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An empirical study on Estimation and Evaluation of the multiple valuation method

Research Project

Project/Area Number 17K04059
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Accounting
Research InstitutionKanagawa University

Principal Investigator

HIRAI Hirohisa  神奈川大学, 工学部, 教授 (40399019)

Project Period (FY) 2017-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2020)
Budget Amount *help
¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Keywords企業価値評価 / 類似企業比較法 / 市場株価法 / 併用方式 / TOB / 併用法 / 会計学
Outline of Final Research Achievements

The purpose of this research is to improve the prediction accuracy of each valuation method included in the combined method corporate valuation model, and to increase the usability of the Hybrid corporate valuation model.
In this study, we developed the Yee (2008) model and extended the model based on it. Based on this extended model, the estimation of weights using variance and covariance and the estimation of weights using the regression equation were analyzed by using the collected TOB data. As a result, the validity of the estimated weights in Hybrid Valuation was clarified by out-of-sample prediction.

Academic Significance and Societal Importance of the Research Achievements

本研究における複数の評価方法を併用した企業価値評価モデルの議論での問題点を解決していくことで,より精緻な分析が可能となり,また追加的にデータの更新および推定方法の充実によって頑健性の高い実証結果が得られた。これにより,非上場会社の株式価値評価や株式買取請求権の行使時の価値評価など,様々な局面においてベンチマークとして利用できる価値評価方法を得られたと考えられる。

Report

(5 results)
  • 2020 Annual Research Report   Final Research Report ( PDF )
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (14 results)

All 2021 2020 2019 2018 2017

All Journal Article (3 results) (of which Open Access: 2 results) Presentation (11 results) (of which Int'l Joint Research: 2 results)

  • [Journal Article] 会計学研究の潮流と今後の課題2021

    • Author(s)
      平井裕久、小村亜唯子
    • Journal Title

      経営システム

      Volume: 30-2 Pages: 182-186

    • Related Report
      2020 Annual Research Report
  • [Journal Article] 併用方式におけるウェイトの推定と評価:TOBデータによる検証2020

    • Author(s)
      平井裕久、椎葉淳
    • Journal Title

      商経論叢

      Volume: 55-3/4 Pages: 87-100

    • Related Report
      2020 Annual Research Report 2019 Research-status Report
    • Open Access
  • [Journal Article] 会社分割制度における開示手続と開示情報のテキスト分析2020

    • Author(s)
      池島 真策、平井 裕久、丹波 靖博
    • Journal Title

      大阪経大論集

      Volume: 71 Pages: 1-25

    • NAID

      130007950109

    • Related Report
      2020 Annual Research Report
    • Open Access
  • [Presentation] 機械学習を用いた企業格付けの研究2020

    • Author(s)
      張 安達、平井 裕久、松丸 正延、片桐 英樹
    • Organizer
      日本経営システム学会
    • Related Report
      2020 Annual Research Report
  • [Presentation] Corporate Rating Model using Threshold Optimization and XGBoost2020

    • Author(s)
      AnDa Zhang, Hirohisa Hirai, Masanobu Matsumaru, Hideki Katagiri
    • Organizer
      International Conference on Industrial and Mechanical Engineering and Operations Management
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 併用方式による企業価値評価の実証的検証2019

    • Author(s)
      平井裕久、椎葉淳
    • Organizer
      日本管理会計学会 2019年度年次全国大会
    • Related Report
      2019 Research-status Report
  • [Presentation] Is the Japanese MD&A Information is different from English information?: A Comparison between Fraud Firms and Non-Fraud Firms2019

    • Author(s)
      Masumi Nakashima, Yoshitaka Hirose, Hirohisa Hirai
    • Organizer
      2019 Annual Meeting of the American Accounting Association
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Fraud Prediction Using MD&A Information: Evidence from Japan2019

    • Author(s)
      Masumi Nakashima, Yoshitaka Hirose, Hirohisa Hirai
    • Organizer
      2019 Forensic Accounting Research Conference
    • Related Report
      2018 Research-status Report
  • [Presentation] Impact of Corporate Performance and Firm Size on Executive Compensation in Japan: Study based on Corporate Lifecycle2019

    • Author(s)
      Yukiko Kusu, Hirohisa Hirai
    • Organizer
      2019 American Accounting Association, Southwest Region
    • Related Report
      2018 Research-status Report
  • [Presentation] 日本におけるMD&Aを利用した不正予想の可能性2018

    • Author(s)
      中島真澄、平井裕久、廣瀬喜貴
    • Organizer
      日本経営分析学会 第35回年次大会
    • Related Report
      2018 Research-status Report
  • [Presentation] The Cumulative Method with FIFO in Process Costing Systems2018

    • Author(s)
      HIroto Kataoka, Hirohisa Hirai
    • Organizer
      2018 Annual Meeting of the American Accounting Association
    • Related Report
      2018 Research-status Report
  • [Presentation] THE ACCOUNTING ISSUES IN PROCESS COSTING WITH FIFO2018

    • Author(s)
      HIroto Kataoka, Hirohisa Hirai
    • Organizer
      The 30th Asian-Pacific Conference on International Accounting Issues
    • Related Report
      2018 Research-status Report
  • [Presentation] 第三者割当増資における制限付新株予約権の価値評価-事例からみる問題点2017

    • Author(s)
      岩田悦之、平井裕久
    • Organizer
      日本管理会計学会 2017年度 第2回 フォーラム
    • Related Report
      2017 Research-status Report
  • [Presentation] Readability of MD&A extracted from iXBRL: Computational linguistic approach2017

    • Author(s)
      Yoshitaka Hirose、Hirohisa Hirai、Kohei Arai
    • Organizer
      Asian-Pacific Conference on International Accounting Issues
    • Related Report
      2017 Research-status Report

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Published: 2017-04-28   Modified: 2022-01-27  

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