日本企業の最適資本構成に関する検証

概要

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In Japan neither business industry nor academia has discussed about optimal capital structure based on valuation model of corporate value using weighted average cost of capital. Contributing to scientific management of the capital structure, in this article, we derive the optimal capital structure of Japanese corporation based on the valuation model adopting actual data such as corporate bond yield, equity return, financial statement and so on. And we examine whether the current capital structure of Japanese corporation is appropriate or not comparing it with the optimal one. Regarding as the valuation model, first, we point out problematic aspects of the existing model such that the model lacks term structure of debt and the balance of term structure between asset side and funding side. Second, we provide the way to solve the problem and improve the model. In addition to that, we introduce new simulation approach in the valuation model to attain the more appropriate and stable optimal capital structure. Empirical analysis based on our model tells us that the debt ratio of the industry such as real estate, fiber, retail, transportation, steel and construction is higher than the optimal one while the debt ratio of medical, elaborate machinery and non-steel metal industry is lower than the optimal one.
電気通信大学の論文
2005-01-31