持株会社化時代における持株会社のための評価指標

概要

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The purpose of this article is to consider measures for evaluating the performance of business subsidiaries under the holding company system for the holding company in the holding company era. Many performance measures relating to organization such as departments, divisions and subsidiaries have been discussed. For example, operating and net profit, ROI, ROE, RI, CF/ROI, EVA are very well known in the accounting (and finance) field. However, these are not necessarily directed toward the holding company system because institution of the holding company was prohibited in Japan after the war. The emphasis of the measures considered here is on that system which was permitted as of the end of 1977. The author makes the following proposals; dividend per share (DPS) composed of nine terms. DPS=(Dividends paid)/(No. of shares)=Equity/(No. of shares)×(Total assets)/Equity×Sales/(Total assets)×(Gross margin)/Sales×(Operating income/(Gross margin)×(Recurring income)/(Operating income)×(Income before tax)/Recurring income)×(Net income)/(Income before tax)×(Dividends paid)/(Net income) Expanding a single term expression into a multiple term expression for an evaluation indicator as above gives the holding company much more information, and thus is favorable.
麗澤大学の論文