ESTIMATING THE INTERNAL RATE OF RETURN FROM PUBLISHED FINANCIAL STATEMENTS
提出一种新方法，利用已发布财务报表中的会计利润率来估算企业的长期内部收益率，模型涵盖资本和净营运资产投资，并应用于一家芬兰大型企业的财务数据。
This paper presents a new approach to estimating the longrun internal rate of return (IRR) for the firm from the accountant's rate of profit based on published financial statements. The model developed for estimating the IRR includes both capital and net working asset investments. Modelling and estimating the growth of the firm is an integral part of the approach. Furthermore, estimating the parameters describing the long‐run financing behavior of the firm is presented based on discounted average funds flow statements. Finally, the approach is applied on the financial data of a large Finnish business enterprise.