| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2012: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2011: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Research Abstract |
This study considers the best mix of two opposite accounting models to estimate enterprise value. One is 'Book Value Model,' in which net assets represents enterprise value to be presumed based on both market value and the estimates of management. The other is 'Earnings Model,' in which earnings as a proxy variable of the permanent (sustainable) income are most useful for investors. This study examines these two models historically, theoretically and empirically and proposes the two solutions. One is 'a mixture model as one of the book value models' and the other is 'a mixture model as one of the earnings models. Both are based on the same goal hypothesis. The former is theoretically unclear, but it is practically feasible. On the other hand, the latter is theoretically clear, but it is difficult to practice due to the difficulty in identifying the existence of internally generated goodwill in fair valuation.
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