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CFROI会計と業績評価


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Title: CFROI会計と業績評価
Other Titles: Cash Flow Return on Investment Accounting and Performance Evaluation
Authors: 上野, 清貴
Authors (alternative): Ueno, Kiyotaka
Issue Date: 26-Jun-2006
Citation: 經營と經濟. 2006, 86(1), p. 39-67
Abstract: The purpose of this paper is to understand the meaning of cash flow return on investment (CFROI) accounting and to study the characteristics and problems. CFROI accounting applies the idea of internal rate of return (IRR) to performance evaluation and corporate valuation. The characteristics and advantages of CFROI accounting are as follows. (1) CFROI accounting is a comprehensive accounting system relevant to mutual in the accounting figures. (2) CFROI accounting is the real acquisition-cost accounting and enables to period comparison and comparison between companies. (3) CFROI accounting is the investor oriented accounting. The problems of CFROI accounting are as follows. (1) CFROI accounting has average thinking and is based on the non-realistic assumption that the present cash flow is appropriate to the future cash flow. (2) CFROI accounting is the ratio in nature, there fore the increase in CFROI is not necessarily the corporate value increase in itself.
Keywords: CFROI / performance evaluation / IRR / net cash receipts / real cost of capital
URI: http://hdl.handle.net/10069/9791
ISSN: 02869101
Type: Departmental Bulletin Paper
Appears in Collections:Volume 86, No. 1

Citable URI : http://hdl.handle.net/10069/9791

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