クリーンサープラス会計に基づく企業評価モデルによる株式新規公開価格の評価

基于净盈余会计的企业估值模型评估首次公开发行股票价格

• 批准号: 14730123
• 负责人: 阿部 圭司
• 金额: $ 0.7万
• 依托单位: Takasaki City University of Economics
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Young Scientists (B)
• 财政年份: 2002
• 资助国家: 日本
• 起止时间: 2002 至 2003
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-14730123/
• 关键词: 株式新規公開; 公開価格; 残余利益モデル; 新規公開価格; クリーンサープラス会計

15年度は前年度から構築作業を行ってきた新規公開企業の財務データベースを完成させ,これを利用した実証分析を行った.実証研究の成果は「株主資本価値評価方法の公開価格算定への適用に関するノート」として発表した.論文では株式新規公開時の公開価格算定の基礎として,複数の株主資本価値評価モデルの適用可能性を検討し,推定値と実際の公開価格との比較を行った.多くのファイナンスの教科書で紹介されている配当割引モデルやキャッシュフロー割引モデルは実務上,必要な配当やキャッシュフローの推定が難しく,推定誤差を小さくできる可能性から残余利益モデルの優位性を指摘した.その他,評価マニュアルで取り上げられている純資産法,類似企業比準法についても検討した.また,2001年にJASDAQ市場で公開した97社を例にとり,純資産法,RIM,国税方式の3つの評価モデルによる推定値の算出と公開価格の比較を行った.公開価格との評価誤差を求めたところ,3つの評価モデルとも公開価格より過小評価となった.次に回帰分析では,公開価格を従属変数として評価モデルの有用性,その他の要因を分析した.純資産法による推定値を用いた回帰では,統計的に有意な結果は得られず,純資産法と公開価格の関係は否定された.RIMによる推定値を用いた回帰では,3つのモデルの中で最も高い説明力を得た.単回帰式では約35%,評価モデルの推定値に利益予想成長率を加えた重回帰ではさらに上昇し,企業のクロスセクションに対する説明力は約43%に達した.また,比準方式では決定係数は低いものの,推定値は有用な変数であることが確認された.

In the previous year, in the previous year, the new regulations of public enterprises were completed, and the operation was analyzed by means of financial analysis. According to the results of the research, this method is open to the public to determine the use of information on the table. When the new regulations are made public, the basic information is calculated publicly, and the possibility of the use of the current system is presumed to be higher than that of the international public. In the case of multi-party information management, it is necessary to establish a presumption of error, the possibility of residual interest, the possibility of residual interest, and the possibility of residual interest. If you don't want to talk to him, you can use the relevant laws and regulations, which are similar to those of enterprises. In 2001, the JASDAQ Market was open to the public, and the 97 Society was not open to the public. In 2001, the JASDAQ Market was open to the public. In 2001, the public market was open to the public. In 2001, the public market was open to the public. The method of RIM, the national tax system, and the national tax system are calculated in terms of public disclosure. In the public domain, the information is required to improve the accuracy of the information, and 3% of the information is available in public. For the second time, it is necessary to analyze the usefulness of each other because of the analysis. In this way, the presumption method is used to determine the accuracy of the data, the statistical results of the intended test are satisfactory, and the RIM method is open to the public. The RIM presumption is valid in terms of accuracy, and the highest accuracy is obtained in the 3-minute test. The return rate is about 35%, and it is presumed that the benefit is expected to increase the rate of return to the payroll, and the business is responsible for about 43%. The number is lower than that of the standard method, and it is presumed that it is useful to confirm that it is useful.