| 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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| 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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