内部過程のマッピング射程 : The Resource-Based View of the Firmからの概念整理

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Social interest in and expectations of accounting have been not decreasing but increasing greatly reflecting the changing environment in the post industrialization era. This is evident from recent trends in terms of an emerging theory of great weight cash-flows or development and sales campaigns for stock price-related indices or measurements like EVA, CVA and CFROL. Good or bad in accounting performance is examined through a comparison with a standard, another period and rivals within the same industry. Although accounting performance has various aspects, return-on-equity (ROE) has been borne the brunt of criticism. The author, especially focusing on the internal functional process of the firm (abbr. the internal process), examines the mapping of the contributing degree of the internal process to the ROE, resources within the firm and enhancement of their exploitation and a simple connecting link of the internal process with stock pricing. An approach to the public company is the twofold; one is the stakeholder approach, another the shareholder. The latter is taken for calculative convenience, in which ROE is basically defined as follows; ROE=(turnover)/(total assets)×(gross profit)/(turnover)×(operating profit)/(gross profit)×(profit before tax after interest)/(operating profit)×(profit attributable to ordinary shareholders)/(profit before tax after interest)×(total assets)/(ordinary shareholders' funds) The terms represent for proficiencies in Marketing, Production, Administration, Interest management, Tax management and Total gearing (leverage), respectively. In this way, currently, the process is broken down into a hexad according to sectional calculations in the income statement. One of the analytic techniques for mapping the internal process is the common logarithm. After getting the ratios, those are transformed into common logarithms. The result is the ROE multiplication becomes ROE addition. Mapping the contributing degree of the internal process to the ROE begins with this manipulation. Mapping enables, at least, managers or management to understand vividly the tendency of how much each function contributes to the ROE. The term "mapping" in this article means portraying an invisible functionablity within the firm. Such functionablity is technically termed "capability" or "competency" in the literature of "the resource-based view of the firm". The idea of the resource-based view of the firm is used in this article to assist an explanation of the internal process needed for improving the company's performance. This view puts the emphasis on the resources and capability that the firm characteristically owns. They deserve to be given special emphasis for competitive advantage because they can bring in the difference of earning power. Any set of resources and capabilities of the firm is often called "strategic assets" in the field. Then, contribution analysis with common logarithms is linked with stock pricing. The analysis is applied the premium by which stock price appreciated in the market surpasses net asset worth per share. Usually, the market makes it positive as a difference between them. Yet the premium could be considered to be the value of an invisible capability or competence socially yielded or added. Thus, as a trial, dividing the premium among the functions in the firm, the internal process can be linked with the stock market. As a bottom line i.e., in concluding remarks, the author gives a summary account of the article as a whole. That is, a good combination of the six elements of ROE multiplication, its transformation to common logarithms, the idea of the resource-based view of the firm and Tobin's q enable managers or management to take steps to improve the company's performance. At the same time, this would be a plan for avoiding tautology.
麗澤大学の論文

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長谷川泰隆
麗澤大学

内部過程のマッピング射程 : The Resource-Based View of the Firmからの概念整理

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