Study of valuation methods of firm, business and transaction

9-1理论研究结果：1）贴现现金流量法与私人风险和市场风险的评估：风险调整贴现率法常用于评估长期投资项目。然而，这种方法不一定能准确地评估盈利能力。考虑到市场风险和私人（独特）风险的性质，我在此就风险调整贴现率方法及其替代方法（确定性等效方法）的正确使用进行了全面审查。此外，我还论证了由于市场风险的分散效应，海外投资项目的风险比国内投资项目的风险要小。然而，在日本，公司的利益相关者，如大股东，管理层和员工，必须重视私人（独特）风险，因为他们往往对他们的公司作出终身承诺。因此，考虑到企业所有权所起的重要作用，对日本企业来说，私人（独特）风险比市场风险更重要 ...更多信息 衍生工具：我建议使用真实的期权技术来评估长期销售合同和合资协议中终止条款的价值。这是为了量化退出条款等法律的条款的经济价值。9 - 2关于日本上市公司的财务政策实践和评估技术的调查结果2005年12月，我对日本企业的企业战略、企业财务政策、风险管理等进行了调查。我们向日本的1,000家公司发送了调查问卷。随后的答案在《冈山经济评论》第38卷第2期中进行了分析和报道。这项研究在最近的日本公司中显示出明显的趋势。日本企业的财务政策正在从传统转向全球标准。例如，股东现在被认为比员工更重要，40%的日本上市公司正在使用DCF技术。调查还显示，日本企业已开始估算反映风险溢价和利率的资金成本。少

9-1 Theoretical Study Results:1) DCF approach and evaluation of private and market risk: The risk adjusted discount rate approach is often used in evaluating long-term investment projects. However, this approach does not necessarily give accurate picture in assessing profitability. Taking into account the nature of market and private(unique)risk, I have provided here a comprehensive review on the proper use of risk adjusted discount rate approach and its alternate method, certainty equivalent approach. In addition, I have demonstrated that overseas investment projects are less risky than domestic ones due to the diversification effect of market risk. Yet, in Japan corporate stakeholders, such as major shareholders, management and employees, have to put importance on private(unique) risk, because they often make life-time commitment to their companies. As a result to Japanese companies private(unique)risk are more important than market risk considering the vital role played by stakehold … More ers for the growth and success of their business.2) Derivatives: I have proposed the use of the real option technique to evaluate the value of termination clause in long-term sales contracts and joint venture agreements. This is an attempt to quantify the economic value of legal terms such as walk out clause.9-2 Survey Results on the Practice of Financial Policies and Valuation Technique Conducted by Japanese Public CompaniesIn December, 2005, I conducted a survey on corporate strategy, corporate finance policy, risk management as practiced in Japanese companies. Questionnaires were sent to 1,000 companies here in Japan. Subsequent answers are analyzed and reported in "Okayama Economic Review" Vol.38 No.2. The study has shown clear tendency among recent Japanese companies. Japanese companies' financial policies are moving from traditional to global standard. For example, stockholders are now considered to be more important than employees and 40% of Japanese public companies are using DCF techniques. The survey has also indicated that Japanese companies have begun to estimate the cost of capital reflecting risk premium as well as interest rate. Less