戴尔（Dell）周三发布公告称，2012年收入下降11%至143亿美元，这个结果实际上好于分析师预期。这家公司还公布，第四季度每股收益为0.40美元（预期为0.39美元）。

    不过，戴尔不愿讨论首席执行官迈克尔•戴尔和私募股权公司银湖资本（Silver Lake Partners）的244亿美元收购计划。它也没有提出今后几个季度的业绩预期目标，甚至没有让迈克尔•戴尔和分析师见面。

    显然，戴尔认为自己已归私人所有。分析师对这家公司的要求（不允许媒体提问）逆来顺受，这样的不作为态度起了重要作用。

    本次收购对戴尔的估价为每股13.65美元（外加0.16美元分红），该公司已将收购方案提交股东大会审议，而两大外部股东对此持反对意见。让这些股东在投票前了解一下戴尔对未来、至少是对2013年第一季度的财务前景有何看法难道不是件好事吗？

    如果戴尔不打算就收购问题说点儿什么，那为什么要封杀迈克尔•戴尔？鉴于他仍然在负责日常事务，这样做显得说不通。

    当然，戴尔可能会担着一点风险，因为分析师在业绩发布会上有可能不仅仅只是打探管理层是否认为迈克尔•戴尔愿意提出更好的收购条件。显然，这样的话题会让律师们感到紧张。

    但在股东看来，实际情况是戴尔现在满脑子都是收购。拒绝探讨此事似乎表明该公司的立场更接近买家，而不是股东。只要继续挂着上市公司之名，戴尔就应该行上市公司之实。（财富中文网）

    译者：涛

    Dell Inc. today reported an 11% revenue decrease for 2012 to $14.3 billion, which actually beat analyst expectations. It also reported earnings of $0.40 per share for the fourth quarter, compared to $0.39 per share estimates.

    What Dell (DELL) did not want to talk about, however, was its pending $24.4 billion buyout by company CEO Michael Dell and private equity firm Silver Lake Partners. It also chose not to provide guidance for further quarters, or even make Michael Dell available to analysts.

    Apparently the company already thinks it's been taken private. And analysts didn't help matters, by meekly acceding to Dell's request without objection (media was not allowed to ask questions).

    Dell is asking shareholders to approve a $13.65 per share deal (plus a $0.16 per share dividend) that is being opposed by the company's two largest outside shareholders. Wouldn't such shareholders benefit from knowing how the company views its future financial prospects, before casting their ballots? At the very least for Q1 2013?

    And if the company isn't going to address the buyout, why was Michael Dell kept on the sidelines? Seems to be a mixed-message, so long as he's still in charge on a day-to-day basis.

    To be sure, Dell ran a risk of the earnings call turning into little more than analysts probing into whether or not management thinks Michael Dell is willing to sweeten his offer. And clearly such talk would have made the lawyers nervous.

    But the reality is that, from a shareholder perspective, Dell is now all about the buyout. And refusing to discuss it seems to put the company more on the side of its buyers than on the side of its owners. So long as the company is still public, it should act like it.