Empirical Research on the Determinants of the Discount Rate for the Present Value Measurement
Project/Area Number |
25380597
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Accounting
|
Research Institution | Kobe University |
Principal Investigator |
|
Project Period (FY) |
2013-04-01 – 2016-03-31
|
Project Status |
Completed (Fiscal Year 2015)
|
Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2013: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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Keywords | 割引現在価値 / 投資リスク尺度 / 売上高変動性 / 営業レバレッジ / 損益分岐点 / 財務レバレッジ / 自己資本比率 / 不確実性リスク / 市場ベータ値 / 資本コスト / 資本資産評価モデル / 企業価値評価 / 割引率 / 自己資本コスト / システマティックリスク / 現在価値 |
Outline of Final Research Achievements |
The beta value of capital asset pricing model and the standard deviation of stock investment return are the representative measure of investment risk which influences on the discount rate for the present value measurement. Financial statements analysis presents following three factors as a risk measure, which are the variability of sales revenue, operating leverage influenced by break-even point, and financial leverage influenced by debt and equity. This study shows the empirical evidence of the statistically significant positive relationship between investment risk measure (beta, standard deviation) and accounting risk measure (sales variability, operating leverage, financial leverage).
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Report
(4 results)
Research Products
(8 results)