巴菲特致股东的信（1990年）附录A：美国钢铁公司宣布全面更新计划

APPENDIX A
U. S. STEEL ANNOUNCES SWEEPING MODERNIZATION SCHEME*

* An unpublished satire by Ben Graham, written in 1936 and given by the author to Warren Buffett in 1954.

附录 A：
美国钢铁公司宣布全面更新计划(巴菲特意在嘲讽 80 年代垃圾债券的会计诈骗)

*本文是格雷厄姆于 1936 年所写未对外公开的讽刺性文章，并于 1954 年提供给巴菲特

Myron C. Taylor, Chairman of U. S. Steel Corporation, today announced the long awaited plan for completely modernizing the world's largest industrial enterprise. Contrary to expectations, no changes will be made in the company's manufacturing or selling policies. Instead, the bookkeeping system is to be entirely revamped. By adopting and further improving a number of modern accounting and financial devices the corporation's earning power will be amazingly transformed. Even under the subnormal conditions of 1935, it is estimated that the new bookkeeping methods would have yielded a reported profit of close to $50 per share on the common stock. The scheme of improvement is the result of a comprehensive survey made by Messrs. Price, Bacon, Guthrie & Colpitts; it includes the following six points:

Myron C. Taylor，美国钢铁公司的董事长，今天宣布令人期待已久，有关全世界最大的制造公司的全面更新计划，与预期相反的，公司的制造或是销售政策全部没有变动，反而是会计帐务系统做了大幅度的调整，在采取一系列最新最好的现代会计与财务措施之后，公司的获利能力因而大幅增进，即使是在景气不佳的 1935 年，在采用新的会计制度下，估计每股收益还是可以达到 50 美元的水准，这项改造计划是经由 Messrs 等人经过广泛的研究调查后制定的，其中主要包含六大点：

1. Writing down of Plant Account to Minus $1,000,000,000.

2. Par value of common stock to be reduced to 1¢.

3. Payment of all wages and salaries in option warrants.

4. Inventories to be carried at $1.

5. Preferred Stock to be replaced by non-interest bearing bonds redeemable at 50% discount.

6. A $1,000,000,000 Contingency Reserve to be established.

(1)将厂房价值减少到负的 10 亿美元；

(2)普通股每股面额减到一美分；

(3)以认股权的方式支付所有的薪水与奖金；

(4)存货的帐面价值减为 1 美元；

(5)原有特别股改成不必马上支付利息 50%折价发行的公司债；

(6)建立 10 亿美元的或有负债准备

The official statement of this extraordinary Modernization Plan follows in full:

The Board of Directors of U. S. Steel Corporation is pleased to announce that after intensive study of the problems arising from changed conditions in the industry, it has approved a comprehensive plan for remodeling the Corporation's accounting methods. A survey by a Special Committee, aided and abetted by Messrs. Price, Bacon, Guthrie & Colpitts, revealed that our company has lagged somewhat behind other American business enterprises in utilizing certain advanced bookkeeping methods, by means of which the earning power may be phenomenally enhanced without requiring any cash outlay or any changes in operating or sales conditions. It has been decided not only to adopt these newer methods, but to develop them to a still higher stage of perfection. The changes adopted by the Board may be summarized under six heads, as follows:

以下就是这项全面更新计划的官方完整声明：

美国钢铁公司的董事会很高兴向大家宣布，在经过对产业界所面临的问题广泛地研究之后，我们已经核准了一项重新塑造公司会计制度的方案，一项由特别委员会主导并经 Messrs 等人协助之下完成的调查显示，我们公司在运用最先进的会计制度方面远远落后于其它美国企业，通过这样的做法，公司不必负担额外的支出，经营与销售政策也不必改变，就可以不费吹灰之力地大大改善获利能力，所以大家一致决定不但要立即跟进采用，而且还要将这项技术发展到淋漓尽致的境界，董事会所采用的做法，主要可以归纳为以下六点：

1. Fixed Assets to be written down to Minus $1,000,000,000.

Many representative companies have relieved their income accounts of all charges for depreciation by writing down their plant account to $1. The Special Committee points out that if their plants are worth only $1, the fixed assets of U. S. Steel Corporation are worth a good deal less than that sum. It is now a well-recognized fact that many plants are in reality a liability rather than an asset, entailing not only depreciation charges, but taxes, maintenance, and other expenditures. Accordingly, the Board has decided to extend the write-down policy initiated in the 1935 report, and to mark down the Fixed Assets from $1,338,522,858.96 to a round Minus $1,000,000,000.

1，固定资产减为负的 10 亿美元

许多代表公司都已将其帐列厂房价值减为象征性的 1 美元，好让其损益表免于折旧费用沉重的负担，特别委员会指出如果它们的厂房只值 1 美元，那么美国钢铁的的固定资产比起它们来说还要少很多，事实上近来大家都承认一项事实，许多厂房对公司来说实际上是一种负债而不是资产，除了要摊提折旧之外，还要负担税金、维修及其它开支，因此董事会决定要从 1935 年开始将资产打销，从原先帐列 1,338,522,858.96 美元减少为负的1,000,000,000 美元。

The advantages of this move should be evident. As the plant wears out, the liability becomes correspondingly reduced. Hence, instead of the present depreciation charge of some $47,000,000 yearly there will be an annual appreciation credit of 5%, or $50,000,000. This will increase earnings by no less than $97,000,000 per annum.

这样做法的效益相当明显，随着工厂逐渐折减，所代表的负债也相对地减少，因此以往每年 4,700 万的折旧费用不但可以免除，以后每年还可以有 5,000 万美元的折旧利益，一来一往等于让公司的获利至少增加 9,700 万美元。

2. Reduction of Par Value of Common Stock to 1¢, and

2，将普通股面值减少到 1 美分。

3. Payment of Salaries and Wages in Option Warrants.

3，所有的薪资与奖金一律以认股权的方式发放。

Many corporations have been able to reduce their overhead expenses substantially by paying a large part of their executive salaries in the form of options to buy stock, which carry no charge against earnings. The full possibilities of this modern device have apparently not been adequately realized. The Board of Directors has adopted the following advanced form of this idea:

许多企业早已将本应支付给经营主管薪水奖金的大笔支出改以不必认列费用的股票认股权方式取代，这种现代化的创新做法很明显地还没有被充分运用，所以董事会决定采取一项更先进的做法。

The entire personnel of the Corporation are to receive their compensation in the form of rights to buy common stock at $50 per share, at the rate of one purchase right for each $50 of salary and/or wages in their present amounts. The par value of the common stock is to be reduced to 1¢.

企业所有的员工将发给认购价为 50 美元的认股权作为薪资的替代，而普通股面额则减少到 1 美分。

The almost incredible advantages of this new plan are evident from the following:

A. The payroll of the Corporation will be entirely eliminated, a saving of $250,000,000 per annum, based on 1935 operations.

这项计划很明显的有下列好处：

A、公司将不再有任何的薪资支出，参考 1935 年的情况，每年估计将因此省下 2.5 亿美元。

B. At the same time, the effective compensation of all our employees will be increased severalfold. Because of the large earnings per share to be shown on our common stock under the new methods, it is certain that the shares will command a price in the market far above the option level of $50 per share, making the readily realizable value of these option warrants greatly in excess of the present cash wages that they will replace.

B、同时，所有员工的报酬将因此增加好几倍，因为在新的会计原则之下公司帐上显示的每股收益将因此大增，从而使得公司的股价远高于认股权所设定的 50 美元认购价，于是所有的员工都将因为认股权的行使而受惠，所得到的报酬将远比他们原来领的现金收入要高的多。

C. The Corporation will realize an additional large annual profit through the exercise of these warrants. Since the par value of the common stock will be fixed at 1¢, there will be a gain of $49.99 on each share subscribed for. In the interest of conservative accounting, however, this profit will not be included in the income account, but will be shown separately as a credit to Capital Surplus.

C、通过这些认股权的行使，公司因此还可以实现额外特别的年度利益，而由于我们将普通股面额设定为 1 美分，因此每认购一股便能产生 49.99 美元的收益，虽然就会计学保守的立场，这些收益可能无法显现在损益表之上，但却可以在资产负债表上以资本溢价的方式单独列示。

D. The Corporation's cash position will be enormously strengthened. In place of the present annual cash outgo of $250,000,000 for wages (1935 basis), there will be annual cash inflow of $250,000,000 through exercise of the subscription warrants for 5,000,000 shares of common stock. The Company's large earnings and strong cash position will permit the payment of a liberal dividend which, in turn, will result in the exercise of these option warrants immediately after issuance which, in turn, will further improve the cash position which, in turn, will permit a higher dividend rate -- and so on, indefinitely.

D、企业的现金部位也会因此大大地增强，每年不但不再有 2.5 亿美元的薪资流出，通过行使 500 万股认股权的做法，每年还可以创造 2.5 亿美元的现金流入，公司惊人的获利能力加上坚强的现金部位将使得我们可以随心所欲地配发股利，然后我们又可以通过行使认股权的方式补强现金实力，之后又可以有更高的配股能力，如此一直循环下去。

4. Inventories to be carried at $1.

Serious losses have been taken during the depression due to the necessity of adjusting inventory value to market. Various enterprises -- notably in the metal and cotton-textile fields -- have successfully dealt with this problem by carrying all or part of their inventories at extremely low unit prices. The U. S. Steel Corporation has decided to adopt a still more progressive policy, and to carry its entire inventory at $1. This will be effected by an appropriate write-down at the end of each year, the amount of said write-down to be charged to the Contingency Reserve hereinafter referred to.

4，帐列存货价值调为 1 美元

在经济衰退时因为必须将存货价值调整至市价，公司可能会因此蒙受巨额的损失，因此许多公司，尤其是钢铁与纺织公司纷纷将其帐列存货价值压到相当低的程度，而成功地解决这方面的问题，有鉴于此美国钢铁公司决定采用一种更积极的做法，打算将存货价值一举压低到 1 美元的最低限度，在每年底都会进行这样的动作，将存货予以调整，差异的数字则全部摆到前面所提到的或有准备科目项下。

The benefits to be derived from this new method are very great. Not only will it obviate all possibility of inventory depreciation, but it will substantially enhance the annual earnings of the Corporation. The inventory on hand at the beginning of the year, valued at $1, will be sold during the year at an excellent profit. It is estimated that our income will be increased by means of this method to the extent of at least $150,000,000 per annum which, by a coincidence, will about equal the amount of the write-down to be made each year against Contingency Reserve.

这种新做法的好处相当的大，不但可以消除存货耗损的可能性，同时也可大大地增进公司每年的获利能力，每年初存货因为帐列价值只有 1 美元，所以将因出售而获得大笔的收益，经估计通过这种新会计方法的运用将可使我们每年至少增加 1.5 亿美元的收益，而碰巧的是，这个数字与我们每年冲销的或许准备金额相当。

A minority report of the Special Committee recommends that Accounts Receivable and Cash also be written down to $1, in the interest of consistency and to gain additional advantages similar to those just discussed. This proposal has been rejected for the time being because our auditors still require that any recoveries of receivables and cash so charged off be credited to surplus instead of to the year's income. It is expected, however, that this auditing rule -- which is rather reminiscent of the horse-and-buggy days -- will soon be changed in line with modern tendencies. Should this occur, the minority report will be given further and favorable consideration.

特别委员会的一项报告建议为了维持一致性，应收帐款与约当现金最好也能够将帐面数字调整为 1 美元，同时也一样可以有先前所提的好处，但这个提案现在被驳回，因为我们的签证会计师认为，任何应收帐款或约当现金若冲回，最好还是先贷记原有科目，而不是直接作为损益表上的收入，但是我们也预期这种老掉牙的会计原则应该很快会更新，好与现代趋势做接轨，而等新原则一通过之后，我们一定会马上将这份报告的建议列为优先执行的方案。

5. Replacement of Preferred Stock by Non-Interest-Bearing Bonds Redeemable at 50% Discount.

During the recent depression many companies have been able to offset their operating losses by including in income profits arising from repurchases of their own bonds at a substantial discount from par. Unfortunately the credit of U. S. Steel Corporation has always stood so high that this lucrative source of revenue has not hitherto been available to it. The Modernization Scheme will remedy this condition.

5，将现有特别股改成不必马上支付利息 50%折价发行的公司债。

过去许多公司在面临景气不佳的时候，大都利用买回自己原先发行大幅折价的债券来弥补其经营上的损失，不幸的是由于美国钢铁公司的债信一向都还算不错，所以没有类似这样的油水可以趁机捞一笔，但现代更新计划解决了这样的难题。

It is proposed that each share of preferred stock be exchanged for $300 face value of non-interest-bearing sinking-fund notes, redeemable by lot at 50% of face value in 10 equal annual installments. This will require the issuance of $1,080,000,000 of new notes, of which $108,000,000 will be retired each year at a cost to the Corporation of only $54,000,000, thus creating an annual profit of the same amount.

报告建议原先发行的每一股特别股全部换成面额 300 美元不必支付利息的债券，并且可分为十期以面额的50%赎回，总计将要发行面额 10.8 亿美元的债券，每年有 1.08 亿美元到期，并由公司以 5,400 万美元的价格赎回，同时公司每年将可因此增加 5,400 万美元的获利。

Like the wage-and/or-salary plan described under 3. above, this arrangement will benefit both the Corporation and its preferred stockholders. The latter are assured payment for their present shares at 150% of par value over an average period of five years. Since short-term securities yield practically no return at present, the non-interest-bearing feature is of no real importance. The Corporation will convert its present annual charge of $25,000,000 for preferred dividends into an annual bond-retirement profit of $54,000,000 -- an aggregate yearly gain of $79,000,000.

就像是第 3 条所述的薪资奖金计划，这样的安排将可以让公司与其特别股股东一体受惠，后者可以确定在五年内收回现有特别股面额的 150%，因为短期的有价证券实在是没有多少回报率，所以不必付息的特点算是无关紧要，如此一来公司每年将可以减少 2,500 万的特别股股息，再加上每年多出 5,400 万美元的获利，加总之后将可获得每年 7,900 万的收益。

6. Establishment of a Contingency Reserve of $1,000,000,000.

The Directors are confident that the improvements hereinbefore described will assure the Corporation of a satisfactory earning power under all conditions in the future. Under modern accounting methods, however, it is unnecessary to incur the slightest risk of loss through adverse business developments of any sort, since all these may be provided for in advance by means of a Contingency Reserve.

6，建立 10 亿美元的或有负债准备

董事们有信心经过上述的安排，公司未来不管在任何情况下，都可以确保拥有令人满意的获利能力，然而在现今的会计原则下，公司最好不要承担任何可能的潜在损失的风险，因为最好能够事先先建立一个或有损失负债准备以兹因应。

The Special Committee has recommended that the Corporation create such a Contingency Reserve in the fairly substantial amount of $1,000,000,000. As previously set forth, the annual write-down of inventory to $1 will be absorbed by this reserve. To prevent eventual exhaustion of the Contingency Reserve, it has been further decided that it be replenished each year by transfer of an appropriate sum from Capital Surplus. Since the latter is expected to increase each year by not less than $250,000,000 through the exercise of the Stock Option Warrants (see 3. above), it will readily make good any drains on the Contingency Reserve.

特别委员会因此建议公司可以建立一个 10 亿美元的或有负债准备，就像是先前所述的，存货价值调整为 1 美元的差异将由这个准备来吸收，同时为了怕将来或有准备消耗殆尽，每年还将固定由资本公积提拨补充，因为后者通过股票选择权的运用每年将至少可以增加 2.5 亿美元(见前面第 3 点)，所以随时准备好可供或有准备补充之用。

In setting up this arrangement, the Board of Directors must confess regretfully that they have been unable to improve upon the devices already employed by important corporations in transferring large sums between Capital, Capital Surplus, Contingency Reserves and other Balance Sheet Accounts. In fact, it must be admitted that our entries will be somewhat too simple, and will lack that element of extreme mystification that characterizes the most advanced procedure in this field. The Board of Directors, however, have insisted upon clarity and simplicity in framing their Modernization Plan, even at the sacrifice of possible advantage to the Corporation's earning power.

通过这样的安排，董事会必须坦承他们很遗憾还不能够向其它美国大企业一样，充分地运用各种方法，让股本、资本公积、或有负债与资产负债表其它科目互通有无，事实上我们必须承认，目前我们公司所作的分录还过于简单，根本没有达到一般业界那样能够利用最先进的手法，让整个会计程序神秘复杂化，然而对此董事会还是强调在规划革新方案时，必须坚持清楚明了的原则，虽然这样做会对公司的获利能力有所影响。

In order to show the combined effect of the new proposals upon the Corporation's earning power, we submit herewith a condensed Income Account for 1935 on two bases, viz:

为了显示新方案对于公司获利能力的影响到底有多大？我们特别列出 1935 年分别在两种不同基础下的损益状况：

In accordance with a somewhat antiquated custom there is appended herewith a condensed pro-forma Balance Sheet of the U. S. Steel Corporation as of December 31, 1935, after giving effect to proposed changes in asset and liability accounts.

为了配合有点老旧的会计原则，下表是美国钢铁 1935 年 12 月 31 日的合并资产负债表，在经过新会计方案调整后的资产负债科目状况。

*Given a Stated Value differing from Par Value, in accordance with the laws of the State of Virginia, where the company will be re-incorporated.

注：由于普通股股本给定的规定值与面值不同，根据弗吉尼亚州的法令，公司必须重新设立。

It is perhaps unnecessary to point out to our stockholders that modern accounting methods give rise to balance sheets differing somewhat in appearance from those of a less advanced period. In view of the very large earning power that will result from these changes in the Corporation's Balance Sheet, it is not expected that undue attention will be paid to the details of assets and liabilities.

实在是不必要跟各位股东报告，更新过后的资产负债表与原先的报表将会有很大的不同，我想为了让公司的获利大增因此必须就资产负债科目做很大的调整，大家应该不会对此有太多的意见。

In conclusion, the Board desires to point out that the combined procedure, whereby plant will be carried at a minus figure, our wage bill will be eliminated, and inventory will stand on our books at virtually nothing, will give U. S. Steel Corporation an enormous competitive advantage in the industry. We shall be able to sell our products at exceedingly low prices and still show a handsome margin of profit. It is the considered view of the Board of Directors that under the Modernization Scheme we shall be able to undersell all competitors to such a point that the anti-trust laws will constitute the only barrier to 100% domination of the industry.

总而言之，董事会这一连串措施，包含将厂房价值调为负数、薪水删掉、存货降到几乎为零，将可使美国钢铁在产业的竞争力大为增加，我们将可以因此以非常低的价格销售我们所生产的产品，同时还可以保有很好的获利，董事会也认为在这项更新计划之下，我们将可以彻底打败竞争对手，直到我们达到反托拉斯法 100%市场占有率的最高上限。

In making this statement, the Board is not unmindful of the possibility that some of our competitors may seek to offset our new advantages by adopting similar accounting improvements. We are confident, however, that U. S. Steel will be able to retain the loyalty of its customers, old and new, through the unique prestige that will accrue to it as the originator and pioneer in these new fields of service to the user of steel. Should necessity arise, moreover, we believe we shall be able to maintain our deserved superiority by introducing still more advanced bookkeeping methods, which are even now under development in our Experimental Accounting Laboratory.

当然在准备这份报告时，董事会不是不知道同业也有可能仿效我们这类的做法，使得我们这样做的效益大打折扣，但是我们有信心美国钢铁身为提供钢铁用户这类新式服务的先驱领航者，一定能够维持住客户的忠诚度，不论是老客户或是新客户，当然若是有任何意外，美国钢铁仍将通过我们新设立的会计研究实验室，致力于研发出更新的会计做帐原则，以继续保持我们的优势地位。

APPENDIX AU. S. STEEL ANNOUNCES SWEEPING MODERNIZATION SCHEME** An unpublished satire by Ben Graham, written in 1936 and given by the author to Warren Buffett in 1954.