A Simulation‐Based Investigation of Errors in Accounting‐Based Surrogates for Internal Rate of Return
通过计算机模拟数据，比较会计收益率和条件内部收益率作为内部收益率替代指标的误差，并分析需求增长、存货成本流转假设和折旧方法对误差的解释能力。
Accounting‐based measures of a firm's ex post performance represent accessible, albeit imperfect, surrogates for its internal rate of return (IRR). Using a cross‐sectional data set obtained via computer simulation, this study calculated the error with which the accounting rate of return (ARR) and conditional estimate of internal rate of return (CIRR) estimate IRR. The study compared the error with which both surrogates measure IRR, as well as the ability of growth in unit demand (gD), inventory cost flow assumption (INV) and depreciation method (DEP) to explain the measurement error in both surrogates.