<論文>オプション価格式のCVP分析への応用 : 損益分岐点を権利行使価格とする業績予測モデル

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概要

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• COST-VOLUME-PROFIT analysis, which is frequently used for management, is known widely as a means of the short-term profit plan on the inside of the enterprise or as a technique of the securities investment and the trust analysis by the outside person of the enterprise. Break-even-point is one of the financial indexes, which is derived from CVP relations. Break-even-point means the amount of business activities that neither a profit nor a loss is recognized. It is, as it were, located in the boundary point of profit and loss. Generally, break-even-point is only a common financial index for the managers (or stockholders), if it is at the time of usual when the performance of their enterprise becomes stable. But as for the enterprise, which faces continually or unexpected aggravation of the performance, it can become the life and death point that threaten the continuation of the business activities. This characteristic of break-even-point makes it possible that we are supposing about the managers as follows. The managers hold the right of making a decision whether to continue their operation or to finish it. This right is considered to be European call option. On this occasion, its exercise price (boundary point whether to exercise this option) is break-even-point. If this supposition is correct, it becomes possible that the option-pricing model like Black & Sholes formula could be applied as the way of predicting the enterprise performance. In this paper, the prediction model that is applied the option pricing theory to break-even analysis is presented.

• 青森公立大学の論文
• 1999-03-15

著者

• 佐藤 清和

  青森公立大学経営経済学部

関連論文

• 非営利組織体の運営成果の測定法
• 裁量的会計発生高の「意味」と測定方法:キャッシュ・フロー分岐点に基づく裁量性の識別基準
• オプション価格式のCVP分析への応用 : 損益分岐点を権利行使価格とする業績予測モデル
• オプション価格式のCVP分析への応用 : 損益分岐点を権利行使価格とする業績予測モデル

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