著者

青木 茂男 Sigeo Aoki

出版者

茨城キリスト教大学

雑誌

茨城キリスト教大学紀要 II,社会・自然科学 = Journal of Ibaraki Christian University (ISSN:13426370)

巻号頁・発行日

vol.48, pp.171-189, 2014

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The DCF is the primary valuation method applied for the tender offers, followed by the relative valuation method. Rarely used are replacement value method, relative trading method,DDM, and discounted earnings method. The DDM is applied only for financial institutions. The results of the valuation are shown by a monetary value within a certain range, and multiple results are shown instead of one that is a result of integrating various results. It differs from the judicial precedents that indicate an exact monetary amount by integrating several valuation results. The residual income model (RIM), considered crucial in finance theory, is not applied to the tender offers. The tender offer price often exceeds the upper limit of the range indicated by the relative valuation method or stock market price method, on the other hand, 90% of the amount ranges of the DCF are within the tender offer price. Influencing factors that enlarge the amount range for the DCF include discount rate and terminal values, among others. This enlarged range leads to decreased reliability of the valuation method

著者

青木 茂男

出版者

日本貝類学会

雑誌

ちりぼたん (ISSN:05779316)

巻号頁・発行日

vol.5, no.2, pp.39-40, 1968-07-20

著者

青木 茂男 Sigeo Aoki

出版者

茨城キリスト教大学

雑誌

茨城キリスト教大学紀要. II, 社会・自然科学 = Journal of Ibaraki Christian College. I, Humanities, II, Social and natural sciences (ISSN:13426370)

巻号頁・発行日

vol.47, pp.143-151, 2013

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ROA and ROE of Japanese companies are lower when compared to those in England, France,Germany and the US. When ROA is analyzed separately by operating profit/sales and sales/total assets, the latter is at a similar level of companies in these countries, however, the former is lower. It is due to both the low sales price and high products cost in Japan. Low priced merchandises are led by the wide availability of similar products among various competitors and little product differentiation among them. Low productivity leades to the high product cost, and it is partially due to the delayed application of ICT. The root cause is, however, considered to be the the company culture of Japan that accepts the low profitability even with the marginal profit,and due to lack of pressure for the management by the institutional investors.

著者

青木 茂男 Aoki Sigeo 茨城キリスト教大学

出版者

茨城キリスト教大学

雑誌

茨城キリスト教大学紀要. II, 社会・自然科学 = Journal of Ibaraki Christian University. II, Social and natural sciences (ISSN:13426370)

巻号頁・発行日

vol.45, pp.199-210, 2011-01-01

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As stock valuation methods became diverse and multiple, cases of disputes in court increased. This paper aims to deepen the valuation theory by reviewing various judicial precedents in Japan through the following key questions: Which valuation methods are supported in disputes? How have such supports changed over the years? What is the level of acceptance of the DCF method in cases of disputes? What are the differences in dealing with stock valuation between listed and non listed stocks? How are stocks valued in recent judicial precedents? What are the issues concerning taxation? The paper also contributes to an area of accounting and finance which lacks researches of the valuation methods in judicial precedents in Japan.

著者

山本 嘉則 金澤 朋子 栗田 誠也 青木 茂男 関口 伸雄 板東 剛

出版者

公益社団法人 日本化学会

雑誌

日本化学会誌

巻号頁・発行日

vol.1998, no.3, pp.181-186, 1998

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2-アセチル-8-ヒドロキシキノリン-5-スルホン酸 (1) と2, 4-ジアセチル-8-ヒドロキシキノリン-5-スルポソ酸 (2) が新規に合成され, どちらもスルホン酸のナトリウム塩として単離された. 25℃ の水溶液中, 紫外・可視吸収スペクトルの測定により, その酸解離定数とCa (II), Mg (II) との錯形成を調べた. フェノール部分のpK<SUB>a</SUB> (イオン強度0.1) は1が7.81, 2は7.45であり, 環窒素のpK<SUB>a</SUB> (Hammettの酸度関数を使用) は1が-0.31, 2は-1.40であった. 1:1錯体の生成定数 (イオン強度0.1) の対数は1-Ca (II) は3.87, 1-Mg (II) は1.48, 2-Ca (II) は3.60, 2-Mg (II) は1.42であった. ここでCa (II) は1, 2の吸収極大波長の位置を明確に長波長側に移動させるのに対し, Mg (II) は全く移動させない. 以上から, Mg(II)-1, 2錯体は水溶液中キレート構造を形成していない; 1, 2はMgに対して弱い単座配位子として作用していると推定した.

著者

青木 茂男

出版者

茨城キリスト教大学

雑誌

茨城キリスト教大学紀要. 2, 社会・自然科学 (ISSN:13426370)

巻号頁・発行日

no.46, pp.187-197, 2012

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Although the values of DCF, DDM, and RIM should be theoretically equal under a perfect market and clean surplus accounting, differences are observed in their actual values and stock relevance. This paper discusses DGM, which is a developed model of DDM, by using the MM theory, and compared the values and stock relevance of DCF, DGM, and DDM. It concluded that the values were greatest in order of DCF, DGM, and DDM, and that of stock relevance were DDM, DCF, and DGM.

著者

青木 茂男

出版者

日本貝類学会

雑誌

ちりぼたん (ISSN:05779316)

巻号頁・発行日

vol.3, no.6, 1965-06-01