The Theory‐Practice Gap in Capital Budgeting: Evidence from the United Kingdom
报告英国企业资本预算技术使用情况的调查结果，结合22年数据讨论趋势，发现项目评估方法等领域的理论与实践差距显著缩小，但概率分析和贝塔分析等仍少被采用。
We report the results of a survey of capital budgeting techniques used by United Kingdom firms. Where possible, the evidence is combined with data collected over a 22 year period to provide a basis for the discussion of causes of trends. We observe that there has been a substantial narrowing of the theory‐practice gap in the use of project appraisal methods. The gap has also narrowed in other areas: the analysis of risk, inflation adjustment, capital budget preparation, WACC calculation and post‐auditing. However, there are other elements of capital budgeting theory, e.g. probability and beta analysis which have been adopted by very few practising managers. We also discuss non‐economic projects, capital rationing and hurdle rates.