study on risk appetite on the basis of ROE

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K02039
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Nagasaki University
• Principal Investigator: OKADA Hiromasa 長崎大学, 経済学部, 教授 (40201983)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: ROE / 評価・換算差額等 / リスクアペタイト（損失許容額） / 組替調整（利益のリサイクル） / 会社法会計 / 資産負債アプローチ

Outline of Final Research Achievements

The purpose of this study was to develop an indicator which shows the risk appetite (loss tolerance) of companies. Using the financial statements of listed retail companies which have been applying Japanese accounting standards from fiscal years 2010 to 2020 consistently, we examined the correlation between return on equity (ROE) and the valuation difference on available-for-sale securities. This study also investigated the relationship between ROE and its three components, and the relationship between ROE and the sum of the valuation difference and other retained earnings.
The results showed a strong correlation between ROE and net profit margin on sales for the retail companies, but no clear correlation was found between ROE and the "revaluation surplus of other securities" considered to absorb future losses. However, this study found that accounting for loss absorption using the revaluation surplus of other securities is feasible under corporate law.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

本研究の意義は、次の2点にある。第1は、貸借対照表の「評価・換算差額等」に含まれる「その他有価証券評価差額金」などの金額がマイナスの時の配当規制は、将来生じる可能性がある損失を将来株主ではなく、当期の株主に負担させること、そしてそのことは債権者に対する担保として存在する会社資産の流出を防ぐことを通じて、会社法の理念にかなっていることを明らかにした。第2は、損失回避のために「評価・換算差額等」に含まれる時価評価差額を利益として確定する際の会計処理（組替調整）のうち、洗替法を使った場合に、貸借対照表で計算した利益を損益計算書が説明するという資産負債アプローチの考えと整合することを示した。