THE VALUATION OF FIXED ASSETS IN THE FINANCIAL ACCOUNTS OF UK NATIONALISED INDUSTRIES AND THE IMPLICATIONS FOR MONITORING PERFORMANCE: A COMMENT
评论MacArthur（1980）关于技术进步导致更高效资产出现时资产估值概念问题的论文，认为若采用与经济分析逻辑一致的估值基础，MacArthur的结论不成立。
This comment on the paper by MacArthur (1980) focuses on the conceptual problems of valuing assets when technological progress results in more efficient assets becoming available. MacArthur concluded that if valuation is undertaken on the modem equivalent asset basis it will not be possible to use the current cost income statements to identify the use of inefficient technology. In this comment it is argued that MacArthur's conclusion does not hold if a valuation basis consistent with the logic of economic analysis is employed.