没有现金的替代品吗?: 1903-29年皇家邮政蒸汽邮包公司的投资回报分析

Accounting, Business and Financial History Pub Date : 1900-01-01 DOI:10.1080/09585209100000041

A. Arnold

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引用次数: 4

摘要

本文采用基于现金流和市场价值的衡量标准，考察了在基尔桑特勋爵担任董事长期间，皇家邮政公司(Royal Mail Company)的政策对向该公司提供资金的人的回报的影响。分析指出，第一次世界大战后的投资决策、退税以及内部和外部持有资产的不同回报模式，对1903-29年期间皇家邮政公司的投资回报完全不足产生了重要影响。

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‘No substitute for hard cash?': an analysis of returns on investment in the Royal Mail Steam Packet Company, 1903–29

This paper examines the effects of the Royal Mail Company's policies, while Lord Kylsant was chairman, on the returns to those who supplied finance to the company, using measures based upon cash flows and market values. The analysis identifies investment decisions in the period immediately after the First World War, taxation refunds and the differing patterns of return on internally and externally held assets as important influences on the wholly inadequate returns on investment in the Royal Mail Company during the period 1903–29.

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Accounting, Business and Financial History

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