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方法和私人和市场风险评估：风险调整后的折现率方法通常用于评估长期投资项目。但是，这种方法并不一定在评估润解时具有准确的态度。考虑到市场和私人（独特）风险的性质，我在这里提供了有关适当使用风险调整后的折现率方法及其替代方法（确定性同等方法）的全面审查。此外，我已经证明，由于市场风险的多元化影响，海外投资项目的风险要比国内投资项目较小。然而，在日本，企业利益相关者（例如主要股东，管理层和员工）必须对私人（独特）风险置于重视，因为他们经常对公司做出生命的承诺。结果，考虑到利益的重要作用……私人风险（独特的）风险比市场风险更为重要。这是为了量化法律术语的经济价值，例如《步行条款》。9-2调查结果关于2005年12月日本上市公司进行的金融政策和估值技术实践的结果，我对日本公司进行了一项有关公司战略，公司财务政策，公司财务政策，风险管理的调查。问卷被发送给日本的1,000家公司。随后的答案在“冈山经济审查”第38卷中进行了分析和报告。该研究表明，最近日本公司的趋势明显。日本公司的金融政策正在从传统标准转变为全球标准。例如，现在认为股东比员工更重要，而40％的日本上市公司正在使用DCF技术。该调查还表明，日本公司已开始估算反映风险溢价和利率的资本成本。较少的