事业 · 创业者自述
约翰·D·洛克菲勒：洛克菲勒回忆录·补录 137
约翰·D·洛克菲勒《洛克菲勒回忆录》· Random Reminiscences of Men and Events · 领导
Let me explain what many people, perhaps, fully appreciate, but some, I am sure, do not. The Standard pays four dividends a year: the first in March, which is the result of the busiest season of the whole twelvemonth, because more oil is consumed in winter than at other seasons, and three other dividends later, at about evenly divided periods. Now, these dividends run up to 40 per cent. on the capital stock of $100,000,000, but that does not mean that the profit is 40 per cent. on the capital invested. As a matter of fact, it represents the results of the savings and surplus gained through all the thirty-five or forty years of the workings of the companies. The capital stock could be raised several hundred per cent. without a penny of over-capitalization or "water"; the actual value is there. If this increase had been made, the rate would represent a moderate dividend-paying power of about 6 to 8 per cent.
出处：
https://www.gutenberg.org/ebooks/17090
定位：Additional excerpt 137 · 核对日期：2026-10-19 · 核验：短摘录
白话
洛克菲勒解释一个很多人没完全搞懂的事：标准石油一年发四次股息，第一次在三月，因为冬天用油多，那是全年最忙的季节之后；另外三次大致均匀分布。这些股息按1亿美元股本算，高达40%，但这不代表投资回报率是40%。实际上，这是公司三四十年经营积累下来的储蓄和盈余。股本完全可以再增加几倍，而没有任何注水，实际价值就在那里。如果真把股本调高，那40%就只相当于大约6%到8%的派息能力。
上下文
洛克菲勒在回忆录中澄清标准石油高股息率的真相，说明那是长期积累而非当年暴利。
今日一问
你看待一个生意的回报率时，有没有区分“历史积累的账面数字”和“当年真实盈利能力”？
公版传记；原文逐字取自 Project Gutenberg，仅摘录段落并附全书链接。
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