Net Present Value‐Consistent Investment Criteria Based on Accruals: A Generalisation of the Residual Income‐Identity
分析了哪些应计会计数字能用于所有折旧方案下做出净现值一致的投资决策，给出了充要条件，并揭示了剩余收益概念、门槛利率和绩效衡量结构的局限。
Abstract: In recent years, many firms have favoured residual income for value based management. One main argument for this measure is its identity with the net present value rule and that this compatibility with the net present value rule holds true for all possible depreciation schedules selected. In this article, we analyse whether there are other, undiscussed, accrual accounting numbers that enable net present value‐consistent investment decisions for all possible depreciation schedules. Our analysis provides an if‐and‐only‐if characterisation of the entire class of net present value‐consistent investment criteria, based on accounting information. This provides new insights into the residual income concept, hurdle rates, opening and closing error conditions achieved by applying more common performance measure structures, and allocation rules. Moreover, our analysis shows the limits of constructing such investment criteria.