財務報告分析期中考試(星期三班)：請簡要回答下列問題(請勿贅述)，每題20分。
1.美國投資專家Warren Buffett曾經說過”Because of limitations of conventional
accounting, consolidated reported earnings number may reveal very little
about our true economic performance. Charlie (the vice chairman of Berkshire
Hathaway) and I, both as owners and managers, virtually ignore such
consolidated numbers…. Accounting consequences do not influence our
operating or capital-allocation process” (Berkshire Hathaway, Inc. Annual
Report, 1994, 2.)
請問您同意他的看法嗎？若他的論點是對的，我們還需要作財報分析嗎？
註：Berkshire Hathaway（Warren Buffett所主持的公司）之股價從1965到1995之年平均
成長率為28%；Warren Buffett從1977到1995之年平均投資報酬率為37.7%，同期間之大公
司之報酬率為14.3%。
2.試用Michael Porter 的Five-force Model說明一家銀行將其營運重心由傳統的存款貸
款業務(Lending Business)，轉移至以服務為主(Fee-based Business)之業務之理由，以
及對其財務績效所可能引起的影響。
3.試說明Exxon使用In substance Defeasance 特殊目的個體(Special Purpose Entity,
SPE)之過程及目的。此舉對當期財務報表之影響為何?一般公認會計原則對此有何處置?
4.試說明企業在財務危機尚未明朗時，以協商方式，解決其債務支付問題；以及用法院重
整方式解決債務問題，各有何特色?
5.Why would a company pay to have its public debt rated by a major rating
agency (such as Moody’s or Standard and Poor’s)? Why might a firm decide
not to have its debt rated?
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