2015 Fiscal Year Final Research Report
Empirical Research on the Determinants of the Discount Rate for the Present Value Measurement
| Project/Area Number |
25380597
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Kobe University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Keywords | 割引現在価値 / 投資リスク尺度 / 売上高変動性 / 営業レバレッジ / 損益分岐点 / 財務レバレッジ / 自己資本比率 |
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| Outline of Final Research Achievements |
The beta value of capital asset pricing model and the standard deviation of stock investment return are the representative measure of investment risk which influences on the discount rate for the present value measurement. Financial statements analysis presents following three factors as a risk measure, which are the variability of sales revenue, operating leverage influenced by break-even point, and financial leverage influenced by debt and equity. This study shows the empirical evidence of the statistically significant positive relationship between investment risk measure (beta, standard deviation) and accounting risk measure (sales variability, operating leverage, financial leverage).
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| Free Research Field |
会計学
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