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Theoretical and Empirical Research on Valuation of Intellectual Property

Research Project

Project/Area Number 17330103
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Accounting
Research InstitutionKwansei Gakuin University (2006-2007)
Kobe University (2005)

Principal Investigator

SAKAKIBARA Shigeki  Kwansei Gakuin University, School of Business Administration, Professor (10030719)

Co-Investigator(Kenkyū-buntansha) KOGA Chitoshi  Kobe University, Graduate School of Business, Professor (70153509)
KISHIDA Masao  Waseda University, Graduate School of Finance, Professor (10030644)
SUZUKI Kazumi  Kobe University, Graduate School of Business, Associate Professor (90235937)
KOZUMI Hideo  Kobe University, Graduate School of Business, Professor (10261273)
YOSANO Tadanori  Kobe University, Graduate School of Business, Associate Professor (80346410)
Project Period (FY) 2005 – 2007
Project Status Completed (Fiscal Year 2007)
Budget Amount *help
¥15,610,000 (Direct Cost: ¥14,500,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2007: ¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2006: ¥4,900,000 (Direct Cost: ¥4,900,000)
Fiscal Year 2005: ¥5,900,000 (Direct Cost: ¥5,900,000)
KeywordsResearch and Development / Growth opportunity / Intangible Information / Financial Commodity Code / Real Option / Finance Scheme / Securities Analyst / Interview Survey / 企業価値評価 / 資産運用 / 自主ガイドライン / ポアソン回帰モデル / ベイズ推定 / 実証分析 / 知的資産 / 知的資本 / 金融機関 / 資金調達 / 研究開発
Research Abstract

First, we investigated, through interview surveys, how the Japanese financial institutions use information on intellectual capital in their loan decision makings. The results are reported in “CHITEKI FINANCE NO TANKYUU". Secondly, we conducted interview survey for the Japanese securities analysts in order to investigate how analysts recognize intellectual property value and to what extent they reflect the value in their corporate value assessment. Among the several issues, we particularly focused on how the incremental disclosure on intellectual property affects the analysts' usage of those information. The results were reported in the 1^st EIASM workshop on Visualizing, Measuring, and Managing Intangibles and Intellectual Capital. Thirdly, we investigated the Research and Development expenditure and firm value. We cumulated empirical results regarding the mechanism of R&D expenditure affects firm value. Obtained knowledge includes the time difference between R&D expenditure and enhanced operating profit, and its relationship with the future growth potential. Along this line, we further conducted empirical investigations on R&D expenditure and stock price, using the Japanese manufacturing firms. We found that the market values growth potential; the stock price reflects the potential benefit obtained by R&D expenditure. Also, the market expectations are, ex-post, reflected in the operating profit. These findings are reported in the paper. Additionally, we conducted interview survey for the Japanese mega-banks as well as the regional financial institutions in order to inquire their valuation of intangible assets. The survey clarified developing status quo of the approach.

Report

(4 results)
  • 2007 Annual Research Report   Final Research Report Summary
  • 2006 Annual Research Report
  • 2005 Annual Research Report
  • Research Products

    (40 results)

All 2008 2007 2006 2005

All Journal Article (31 results) (of which Peer Reviewed: 2 results) Presentation (6 results) Book (3 results)

  • [Journal Article] 上場変更企業におけるManagers Opportunismの検証-裁量的会計発生高とPost-Listing return-2008

    • Author(s)
      岡田 克彦
    • Journal Title

      現代ファイナンス No.23

      Pages: 109-130

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
    • Peer Reviewed
  • [Journal Article] Earnings Management and the Exchange Listing firms-Testing Managers Opportunism Hypothesis using Discretionary Accounting Accruals-2008

    • Author(s)
      Katsuhiko Okada
    • Journal Title

      Gendai Finance No.23

      Pages: 109-130

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 上場変更企業におけるManagers Opportunismの検証-裁量的会計発生高とPost-Listing return2008

    • Author(s)
      岡田 克彦
    • Journal Title

      現代ファイナンス No.23

      Pages: 109-130

    • Related Report
      2007 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 知的資本の重要性と開示-証券アナリストのバーセプションの比較分析-2007

    • Author(s)
      榊原 茂樹
    • Journal Title

      商学論究 第55巻第1号

      Pages: 19-35

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Comparative Research on the Perception of Intelletual Capital among Securities Analysts2007

    • Author(s)
      Shigeki Sakakibara
    • Journal Title

      Shogaku-Ronkyuu 55-1

      Pages: 19-35

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 知的資本の重要性と開示-証券アナリストのバーセプションの比較分析2007

    • Author(s)
      榊原 茂樹
    • Journal Title

      商学論究 第55巻第1号

      Pages: 19-35

    • Related Report
      2007 Annual Research Report
  • [Journal Article] 企業の研究開発投資と株価形成2006

    • Author(s)
      榊原 茂樹
    • Journal Title

      証券アナリストジャーナル 第44巻第7号

      Pages: 48-58

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Value relevance of R&D capital information:Evidence from Tokyo Stock Exchange2006

    • Author(s)
      Shigeki Sakakibara
    • Journal Title

      Discussion Paper Series, Graduate School of Business Administration, Kobe University 2006-6

      Pages: 1-28

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] カウントデータに対する内生的スイッチングモデルのベイズ推定について2006

    • Author(s)
      古澄 英男
    • Journal Title

      国民経済雑誌 第94巻第5号

      Pages: 69-77

    • NAID

      110004836210

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 無形資産情報の開示と評価2006

    • Author(s)
      與三野 禎倫
    • Journal Title

      企業会計 第169巻第5号

      Pages: 19-30

    • NAID

      40007280093

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 研究開発資産の会計的評価とリアル・オプション・アプローチ2006

    • Author(s)
      與三野 禎倫
    • Journal Title

      国民経済雑誌 第194巻第5号

      Pages: 79-89

    • NAID

      110004836212

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 投資意思決定の動的メカニズムと知的資産情報の役割2006

    • Author(s)
      古賀 智敏
    • Journal Title

      会計 第170巻5号

      Pages: 1-14

    • NAID

      40007464563

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 剰余金の配当規制2006

    • Author(s)
      岸田 雅雄
    • Journal Title

      ビジネス法務 第6巻第2号

      Pages: 12-20

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] R&D investment and Stock Price2006

    • Author(s)
      Shigeki Sakakihara
    • Journal Title

      Securities Analyst Journal 44-7

      Pages: 48-58

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Value relevance of R&D capital information : Evidence from Tokyo Stock Exchange2006

    • Author(s)
      Shigeki Sakakibara
    • Journal Title

      Discussion Paper Series, Graduate School of Business Administration, Kobe University 2006-6

      Pages: 1-28

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Baysian Switching Model : In case of Count Data2006

    • Author(s)
      Hideo Kozumi
    • Journal Title

      Kokumin-Keizai Zasshi 94-5

      Pages: 69-77

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Intangible Asset Information : Disclosure and Valuation2006

    • Author(s)
      Tadanori Yosano
    • Journal Title

      Corporate Accounting 169-5

      Pages: 19-30

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] R&D Asset Accounting Valuation and Real Option Approach2006

    • Author(s)
      Tadanori Yosano
    • Journal Title

      Kokumin-Keizai Zasshi 194-5

      Pages: 79-89

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Investment Decision Making Dynamics and the Role of Intellectual Capital2006

    • Author(s)
      Chitoshi Koga
    • Journal Title

      Accounting 170-5

      Pages: 1-14

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Regulation on Dividend Payment2006

    • Author(s)
      Masao Kishida
    • Journal Title

      Business Law 6-2

      Pages: 12-20

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] 企業の研究開発投資と株価形成2006

    • Author(s)
      榊原茂樹
    • Journal Title

      証券アナリストジャーナル 第44巻第7号

      Pages: 48-58

    • Related Report
      2006 Annual Research Report
  • [Journal Article] カウントデータに対する内生的スイッチングモデルのベイズ推定について2006

    • Author(s)
      古澄英男
    • Journal Title

      国民経済雑誌 第94巻第5号

      Pages: 69-77

    • NAID

      110004836210

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 無形資産情報の開示と評価2006

    • Author(s)
      與三野禎倫
    • Journal Title

      企業会計 第169巻第5号

      Pages: 19-30

    • NAID

      40007280093

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 研究開発資産の会計的評価とリアル・オプション・アプローチ2006

    • Author(s)
      與三野禎倫
    • Journal Title

      国民経済雑誌 第194巻第5号

      Pages: 79-89

    • NAID

      110004836212

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 投資意思決定の動的メカニズムと知的資産情報の役割2006

    • Author(s)
      古賀智敏
    • Journal Title

      会計 第170巻5号

      Pages: 1-14

    • NAID

      40007464563

    • Related Report
      2006 Annual Research Report
  • [Journal Article] 剰余金の配当規制2006

    • Author(s)
      岸田雅雄
    • Journal Title

      ビジネス法務 第6巻第2号

      Pages: 12-20

    • Related Report
      2006 Annual Research Report
  • [Journal Article] Value relevance of R&D capital information : Evidence from Tokyo Stock Exchange2006

    • Author(s)
      Sakakibara, Yosano, Kozumi, Bo
    • Journal Title

      Discussion Paper Series, Graduate School of Business Administration, Kobe University 2006-6

      Pages: 1-28

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 無形資産情報の開示と評価2006

    • Author(s)
      與三野 禎倫
    • Journal Title

      会計 近刊

    • NAID

      40007280093

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Japanese Analysts' Perception of the Needs for Non-financial Information2005

    • Author(s)
      Shigeki Sakakibara
    • Journal Title

      Proceedings of 1ST EIASM Work Shop on Visualising, Measuring, and Managing Intangibles and Intellectual Capital(CD-ROM) 1-1

      Pages: 1-26

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Japanese Analysts' Perception of the Needs for Non-financial Information2005

    • Author(s)
      Shigeki Sakakibara
    • Journal Title

      Proceedings of 1ST EIASM Work Shop on Visualising, Measuring, and Managing Intangibles and Intellectual Capital 1-1(CD-ROM)

      Pages: 1-26

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Japanese Analysts' Perception of the Needs for Non-financial Information2005

    • Author(s)
      Sakakibara, Bo, Yosano
    • Journal Title

      Proceedings of 1ST EIASM Work Shop on Visualising, Measuring, and Managing Intangibles and Intellectual Capital 1-1(CD-ROM)

      Pages: 1-26

    • Related Report
      2005 Annual Research Report
  • [Presentation] Value relevance of R&D capital information:Evidence from Tokyo stock exchange2006

    • Author(s)
      Tadanori Yosano
    • Organizer
      2nd Workshop on Visualising, Measuring and Managing lntangibles and lntellectual Capital
    • Place of Presentation
      Maastricht,The Netherlands
    • Year and Date
      2006-10-25
    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Presentation] Value relevance of R & D capital information : Evidence from Tokyo stock exchange2006

    • Author(s)
      Yosano
    • Organizer
      2nd Workshop on Visualising, Measuring and Managing Intangibles and Intellectual Capital(Maastricht, The Netherlands)
    • Place of Presentation
      (jointly presented with Euichul Jung)
    • Year and Date
      2006-10-25
    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Presentation] Value relevance of R&D capital information:Evidence from Tokyo stock exchange2006

    • Author(s)
      Tadanori Yosano
    • Organizer
      29th European Accounting Association Annual Congress
    • Place of Presentation
      Dublin,lreland
    • Year and Date
      2006-03-22
    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Presentation] Value relevance of R & D capital information : Evidence from Tokyo stock exchange2006

    • Author(s)
      Yosano
    • Organizer
      29th European Accounting Association Annual Congress
    • Place of Presentation
      Dublin, Ireland
    • Year and Date
      2006-03-22
    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Presentation] Japanese analysts' perception of intellectual capital information2005

    • Author(s)
      Tadanori Yosano
    • Organizer
      1st Workshop on Visualising, Measuring and Managing lntangibles and lntellectual Capital
    • Place of Presentation
      Ferrara,ltaly
    • Year and Date
      2005-10-18
    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Presentation] Japanese analysts'perception of intellectual capital information2005

    • Author(s)
      Yosano
    • Organizer
      1st Workshop on Visualising, Measuring and Managing Intangibles and Intellectual Capital(Ferrara, Italy)
    • Place of Presentation
      jointly presented with Bo Hansson
    • Year and Date
      2005-10-18
    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Book] 知的資産ファイナンスの探求-知的資産情報と投資・融資意思決定のメカニズム2007

    • Author(s)
      古賀 智敏
    • Total Pages
      352
    • Publisher
      中央経済社
    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Book] CHITEKISHISAN FINANCE NO TANKYUU2007

    • Author(s)
      Chitoshi Koga
    • Total Pages
      352
    • Publisher
      Chuo Keizai Sha
    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Book] 知的資産ファイナンスの探求-知的資産情報と投資・融資意思決定のメカニズム2007

    • Author(s)
      古賀智敏
    • Total Pages
      352
    • Publisher
      中央経済社
    • Related Report
      2006 Annual Research Report

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Published: 2005-04-01   Modified: 2016-04-21  

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