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 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.