CAPITAL BUDGETING TECHNIQUES USED BY SMALL BUSINESS FIRMS IN THE 1990S
作者:
STANLEY BLOCK,
期刊:
The Engineering Economist
(Taylor Available online 1997)
卷期:
Volume 42,
issue 4
页码: 289-302
ISSN:0013-791X
年代: 1997
DOI:10.1080/00137919708903184
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
In recent times, small business firms have created 80 percent of the new jobs in the United States. Thus, their methodology for capital investment decisions is very important, though it continues to be somewhat different from that used by larger business firms. A questionnaire survey with 232 small business respondents indicates that the payback method is still the preferred approach by 42.7 percent of the firms. Unlike many larger firms, their time horizon is often the period over which a financial institution will extend them funding. In any event, the “average” minimal payback period in the survey averaged 2.81 years, a time period far shorter than the useful life of the asset and one that would indicate a required return far higher than most firms anticipate. Somewhat encouraging was the increased use of discounted cash flow methods (27.6 percent), which is a higher rate of utilization than that indicated in other surveys of smaller firms over the last few decades.
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