戦略的コーポレートマネジメントに関する研究 : 新たな物差しとしての企業価値創造に向けての企業価値分析（2）(研究論文)

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　　For a company, valuation is the process of measuring the potential market value of financial attributes such as assets or liabilities. Valuations can be done on assets (for example, investments in marketable securities such as stocks, options, business enterprises), on intangible assets (such as patents and trademarks, etc.) or on liabilities (e.g., bonds issued by a company). Valuations are required in many contexts including mergers and acquisitions (see my paper, An analysis of M&A Risk with Respect to the Strategic Growth of Venture Companies - Case Study of Failure and Success - 2008), investment analysis, capital budgeting, financial reporting, taxable events to determine the proper tax liabilities, and in litigation.　　A valuation of financial items (i.e. assets and liabilities) is expressed using several terms, with common phrase for the value of assets and liabilities being "fair market value", "fair value", and "essential value".　First of all, the most common phrase in use today is probably "fair market value" which is defined as being the cash price an item, could be sold for or bought for as negotiated between a willing buyer and willing seller, assuming they both have proper knowledge of the relevant condition about the items. Secondly, "fair value" is also used in accounting and law. Especially in accounting, the term is used as part of generally accepted accounting principles (GAAP) in financial reporting. In this case, fair value is as defined in the accounting literature or in the law, respectively. As for the third valuation, it is said that a fractional interest in business may be valued for various purposes such as mergers and acquisitions, sales of securities, and taxable matters. An accurate valuation of privately owned companies and public companies is determined through a CPA audit.　　One of main business valuation methods is the discounted cash flows method which estimates the value of an asset based on its expected future cash flow, which is discounted to the present (i.e. the present value). This concept of discounting future money is commonly as the time value of money commonly.　　The fourth valuation models can be used to value intangible assets such as patents, trademarks, copyrights, software, and customer relationships. Since few sales of benchmark intangible assets can be observed, one often values these kinds of assets by using either the present value model or by estimating the costs required to recreate it. Usually stock markets indirectly provide a forecast of a company's intangible asset value.　　Finally, asset pricing models are now seen in modern portfolio theory.　　(1) Analysis models: There are three types of analysis models used, strategic fundamentals analysis, strategic management analysis, and strategic accounting analysis.　　(2) Valuations models: Valuations are applied to the three models, which are securities market value model, the company valuation model, and the capital cost and risk model.We will examine cash flow analysis, break-even point analysis, fundamentals analysis, and so forth.　　Cash flow refers to the cash receipts from sales less the actual cash expenditures required to obtain those sales. The term cash flow can also be used in a broader sense to indicate a company's sources and uses of cash during an accounting period. Cash flow can be presented in a cash flow statement that shows a listing of cash receipts and disbursements.The cash flow statement can help users of financial statements understand the effects of cash flows, especially as they relate to the income-generating, investing, and financing activities of an enterprise. Such statements also provide insights into the liquidity, financial flexibility and risk, and operating capability of an enterprise.　　The break-even point is the volume of sales at which total costs equal total revenues. Profits equal zero at the break-even point. A sales volume below the break-even point results in a loss; a volume above the break-even point results in a profit. Break-even analysis is a technique for studying the relationship between profits and sales volume. The formula used to compute the break-even point is as follows:　　Sales at break-even point = Variable Cost + Fixed Expenses　　Strategic fundamentals analysis includes the following two types. Return on equity (ROE) is the rate of return on the shareholders' equity of common stock owners. It is a measurement of a firm's efficiency at generating profits from every unit of shareholders’ equity. ROE shows how well a company uses investment funds to generating earnings growth.　　The formula used to compute ROE is as follows: ROE=Net lncome after tax / Shareholder EquityROE is equal to a fiscal year's net income divided by total equity expressed as a percentage. However not all high ROE companies comprise good investments.Some industries have high ROE since they no assets, another industries require. Thus, just like some other financial ratios, ROE is best used to compare companies in the same industry.The return on assets (ROA) percentage shows how profitable a company's assets are in terms of generating revenue. The formula used o compute ROE is as follows:　　ROA= Net Income+Interest Expenses-Interest Tax Saving / Average Total AssetsReturn on assets gives an indication of the capital intensity of the company, which will depend on industries. Companies that require large initial investments will generally have a lower return on assets. Return on assets is an indicator of a profitable company, and it is compared with a company in the same industry. Return on assets is not useful for comparisons between industries due to their specific capital requirements.　　I would like here to clearly indicate that the purpose of this research paper is to analyze the advantages and limitations of corporate financial analysis carried out on hospitality and other companies and to clarify, through case studies, the various factors that are analyzed in their corporate financial statements.

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小林謙二
文教大学国際学部非常勤

戦略的コーポレートマネジメントに関する研究 : 新たな物差しとしての企業価値創造に向けての企業価値分析（2）(研究論文)

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