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タイトル: DCF会計と現代会計システム
その他のタイトル: Discounted Cash Flow Accounting and Current Accounting System
著者: 上野, 清貴
著者(別表記) : Ueno, Kiyotaka
発行日: 2006年 3月24日
引用: 長崎大学経済学部研究年報. vol.22, p.1-27; 2006
抄録: The purpose of this paper is to consider discounted cash flow (DCF) in accountancy, and study the meaning of the DCF accounting as an accounting system. Although it has the advantage that DCF accounting to some extent enable investment decision-making and corporate valuation, it also has the problem simultaneously. The problems are that it does not have a realistic cost of capital in this accounting system, the performance evaluation function is lacking, and the valuation method is not flexible. A trend of DCF is not necessarily in agreement with a trend of corporate earnings, and DCF accounting cannot grasp a trend of corporate earnings. Furthermore, neither assets nor a project may be flexibly estimated by this accounting system, as a result it may be underestimated. APV (adjusted present value) accounting, CFROI (cash flow return on investment) accounting, EVA (economic value added) accounting and real option accounting are advocated as what conquers such a fault of DCF accounting and inherits an advantage. However, DCF accounting is the starting points of corporate valuation and current finance accounting, and is bearing a role of the foundation of the current accounting system.
キーワード: discounted cash flow / free cash flow / corporate valuation / finance accounting
URI: http://hdl.handle.net/10069/6891
ISSN: 09108602
資料タイプ: Departmental Bulletin Paper

引用URI : http://hdl.handle.net/10069/6891



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