QUANTITATIVE NON‐FINANCIAL INFORMATION AND INCOME MEASURES: THE CASE OF LONG TERM CONTRACTS
研究定量非财务信息能否作为当前和未来经济及会计收入的代理变量，通过构建数学模型和随机模拟，发现非财务信息在估计和预测收入方面优于会计指标。
Much available numerical information is non‐financial. This information has the advantages of quantifying events that cannot be expressed in financial terms, timeliness and the avoidance of accounting procedures. This paper investigates the usefulness of quantitative non‐financial information (QNFI) as a proxy for current and future economic and accounting income. The study analyses a hypothetical firm which undertakes long term contracts. A mathematical model is constructed of the cash generation process of the company. QNFI measures are found to dominate accounting measures with regard to estimating economic income and predicting both economic and accounting income. These results are confirmed by a stochastic simulation model which allows for a more complex model.