JP2017107561A - Information processing device, information processing method and information processing program - Google Patents

Abstract

PROBLEM TO BE SOLVED: To provide an information processing system capable of objectively and quickly selecting a similar company for WACC calculation.SOLUTION: A server device SV acquires object company information related to an object company, similar company information related to a company group formed of companies which are selected as similar companies, and selecting person information from a selecting person terminal ET, then associates them with each selecting person and stores them. Then, the server device calculates a total amount of pieces of selecting person information corresponding to plural selecting people who has selected the similar companies, and associates the total amount of pieces of selecting person with the selecting people and the similar companies. Then, the server device acquires object company designation information from a designation person terminal UT, then searches the similar company similar to the object company in a database DB based on the object company designation information, then outputs similar company candidate information comprising the similar company information related to the searched similar company, the selecting person information corresponding to the similar company information, and a total amount calculated based on the similar company information and selecting person information, to the designation person terminal UT.SELECTED DRAWING: Figure 1

Description

  The present invention belongs to the technical fields of an information processing apparatus, an information processing method, and an information processing program. More specifically, it belongs to the technical field of an information processing apparatus and information processing method for performing information processing useful for calculating a corporate value related to a transaction, and a program for the information processing.

  Generally, in transactions, it is required to calculate the value of a company that performs the transactions with as little error as possible.

  Here, prior art that discloses an invention for the purpose of eliminating or correcting the uncertainty of price calculation when performing sales transactions of assets that do not have market prices at the time of sales transactions in calculating corporate value As a document, there is the following Patent Document 1. In the invention disclosed in Patent Document 1, when performing a transaction for buying and selling an asset that does not have a market price, the transaction is performed using a discount rate based on the theoretical market price or market price of the transaction target asset at the time of settlement after the transaction. It is configured to calculate an estimated price that is estimated to be appropriate as the price of the transaction target asset at the time. And when the estimated price after calculation and the actual transaction price differ, it is set as the structure which performs the post-settlement process which compensates for the difference with respect to how to sell or buy.

  On the other hand, a weighted average capital cost is one of those conventionally used as an index (parameter) for calculating the corporate value. In the following description, the weighted average cost of capital is referred to as “WACC (Weighted Average Cost of Capital)”. In calculating the WACC, the user who wants to calculate the value needs to appropriately select a company similar to the company whose value is to be calculated. In the following description, a company whose value is to be calculated is referred to as a “target company”, and a company similar to the target company is referred to as a “similar company”. In the past, the selection of this similar company is based on the difference in market trends among the regions to which the similar company belongs. Was selected. Accordingly, even when calculating the WACC, how to select various parameters used for the WACC and use specific values has also been determined extremely subjectively.

JP 2004-302777 A

  However, in the case where the user subjectively selects the similar company and various parameters used for the calculation of the WACC described above based on their experience etc., the same as the problem described in the Patent Document 1, There was a problem that the problem of uncertainty and the problem of calculation error were unavoidable.

  Therefore, the present invention has been made in view of the above problems, and an example of the problem is an information processing system and an information processing system that can objectively and quickly select a similar company used for WACC calculation. A method and a program for the information processing are provided.

  Another example of the subject of the present invention is an information processing apparatus and information processing method capable of objectively, quickly and accurately outputting the WACC of the similar company, and a program for the information processing Is to provide.

  In order to solve the above-mentioned problem, the invention described in claim 1 is directed to target company information related to a target company, similar company information related to a company group consisting of companies selected as similar companies similar to the target company, and Selector information relating to a selector who has selected a similar company; first acquisition means such as a communication unit that acquires from the selector terminal device of the selector; and the target company information acquired from each of the plurality of selector terminal devices. The company group is configured on the basis of storage means such as a recording unit for storing the similar company information and the selector information corresponding to each of the selectors, and the acquired similar company information and selector information. A total calculation means such as a processing unit for calculating the total of each of the selectors corresponding to the plurality of selectors who have selected the similar company to be associated with the selector and the similar company; Based on the acquired target company designation information and second acquisition means such as a communication unit for acquiring the target company designation information indicating the designated target company from the designated person terminal device of the designated person. A search unit such as a processing unit for searching for the similar company similar to the target company in the storage unit, the similar company information related to the searched similar company, and the storage unit corresponding to the similar company information. The output of a communication unit or the like that outputs similar company candidate information including the stored information on the selected person and the similar company information and the total calculated based on the selected person information to the designated person terminal device Means for selecting the similar company by the designated person based on the outputted similar company candidate information, the similar company information indicating the selected similar company, and the finger And a third acquisition means such as a communication unit for acquiring a selection result including the designated person information about the person from the designated person terminal device, and the designated person information included in the obtained selection result as the new person As the information, the selected person information, the similar company information included in the acquired selection result, and the target company information indicating the target company designated by the target company designation information, the designated person Storage control means such as a processing unit for storing in the storage means in association with the selected person who is a new selected person.

  In order to solve the above-mentioned problem, the invention according to claim 8 is an information processing method executed in an information processing device connected to a selector's terminal device of a selector and a designator's terminal device of a specifier. The target company information on the target company, the similar company information on the company group consisting of companies selected as similar companies similar to the target company, the selector information on the selector who has selected the similar company, The first acquisition step of acquiring the information from the selector terminal device, and the target company information, the similar company information, and the selector information acquired from the plurality of selector terminal devices, respectively, corresponding to each of the selectors Based on the storage process stored in the storage means such as a recording unit, and each of the acquired similar company information and the selected person information, a plurality of the selected persons who selected the similar companies constituting the company group A total calculation step of calculating a total of each corresponding selector information corresponding to the selector and the similar company, and target company designation information indicating the target company designated by the designated person. A second acquisition step of acquiring from the designated person terminal device, a search step of searching the storage means for the similar company similar to the specified target company based on the acquired target company designation information; Calculated based on the similar company information related to the searched similar company, the selector information stored in the storage unit corresponding to the similar company information, the similar company information, and the selector information. And outputting the similar company candidate information including the total to the designated person terminal device, and the class by the designated person based on the outputted similar company candidate information. A third acquisition step of acquiring a selection result, which is a selection result of a company, including the similar company information indicating the selected similar company and designator information on the designated person, from the designated person terminal device; The designated person information included in the acquired selection result is used as the new selected person information, and the selected person information, the similar company information included in the acquired selection result, and the target company designated information A storage control step of storing the target company information indicating the specified target company in the storage unit in association with the selected person who designates the designated person as the new selected person.

  In order to solve the above problem, the invention described in claim 10 is directed to a computer included in an information processing device connected to a selector terminal device of a selector and a designator terminal device of a specifier. Target company information on a company, similar company information on a company group consisting of companies selected as similar companies similar to the target company, and selector information on the selector who has selected the similar company, the selector terminal First acquisition means for acquiring from a device, the target company information acquired from each of the plurality of selector terminal devices, the similar company information, and the selector information corresponding to each of the selectors, storage means such as a recording unit Corresponding to a plurality of the selectors who have selected the similar company constituting the company group based on the acquired similar company information and the selected person information. Total calculating means for calculating the total of the selected person information corresponding to the selected person and the similar company, target company designation information indicating the target company designated by the designated person, the designated person of the designated person Second acquisition means for acquiring from the terminal device, search means for searching the storage means for the similar company similar to the specified target company based on the acquired target company designation information, the searched similar company The similar company information, the selector information stored in the storage unit corresponding to the similar company information, and the total calculated based on the similar company information and the selector information. Output means for outputting similar company candidate information to the designated person terminal device, selection result of the similar company by the designated person based on the outputted similar company candidate information A third acquisition unit configured to acquire a selection result including the similar company information indicating the selected similar company and designator information on the designator from the designator terminal device; and The designated person information included in the selected result is used as the new selected person information, the selected person information, the similar company information included in the acquired selected result, and the target company designated information. The target company information indicating the target company is caused to function as a second storage control unit that stores the information in the storage unit in association with the selected person who uses the designated person as the new selected person.

  According to the invention described in any one of claims 1, 8, or 10, the target company information, the similar company information, and the selector information are acquired from the selector terminal device and corresponded to each selector. Remember. Then, based on the similar company information and the selector information, the total of each selector information corresponding to a plurality of selectors who have selected a similar company similar to the target company is calculated in correspondence with the selector and the similar company. Next, the target company designation information is acquired from the designated person terminal device, the similar company similar to the target company is searched in the storage means based on the target company designation information, the similar company information regarding the searched similar company, Similar company candidate information including the selector information corresponding to the similar company information and the total calculated based on the similar company information and the selector information is output to the designated terminal device. Therefore, since the similar company candidate information selected by the plurality of selectors and the selector information and the total thereof are output to the designated person terminal device and the similar company is selected, the selector information of the past plurality of selectors is displayed. It is possible to objectively and quickly select a similar company similar to the target company while referring to it.

  In addition, a selection result including similar company information indicating a similar company selected by the designator based on the similar company candidate information and designator information related to the designator is acquired from the designator terminal device, and the selection result includes Specified person information included as new elector information, the selected person information, similar company information included in the selection result, and target company information indicating the target company specified by the target company designation information The user is stored as a new selector. Therefore, it is possible to store similar company information that is useful when a subsequent similar company is selected by another designated person for the same target company.

  In order to solve the above-mentioned problem, the invention described in claim 2 is the information processing apparatus according to claim 1, wherein the selector information includes a job category to which the selector related to the selector information belongs. All or any of the information, the area information indicating the area to which the selected person belongs, or the time information indicating the selection period of the similar company by the selected person is included.

  According to the invention described in claim 2, in addition to the operation of the invention described in claim 1, all or any of job type information, regional information and time information is included in the selector information. The similar company of this time can be selected with reference to the job type, region or selection period of the similar company.

  In order to solve the above problem, the invention according to claim 3 is the information processing device according to claim 1 or 2, wherein the selector information includes, for the selector, information about the selector. A deviation value indicating the degree of influence or reliability of selection of the similar company in the occupation and region to which the selected person belongs is included, and the deviation value is determined by the selector corresponding to the deviation value. Is calculated by an RFM (Recency Frequency Monetary) analysis method using information indicating the date and time when the selection operation is performed, and the total calculation means uses the deviation value corresponding to each of the selectors, The total of the selector information corresponding to each selector is configured to be calculated in association with the selector and the similar company.

  According to the invention described in claim 3, in addition to the operation of the invention described in claim 1 or claim 2, the selector information includes a deviation value for the selector regarding the selector information, The deviation value is calculated by the RFM analysis method using information indicating the date and time when the selection operation of the similar company was performed by the selector corresponding to the deviation value. Then, using the deviation value corresponding to each selector, the total of each selector information corresponding to each selector is calculated. Therefore, since the sum of the selector information is calculated using the deviation value calculated by the RFM analysis method, the similar company can be more objectively and quickly selected by more appropriate selector information.

  In order to solve the above-mentioned problem, the invention according to claim 4 is the information processing apparatus according to any one of claims 1 to 3, wherein the first acquisition unit has a preset frequency. Then, the target company information, the similar company information, and the selector information are acquired from the selector terminal device.

  According to invention of Claim 4, in addition to the effect | action of the invention as described in any one of Claims 1-3, object company information, similar company information, and selector information are set with a preset frequency. Therefore, a similar company similar to the target company can be selected with high accuracy using the latest information.

In order to solve the above-mentioned problem, the invention according to claim 5 is characterized in that the interest-bearing debt ratio or the net interest-bearing debt ratio for a similar company similar to the target company and the fluctuation of individual stock for the similar company are Similar company information indicating Levered β divided by fluctuations in the target company, interest-bearing debt ratio or net interest-bearing debt ratio for the target company, and target company information indicating the Levered β for the target company The acquisition means of the communication department, etc., the acquired interest-bearing debt ratio or net interest-bearing debt ratio as the variable D / E, the corporate tax rate corresponding to the target company as t, and the interest expense for the similar company as interest-bearing debt by dividing the cost of debt and a constant k _d, the equity cost corresponding to the similar companies as a variable k _e, the risk-free rate corresponding to the similar companies as variables R _f , When the said levered β for the similar company and the target company is a variable β, the risk premium corresponding to the similar company is a constant R _p, and the weighted average cost of capital for the similar company is WACC The weighted average cost of capital for a company is WACC = {(D / E) / (D / E + 1)} × (1-t) × k _d + {1− (D / E) / (D / E + 1)} × _{k e (where, k e = R f + β} × R p) and calculating means of the processing unit or the like is calculated as the variable D / E, based on the variables _{R f} and the variable beta, the variable _{R f} A control unit such as a processing unit that controls the calculation unit so as to calculate the weighted average capital cost by changing the variable R _f after sequentially changing the other variables and fixing; Each of the similar companies The values corresponding to the maximum and minimum values of the weighted average cost of capital calculated for the above are used as the upper and lower limits of the weighted average cost of capital used for calculating the enterprise value, and the average of the upper and lower limits. The value is the median of the sensitivity range as the weighted average cost of capital, the value obtained by subtracting the median value from the upper limit value is the sensitivity fluctuation range, the upper limit value, the lower limit value, the median value and Output means such as a display for outputting the swing width.

In order to solve the above-mentioned problem, the invention according to claim 9 is the information processing method executed in the information processing apparatus, wherein the interest-bearing debt ratio or the net interest-bearing debt ratio for a similar company similar to the target company, Similar company information indicating the fluctuation of individual stock for a similar company divided by the fluctuation of the entire stock market, interest-bearing debt ratio or net interest-bearing debt ratio for the target company, and the levered β for the target company the target company information indicating β, the acquired interest-bearing debt ratio or net interest-bearing debt ratio as the variable D / E, the corporate tax rate corresponding to the target company as t, and the similar company the cost of debt divided by interest-bearing debt to pay interest and constant k _d for, the shareholders' cost of capital corresponding to the similar company as a variable k _e, the similar companies The corresponding risk-free rate and variable R _f, the Rebado beta for each said peer company and the target company as a variable beta, a risk premium corresponding to the similar companies and constant R _p, the weighted average of the similar companies When the capital cost is WACC, the weighted average capital cost for the similar company is WACC = {(D / E) / (D / E + 1)} × (1−t) × k _d + {1− (D / E) / (D / E + 1)} × k _e (where k _e = R _f + β × R _p ), based on the variable D / E, the variable R _f and the variable β A control step of controlling to calculate the weighted average cost of capital by changing the variable R _f after fixing the variable R _f and sequentially changing the other variables, and a plurality of the similarities Company's The values corresponding to the maximum and minimum values of the weighted average capital cost calculated for each are taken as the upper and lower limits of the weighted average capital cost used for calculating the enterprise value, and the upper and lower limits. The average value is the median of the sensitivity range as the weighted average cost of capital, the value obtained by subtracting the median value from the upper limit value is the sensitivity fluctuation range, the upper limit value, the lower limit value, the And an output step for outputting the median and the amplitude.

In order to solve the above-described problem, the invention described in claim 11 is directed to a computer included in the information processing apparatus, wherein the interest-bearing debt ratio or the net interest-bearing debt ratio for a similar company similar to the target company and the similar company. Levered β obtained by dividing changes in individual stocks by fluctuations in the entire stock market, interest-bearing debt ratio or net interest-bearing debt ratio for the target company, and levered β for the target company, The target company information, and the acquisition means for acquiring, the acquired interest-bearing debt ratio or net interest-bearing debt ratio as the variable D / E, the corporate tax rate corresponding to the target company as t, and the interest expense for the similar company the debt cost divided by debt and constant k _d, the equity cost corresponding to the similar companies as a variable k _e, corresponding to the similar companies squirrel Free rate and variable R _f, the Rebado beta for each said peer company and the target company as a variable beta, a risk premium corresponding to the similar companies and constant R _p, the weighted average cost of capital for the similar companies When WACC is used, the weighted average cost of capital for the similar company is WACC = {(D / E) / (D / E + 1)} × (1-t) × k _d + {1− (D / E) / (D / E + 1)} × k _e (where k _e = R _f + β × R _p ), based on the variable D / E, the variable R _f and the variable β, the variable R Control means for controlling to calculate the weighted average cost of capital by changing the variable R _f after sequentially changing other variables with _f fixed, and each of the plurality of similar companies Nitsu The values corresponding to the maximum and minimum values of the weighted average cost of capital calculated in the above are used as the upper and lower limits of the weighted average cost of capital used for calculating the enterprise value, and the average of the upper and lower limits. The value is the median of the sensitivity range as the weighted average cost of capital, the value obtained by subtracting the median value from the upper limit value is the sensitivity fluctuation range, the upper limit value, the lower limit value, the median value and It is made to function as an output means for outputting the swing width.

  According to the invention described in any one of claims 5, 9, or 11, the similar company information indicating the interest-bearing debt ratio or the net interest-bearing debt ratio and the levered β for the similar company, and the target company The interest-bearing debt ratio or net interest-bearing debt ratio and target company information indicating Levered β, and the interest-bearing debt ratio or net interest-bearing debt ratio, the corporate tax rate corresponding to the target company, and the similar company and target company respectively. The weighted average cost of capital for the similar company is calculated based on Levered β and the cost of debt, cost of equity, risk free rate and risk premium for the similar company. At this time, the weighted average cost of capital is calculated by changing the risk-free rate after fixing the risk-free rate and sequentially changing other variables. Then, the values corresponding to the maximum and minimum values of the weighted average cost of capital calculated for each of a plurality of similar companies are set as the upper and lower limits of the weighted average cost of capital used for calculating the enterprise value, and the upper limit Is the median of the sensitivity range as the weighted average cost of capital, the value obtained by subtracting the median value from the upper limit value is the sensitivity fluctuation range, and the upper limit value, lower limit value, median value, and Output each swing width. Therefore, based on the interest-bearing debt ratio or net interest-bearing debt of the target company and similar companies, we will comprehensively calculate the weighted average cost of capital including all changes based on objective figures, and respond to the calculation results. By outputting the upper limit value and the lower limit value of the weighted average capital cost, the weighted average capital cost of the similar company can be output objectively, quickly and accurately.

In order to solve the above problem, the invention according to claim 6 is the information processing apparatus according to claim 5, wherein the acquisition unit further acquires information on a small risk premium of a private company, The calculation means converts the levered β acquired as the unlisted company into unlevered β based on the interest-bearing debt ratio or the net interest-bearing debt ratio of the similar company, and converts the interest-bearing debt ratio or the net interest of the target company. The weighted average capital using the variable β obtained by leveraging the unlevered β based on the value corresponding to the interest-bearing debt ratio or the average value of the interest-bearing debt ratio or the net interest-bearing debt ratio of the similar company calculating a cost, wherein, the variable D / E, based on the variables R _f and the Rirebado of variable beta, the variables R _f and Serial Rirebado of variable beta to after each fixed and varying the variable D / E, by varying the variables R _f and the Rirebado of variable beta, so as to calculate the weighted average cost of capital The calculation means is controlled, and the output means is configured to calculate and output the median value and the fluctuation width based on the weighted average cost corresponding to the acquired similar company information.

According to the invention described in claim 6, in addition to the operation of the invention described in claim 5, further information on the small risk premium of the unlisted company is further obtained, and the levered β acquired as the unlisted company is similar. Converted to unlevered β based on the company's interest-bearing debt ratio or net interest-bearing debt ratio, and further, the value corresponding to the interest-bearing debt ratio or net interest-bearing debt ratio of the target company, or the interest-bearing debt ratio or net interest-bearing debt ratio of similar companies The weighted average cost of capital is calculated using the variable β obtained by leveraging the unlevered β based on the average value of. At this time, after the variable R _f and the levered variable β are fixed and the variable D / E is changed, the weighted average cost of capital is calculated by changing the variable R _f and the levered variable β. . Then, based on the weighted average cost corresponding to the acquired similar company information, the median value and the amplitude are calculated and output. Therefore, it is possible to output the weighted average cost of capital of similar companies including information on unlisted companies.

  In order to solve the above-mentioned problem, the invention according to claim 7 is the information processing apparatus according to claim 5 or 6, wherein the acquisition means is any one of claims 1 to 4. The interest-bearing debt ratio, the net interest-bearing debt ratio, and the levered β included in the similar company information stored in the storage means of the information processing apparatus according to claim 1, and the target company information stored in the storage means , The interest-bearing debt ratio, the net interest-bearing debt ratio, and the levered β, respectively, are acquired.

  According to the invention described in claim 7, in addition to the operation of the invention described in claim 5 or 6, in the storage means of the information processing apparatus described in any one of claims 1 to 4. Interest-bearing debt ratio, net interest-bearing debt ratio and levered β included in the stored similar company information; interest-bearing debt ratio, net interest-bearing debt ratio and levered β included in the target company information stored in the storage means; Respectively. Therefore, the weighted average cost of capital of similar companies can be output more quickly and accurately.

  According to the present invention, the similar company candidate information selected by the plurality of selectors and the selector information and the total thereof are output to the designated terminal device, and the similar companies are selected. It is possible to objectively and quickly select a similar company similar to the target company while referring to the selector information.

  Further, according to the present invention, it is possible to store similar company information and the like that are useful when a subsequent similar company is selected by another designated person for the same target company.

  Furthermore, according to the present invention, based on the interest-bearing debt ratio or net interest-bearing debt for each of the target company and similar company, the weighted average cost of capital including all changes is comprehensively calculated based on objective values, By outputting the upper limit value and lower limit value of the weighted average capital cost corresponding to the calculation result, the weighted average capital cost of the similar company can be output quickly and accurately.

1 is a block diagram illustrating a schematic configuration of an information processing system according to an embodiment. It is a figure which illustrates the contents of the database concerning an embodiment. It is a figure which illustrates the calculation method of the deviation value which concerns on embodiment, (a) is a figure (I) which shows the said calculation method, (b) is a figure (II) which shows the said calculation method. It is a flowchart which shows the selection process of the similar company which concerns on embodiment. It is a figure which illustrates the display screen of the selection result of the similar company which concerns on embodiment. It is a flowchart which shows the calculation process of WACC which concerns on embodiment. It is a figure (I) explaining the calculation process of WACC which concerns on embodiment. It is a figure (II) explaining the calculation process of WACC which concerns on embodiment. It is a figure (III) explaining the calculation process of WACC which concerns on embodiment. It is a figure explaining selection of the small-scale risk premium in the calculation processing of WACC concerning an embodiment. It is a figure which illustrates the display screen of the calculation result of WACC which concerns on embodiment, (a) is a figure which illustrates the display screen of the calculation result of WACC about a listed company, (b) is the figure about a private company It is a figure which illustrates the display screen of the calculation result of WACC.

  Next, modes for carrying out the present invention will be described based on the drawings. The embodiment described below provides various data for the selection to a user who selects a similar company similar to the target company, and the WACC of the similar company selected in the user terminal described later. This is an embodiment when the present invention is applied to an information processing system that automatically calculates the user terminal.

  FIG. 1 is a block diagram illustrating a schematic configuration of the information processing system according to the embodiment, FIG. 2 is a diagram illustrating the contents of a database according to the embodiment, and FIG. 3 is a calculation of a deviation value according to the embodiment. FIG. 4 is a flowchart illustrating a similar company selection process according to the embodiment, and FIG. 5 is a diagram illustrating a display screen of a selection result of the similar company. Further, FIG. 6 is a flowchart showing the WACC calculation process according to the embodiment, FIGS. 7 to 9 are diagrams for explaining the calculation process, and FIG. 10 shows the selection of the small-scale risk premium in the calculation process. FIG. 11 is a diagram illustrating a display screen of the WACC calculation result.

(I) Outline of Configuration and Operation of Information Processing System According to Embodiment As shown in FIG. 1, the information processing system S according to the embodiment includes a user terminal UT used by a user and a similar company in the past. A plurality of evaluator terminals ET1, evaluator terminals ET2,..., Evaluator terminals ETn (n is a natural number), a server device SV, and a network such as the Internet. NW. In the following description, when items common to the evaluator terminal ET1, the evaluator terminal ET2,..., The evaluator terminal ETn are described, these are collectively referred to simply as “evaluator terminal ET”. Each evaluator terminal ET, user terminal UT, and server device SV are connected to each other via a network NW so as to be able to exchange various data. At this time, each of the user terminal UT and the evaluator terminal ET is specifically realized by a personal computer or the like operated by the user and the evaluator. The evaluators include evaluators as corporations in addition to evaluators as natural persons (individuals). At this time, the corporation as the evaluator represents a plurality of evaluators who are natural persons, and the corporation becomes the evaluator. The user corresponds to an example of a “designator” according to the present invention, and the evaluator corresponds to an example of a “selector” according to the present invention. Further, the server device SV and the user terminal UT correspond to an example of the “information processing device” according to the present invention. Furthermore, the similar company selection process according to the embodiment is executed centering on the server apparatus SV, while the WACC calculation process according to the embodiment is executed centering on the user terminal UT, for example.

  Next, the server SV includes a communication unit 1, a processing unit 2 including a CPU, a ROM (Read Only Memory) and a RAM (Random Access Memory), an operation unit 3 including a keyboard and a mouse, a liquid crystal display, and the like. And a recording unit 5 made up of HDD (Hard Disc Drive), SSD (Solid State Drive), or the like. At this time, the communication unit 1 corresponds to an example of “first acquisition unit”, an example of “second acquisition unit”, an example of “third acquisition unit”, and an example of “output unit” according to the present invention, The recording unit 5 corresponds to an example of a “storage unit” according to the present invention. The processing unit 2 corresponds to an example of “total calculation unit”, an example of “search unit”, and an example of “storage control unit” according to the present invention.

  In the above configuration, the communication unit 1 controls the exchange of data between the user terminal UT and the evaluator terminal ET via the network NW under the control of the processing unit 2. The recording unit 5 records a database DB according to an embodiment to be described later in a nonvolatile manner. On the other hand, the operation unit 3 generates an operation signal corresponding to the operation and outputs the operation signal to the processing unit 2 when a necessary operation is performed on the operation unit 3 by an administrator of the server apparatus SV. Thereby, the processing unit 2 mainly executes the similar company selection process according to the embodiment based on the operation signal from the operation unit 3. At this time, the processing unit 2 displays necessary information on the display 4 and presents it to the administrator or the like.

  On the other hand, the user terminal UT includes a communication unit 10, a processing unit 11 including a CPU, a ROM, and a RAM, an operation unit 12 including a keyboard and a mouse, a display 13 including a liquid crystal display, and an HDD or SSD. And a recording unit 14. At this time, the communication unit 10 corresponds to an example of an “acquisition unit” according to the present invention, and the processing unit 2 corresponds to an example of a “calculation unit” and an example of a “control unit” according to the present invention. Corresponds to an example of the “output means” according to the present invention.

  In the above configuration, the communication unit 10 controls data exchange with the server apparatus SV via the network NW. The recording unit 14 records information necessary for executing the WACC calculation process according to the embodiment. On the other hand, when a necessary operation is performed by the user on the operation unit 12, the operation unit 12 generates an operation signal corresponding to the operation and outputs the operation signal to the processing unit 11. Thereby, the processing unit 11 mainly executes the WACC calculation process according to the embodiment based on the operation signal from the operation unit 12.

  Next, the database DB according to the embodiment recorded in a nonvolatile manner in the recording unit 5 of the server device SV will be described specifically with reference to FIG.

  As illustrated in FIG. 2, past database selection results of similar companies similar to the target company by the evaluator operating each evaluator terminal ET are recorded in the recording unit 5 and stored in the database DB according to the embodiment. Is recorded in association with the evaluator information regarding the evaluator. In the example illustrated in FIG. 2, evaluator information regarding an evaluator who has selected “Company A” as a company similar to the target company X, and an evaluation regarding an evaluator who has selected “Company B” as a company similar to the target company X. Person information is recorded in association with each selection result. In the database DB according to the embodiment, specifically, as evaluator information regarding each evaluator, data indicating the job type and region to which the evaluator belongs, data indicating the evaluator's deviation value, deviation value, Data indicating the number of evaluators who selected the same similar company with the same job category and region, data for each evaluator indicating the date and time each evaluator selected the similar company, and each deviation value and Data indicating the sum of deviation values calculated based on the number of evaluators of deviation values is recorded in association with each other.

  Here, the “deviation value” is an example of a parameter indicating an influence degree or a reliability degree of selection of a similar company in an occupation and a region to which an evaluator having the deviation value belongs. At this time, it is conceivable to use various methods for calculating the deviation value for the evaluator. As an example, the concept of a customer analysis method called an RFM analysis method can be used. The information necessary for calculating the deviation value by the RFM analysis method is the date and time of click as an operation when the evaluator of the deviation value has selected a similar company in the past (hereinafter, the date and time of clicking is referred to as “click date and time”). Called). The number of clicks by the evaluator is totaled using the history of selection operations of similar companies accumulated for the evaluator. In the RFM analysis according to the embodiment, when the evaluator selects a similar company, the frequency (Frequency: the number of clicks) using the evaluator terminal ET (in other words, the information processing system S according to the embodiment). And the deviation value of the said evaluator is calculated so that it may illustrate in FIG. 3 using the information of each newest use date (Recency: the latest click date). In addition, by using additionally the information on the unit price (Monetary) of usage for the evaluator terminal ET, it is possible to use the usage amount (FM, usage unit price × usage frequency) instead of the usage frequency as an index. More specifically, for example, as illustrated in FIG. 3A, the number of clicks (F) for the evaluator is taken on the horizontal axis, and the latest click date (R) is taken on the vertical axis. Then, each axis's category (“most” / “sometimes” / “first” category for the number of clicks, and “recently used” / “sometimes used” / “almost unused” category for the latest click date / time. ), The larger the number of clicks F and the closer the latest click date / time R is to the current time, the higher the deviation value is calculated. On the other hand, the click count F is the first and the latest click date / time R is “almost unused”. It is preferable that the closer the value is, the lower the deviation value is calculated. Further, as illustrated in FIG. 3B, after the deviation values illustrated in FIG. 3A are ranked in detail, the two-dimensional normal distribution is reconfigured by the frequency (ranking value). Further, a more appropriate deviation value may be calculated as an embodiment. In this case, the deviation value illustrated in FIG. 3B may be directly used as the importance (weighting) of the evaluator.

  Furthermore, parameters other than the above deviation values may be included in the evaluator information as long as they are parameters that can objectively indicate the degree of influence or reliability regarding the selection of similar companies as described above. In addition, the selection result of the similar company by the evaluator in the embodiment may be a result of selecting the similar company by the selection process according to the embodiment, or the result of selecting the similar company by the same method as the conventional method. It may be.

  More specifically, in the case illustrated in FIG. 2, among the evaluators who have selected company A as a similar company to target company X, there are 2 evaluators who belong to job type: accountant and region: Tokyo and have a deviation value of 70. The date and time when each evaluator selected the similar company A is recorded for each evaluator. Furthermore, it is recorded that among the evaluators who belong to the same job type / area and selected the similar company A, there were 30 persons with a deviation value of 60 and 40 persons with a deviation value of 80. On the other hand, among the evaluators who selected the similar company A, there were 20 evaluators who belonged to the job type: accountant and region: Osaka and the deviation value was 60, and belonged to the same job type / region and selected the similar company A. It is recorded that there were 45 persons with a deviation value of 50 among the persons. In addition, among the evaluators who selected the similar company A, there are 30 evaluators who belong to the job type: lawyer and region: Tokyo and the deviation value is 60, and belong to the same job type / region and the deviation value is 80. It is recorded that there were 40 people. Further, among the evaluators who selected the similar company A, there were 15 evaluators who belonged to the occupation: lawyer and region: Washington and the deviation value was 80, and belong to the same occupation / region and the deviation value was 75. It is recorded that there were 20 people.

  Further, as shown in FIG. 2, the total deviation value in the database DB is obtained by multiplying, for each area, a value obtained by multiplying the deviation value of the evaluator belonging to the area and the number of evaluators of the deviation value. The value added for may be the total deviation value for the area. As another method, a specific total deviation value may be divided into a plurality of levels, and the level itself may be recorded in the database DB as a total deviation value. At this time, as a method of dividing the level, a level obtained by simply dividing the total deviation value as a value may be simply divided, or a level obtained by dividing the total deviation value based on a preset weighting may be used. Good.

  Further, although not shown in FIG. 2, in the database DB, the values selected by each evaluator in the past for the so-called small risk premiums applied to unlisted companies are shown in the job type and area of the evaluator. Correspondingly recorded.

(II) Similar company selection process according to the embodiment Next, similar company selection process according to the embodiment, which is mainly executed by the processing unit 2 of the server apparatus SV, will be described with reference to FIGS. 2 to 5. explain. Note that the similar company selection process according to the embodiment is started, for example, from the timing when the power of the server apparatus SV according to the embodiment is turned on.

  As shown in FIG. 4, in the similar company selection process according to the embodiment, first, from each evaluator terminal ET, the selection result (such as the name of the similar company) of the similar company by each evaluator is the evaluator related to the evaluator. Acquired together with the information via the network NW (step S1). At this time, since it is necessary to be recorded as the database DB illustrated in FIG. 2, the evaluator information acquired in step S <b> 1 includes the target company related to the selection by the evaluator and the similar company (as a selection result). , Data indicating the job type and region to which the evaluator belongs, and data indicating the deviation value of the evaluator are included at least. Note that the evaluator information also includes data indicating the small-scale risk premium applied when the target company is a private company. Further, the selection results of similar companies by each evaluator and the evaluator information thereof are acquired regularly (more specifically, for example, every day at 9:00 am or once a month). . When the selection result and the evaluator information including these data are transmitted from any of the evaluator terminals ET, the processing unit 2 displays the selection result and the evaluator information in the database DB in the manner illustrated in FIG. (Step S2), and the total deviation value in the database DB after the accumulation is calculated and recorded again (step S3). At this time, the processing unit 2 may calculate the total deviation value for each level. Then, each time the selection result and the corresponding evaluator information are acquired from any evaluator terminal ET, the processing unit 2 repeats steps S1 to S3. Thereby, the selection result of the latest similar company is always reflected as database DB.

  Next, the processing unit 2 acquires target company designation information indicating a target company for which a similar company is to be selected from the user terminal UT (step S4). Specifically, the target company designation information includes, for example, information indicating the company name and the type of business of the target company, the listing / unlisted classification, and the like. Then, the processing unit 2 searches the database DB at that time with the company indicated by the acquired target company designation information as the target company (step S5), and transmits the search result as the target company designation information. Output to the user terminal UT (step S6). At this time, the contents of the database DB at that time are illustrated in FIG. 2, and when the company X is designated as the target company, the search result output to the user terminal UT in step S6 includes: Evaluator information regarding the similar company A and the similar company B illustrated in FIG. 2 and the evaluator who selected them is included. Then, the processing unit 11 of the user terminal UT that has received such a search result via the network NW displays a search result RS as exemplified in FIG. 5 on the display 13. At this time, as the search result RS, the evaluator who selected the similar company A or the similar company B as the past selection result and each similar company without dividing each of the evaluators who selected the similar company in the past. And the points corresponding to the total deviation value for each region for the evaluator are included. In addition, when the deviation value total is represented by the level, data indicating the level is displayed as the point.

  The user of the user terminal UT on which the search result RS is displayed (in other words, a person who selects a similar company of the desired target company) selects the selection result included in the search result RS and the selection thereof. By looking at the evaluator information regarding the evaluator who has performed, and referring to the point about the evaluator in the area where he intends to invest, one of the similar companies is newly selected (determined). Then, the user inputs the newly selected similar company using the selection field SL displayed on the display 13 simultaneously with the search result RS. Thereby, the similar company information indicating the similar company as a new selection result and the user information regarding the user who made the new selection are transmitted to the server apparatus SV via the network NW, and the server apparatus SV The processing unit 2 acquires the selection result and the like (FIG. 4: step S7). At this time, since the user information acquired in step S7 is recorded in the database DB as new evaluator information, the target company and the selection related to the selection by the user (that is, the new evaluator) As a result, at least data indicating similar companies, data indicating job types and regions to which the users belong, and data indicating deviation values of the users are included at least. When the selection result and user information including these data are transmitted from the user terminal UT, the processing unit 2 stores the selection result and user information in the database DB, and further stores the selection result and user information. The total deviation value in the database DB is calculated again and recorded (step S8).

  Thereafter, the processing unit 2 determines whether or not to finish the similar company selection process according to the embodiment, for example, when the power of the server device SV is turned off (step S9). When the selection process ends in the determination of step S9 (step S9: YES), the processing unit 2 ends the selection process as it is. On the other hand, if it is determined in step S9 that the selection process is not terminated (step S9: NO), the processing unit 2 returns to step S1 and repeats the series of processes described above.

(III) Regarding WACC Calculation Processing According to Embodiment Next, with respect to the WACC calculation processing according to the embodiment, which is mainly executed mainly by the processing unit 11 of the user terminal UT, FIG. 2 and FIGS. It explains using. Note that the WACC calculation processing according to the embodiment refers to the search result RS (see FIG. 5) transmitted from the server device SV and displayed on the display 13 of the user terminal UT in step S6 shown in FIG. After any similar company is newly selected, the operation for starting the calculation process is started from the timing when the operation unit 12 executes the operation.

  As shown in FIG. 6, in the WACC calculation process according to the embodiment, first, the company name of the newly selected similar company, the interest-bearing debt ratio and net interest-bearing debt ratio for the similar company, Data indicating respective fluctuations in the entire stock market (so-called leverd β), government bond yield, and risk premium is acquired (step S10). At this time, the above-mentioned interest-bearing debt ratio is a ratio obtained by dividing the interest-bearing debt of the similar company by the market capitalization of the similar company or (shareholders' equity + accumulated other comprehensive income). In the following description, the interest-bearing debt ratio is referred to as “D (Debt) / E (Equity) ratio”. The net interest-bearing debt ratio is the ratio of the net interest-bearing debt of the similar company divided by the market capitalization of the similar company or (shareholders' equity + accumulated other comprehensive income). In the following description, the net interest-bearing debt ratio is referred to as “net D / E ratio”. Furthermore, the leverd β acquires the 2-year weekly and 5-year month-long levered β for the similar company. “Β” at this time is an index indicating the sensitivity of the return on investment to the market average return. Furthermore, the risk premium is a value obtained by dividing the fluctuation of individual stocks over a certain period until the WACC calculation date by the fluctuation of the entire stock market, and is a constant of a value such as 5.0%, for example. Here, the processing unit 11 may acquire the interest-bearing debt ratio or the like from the server device SV, or may acquire it from another external device (not shown).

  Next, when the information indicating whether the target company and the similar company used in the WACC calculation process are unlisted companies, which are listed companies, is input via the operation unit 12, the processing unit 11 acquires the information ( Step S11). Furthermore, when the processing unit 11 receives information indicating a risk free rate (for example, a risk free rate such as a 10-year government bond, a 20-year government bond, or a 30-year government bond) used in the WACC calculation process via the operation unit 12. This is acquired (step S12).

Then, the processing unit 11 comprehensively calculates the WACC using all possible values of each parameter such as the D / E ratio based on the information or data acquired or input in the above steps S10 to S12. . More specifically, the processing unit 11 sets the D / E or net D / E acquired or input in step S10 to step S12 as the variable “D / E”, the corporate tax rate corresponding to the target company as “t”, The cost of debt for interest-related debt divided by interest-bearing debt is defined as the constant “k _d ”, the cost of shareholders' equity corresponding to the similar company is defined as the variable “k _e ”, and the risk-free rate ( The variable “R _f ” is set as the variable “R _f ”, the levered β for the similar company and the target company is set as the variable “β”, and the risk premium corresponding to the similar company is set as the constant “R _p ”. The WACC for the company is calculated by the following equation (1) (step S13).

WACC = {(D / E) / (D / E + 1)} × (1-t) × k _d
+ {1- (D / E) / (D / E + 1)} × k e
(Where k _e = R _f + β × R _p ) (1)
At this time, in order to comprehensively calculate WACC, the processing unit 11 fixes the variable R _f and sequentially changes other variables based on the variable D / E, the variable R _f, and the variable β. Later, the variable _Rf is varied to calculate WACC.

  Here, all the possible values of the D / E ratio and the net D / E ratio will be specifically described with reference to FIG. FIG. 7 is a diagram comprehensively showing patterns of D / E ratio and net D / E ratio values that can be taken in the WACC calculation processing according to the embodiment. Here, when adopting debt-free management (that is, when the capital is 100%), the processing unit 11 calculates the WACC by adding the case where the D / E ratio is 0%.

  In FIG. 7, if the target company is a listed company (see step S11 in FIG. 6), a separate D / E ratio and net D / E ratio can be obtained for each of the latest calculation base date and the final year of the business plan. / E ratio and net D / E ratio are calculated using market capitalization (referred to as “E: market capitalization” in FIG. 7) and (shareholders' equity + accumulated other comprehensive income) Calculated in this way (referred to as “E: shareholders' equity” in FIG. 7).

  In FIG. 7, if the target company is an unlisted company (see step S11 in FIG. 6), the D / E ratio and net D / E ratio for the most recent calculation base date and the final year of the business plan are similarly set. In addition, the D / E ratio and the net D / E ratio only have values that are calculated using (shareholders' equity + accumulated other comprehensive income). This is due to the absence of market capitalization for unlisted companies.

  In contrast, in FIG. 7, there is no business plan for a similar company (which is necessarily a listed company), so the D / E ratio and net D / E ratio can be obtained only for the most recent calculation reference date. The ratio and net D / E ratio differ depending on whether they are calculated using market capitalization or calculated using (shareholders' equity + accumulated other comprehensive income). Further, each value has a mean value and a median value separately.

  As described above, since the D / E ratio and the net D / E ratio can take various values, the processing unit 11 calculates WACC by sequentially substituting all these values into the above equation (1) (FIG. 6). (See step S13).

  Next, all the possible values of the risk-free rate and the levered β will be specifically described with reference to FIG. FIG. 8 is a diagram comprehensively showing risk free rate and levered β value patterns that can be taken in the WACC calculation processing according to the embodiment.

  In FIG. 8, as described above, the risk-free rate takes different values for a 10-year government bond, a 20-year government bond, and a 30-year government bond.

For Levered β (represented as “β _L ” in FIG. 8), if the target company is a listed company (see step S11 in FIG. 6), the value acquired from the specific information service company Ba and other specifics May be different from the value obtained from the information service company Bl, and the value obtained from the information service company Bl is a value corresponding to the 5th year and a value corresponding to the 2nd week. May be different. On the other hand, if the similar company is a listed company (see step S11 in FIG. 6), the value acquired from the information service company Ba may differ from the value acquired from the information service company Bl, The values obtained from the information service company Bl include values corresponding to the 5th and 2nd year and values corresponding to the 2nd and 2nd week, and the average value and the median value are separately provided for each value. Exists.

  As described above, since the levered β can also take various values, the processing unit 11 calculates WACC by sequentially substituting all these values into the above equation (1) (see step S13 in FIG. 6).

Next, calculation of levered β when the target company is a private company in step S13 will be described with reference to FIG. In the comprehensive calculation process of WACC according to the embodiment, when the target company is a non-listed company, the target company's levered β is estimated from the levered β of the company similar to the target company (see step S10 in FIG. 6). Calculate automatically. That is, as shown in FIG. 9, the processing unit 11 first shows the similar company Levered β (represented as “β _L ” in FIG. 9) based on, for example, the two-year weekly levered β of each similar company. Using equation (2), it is converted to unlevered β (see broken line arrow in FIG. 9). In FIG. 9, unlevered β is represented as “β _U ”. Further, unlevered β is β corresponding to the stock when the company assumes that it is operating without debt, and there is a relationship represented by the following formula with levered β.

Unlevered β = Levered β ÷ {1 + (1-Corporate tax rate) × D / E}
Next, the processing unit 11 uses the D / E ratio and the net D / E ratio of the similar company and the target company, respectively, as indicated by the one-dot chain arrow in FIG. 9, and the unlevered β calculated by the above equation (2). Is re-lived by the equation (3) shown in FIG. The equations (2) and (3) shown in FIG. 9 are equations in which the so-called Miles-Etzel equation is applied to the embodiment, and when the net D / E ratio is a negative value, the net D / E ratio = Used as 0.0%. Further, the values of D (Debt) / E (Equity) in the equations (2) and (3) are substituted with all values (patterns) shown comprehensively in FIG. To do. Then, the processing unit 11, when the target company is an unlisted company, the variable D / E, based on the variables R _f and Rirebado of variable beta, fixed variables R _f and Rirebado of variable beta, respectively Then, after changing the variable D / E, the corresponding RACC is calculated by changing the variable R _f and the reversible variable β.

  Next, selection of a small-scale risk premium considered in the calculation of WACC when the target company is an unlisted company will be described with reference to FIG.

  As described above, in the database DB of the server device SV according to the embodiment, the value selected by each evaluator in the past for the small-scale risk premium applied to the unlisted company is the job type and area of the evaluator. Correspondingly recorded. When the target company (for example, “Z company”) is a private company and the user desires to calculate the WACC by referring to the small risk premium, the operation to that effect is performed on the operation unit. When executed in 12, the processing unit 11 acquires the data of the small-scale risk premium from the database DB in the server device SV. At this time, the processing unit 11 also acquires data indicating the job type and area of the evaluator who has selected the small-scale risk premium for the target company. The processing unit 11 displays the small risk premium selection screen GL illustrated in FIG. 10 on the display 13 using the acquired small risk premium data and the like. In this selection screen GL, as illustrated in FIG. 10, the relationship between each value of the small risk premium for the target company and the number of evaluators who have selected each value together with the job type and region of the evaluator. Is displayed as a graph. Further, the selection screen GL includes a switching column CH for switching the evaluator's job type and region and redisplaying the graph, and a selection column IN used when the user selects a small risk premium value. Are displayed together. Then, the user determines which value is selected for the small-scale risk premium while referring to the content of the selection screen GL, and inputs the value using the selection field IN. Accordingly, the processing unit 11 calculates WACC for the target company that is a non-listed company based on the input value. In this case, the processing unit 11 calculates the WACC for the target company that is a non-listed company, for example, by adding the input value to the value calculated by the above equation (1).

  When the comprehensive calculation of WACC is completed in step S13, the processing unit 11 next uses values corresponding to the maximum and minimum values of WACC calculated for each of the similar companies for the calculation of the corporate value. The upper limit value and lower limit value of the WACC are used, the average value of the upper limit value and the lower limit value is the median value of the sensitivity as WACC, and the value obtained by subtracting the median value from the upper limit value is the fluctuation width of the sensitivity. The upper limit value, the lower limit value, the median value, and the deflection width are displayed as calculation results on the display 13 (step S14). At this time, when the similar company is a listed company, as a calculation result, as illustrated in FIG. 11A, for example, the calculation result RL including the upper limit value, the lower limit value, the median value, and the amplitude is a risk. Displayed for each free rate. On the other hand, when the similar company is an unlisted company, the calculation result RL includes the calculation results RU1 to RU1 to the calculation results including the upper limit value, the lower limit value, the median value, and the fluctuation range as illustrated in FIG. 11B, for example. RU3 is displayed for each risk-free rate and for each type of levered β.

  As described above, according to the similar company selection process according to the embodiment, the target company information, the similar company information, and the evaluator information are acquired from the evaluator terminal ET and stored in correspondence with each evaluator. Then, based on the similar company information and the evaluator information, the total of each evaluator information corresponding to the plurality of evaluators who selected the similar company similar to the target company is made to correspond to the evaluator and the similar company as a deviation value sum. To calculate. Next, the target company designation information is acquired from the user terminal UT, the similar company similar to the target company is searched in the database DB based on the target company designation information, the similar company information regarding the searched similar company, Information on the similar company including the evaluator information corresponding to the similar company information and the total calculated based on the similar company information and the evaluator information is output to the user terminal UT. Therefore, since the information of the similar company selected by the plurality of evaluators and the evaluator information and the total thereof are output to the user terminal UT and the similar company is selected by the user, the user can select the past companies. It is possible to objectively and quickly select a similar company similar to the target company while referring to the evaluator information of the evaluator.

  Further, a selection result including similar company information indicating the similar company selected by the user based on the information of the similar company and user information regarding the user is acquired from the user terminal UT, and the selection result is included in the selection result. Using the included user information as new evaluator information, use the evaluator information, similar company information included in the selection results, and target company information indicating the target company specified by the target company designation information. The person is stored as a new evaluator. Therefore, similar company information that is useful when a subsequent similar company is selected by another user for the same target company can be recorded in the database DB.

  Furthermore, since all or any of the information indicating the job type, region, or selection time is included in the evaluator information of the evaluator, the user can also check the job type, region, or selection time of the evaluator of the similar company in the past. For reference, you can select a similar company.

  Furthermore, the date and time when the deviation value for the evaluator regarding the evaluator information is included in the evaluator information, and the deviation value is selected by the evaluator corresponding to the deviation value. When the sum of each evaluator information corresponding to each evaluator is calculated by using a deviation value corresponding to each evaluator, Since the sum of the evaluator information is calculated using the deviation value calculated by the RFM analysis method, the similar company can be more objectively and quickly selected with more appropriate evaluator information.

  In addition, since the target company information, similar company information and evaluator information are acquired at a preset frequency (for example, every day at 9:00 am or once a month), the latest information is used for the target company. A similar similar company can be selected with high accuracy.

  On the other hand, according to the WACC calculation processing according to the embodiment, the similar company information indicating the D / E ratio or the net D / E ratio and the levered β for the similar company, and the D / E ratio or the net D / Target company information indicating E ratio and Leverd β, acquired, D / E ratio or net D / E ratio, corporate tax rate corresponding to the target company, and Levered β for similar companies and target companies respectively The WACC for the similar company is calculated based on the cost of debt, cost of equity, risk free rate and risk premium for the company. At this time, after the risk free rate is fixed and other variables are sequentially changed, the risk free rate is changed and the WACC is calculated. Then, the values corresponding to the maximum and minimum values of WACC calculated for each of a plurality of similar companies are set as the upper and lower limits of WACC used for calculating the enterprise value, and the average value of the upper and lower limits. Is the median value of the sensitivity width as WACC, the value obtained by subtracting the median value from the upper limit value is set as the sensitivity fluctuation width, and the upper limit value, the lower limit value, the median value, and the fluctuation width are output. Therefore, based on the D / E ratio or the net D / E ratio for the target company and similar companies, comprehensively calculate WACC including all fluctuations based on objective values, and respond to the calculation results. By outputting the upper limit value and the lower limit value of the WACC, it is possible to objectively, quickly and accurately output the WACC of the similar company.

In addition, further information on the small risk premium of the target company, which is a non-listed company, is obtained, and Levered β acquired as a non-listed company is converted to Unlevered β based on the D / E ratio or the net D / E ratio of similar companies. Furthermore, based on the value corresponding to the D / E ratio or the net D / E ratio of the target company, or the average value of the D / E ratio or the net D / E ratio of the similar company, the unreversed β is re-levered. WACC is calculated using the variable β. At this time, the variable R _f and the levered variable β are fixed and the variable D / E is changed, and then the variable R _f and the levered variable β are changed to calculate the WACC. Then, the median value and the swing width are calculated and output based on the WACC corresponding to the acquired similar company information. Therefore, it is possible to output the WACC of the similar company including the information about the unlisted company.

  Further, the D / E ratio, the net D / E ratio, and the levered β included in the similar company information recorded in the server device SV, and the D / E included in the target company information similarly recorded in the server device SV. Since the ratio, net D / E ratio, and levered β are acquired and used for calculating WACC, the WACC of the similar company can be output more quickly and accurately.

  Furthermore, according to the information processing system S according to the embodiment, the reliability of the search result RS of the similar company for the user is automatically and continuously collected by collecting the data of the selection results by the evaluator in all regions in real time. Can be improved. More specifically, the more the distribution of the user's area is widened, and the more the user selects a similar company and further calculates WACC, the more similar company and WACC presented from the accumulated data. The level of calculation results will be certain.

  In the above-described embodiment, the case where the similar company that is the premise of the WACC calculation process according to the embodiment is selected by the selection process according to the embodiment has been described. It may be selected by the same method.

  Further, in the above-described embodiment, the case where the similar server selection process and the WACC calculation process are executed using one server apparatus SV has been described. In addition to this, a plurality of server apparatuses are installed on the network NW, By recording the same database DB, the redundancy and tolerability as the information processing system S can be improved. At this time, for example, when the database DB is updated in one server device, the content of the update is reflected in the content of the database DB of another server device immediately or periodically after the update.

  In addition, when the evaluator terminal ET and the user terminal UT are newly connectable to the server apparatus SV via the network NW, data can be immediately exchanged between the evaluator terminal ET and the server apparatus SV. It becomes.

  Furthermore, in the information processing system S according to the embodiment, a database DB that can use a so-called document data model or object data model may be used. In this case, the database DB can be used to reproduce the selection results of similar companies and the WACC calculation results that were previously input by the evaluator or user using the evaluator terminal ET or user terminal UT. It becomes possible to record. In addition, depending on the characteristics of the document data model or the object data model, for example, when there are other parameters that the processing unit 2 determines to be relevant in the future, the configuration of the database DB is significantly changed for the parameters. Without having to do so.

  Furthermore, in the above-described embodiment, the case where the WACC calculation process according to the embodiment is executed in the user terminal UT has been described. However, in addition to this, the server apparatus SV executes the WACC calculation process itself, Only the calculation result may be obtained by the user terminal UT and presented to the user.

  Also, a program corresponding to the flowchart shown in FIG. 4 or FIG. 6 is recorded on a recording medium such as an optical disk, or acquired and recorded via a network NW, and read by a general-purpose microcomputer or the like. By executing the microcomputer, the processing unit 2 according to the embodiment (in the case of a program corresponding to the flowchart shown in FIG. 4) or the processing unit 11 according to the embodiment (program corresponding to the flowchart shown in FIG. 6) is executed. In the case of ()).

  As described above, the present invention can be used in the field of information processing systems. Particularly, when the present invention is applied to the field of information processing systems for calculating corporate value related to transactions, a particularly remarkable effect can be obtained. It is done.

S information processing system UT user terminal ET, ET1, ET2, ETn evaluator terminal SV server device NW network 1, 10 communication unit 2, 11 processing unit 3, 12 operation unit 4, 13 display 5, 14 recording unit DB database RS Search result SL, IN selection field GL selection screen RL, RU1, RU2, RU3 Calculation result

Claims (11)

The target company information regarding the target company, similar company information regarding a group of companies selected as a similar company similar to the target company, and selector information regarding a selector who has selected the similar company, First acquisition means for acquiring from the selector terminal device;
Storage means for storing the target company information, the similar company information, and the selector information acquired from each of the plurality of selector terminals, corresponding to each selector;
Based on each of the acquired similar company information and selector information, the total of each of the selector information corresponding to the plurality of selectors who have selected the similar company that constitutes the company group is determined as the selector and the similar A total calculation means for calculating corresponding to the company,
Second acquisition means for acquiring target company designation information indicating the target company designated by a designated person from a designated person terminal device of the designated person;
Search means for searching the storage means for the similar company similar to the designated target company based on the acquired target company designation information;
Calculated based on the similar company information related to the searched similar company, the selector information stored in the storage unit corresponding to the similar company information, the similar company information, and the selector information. Output means for outputting similar company candidate information including the total to the designated person terminal device;
The similar company selection result by the designated person based on the outputted similar company candidate information, the similar company information indicating the selected similar company, and designated person information regarding the designated person, Third acquisition means for acquiring a selection result including from the designated person terminal device;
The designated person information included in the acquired selection result is designated as new selected person information by the selected person information, the similar company information included in the acquired selection result, and the target company designation information. Storage control means for storing in the storage means the target company information indicating the target company that has been made, and corresponding to the selected person who is the designated person as the new selected person,
An information processing apparatus comprising: The information processing apparatus according to claim 1,
The selector information includes job type information indicating a job type to which the selector belongs, information on a region to which the user belongs, or time information indicating a selection time of the similar company by the user. An information processing apparatus including all or one of them. The information processing apparatus according to claim 1 or 2,
The selector information includes a deviation value indicating the degree of influence or reliability of the selection of the similar company in the job category and region to which the selector belongs, regarding the selector information,
The deviation value is calculated by an RFM (Recency Frequency Monetary) analysis method using information indicating the date and time when the selection operation of the similar company was performed by the selector corresponding to the deviation value,
The total calculation means calculates the total of each of the selector information corresponding to each selector by using the deviation value corresponding to each of the selectors in association with the selector and the similar company. An information processing apparatus characterized by: In the information processing apparatus according to any one of claims 1 to 3,
The information processing apparatus, wherein the first acquisition unit acquires the target company information, the similar company information, and the selector information from the selector terminal device at a preset frequency. Similar company information indicating interest-bearing debt ratio or net interest-bearing debt ratio for similar companies similar to the target company, and levered β obtained by dividing changes in individual shares for the similar company by changes in the entire stock market, and the target Acquisition means for acquiring the interest-bearing debt ratio or the net interest-bearing debt ratio for the company and the target company information indicating the levered β for the target company;
Wherein the acquired Debt or net debt ratio variable D / E, the corporate tax rate corresponding to the target company and t, the debt cost divided by debt interest payments for the similar companies and constant k _d the equity cost corresponding to the similar companies as a variable k _e, the risk-free rate corresponding to the similar companies as a variable R _f, the Rebado beta for each said peer company and the target company as a variable beta, the When the risk premium corresponding to a similar company is a constant R _p and the weighted average cost of capital for the similar company is WACC (Weighted Average Cost of Capital), the weighted average capital cost for the similar company is
WACC = {(D / E) / (D / E + 1)} × (1-t) × k _d
+ {1- (D / E) / (D / E + 1)} × k e
(However, k _e = R _f + β × R _p )
Calculating means for calculating as
Based on the variable D / E, the variable R _f, and the variable β, the variable R _f is fixed and the other variables are sequentially changed, and then the variable R _f is changed to thereby calculate the weighted average. Control means for controlling the calculation means so as to calculate a cost of capital;
Values corresponding to the maximum and minimum values of the weighted average cost of capital calculated for each of the plurality of similar companies are set as the upper and lower limits of the weighted average cost of capital used for enterprise value calculation, and the upper limit The average value of the value and the lower limit value is the median value of the sensitivity as the weighted average cost of capital, and the value obtained by subtracting the median value from the upper limit value is the fluctuation width of the sensitivity. Output means for outputting the lower limit value, the median value, and the deflection width, and
An information processing apparatus comprising: The information processing apparatus according to claim 5,
The acquisition means further acquires information on a small risk premium of a private company,
The calculation means converts the levered β acquired as the unlisted company into unlevered β based on the interest-bearing debt ratio or the net interest-bearing debt ratio of the similar company, and converts the interest-bearing debt ratio or the net interest of the target company. The weighted average capital using the variable β obtained by leveraging the unlevered β based on the value corresponding to the interest-bearing debt ratio or the average value of the interest-bearing debt ratio or the net interest-bearing debt ratio of the similar company Calculate the cost,
The control means varies the variable D / E by fixing the variable _Rf and the relaxed variable β based on the variable D / E, the variable _Rf, and the relaxed variable β. And controlling the calculation means to calculate the weighted average cost of capital by varying the variable R _f and the re-levered variable β,
The information processing apparatus according to claim 1, wherein the output unit calculates and outputs the median value and the swing width based on the weighted average cost corresponding to the acquired similar company information. In the information processing apparatus according to claim 5 or 6,
The acquisition unit includes the interest-bearing debt ratio, the net interest-bearing debt ratio included in the similar company information stored in the storage unit of the information processing apparatus according to any one of claims 1 to 4. An information processing apparatus that acquires the levered β and the interest-bearing debt ratio, the net interest-bearing debt ratio, and the levered β included in the target company information stored in the storage unit, respectively. An information processing method executed in an information processing apparatus connected to a selector's selector terminal device and a specifier's specifier terminal device,
Target company information on a target company, similar company information on a company group consisting of companies selected as similar companies similar to the target company, and selector information on the selector who has selected the similar company, A first acquisition step of acquiring from the terminal device;
A storage step of storing the target company information, the similar company information, and the selector information respectively acquired from a plurality of the selector terminal devices in a storage unit in association with each of the selectors;
Based on each of the acquired similar company information and selector information, the total of each of the selector information corresponding to the plurality of selectors who have selected the similar company that constitutes the company group is determined as the selector and the similar A total calculation process to calculate according to the company,
A second acquisition step of acquiring target company designation information indicating the target company designated by the designated person from the designated person terminal device of the designated person;
Based on the acquired target company designation information, a search step of searching for the similar company similar to the designated target company in the storage means;
Calculated based on the similar company information related to the searched similar company, the selector information stored in the storage unit corresponding to the similar company information, the similar company information, and the selector information. And outputting the similar company candidate information including the total to the designated person terminal device,
The similar company selection result by the designated person based on the outputted similar company candidate information, the similar company information indicating the selected similar company, and designated person information regarding the designated person, A third acquisition step of acquiring a selection result including from the designated person terminal device;
The designated person information included in the acquired selection result is designated as new selected person information by the selected person information, the similar company information included in the acquired selection result, and the target company designation information. A storage control step of storing the target company information indicating the target company, and storing the target company information in the storage unit in association with the selected person who is the designated person as the new selected person;
An information processing method comprising: In an information processing method executed in an information processing device,
Similar company information indicating interest-bearing debt ratio or net interest-bearing debt ratio for similar companies similar to the target company, and levered β obtained by dividing changes in individual shares for the similar company by changes in the entire stock market, and the target An acquisition step of acquiring target company information indicating an interest-bearing debt ratio or a net interest-bearing debt ratio for the company and the levered β for the target company;
Wherein the acquired Debt or net debt ratio variable D / E, the corporate tax rate corresponding to the target company and t, the debt cost divided by debt interest payments for the similar companies and constant k _d the equity cost corresponding to the similar companies as a variable k _e, the risk-free rate corresponding to the similar companies as a variable R _f, the Rebado beta for each said peer company and the target company as a variable beta, the When the risk premium corresponding to the similar company is a constant R _p and the weighted average capital cost for the similar company is WACC, the weighted average capital cost for the similar company is
WACC = {(D / E) / (D / E + 1)} × (1-t) × k _d
+ {1- (D / E) / (D / E + 1)} × k e
(However, k _e = R _f + β × R _p )
A calculation step to calculate as
Based on the variable D / E, the variable R _f, and the variable β, the variable R _f is fixed and the other variables are sequentially changed, and then the variable R _f is changed to thereby calculate the weighted average. A control process for controlling to calculate the cost of capital;
Values corresponding to the maximum and minimum values of the weighted average cost of capital calculated for each of the plurality of similar companies are set as the upper and lower limits of the weighted average cost of capital used for enterprise value calculation, and the upper limit The average value of the value and the lower limit value is the median value of the sensitivity as the weighted average cost of capital, and the value obtained by subtracting the median value from the upper limit value is the fluctuation width of the sensitivity. An output step for outputting the lower limit value, the median value, and the amplitude, respectively;
An information processing method comprising: A computer included in an information processing device connected to a selector's terminal device of a selector and a designator's terminal device of a specifier,
Target company information on a target company, similar company information on a company group consisting of companies selected as similar companies similar to the target company, and selector information on the selector who has selected the similar company, First acquisition means for acquiring from the terminal device;
First storage control means for storing the target company information, the similar company information, and the selector information respectively acquired from a plurality of the selector terminals in a storage unit in association with each selector;
Based on each of the acquired similar company information and selector information, the total of each of the selector information corresponding to the plurality of selectors who have selected the similar company that constitutes the company group is determined as the selector and the similar Total calculation means to calculate according to the company,
Second acquisition means for acquiring target company designation information indicating the target company designated by the designated person from the designated person terminal device of the designated person;
Search means for searching the storage means for the similar company similar to the designated target company based on the acquired target company designation information;
Calculated based on the similar company information related to the searched similar company, the selector information stored in the storage unit corresponding to the similar company information, the similar company information, and the selector information. Output means for outputting similar company candidate information including the total to the designated person terminal device,
The similar company selection result by the designated person based on the outputted similar company candidate information, the similar company information indicating the selected similar company, and designated person information regarding the designated person, Third acquisition means for acquiring a selection result including from the designated person terminal device; and
The designated person information included in the acquired selection result is designated as new selected person information by the selected person information, the similar company information included in the acquired selection result, and the target company designation information. Second storage control means for storing the target company information indicating the target company that has been stored in the storage means in association with the selector with the designated person as the new selector,
An information processing program characterized by functioning as The computer included in the information processing device
Similar company information indicating interest-bearing debt ratio or net interest-bearing debt ratio for similar companies similar to the target company, and levered β obtained by dividing changes in individual shares for the similar company by changes in the entire stock market, and the target Acquisition means for acquiring interest-bearing debt ratio or net interest-bearing debt ratio for the company and target company information indicating the levered β for the target company;
Wherein the acquired Debt or net debt ratio variable D / E, the corporate tax rate corresponding to the target company and t, the debt cost divided by debt interest payments for the similar companies and constant k _d the equity cost corresponding to the similar companies as a variable k _e, the risk-free rate corresponding to the similar companies as a variable R _f, the Rebado beta for each said peer company and the target company as a variable beta, the When the risk premium corresponding to the similar company is a constant R _p and the weighted average capital cost for the similar company is WACC, the weighted average capital cost for the similar company is
WACC = {(D / E) / (D / E + 1)} × (1-t) × k _d
+ {1- (D / E) / (D / E + 1)} × k e
(However, k _e = R _f + β × R _p )
Calculating means for calculating as
Based on the variable D / E, the variable R _f, and the variable β, the variable R _f is fixed and the other variables are sequentially changed, and then the variable R _f is changed to thereby calculate the weighted average. Control means for controlling to calculate the cost of capital; and
Values corresponding to the maximum and minimum values of the weighted average cost of capital calculated for each of the plurality of similar companies are set as the upper and lower limits of the weighted average cost of capital used for enterprise value calculation, and the upper limit The average value of the value and the lower limit value is the median value of the sensitivity as the weighted average cost of capital, and the value obtained by subtracting the median value from the upper limit value is the fluctuation width of the sensitivity. An output means for outputting the lower limit value, the median value, and the deflection width,
An information processing program characterized by functioning as