09<\/span><\/p><\/blockquote>\n

\u8981\u3059\u308b\u306b\u3001<\/p>\n

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\n \u25cf\u8ab2\u7a0e\u4e0a\u3001\u914d\u5f53\u306e\u5834\u5408\u53d7\u53d6\u984d\u5168\u90e8\u304c\u8ab2\u7a0e\u6240\u5f97\u306b\u306a\u308b\u306e\u306b\u5bfe\u3057\u3001\u90e8\u5206\u58f2\u5374\u65b9\u5f0f\u3067\u3042\u308c\u3070\u3001\u53d6\u5f97\u539f\u4fa1\u3092\u5dee\u3057\u5f15\u3044\u305f\u5f8c\u306e\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u306b\u5bfe\u3057\u3066\u306e\u307f\u8ab2\u7a0e\u304c\u751f\u3058\u308b<\/strong><\/p>\n

\u3068\u3044\u3046\uff12\u3064\u306e\u7406\u7531\u304b\u3089\u914d\u5f53\u3088\u308a\u3082\u90e8\u5206\u58f2\u5374\u65b9\u5f0f\u306e\u65b9\u304c\u512a\u308c\u3066\u3044\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

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\u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u3088\u3046\u306b\u5927\u91cf\u306e\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3066\u3044\u308c\u3070\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u3084\u6700\u4f4e\u53d6\u5f15\u5358\u4f4d\u306f\u554f\u984c\u306b\u306a\u3089\u306a\u3044\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u4e00\u822c\u6295\u8cc7\u5bb6\u306b\u306f\u5927\u554f\u984c\u3068\u306a\u308a\u5f97\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u4f59\u8ac7\u3067\u3059\u304c\u3001\u4eca\u56de\u306e\u624b\u7d19\u306e\u4e2d\u3067\u3001\u30d9\u30f3\u30b8\u30e3\u30df\u30f3\u30fb\u30b0\u30ec\u30a2\u30e0\u306e\u300c\u8ce2\u660e\u306a\u308b\u6295\u8cc7\u5bb6\u300d\u3068\u300c\u8a3c\u5238\u5206\u6790\u300d\u306e\u6b21\u306b\u3001\u6295\u8cc7\u5bb6\u304c\u8aad\u3080\u3079\u304d\u672c\u3068\u3057\u3066\u3001\u300c\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u306e\u300c\u8d85\u300d\u6210\u9577\u682a\u6295\u8cc7\u300d\u3092\u3042\u3052\u3066\u3044\u307e\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\n\n\n\n
\u8ce2\u660e\u306a\u308b\u6295\u8cc7\u5bb6 \uff0d \u5272\u5b89\u682a\u306e\u898b\u3064\u3051\u65b9\u3068\u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u3092\u6210\u529f\u3055\u305b\u308b\u65b9\u6cd5<\/a><\/td>\n<\/tr>\n
\"\u8ce2\u660e\u306a\u308b\u6295\u8cc7\u5bb6<\/a><\/td>\n\u30d9\u30f3\u30b8\u30e3\u30df\u30f3 \u30b0\u30ec\u30a2\u30e0 \u571f\u5149 \u7be4\u6d0b Benjamin Graham\u30d1\u30f3\u30ed\u30fc\u30ea\u30f3\u30b0 2000-09
\n\u58f2\u308a\u4e0a\u3052\u30e9\u30f3\u30ad\u30f3\u30b0 : 20526<\/p>\n

Amazon\u3067\u8a73\u3057\u304f\u898b\u308b<\/a> by G-Tools<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
\u8a3c\u5238\u5206\u6790 \u30101934\u5e74\u7248\u7b2c1\u7248\u3011 (\u30a6\u30a3\u30b6\u30fc\u30c9\u30d6\u30c3\u30af\u30b7\u30ea\u30fc\u30ba 44)<\/a><\/td>\n<\/tr>\n
\"\u8a3c\u5238\u5206\u6790<\/a><\/td>\n\u30d9\u30f3\u30b8\u30e3\u30df\u30f3\u30fb\u30b0\u30ec\u30a2\u30e0 \u30c7\u30d3\u30c3\u30c9\u30fbL\u30fb\u30c9\u30c3\u30c9 \u95a2\u672c \u535a\u82f1\u30d1\u30f3\u30ed\u30fc\u30ea\u30f3\u30b0 2002-09-30
\n\u58f2\u308a\u4e0a\u3052\u30e9\u30f3\u30ad\u30f3\u30b0 : 147429<\/p>\n

Amazon\u3067\u8a73\u3057\u304f\u898b\u308b<\/a> by G-Tools<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u306e\u300c\u8d85\u300d\u6210\u9577\u682a\u6295\u8cc7\u2015\u666e\u901a\u682a\u3067\u666e\u901a\u3067\u306a\u3044\u5229\u76ca\u3092\u5f97\u308b\u305f\u3081\u306b<\/a><\/td>\n<\/tr>\n
\"\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u306e\u300c\u8d85\u300d\u6210\u9577\u682a\u6295\u8cc7\u2015\u666e\u901a\u682a\u3067\u666e\u901a\u3067\u306a\u3044\u5229\u76ca\u3092\u5f97\u308b\u305f\u3081\u306b\"<\/a><\/td>\n\u30d5\u30a3\u30ea\u30c3\u30d7\u30fbA. \u30d5\u30a3\u30c3\u30b7\u30e3\u30fc \u9ad8\u7530 \u6709\u73fe\u30d5\u30a9\u30ec\u30b9\u30c8\u51fa\u7248 2000-10-01
\n\u58f2\u308a\u4e0a\u3052\u30e9\u30f3\u30ad\u30f3\u30b0 : 12712<\/p>\n

Amazon\u3067\u8a73\u3057\u304f\u898b\u308b<\/a> by G-Tools<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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-6238","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\/6238","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=6238"}],"version-history":[{"count":4,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/6238\/revisions"}],"predecessor-version":[{"id":7144,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/6238\/revisions\/7144"}],"wp:attachment":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}