Study of valuation methods of firm, business and transaction

公司、业务和交易的估值方法研究

基本信息

批准号：
16530252
负责人：
KOYAMA Yasuhiro
金额：
$ 1.41万
依托单位：
Okayama University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2004
资助国家：
日本
起止时间：
2004 至 2005
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-16530252/
关键词：
corporate value DCF real option market risk and private risk overseas investment corporate finance risk management risk-adjusted discount rate 企業評価海外投資評価取引評価 EVA 契約評価リアルオプション

项目摘要

9-1 Theoretical Study Results:1) DCF approach and evaluation of private and market risk: The risk adjusted discount rate approach is often used in evaluating long-term investment projects. However, this approach does not necessarily give accurate picture in assessing profitability. Taking into account the nature of market and private(unique)risk, I have provided here a comprehensive review on the proper use of risk adjusted discount rate approach and its alternate method, certainty equivalent approach. In addition, I have demonstrated that overseas investment projects are less risky than domestic ones due to the diversification effect of market risk. Yet, in Japan corporate stakeholders, such as major shareholders, management and employees, have to put importance on private(unique) risk, because they often make life-time commitment to their companies. As a result to Japanese companies private(unique)risk are more important than market risk considering the vital role played by stakehold … More ers for the growth and success of their business.2) Derivatives: I have proposed the use of the real option technique to evaluate the value of termination clause in long-term sales contracts and joint venture agreements. This is an attempt to quantify the economic value of legal terms such as walk out clause.9-2 Survey Results on the Practice of Financial Policies and Valuation Technique Conducted by Japanese Public CompaniesIn December, 2005, I conducted a survey on corporate strategy, corporate finance policy, risk management as practiced in Japanese companies. Questionnaires were sent to 1,000 companies here in Japan. Subsequent answers are analyzed and reported in "Okayama Economic Review" Vol.38 No.2. The study has shown clear tendency among recent Japanese companies. Japanese companies' financial policies are moving from traditional to global standard. For example, stockholders are now considered to be more important than employees and 40% of Japanese public companies are using DCF techniques. The survey has also indicated that Japanese companies have begun to estimate the cost of capital reflecting risk premium as well as interest rate. Less

9-1 理论研究结果： 1) DCF 方法以及私人和市场风险的评估：风险调整贴现率方法通常用于评估长期投资项目，但是，这种方法不一定能够准确地评估盈利能力。考虑到市场的性质和私人（独特）风险，我在这里对风险调整贴现率法及其替代方法——确定性等值法的正确使用进行了全面的审查。此外，我还论证了海外投资项目。与国内相比，风险较小然而，在日本，企业利益相关者，如大股东、管理层和员工，必须重视私人（独特）风险，因为他们往往对日本企业作出终身承诺。考虑到利益相关者对其业务的增长和成功所发挥的至关重要的作用，公司的私人（独特）风险比市场风险更重要。2）衍生品：我建议使用实物期权技术来评估衍生品的价值长期销售合同中的终止条款以及这是量化退出条款等法律条款的经济价值的尝试。9-2 日本上市公司财务政策和评估技术实践的调查结果2005年12月，我进行了一项调查《冈山经济评论》第 38 卷第 2 期对日本企业的企业战略、企业财务政策、风险管理等方面进行了调查，并对 1,000 家企业进行了分析和报告。近年来，日本公司的财务政策正从传统的标准转向全球标准，例如，股东现在被认为比员工更重要，并且40％的日本上市公司正在使用DCF技术。表示日本企业已开始估算反映风险溢价以及利率的资本成本。