2007 Fiscal Year Final Research Report Summary
Theoretical and Empirical Research on Valuation of Intellectual Property
| Project/Area Number |
17330103
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Kwansei Gakuin University (2006-2007)
Kobe University (2005) |
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Principal Investigator |
SAKAKIBARA Shigeki Kwansei Gakuin University, School of Business Administration, Professor (10030719)
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| 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)
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| Project Period (FY) |
2005 – 2007
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| Keywords | Research and Development / Growth opportunity / Intangible Information / Financial Commodity Code / Real Option / Finance Scheme / Securities Analyst / Interview Survey |
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| 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.
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