INTEREST ON EQUITY CAPITAL AS AN EX POST COST: A COMMENT
反驳了Amey对在外部财务报告中事后估算股权资本成本的批评，认为隐性机会成本不仅事前相关，事后也适用于绩效评估，但需按公司或行业特定风险调整。
This paper attempts to rebut some criticisms advanced by Amey against the conceptual basis of proposals to make an ex post imputation for the cost of equity capital in external fmancial reports. The principle argument is that ‘implicit’ opportunity costs are relevant not only ex ante, for decision‐making, but also ex post, if suitably defined and measured, for performance evaluation. An allowance for the foregone earnings of the equity does, therefore, seem justified. But rather than a standardised imputation of ‘interest’, the need for comparability across firms suggests firm ‐ or industry ‐ specific allowances which would take account of each firm's gearing and overall riskiness.