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首页> 美国政府科技报告 >Accounting-Based Measures as Estimates of Economic Rates of Return: An EmpiricalStudy of the U.S. Pharmaceutical Industry, 1976-87
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Accounting-Based Measures as Estimates of Economic Rates of Return: An EmpiricalStudy of the U.S. Pharmaceutical Industry, 1976-87

机译：以会计为基础的衡量经济收益率的指标：1976 - 1987年美国制药业的实证研究

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Analysis in the manuscript is designed to estimate the relative profitability ofthe U.S. pharmaceutical industry during 1976-87. The results consistently indicate that pharmaceutical returns exceed returns realized by other U.S. industrial firms, although the magnitude of the difference varies with the assumptions that underlie the calculations. A distinguishing feature of the study is the use of cashflow recovery rates of return (CRR) rather than conventional return on assets (ROA) measures that are typically employed in prior studies of pharmaceutical profitability. The CRR approach, advanced by Ijiri (1978, 1979, 1980) and Salamon (1982, 1985), responds to well-documented criticisms of ROA as an indicator of profitability. In general, these criticisms relate to aspects of the financial accounting process that cause measures of profits and invested resources to deviate from measures that are appropriate for estimating and comparing economic internal rates of return (IRR). Since CRR measures focus on the realization of cashflows rather than accounting income, they better reflect the economic consequences of investment decisions. Furthermore, unlike ROA, interindustry CRR comparisons are unaffected by differences in financial accounting practices.

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