A Study on the Validity of Asset Valuation for Corporate Reorganization Act from Accounting Viewpoint

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K13637
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Saitama University
• Principal Investigator: Sawai Koki 埼玉大学, 人文社会科学研究科, 准教授 (60784379)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: 企業結合会計 / 財産評定 / 83条時価 / 公正価値

Outline of Final Research Achievements

This study analyzes the relationship between “fair value” for corporate reorganizations and fair value for financial reporting, and the appropriateness of “fair value”. In particular, the “fair value” for fixed assets with high monetary materiality is basically equal to the fair value in the original U.S. accounting standard for business combinations. However, because “fair value” emphasizes an adjustment-of-interest function, it leaves room for estimates from an entity-specific perspective, which may deviate from fair value based on a market perspective. This study specifically showed the situations in which the discrepancy occurs and that the measurement differs depending on the perspective of the valuation. Then, from the perspective of fair and equitable distribution of rights and successful restructuring of the business, it was theoretically shown that the Japanese “ fair value” is reasonable, as it allows for entity-specific estimation.

Free Research Field

財務会計

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的意義は、これまで専ら法学・経済学の側面から議論されてきた財産評定を、会計学の視点から論じたことにある。会計基準が倒産法制に及ぼす影響、意思決定有用性や利害調整等の目的の違いが資産評価に与える影響の解明、各制度・学問が裁量的に用いてきた「時価」や公正価値等の概念に係る共通認識の形成は、会社更生法の目的に資する財産評定のあり方を検討するうえで意義がある。また、会社更生法に加え、私的整理を含めた他の倒産法制に係る財産評定にも示唆を与える。倒産法制に係る財産評定いかんにより、利害関係者間の権利分配は改善され、連鎖倒産等の社会的損失が抑制されるため、その検討には社会的意義がある。