摘要:

Abstract A yield-based capital budgeting methodology is presented that provides capital project evaluations consistent with shareholder wealth maximization under the assumptions of perlect capital markets and cash flows known with certainty. The methodology is derived by adjusting a modified rate of return technique proposed originally by Lin and more recently in another form by Beaves. Hence, the Lin/Beaves method is examined and an interpretation is suggested for both its investment base and its return measure. Being based upon the Lin/Beaves method, the adjusted methodology shares the economic interpretations associated with both the investment base and the return measure of the Lin/Beaves method. As a result, the adjusted methodology both appropriately evaluates capital projects and provides a return measure with a clear interpretation.

ISSN:0013-791X    

DOI:10.1080/00137919208903083

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

摘要:

Abstract This paper develops a capital asset valuation theory for stochastically deteriorating equipment in the absence of an active secondary (resale) market to provide prices that reflect economic value. With this theory, we define an economic depreciation schedule that satisfies two properties. First, book value of equipment depreciated according to this schedule equals conditional expected economic value; and second, the schedule is fair in that expected capital gain (or loss) is zero.

ISSN:0013-791X    

DOI:10.1080/00137919208903084

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

摘要:

Abstract The exclusive use of discounted cash flow (DCF) capital budgeting models is being criticized because of the inability of these models to handle qualitative/intangible benefits and tie the capital budgeting decision formally to organizational strategy. In response, several authors have recently proposed the use of Saaty's Analytic Hierarchy Process (AHP) for capital investment analysis. This paper extends that line of research by focusing on the fundamental problem of structuring the decision hierarchy appropriately so that the AHP can be implemented successfully in a capital budgeting context. Three approaches are presented for structuring AHP hierarchies, including the Mission, Objectives, and Strategy (MOS) framework for strategic planning. An example based on three actual companies in the petrochemical industry is developed using the MOS approach.

ISSN:0013-791X    

DOI:10.1080/00137919208903085

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

摘要:

Abstract As early as the 1950's, capital budgeting processes based on discounted cash flow served as the principal tools for evaluating capital investment proposals for American firms. Buffeted during the late 1970's and 1980's by overseas competition, American firms, supported by innovative researchers, reconsidered capital investment evaluation practices. This paper briefly discusses both past and present manufacturing investment evaluation methods.

ISSN:0013-791X    

DOI:10.1080/00137919208903086

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

摘要:

Abstract As the nature of research on justification of AMT(Advanced Manufacturing Technologies) is difficult to comprehend within the conlines of any specific discipline, the relevant materials are scattered throughout numerous scholarly journals in various disciplines. This is comprehensive bibliography cites 274 articles from 92 literature sources published during the last two decades. By bringing the voluminous significant work in a wide variety of disciplines into one place, this bibliography can help researchers in this critical research area to keep abreast of new ideas.

ISSN:0013-791X    

DOI:10.1080/00137919208903087

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919208903088

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919208928030

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919208928031

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor

ISSN:0013-791X    

DOI:10.1080/00137919208928032

出版商:Taylor & Francis Group    

年代:1992

数据来源: Taylor