企業集団の事業構造と連結財務諸表の有用性

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The goals of this research is to compare the consolidated financial statements of specialization corporations and diversification corporations, and to prove that 1) the usefulness of consolidated financial statements of diversification corporations are low compared to those of specialization corporations, and that 2) it is difficult for investors to make accurate decisions on said diversification corporations without supplemental information such as segmental information based on published financial data. Currently, the corporate information Disclosure System in Japan is based mainly on consolidated financial statements, and investors are said to be making most of their investment decisions on such consolidated financial statements. This is proven in the recent experimental studies which show that the closer we are to the recent years, the stronger the link between stock values and figures in consolidated financial statements, compared to that between stock values and figures in individual financial statements. Therefore, the price formation in the stock market today is based primarily on figures publicized in consolidated financial statements, and in that sense, consolidated financial statements are providing valuable information for investors. While many specialization corporations among Japanese business groups have relatively simple business structures, there are many other diversification corporations that have complex and diverse business structures. The utility of consolidated financial statements can be said to differ according to the characteristics attributed to these diverse business structures. For example, the content of a consolidated financial statement of a specialization corporation with a simple business structure can be understood easily. In comparison, the more complex and diverse the structure of the business, the harder it is to grasp the nature of the company. As such, it can be predicted that the utility of a consolidated financial statement of diversified and complex corporations is proportionately lower. With the above-stated points in the background, this experiment will validate whether or not the usefulness of a consolidated financial statement is indeed different for each of the forms of corporate structures. Corporate structure types will be identified by categorizing corporations publicizing consolidate financial statements into the three types of 1) specialization corporations, 2) related diversification corporations and 3) unrelated diversification corporations. Lt can be concluded from the results of this research that the usefulness of consolidated financial statements can be ranked in the descending order of those of 1) specialization corporations, 2) related diversification corporations and 3) unrelated diversification corporations. In other words, the results of this research demonstrate that the investors have the greatest difficulty grasping the nature of diversification corporations with more complex and diversified business structures through consolidated financial statements. To make it easier for investors to understand the nature of a company, such business groups must aggressively provide segmental information and other voluntarily-disclosed information to investors to accurately transmit their own business conditions. The difficulty for corporations to accurately communicate the nature of their corporation to investors suggests that the closer a corporation is to 3) an unrelated diversification corporation among the categories of corporation types, the more likely it is to be affected by the state of a diversification discount.

著者

中野貴之
法政大学

企業集団の事業構造と連結財務諸表の有用性

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