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

2020 Fiscal Year Final Research Report

• Project/Area Number: 17K04059
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Kanagawa 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
• Keywords: 企業価値評価 / 類似企業比較法 / 市場株価法 / 併用方式 / TOB

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.

Free Research Field

会計学

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。