I’m going to explain why Shohei Ohtani’s $700 million contract with the Los An geles Dodgers will not equal $700 million in terms of MLB accounting or the pres ent-day value of the deal. 我来解释为何大谷签的7亿镁合约在会计上与现值上不等於7亿镁。 When money in a contract is deferred, the competitive-balance tax number — the luxury tax — is discounted. With a source saying a “majority” of Ohtani’s co ntract is deferred, the discount could be significant. Typically, a CBT number i s the average annual value of a deal — in this case $70 million. But depending on the size and length of the deferrals, Ohtani’s CBT number is likelier to win d up in the $40-50 million-a-year range, an enormous benefit for the Dodgers. 延期付款後，竞争平衡税（=豪华税）会打折。消息来源称大谷的合约大部分都会延期付款 ，因此可能会有很明显的折扣。 竞争平衡税通常依据合约的平均年薪（以本案例来说为70M）。但根据延迟的规模以及长度 来看，大谷的情况可能是每年40-50M，这对躲人来说是非常大的利多。 The deferrals also affect the net present value of the deal. There’s a rule of thumb across all walks of life: Money today is more valuable than money tomorrow , inflation being what it is. When you defer money, you’re taking less. The Dod gers are operating in an environment in which the prime rate is 8.5%. And with m oney today being so pricey, it lowers the present-day value of the deal by a sig nificant margin. 延期付款也影响了合约的现值。各行各业都有一条法则：今天的钱比明天更有价值，通货膨 胀就是这样。选择延期付款就是会拿得比较少。躲人现在经营的环境最优利率是8.5%，由於 现在的钱是如此有价值，延期付款会让合约的现值大幅降低。 Regardless, in the end, Shohei Ohtani will be paid 700 million US dollars by the Dodgers. It’s an obscene amount of money. It’s just going to be seen as less by the league’s accounting — and will allow the Dodgers to add even more aroun d Ohtani as they try to win a championship. 无论如何，道奇最终还是要付给大谷7亿镁，还是一笔非常惊人的数字。延期付款只是让合 约在联盟会计上算起来比较少，让道奇更能够在大谷身边补强以赢得冠军。 https://twitter.com/JeffPassan/status/1733617544471216149 大概是这样 --

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