創業者的財務必修課：會計學 (13-2) 細談債券及負債財報分析 (Accounting (13-2) A Detailed Discussion on Bonds and Liability Financial Analysis)

        In corporate financing and the capital market, bonds play a crucial role. They are not only an important tool for companies to raise long-term funds but also a way for investors to obtain fixed income. In the previous article, we discussed current liabilities and an introduction to bonds. To truly understand the nature of bonds, it is necessary to fully grasp every detail—from their life cycle, pricing factors, and the amortization of premiums and discounts, to the method of equal principal and interest repayment, and finally, their application in financial analysis. This article will take an in-depth look at bonds.

        在企業融資與資本市場中，債券扮演著關鍵角色。它不只是企業籌措長期資金的重要工具，也是一種投資人用來獲取固定收益的方式。前篇文章講到了流動負債以及認識債券。而理解債券的本質，需要從它的生命週期、價格決定因素、折溢價攤銷、本利平均攤還方式，一直到財務分析的應用，完整掌握每一個細節。本文將深談債券。

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創業者的財務必修課：會計學 (13-1) 流動負債與債券發行 (Accounting (13-1) Current Liabilities and Bond Issuance)

        The previous articles have recorded various types of assets. This article begins to present the first major item on the right side of the accounting equation: liabilities. When entrepreneurs start a business or manage a company, the challenges they face are often not only related to products and markets but also to an unavoidable reality: corporate debt. Whether it's short-term current liabilities or long-term non-current liabilities, these affect the financial health and future development of the company. Understanding the nature of these liabilities, how to manage them, and how to use financial tools to adjust the company's risk is a key skill that every entrepreneur and business manager must master. Investors should also pay attention to the information in the bonds issued by companies or governments they purchase, in order to protect their interests. The following explains each item in detail:

        前面幾篇文章記錄了各類資產，本篇文章開始呈現會計恆等式的右邊第一大項：負債。當創業家創業或者管理企業時，面對的問題往往不僅是產品與市場，還有一個無法避免的現實：企業的債務。無論是短期的流動負債，還是長期的非流動負債，這些都會影響到企業的財務健康和未來發展。理解這些負債的性質、管理方法，以及如何運用財務工具來調節企業的風險，是每一位創業者與經營者必須掌握的關鍵技能。而投資人也應該要注意購買公司或政府發行的債券中的資訊，進而保障自己的權益。以下逐項說明：

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創業者的財務必修課：會計學 (8) 企業現金管理：談現金管理與淺談現金流量表 (Accounting (8) Corporate Cash Management: Discussing Cash Control and an Introduction to the Cash Flow Statement)

        When we start a business, we often begin with the accounting equation “Assets = Liabilities + Equity”. However, we shouldn’t focus only on this static formula — we need to understand the flow of cash to truly grasp how a company operates. In this article, Bargson will guide you through an entry point everyone can understand: Cash — the most straightforward and most crucial financial indicator.

        當我們在創業時，經常從「資產 = 負債 + 權益」這條會計恆等式開始。然而，不能只看靜態的公式，更要從企業現金的流動來思考公司的營運狀況。這篇文章，博格勝要帶你走進一個人人都能懂的切入點——現金，一個既最直接又最重要的財務指標。也將淺談對應現金的財務報表解析。

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創業者的財務必修課：會計學 (5) 看懂綜合損益表: 收入、存貨、結帳製表 (Accounting (5): Understanding the Comprehensive Income Statement: Revenue, Inventory, and Closing Entries)

         Accounting is much closer to everyday life than we often imagine. This is especially true in the world of buying and selling—whether it’s a convenience store, a boutique clothing shop, or even an online store, they all operate under the same accounting logic: revenue, inventory, and bookkeeping. This is also a fundamental element of the statement of comprehensive income.

         會計，遠比想像中更貼近日常生活。特別是買賣業，不管是便利商店、精品服飾店，甚至是線上商店，背後其實都是同一套會計邏輯：收入、存貨、記帳。這也是綜合損益表的基本要素。

 

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創業者的財務必修課：會計學 (4) 會計循環 (Accounting (4): The Accounting Cycle)

The Accounting Cycle: The Birth of a Business Storybook

        The accounting cycle is like the financial journey of a business: every transaction leaves its mark along the path, and each step requires more than just mechanical bookkeeping— it relies heavily on the "accounting judgment" that runs through each stage. If you've ever wondered, "How does accounting go from an invoice to a financial statement?" Bargson is writing this article for drawing an accounting map.

會計循環：一本商業故事書的誕生

                會計循環宛如企業日常的金融旅程：每一筆交易都在這條路徑中留下足跡，每個環節都需要不只是機械式的記帳，更仰賴貫穿在每一步的「會計判斷」。如果你曾經問過：「會計到底怎麼從一張發票走到財務報表？」博格勝撰寫這篇文章，將初步勾勒出會計地圖。

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創業者的財務必修課：會計學 (2): 兩條重要的會計恆等式深探與四大財務報表 (Accounting (2) A Deeper Dive into the Two Fundamental Accounting Equations and the Four Core Financial Statements)

         

       Entrepreneurs, investors, and even individuals who meticulously plan their personal budgets inevitably have to confront the language of “financial numbers.” Accounting is the core system that gives these numbers structure and meaning. When we try to understand a company’s financial health, we’ll find that everything begins with two fundamental accounting equations.

        創業者、投資人、甚至是精算一份生活預算的個人，都無可避免要面對「財務數字」這門語言。而會計，正是讓這些數字有邏輯、有意義的核心系統。當我們試圖了解一家公司的財務健康時，會發現一切的起點，都繞不開兩條基本會計恆等式。

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人生值得投資的項目 (六之二)、定存 (The Thing Worth to Invest in Life. (6.2) Time (or Certification) Deposit)

         The previous article mentioned that national bonds can be included in an asset allocation plan to provide stability. Compared to bonds, time deposits can be considered an even more stable investment option. This article continues by explaining the purpose and role of having time deposits in one’s financial planning.

前篇提到了資產配置可加入國家級債券做穩定資產的規劃。而相對債券，定存可說是更為穩定的投資項目，本篇繼續闡述存在目的。

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人生值得投資的項目 (六之一)、債券 (The Thing Worth to Invest in Life. (6.1) Bonds)

        When we achieve healthy cash flow and accumulate assets through our core business growth, investing in the stock market can present an opportunity to grow those assets even further. With the benefit of time over the long run, the rate of asset growth can also compound and expand. However, this growth is rarely a simple, straight upward line — instead, it’s often a wave-like pattern (see Figure 1), full of ups and downs that constantly affect the emotions of investors.

        我們因本業成長取得了良好現金流並累積資產時，投資股票市場是有機會將資產做進一步成長的。在取得長久的人生時間灌注下，資產的放大比率也會跟著增加。然而，這很可能不會是一條單純的向上曲線，而是充滿了起伏 (圖一)，不斷影響投資人心情的波浪線條。

圖一、股票市場的上下起伏

        短期內假使遇到金融危機，在股市的資產大幅縮水下，投資人想提領現金將需要克服很大的壓力。此時資產配置裡如果包含了相對起伏較穩定的標的，投資人的心情也會相對穩定，而不易被市場牽動。以下博格勝將概述三種相對穩定的投資資產：債券、定存及儲蓄險。而對於每種資產的存在目的也會解釋。

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人生值得投資的項目 (五)、投資企業與股市 (What thing is worth to Invest in Life? (5) Investigate Enterprises and Stock Markets)

    Can the personal cash flow created through self-investment be further increased?

    The answer is yes — personal wealth can grow further through investing in businesses and the stock market. In the market, there are securities (namely, stocks) that represent ownership in a corporation. When a company needs to raise capital, it can issue these securities to investors in exchange for ownership stakes.

       Once investors receive these ownership certificates, they become shareholders and start sharing both the profits and the risks that come with the company.

        透過自我投資下創造的個人現金流，有辦法進一步增長嗎？

        個人財富透過投資企業與股市，是有機會的。市場上存在的有價證券 (即股票) 代表了股份有限公司所有權。如果公司需要籌措資金，可以將該證券發給投資者進行所有權分配。投資者得到所有權憑證後即成為股東，也開始分享公司擁有的利潤以及風險。

        取得股票最簡單的方式為開立一個證券商，透過正規的市場交易取得。在股票市場投資方式可粗略分以下三種：

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人生值得投資的項目 (四)、開拓自身價值，創造人生現金流 (What thing is worth to Invest in Life? (4) Explore Own Value and Create Cash Flow in Your Life)

        The previous article concluded by discussing managing one’s own time as an investment.

     The returns accumulated from such time management directly influence one of the most crucial aspects of life: the primary cash flow from one’s core profession or business.        

        前篇的結尾段提到對於自我時間的投資管理。而這樣的時間管理累積下的報酬背後影響的是人生中非常重要的本業現金流。

        從小開始我們從念書開始獲取學識，從基礎學科到個人偏好的專業科目或技能，結業後在市場因應自身的價值就業，或創業並取得現金流。在台灣的就業市場，由於薪資水準較跟不上物價 (2022年統計薪資成長率已為負成長) 的通膨現象，更多人會想要靠著投資或者是斜槓副業多增加自己的現金流，進而達到財富自由的狀態。

        到底是因為薪資或創業收入在市場中的無法成長？還是尚未在市場中彰顯價值呢？這似乎是一體多面的探討。

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人生值得投資的項目 (三)、取得比別人多的時間成本 (What thing is worth to Invest in Life? (3) Extend Your Life for getting the time)

        The previous article mentioned that when it comes to life investments, starting with a mindful mindset is a foundation worth carrying for a lifetime.

But for those of us striving to progress, beyond cultivating mindfulness, there is another powerful tool that can amplify the effects of any investment many times over: time.

In the movie Interstellar, there’s a scene where the protagonists, faced with their exploration mission, stress that time must be considered a “resource.” This crucial factor came at a great cost — their mission failure caused humanity on Earth to lose decades.

In reality, time is indeed a critical parameter when it comes to the rate of return on any investment.

        前篇提到人生投資時以正念出發的心態，這是一輩子值得擁有的基石。勇於進步的我們除了良好的正念心態以外，尚需把握一個可以讓投資效果放大數倍的利器：時間。

        電影”星際效應” (Interstellar)一幕，主角群因應探索任務，提到時間必須是要考慮的一項”資源”。而這個重要因素也確實讓他們付出了不小的成本 (因任務失敗而導致地球人類的時間被拖延了數十年)。而在現實中，時間也確實是投資報酬率的重要參數。

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人生值得投資的項目 (二)、建立正念投資心態 (What thing is worth to Invest in Life? (2) Build meaningful attitude for investment)

        The previous article explained the two main sources of happiness in life: financial income and relationships. 

So, how do we take the first step? Everything should begin from the inside out — starting with our inner self, by building thoughts and beliefs, and guiding ourselves forward. This foundational mindset is what Bargson advocates as “mindfulness.”

前篇闡明了人生要營造的兩大幸福感來源：財富收入、人際關係。那麼，我們該如何開始踏出第一步呢？凡事由內而外開始，從自己的內心，也就是建立想法、信念，並且引導自身向前。這個初衷心態，博格勝提倡 “正念” 。

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人生值得投資的項目 (一)、滿足感是什麼? (What thing is worth to Invest in Life? (1) The Happiness in Life)

        Everyone — including Bargson — seeks a sense of fulfillment throughout their life.

        The definition of fulfillment is broad, often stemming from the attainment of wealth, material needs, physical well-being, and human relationships. These elements bring inner joy, which in turn leads to a state of balance with the surrounding environment.

        The most direct form of fulfillment, or what we might call happiness, comes from two key sources: financial freedom and meaningful relationships.

        所有人，包含博格勝，一生都會想追求滿足感。滿足的定義很廣泛，多數是來自取得財富、物慾、生理、人際關係，讓內心愉悅後，進而達到和周圍環境的平衡狀態。

        最直接的滿足感，也可說是幸福感，來自兩部分：財富自由、人際關係。

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