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eCounsel group

A boutique firm with unparalleled expertise in business and technology. We have good command of industrial ecology and legal practice, and have undertaken highly regarded cases. Because the small business scope, we pay more emphasis on effectiveness and efficiency, and choose clients with deliberation. The managing partner not only has extensive experiences in various legal issues more over than 20 years, but invests and manages several technology companies. In addition, he always checks each case rigorously. Clients’ business objectives are our primary focus. To achieve the same in the most cost-effective fashion trumps all seemingly sophisticated legal discussions.

The 4 Skills Every Super Manager Should Have: English, Law, Finance and Taxation

2015 - 09 - 16

Amazon is profitable, Facebook is not, not in the financial report in recent years.

Amazon有獲利,FB沒有, 這幾年財報上可不是這麼說的!

財務報表,是依據一堆會計師、律師和政客,在壓力團體遊說下,遍經詭算而設計出來之遊戲規則所編製的。這些規則的演化,當然有其成因,要是對其來龍去脈不瞭解,絕對沒辦法參透大人世界裡的生意經。

Amazon Is Profitable, Facebook Is Not

GAAP accounting can sometimes wrongly favor acquisitions over internal development. Comparing Amazon to Facebook provides a compelling demonstration.

Despite its recent GAAP losses, Amazon has seen quite strong owner earnings over the last few years.

Conversely, Facebook’s high expenses for defensive acquisitions have not shown up in GAAP losses, though actual owner earnings are strongly negative.

這篇文章寫得好、標題下得妙。

我們最近在設計一個大型跨境電商的資本與營業結構時,就利用到本篇所點出的問題:GAAP(一般公認會計原則)在費用認列(當然就直接影響到財務上之盈虧)上,給「併購支出」開了後門;相反地,技術和產品「自主開發的支出」,都得硬梆梆地反應為營收之減項。

依現今FB股價算,併購Instagram, WhatsApp, Oculus總共花了美金250億。那麼FB的稅後盈餘呢? 10億 (2011)、0.53億 (2012)、15億 (2013)、29億 (2014)、12億 (2015上半年)https://goo.gl/rBzl8P

實質上,這幾年FB併購所花掉的,遠超出它所能賺到的;更何況,這些併購何時才能產生新的營收盈餘,誰也不知道。如果有一天,FB得像微軟買Nokia一樣,把併購費用提列損失呢?

反觀,AMZN從賣書、到賣CD/DVD/Blu-ray、到什麼都賣、到Kindle、到AWS… 全部都是自主研發的成果、也都為公司產生實質而有重要意義的營收。儘管Fire Phone大敗,但也都悉數呈現在財報上,絲毫沒有隱匿修飾。

在2015/8/31 的BusinessWeek提到Netflix本想從AWS跑掉,但最後還是認為轉換成本太高、花費時間太久,所以還是心不甘情不願地被自己的最大競爭對手給綁架。

(大家應該知道Amazon也有自己的video streaming服務,而且從我實際上兩者都用了很長一段時間的比較來說,在質、量和性價比上,Amazon都完勝Netflix)講到這裡,如果還引不起你的興趣點進去細讀這一篇,沒關係的。(我前面僅不過聊到全文的三分之一)

諸葛亮在用草船向曹操借了十萬枝箭之後,告訴魯肅「為將而不通天文,不識地利,不知奇門,不曉陰陽,不看陣圖,不明兵勢,乃庸才也」。想成為超級經理人,如果在英文、法務、財務與租稅上只擁有「司機的知識」(http://goo.gl/UIwFFg),也一樣。

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