The asymptotic optimality of residual income maximization

被引：3

作者：

Anctil R.M. ^{[1
]}

Jordan J.S. ^{[2
,3
]}

Mukherji A. ^{[3
]}

机构：

[1] Haas School of Business, University of California, Berkeley

[2] Department of Economics and Carlson, School of Management, University of Minnesota

[3] Carlson School of Management, University of Minnesota

来源：

Review of Accounting Studies | 1998年 / 2卷 / 3期

关键词：

Cash Flow; Public Finance; Current Accounting; Investment Decision; Accounting Information;

D O I：

10.1023/A:1023636720728

中图分类号：

学科分类号：

摘要：

Residual income subtracts from operating income an interest charge for invested capital. Residual income can be calculated each period from current accounting information, unlike discounted cash flow (DCF), which requires the knowledge of future cash flows. This paper provides a normative justification for residual-income maximization by showing that if investment decisions are made myopically each period to maximize residual income, the resulting path asymptotically maximizes discounted cash flow. Thus, under the assumptions of the model, residual-income maximization is a heuristic that leads to the long-run DCF-optimum. © 1998 Kluwer Academic Publishers.

引用

页码：207 / 229

页数：22

共 12 条

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[6] Jordan, J., Management Accounting in Activity Networks (1994) Discussion Paper No. 277, , Center for Economic Research Department of Economics, University of Minnesota, Minneapolis
[7] Lefshetz, S., (1977) Differential Equations: Geometric Theory, , NY: Dover Publications Inc
[8] Ohlson, J., Earnings, Book Value and Dividends in Security Valuation (1995) Contemporary Accounting Research, 11 (2)
[9] Reichelstien, S., Investment Decisions and Managerial Performance Evaluation (1997) Review of Accounting Studies, 2 (2), pp. 157-180. , Mimeo
[10] Rogerson, W., Intertemporal Cost Allocation and Managerial Investment Incentives: A Theory Explaining the Use of Economic Value Added as a Performance Measure (1997) Journal of Political Economy, 105 (4)

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