A. 資料來自國內的教科書

普通股

普通股 = 所有權

1. 普通股股東享有投票表決公司營運重大事項，及選舉董事會的權利。〔如上圖〕


2. 普通股並不像公司發行的其它證券〔如公司債〕，有固定的利息或股利，因而普通股的投資報酬率，相對具有高度的不確定性。


3. 普通股是公司發行證券中，最具風險者，也是獲利最高者，所獲利益包括現金股利和資本利得。

股票市場 股權資產的特徵

B. Information from internationally renowned investor

What Is Businesslike Investing?

What does "Investment is most intelligent when it is most businesslike" mean?

It means that one stops thinking of the stock market as an end unto itself and begins thinking about the economics of ownership of those businesses that the common stock represent.

What? Your stockbroker calls you up and says he thinks XYZ stock is a timely buy and that in the last week it has moved up three points! Stop right there. A common stock is a partial ownership interest in a business enterprise. That's right, a business. Your stockbroker is trying to entrap you in the enthusiasm of the horse race of numbers found every morning in the Wall Street Journal.

But common stocks are in fac tangible representations of the equity owner's interest in a particular business. It was Graham who taught Warren, instead of asking (a) in what security? and (b) at what price? to ask (a) in what enterprise? and (b) on what terms is the commitment proposed? This puts the line of questioning into a more businesslike perspective.

In Warren's world the common stock takes on the characteristics of a bond, with the payable interest being the net earning of the business. He calculates his rate of return by dividing the company's annual net per share earning by the price he pays for the stock. A $10 per share asking price for the company's stock against annual net per share earnings of $2 a share equates to a rate of return of 20%. Understand, though, that the integrity of this calculation is wholly dependent upon the predictability of the company's earnings.

In real life, if you were to buy a local business you would want to know how much it earned each year and how much it was selling for. With those two numbers you could calculate the annual rate of return on your prospective investment by simply dividing the business's yearly earnings by its asking price. Warren does this type of analysis whether he is buying an entire company or one share of a company. The price he pays determines his rate of return.

The Corporation, Stocks, Bonds - A Few Useful Explanations

I have found that a great many people have absolutely no ide what a bond is or, for that matter, what ownership in the common stock of a company represents. In fact, many people who own stocks would be hard pressed to explain what a corporation is.

Not that you are in this group. It's just that you never know who is going to pick up this book. So I feel that a brief run-through on the corporate form of organization and its history is appropriate here. It is something that Warren has a good appreciation of, and it is something that will benefit any investor.