The Choice of Depreciation Method Under Uncertainty*
研究了在经营现金流不确定时，如何选择加速折旧法与直线折旧法，推导出不同情境和税制下的最优选择，发现直线法在多种现实情况下更能降低公司税负现值。
ABSTRACT This study presents a framework for choosing between depreciation methods when future cash flows from operations are not assumed known with certainty but only in probabilistic terms. Specifically, the accelerated depreciation method and the straight‐line depreciation method are compared and mathematical conditions are derived for the depreciation method that should be adopted in different circumstances and under different tax systems. It is shown that, contrary to conventional wisdom, the straight‐line depreciation method is the preferred method for lowering the company's present value of tax liability in various realistic situations.