Real Options, (Dis)Investment Decision‐Making and Accounting Measures of Performance
提出一种剩余收益型业绩指标，能在包含等待投资和放弃投资的实物期权框架下支持最优投资与撤资决策，并可作为评估其他业绩指标的基准。
This paper suggests that a residual income‐type measure of performance can be designed which supports optimal investment and disinvestment decision‐making in a real options framework involving the options to wait before investing and to abandon. The measure has a number of advantages and disadvantages. Nonetheless, the balance of advantage versus disadvantage for the proposed measure must be set against the inadequacies of other competing measures of performance and associated organisational designs. Even if the measure of performance suggested is not regarded as practically useful, it has another general advantage – it can be used as a benchmark against which to evaluate other performance measures with regard to their support of optimal investment and disinvestment decision‐making in a real options framework.