Accrual Accounting, Informational Sufficiency, and Equity Valuation
研究了在重复和重叠投资生产能力的公司中，权责发生制会计与权益估值的关系，发现重置成本会计规则能聚合过去投资决策而不损失价值相关信息，是唯一具有信息充分性的会计规则。
ABSTRACT This paper studies accrual accounting and equity valuation in the context of a firm that makes repeated and overlapping investments in productive capacity. The analysis identifies a particular accrual accounting (depreciation) rule that is termed replacement cost accounting because the book value of existing capacity assets is set equal to the value that such assets would have if a competitive market were to exist for used assets. It is shown that replacement cost accounting aggregates past investment decisions of the firm without a loss of value‐relevant information. The intrinsic value of the firm can then be expressed as a function of current accounting data and certain parameters of the firm’s operating environment. Further, it is shown that replacement cost accounting is essentially the only accounting rule with this informational sufficiency property.