JP2001312585A - Generation method for enterprise economic value evaluation information, enterprise economic value evaluation diagnostic system using the method, and recording medium with program for the evaluation method recorded thereon - Google Patents

Abstract

PROBLEM TO BE SOLVED: To provide a method for computing enterprise economic value evaluation information (MEP) which is a new index and could be a standard for judging qualification as investment object for enterprise from such a point of view that if a profit surpassing the capital cost is yielded so as to display in a comprehensible form using a computer. SOLUTION: The following is executed in this method: processing of storing each data of profit after tax, net trade assets and capital cost ratio picked up from accounting data for at least one or more of corporate sector in a memory; processing of computing, based on the above data stored in a memory, an economic value evaluation information (MEP); and processing of displaying, on a display screen, the computed MEP in combination with capital efficiency evaluation value and net trade assets.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a method for preparing economic value evaluation information of a company using a computer, a system for diagnosing economic value evaluation of a company using the information, and a recording medium storing a program for the evaluation method. About.

[0002]

2. Description of the Related Art Conventionally, there are a return on total assets (ROA) and a return on invested capital (ROI) as management indexes of a company.

[0003] ROA is an index for observing asset efficiency, which means the ratio of net profit (profit after tax) to total assets, and is an index for judging whether or not the financial structure of the entire company is appropriate.

[0004] On the other hand, ROI is an index for observing investment efficiency, which means a ratio of net income to invested capital, and can be said to be an index for judging whether an individual investment project is appropriate or not. Therefore, the ROI will tell you how long you can recover your investment if you accumulate the benefits it brings.

[0005] In recent years, reflecting the recent social situation, there are an increasing number of companies that set up management indicators that are conscious of shareholders, and these companies use such management indicators to prevent hostile takeovers, Attempts have been made to raise funds smoothly from the US.

[0006] For example, as a management index in consideration of shareholders,
There is a return on equity (ROE).

[0007] The ROE is a measure of how much profit is made to the equity (shareholder equity) of the shareholders who have invested in the company, and is obtained by dividing net profit by shareholders' equity. In Japan, it can be said to be a representative indicator of management efficiency.

FIG. 8 shows the above-mentioned management indexes and their definitions.

[0009]

The "profit" used in the management index ROE is based on the net profit obtained from the income statement (sample shown in FIG. 9). However, there is a problem that the return expected by shareholders is not included in the cost. In addition, creditors such as banks record predetermined interest rates as costs, but do not record the minimum yield required by shareholders as costs.

[0010] The lowest return required by shareholders is called "cost of equity capital" (hereinafter, capital cost), but if this capital cost is recorded as a cost and profit is not calculated, the true profit cannot be calculated. It cannot be said that it is included.

The present invention has been made in consideration of the above problems, and the essence of the present invention is that the present inventor uses the wealth of shareholders, that is, the economic value of a company, based on many years of company management results. In terms of both asset efficiency (quality) and scale expansion (quantity), a new indicator found as a result of continuous pursuit and analysis is used to clearly show shareholder-oriented business conditions. This gives a clear picture of whether shareholders should invest in the company.

[0012] Therefore, the main object of the present invention is not to simply determine the rate of return of a company, but to determine the economic value of the company including an index capable of accurately determining whether or not the company is generating a profit exceeding the cost of capital. It is to provide a method for calculating and creating evaluation information using a computer.

The main purpose is that the economic value evaluation information is created not only for company-wide evaluation of a company but also for department management.

A second object of the present invention is to provide a method of creating economic value evaluation information of a company so that an index as an economic value can be displayed not only as a mathematical expression but also as a graph that is easy to grasp visually. It is in.

[0015] A third object is to create economic value evaluation information at the request of a company or a shareholder by using the above-mentioned creating method using a communication network, and to provide it as an information service. It is an object of the present invention to provide an economic value evaluation diagnostic system for a company.

A fourth object is to collect accounting data for each company section from communication terminals installed in the company section and output economic value evaluation information by using a host computer and a communication network. To provide an economic value evaluation diagnostic system.

[0017]

According to a first aspect of the present invention, there is provided a method for creating economic value information of a company, comprising the steps of: The process of storing the after-tax profit, net operating assets, and the cost of capital ratio data in memory, and based on these data stored in memory,
The economic value evaluation information is obtained by executing the previously prepared formula 9:
Processing for calculating MEP, and MEP thus calculated
Is displayed on the display screen as a combination of the capital efficiency evaluation value calculated by Expression 10 and the net operating assets. Here, Equations 9 and 10 are defined by:

[0018]

(Equation 9)

[0019]

(Equation 10) According to a second aspect, in the first aspect, the MEP is graphically displayed as area information on coordinates using the capital efficiency evaluation value and the net operating assets as reference axes.

A third aspect of the present invention provides a system for evaluating and valuing economic value of a company, comprising a service server provided on a communication network such as the Internet. The service server is transmitted from a specific company through a communication terminal. The accounting data is taken in, the economic value evaluation information is created by the method described in claim 1 or 2, and distributed to the company.

The system for evaluating and valuing economic value of a company according to claim 4 is provided with a service server on a communication network such as the Internet. In the service server, a request from a shareholder or the like for a business diagnosis of a specific company is made. When there is, the financial value evaluation information created by the method described in claim 1 or 2 is distributed from the accounting data already published for the company.

According to a fifth aspect of the present invention, there is provided a system for evaluating and valuing economic value of a company, wherein a communication terminal installed in at least one or more company departments and a host computer having a communication function are connected via a communication network. The host computer, the accounting data transmitted from the communication terminal, the pre-interest profit after tax, net operating assets and a preset capital cost rate are captured as data. , Equation 9 to calculate economic efficiency value information combining the capital efficiency evaluation value calculated by Equation 10 and the net operating assets for each enterprise division: MEP
Is extracted, and the extracted economic value evaluation information is output in a predetermined format. Where Equations 9 and 10
Is the one described in claim 1.

According to a sixth aspect of the present invention, in the fifth aspect of the present invention, the host computer according to the fifth aspect, wherein the host computer displays the MEP calculated for each of the plurality of corporate departments on the same screen.
Is further provided with a function of displaying a graph as area information on the basis of the capital efficiency evaluation value and the net operating assets as reference axes.

[0024] The recording medium according to claim 7, wherein a computer acquires at least one of profit after tax before interest payment, net operating assets, and capital cost ratio from accounting data in at least one or more corporate departments. When,
Based on these data, a calculation step of calculating the economic value evaluation information: MEP by executing Expression 9 is performed. The MEP calculated in this way is converted into the capital efficiency evaluation value calculated by Expression 10, As a combination of the above, a program including a data display step of extracting data for each company section and displaying the data on a display screen is recorded as computer-readable information. Here, Equations 9 and 10 are the same as those adopted in claim 1.

The recording medium according to claim 8 is a processing program for acquiring data after income before interest payment, net operating assets, and a cost of capital ratio, and formula 9 is calculated based on the acquired data. Execution and economic valuation information: M
A calculation program for calculating the EP, and a program for displaying the MEP thus calculated on a display screen as a capital efficiency evaluation value calculated by Expression 10 and area information using the net operating asset as a reference axis, It is recorded as computer-readable information. Here, Equations 9 and 10 are the same as those adopted in claim 1.

[0026]

Embodiments of the present invention will be described below with reference to the drawings and mathematical formulas.

Equation 11 represents the economic value evaluation information (ME
P).

[0028]

[Equation 11] Here, the profit after tax before interest payment and the net operating assets are calculated by the following equations.

Profit after tax before interest payment = Profit after tax +
Interest expenses x (1-effective tax rate) Net operating assets = fixed assets + fixed assets + equity investment + current assets-current liabilities Note that fixed assets are calculated based on land, buildings, power and logistics facilities, etc. Subsidiary account for fixed assets used when the fixed assets account cannot be divided and allocated to each business unit when the fixed assets are shared. This is a sub-account for investment used when it is not possible to divide and allocate the investment account for each business unit, for example, when managing. For net operating assets, the average of the end of the previous term and the end of the current term may be used.

The capital cost ratio is calculated by a weighted average of the interest-bearing debt cost ratio and the shareholders' equity cost ratio, that is, the following formula.

Capital cost rate = interest-bearing debt cost rate (1-effective tax rate) x composition ratio + shareholder equity cost rate x composition ratio The interest-bearing debt cost rate is the interest rate on all debts for which interest must be paid. And the interest rate on the procurement of the company.

The cost of equity capital ratio is represented by the sum of government bond yield and stock investment risk.

For example, the government bond yield is 1.5%, the interest rate on procurement is 0.5%, the equity investment risk is 6%, and the effective tax rate is 5
Assuming that the composition ratio is 40% to 60% assuming 0%, from the above formula, the capital cost ratio = (1.5 + 0.5)% × 40% ×
(100-50)% + (1.5 + 6)% × 60% =
5%.

Therefore, this value is the lowest return expected by the shareholder.

Producing a profit exceeding this capital cost ratio (for example, 5%) is regarded as an increase in corporate value, which means an increase in the wealth of shareholders.

When this is applied to Expression 11, in order to increase the corporate value, it is necessary to make the MEP positive, and if it is negative, the corporate value decreases.

FIG. 1 is a diagram showing the concept of MEP.
Reference numeral 13 denotes a company's balance sheet, and employs the net operating assets 13a on the “asset side” of the balance sheet as invested capital for MEP10 calculation.

Assuming that the net operating asset 13a multiplied by the capital cost rate is the capital cost amount 12, MEP1
0 can also be expressed as MEP10 = profit after tax before interest payment 11-cost of capital 12.

Raising a profit exceeding the capital cost amount of 12 (profit after tax before interest payment 11) increases the corporate value,
As a result, if we want to increase the wealth of shareholders,
MEP10 can be said to be an index that emphasizes the return of profits to shareholders.

Here, the characteristic point is that the invested capital is defined as the net operating asset 13a of the balance sheet. There is an idea that the “capital / liability side” 13b of the balance sheet is the invested capital, but the capital / liability can be grasped only on a company-wide basis, making it difficult for department management.

If the efficiency of profits generated by utilizing the net operating assets 13a, which are the sum of assets directly invested in business activities for each division, exceeds the cost of capital ratio, MEP1
0 becomes positive, and ultimately increases the MEP10 of the entire company, which in turn leads to an increase in corporate value.

Also, by employing the net operating assets 13a recorded for each section, for example, in the business unit which is the minimum management unit, economic value evaluation information (ME
Efforts are made to raise P), and management awareness can be spread.

FIG. 2 is a chart showing an example of MEP counting.

FIG. 2A shows the accounting data as the initial plan, FIG. 2B shows the data when (a) is expanded, and FIG. 2 (c) shows the data when (a) is expanded. Is the data in the case where is reduced and balanced.

FIG. 2B shows the return on invested capital (ROI).
Is calculated, the increase is calculated by calculating the MEP. On the other hand, FIG. 2C shows that the ROI is improved and the ME is improved.
P indicates a decrease.

In other words, it can be said that the MEP is an index that evaluates business expansion and does not evaluate contraction balance.

FIG. 3 is a graphical representation of economic value evaluation information (MEP).

From the accounting data of the corporate sector, the MEP
The profit after tax, the net operating assets, and the cost of capital, which are the bases for calculating the MEP, are stored in the memory or the disk of the computer, and the MEP is calculated by executing Equation 11 based on them. , Which are output to a graph.

In the sample s, the height y of each business unit in the vertical axis direction is the capital efficiency evaluation value (%) obtained from the following equation 12, and the width x of each business unit in the horizontal axis direction is the net operating assets. And the area determined from the height y and the width x is the MEP.

[0050]

(Equation 12) Therefore, it can be judged that the higher the height in the positive direction of the vertical axis, the higher the efficiency of capital, the wider the width, the larger the invested capital, and the larger the area, the larger the MEP value, and the absolute amount of corporate value creation increases. Can be visually judged.

FIG. 4 is a block diagram showing an example of the configuration of a system for diagnosing and evaluating economic value of a company.

In the figure, A stores accounting data and ME
A service server that calculates P, and B is a communication terminal installed in a company.

In this system 20, the service server A
And the communication terminal B are connectable via the Internet L. The communication terminal B transfers the accounting data 1 to the file, and the service server A transmits the economic value evaluation information (MEP) from the accounting data 1. It is calculated and distributed to the communication terminal B in the form of numerical data or chart 2 together with the capital efficiency evaluation value and the net operating assets.

By utilizing this system 20, the president of a small and medium-sized company having no evaluation criteria for his / her own business can easily obtain economic value evaluation information.

Note that the transmission of the accounting data 1 is not limited to file transfer, but may be electronic mail or Web transmission.

Similarly, the numerical data or chart 2
It is provided by e-mail or Web.

FIG. 5 is a block diagram showing another example of the configuration of the economic value evaluation diagnosis system of a company.

In this system 21, in response to a company diagnosis request 3 from a communication terminal B such as a shareholder or an investor,
The service server C calculates the MEP from the public information database 4 owned by the service server C, and distributes it to the communication terminal D in the form of numerical data or chart 2 together with the capital efficiency evaluation value and the net operating assets.

From individual investors who can only refer to data obtained by the conventional management evaluation method from commercially available company information or investment information on the Web page,
It can be provided as a service when there is an inquiry to a specific company as reference material for stock trading.

Specifically, the display screen 3 as shown in FIG.
At 0, the company name or securities code ゛ of the listed company is input from the communication terminal D such as an investor, and in addition to the conventional company information and stock price, the MEP value 31 of the company and the accounting data 32 as the base are entered. It should just be displayed.

The present invention is not limited to the display on the Web page, but may be provided by e-mail.

It should be noted that the disclosed accounting data of the company is not limited to the data in the database, and the accounting data of the requested company may be collected each time a request is made.

Further, as shown in FIG. 7, a system 22 in which a host computer E for calculating the MEP and a communication terminal F can be connected to the computer for each department can be constructed in the company. .

The value evaluation by the MEP is particularly effective in targeting such department units in a company. That is, as described above, the MEP is calculated from the asset side (net operating assets) rather than the capital / liability side of the balance sheet.

In this company system, each communication terminal F
, The accounting data of the department is transmitted to the host computer E, and the host computer E can take in the basic data of the MEP from the accounting data and calculate the MEP.

Further, the program recording medium includes a process for taking in profit before tax, net operating assets, and a cost of capital ratio from the accounting data of the corporate sector, a process for calculating the MEP, a process for evaluating the capital efficiency, As a combination with the operating assets, a program is extracted which is extracted for each company section and displayed on a display screen.

[0067]

As can be understood from the above description, according to the method for preparing economic value evaluation information of a company according to claim 1, economic value evaluation information (a business index which is a shareholder-conscious management index) MEP) can be easily calculated.

The MEP is a value obtained by subtracting the capital cost amount from the profit after tax before interest payment, and is an index of the profit amount exceeding the cost. Earning more than the cost of capital will increase corporate value and ultimately return profits to shareholders. A company that has obtained this MEP value can be convinced that if the MEP value is positive, it is in operation that benefits all interested parties.

By employing the net operating assets as the invested capital, which is the basic data for calculating the MEP, a calculation method suitable for department management can be realized. As a result, efforts are made to increase the economic value evaluation information (MEP) in the business unit, which is the minimum business management unit, and the business consciousness can be spread.

According to the second aspect, since the MEP is represented on the graph and the value of the MEP itself is represented by the area on the graph, the sign of the MEP and the magnitude of the MEP can be visually determined. Not only that, but the capital efficiency evaluation value, which is an element of MEP, is plotted on the vertical axis and the net operating assets are plotted on the horizontal axis, so that companies and departments can be analyzed from both profit margins and assets.

According to the third aspect, the service server for calculating the MEP is provided on the network.
If you connect to a service server and provide your company's accounting data, you can easily make a business diagnosis of your company. In particular, it is effective for the presidents of small and medium-sized companies that do not have an evaluation standard for their management, and plays a role as outsourcing of management diagnosis.

According to the fourth aspect, the service server for calculating the MEP is provided on the network.
Since the MEP is provided based on a request for a business diagnosis for a specific company such as a shareholder, it is effective for individual investors who do not have the ability to collect corporate information.

According to the fifth aspect, the accounting data can be transmitted to the host computer from the communication terminal installed for each department in the company. The accounting data can be totaled by a computer, and the MEP of each department and the whole company can be calculated at the same time.

As a result, for example, it is possible to link to the remuneration of the director in charge of the business division and utilize it for business portfolio management.

According to the sixth aspect, the MEP of each section calculated in the fifth aspect can be displayed as a graph on the same screen as area information. MEPs can be displayed side by side, and all business units can be visually evaluated absolutely or relatively.

According to the recording medium of the present invention, as long as the recording medium is installed in the host computer, the MEP can be calculated for each company section and displayed on the display screen.

According to the recording medium of the present invention, as long as the recording medium is installed on a computer of a company, the MEP can be calculated in the company section and displayed on the display screen as area information. it can.

[Brief description of the drawings]

FIG. 1 is a diagram showing the concept of MEP (economic value evaluation information).

FIG. 2 is a table showing an example of MEP counting.

FIG. 3 is a MEP graph displayed on a display screen.

FIG. 4 is a block diagram showing an example of the configuration of a company's economic value evaluation diagnosis system according to the present invention.

FIG. 5 is a block diagram showing another example of the configuration of the economic value evaluation / diagnosis system of a company according to the present invention.

FIG. 6 is a display screen displayed by the enterprise economic value evaluation and diagnosis system of the present invention.

FIG. 7 is a block diagram showing still another example of the configuration of the economic value evaluation diagnosis system for a company according to the present invention.

FIG. 8 is a table showing calculation formulas of various management indexes and the like.

FIG. 9 is a diagram showing a sample profit and loss statement.

[Explanation of symbols]

 10 Economic Valuation Information (MEP) 11 Profit after tax before interest payment 12 Cost of capital 13a Net operating assets

Claims (8)

[Claims] 1. A process for storing, in at least one of accounting data in at least one or more corporate departments, profit after tax before interest payment, net operating assets, and capital cost ratio in a memory; Based on these data,
The economic value evaluation information is obtained by executing formula 1 prepared in advance:
Processing for calculating the MEP; A process of displaying the MEP thus calculated on the display screen as a combination of the capital efficiency evaluation value calculated by Expression 2 and the net operating assets is executed, and How to create economic valuation information for a company. 2. The economic value of a company according to claim 1, wherein said MEP is graphically displayed as area information on coordinates using said capital efficiency evaluation value and said net operating assets as reference axes. How to create evaluation information. 3. A service server provided on a communication network such as the Internet, wherein the service server captures accounting data transmitted from a specific company through a communication terminal, and reads the accounting data. An economic value evaluation diagnostic system for a company, wherein the economic value evaluation information is created by a method and distributed to the company. 4. A service server is provided on a communication network such as the Internet. In the service server, when a shareholder or the like requests a management diagnosis for a specific company, accounting data already published for that company is provided. Claim 1 or 2
A system for diagnosing economic value evaluation of a company, which distributes economic value evaluation information created by the method described in (1). 5. A system for diagnosing and evaluating the economic value of a company, wherein a communication terminal installed in at least one or more company departments and a host computer having a communication function are connected via a communication network. The host computer captures, as data, the after-tax profit before interest payment, net operating assets, and a preset capital cost ratio from the accounting data transmitted from the communication terminal, and obtains the following equation (3). Is calculated, and economic value evaluation information: MEP combining the capital efficiency evaluation value calculated by Expression 4 and the net operating assets is extracted for each company section, and (Equation 4) Further, a system for diagnosing economic value evaluation of a company which outputs extracted economic value evaluation information in a predetermined format. 6. The computer system according to claim 5, wherein the host computer displays the MEP calculated for each of the plurality of corporate divisions on the same screen as area information using the capital efficiency evaluation value and the net operating assets as reference axes. An economic value evaluation and diagnosis system for enterprises that further includes a display function. 7. A data capturing step of capturing, from accounting data in at least one or more corporate departments, data after income before interest payment, net operating assets, and a cost of capital ratio on a computer, based on these data. A calculation step of calculating economic value evaluation information: MEP by executing the following equation (5); The MEP calculated as described above is used as a combination of the capital efficiency evaluation value calculated by Equation 6 and the net operating asset,
A recording medium in which a program comprising a data display step of extracting data for each company section and displaying the data on a display screen is recorded as computer-readable information. (Equation 6) 8. A processing program for importing each data of profit after tax before interest payment, net operating assets, and cost of capital ratio, and the following formula 7 based on the acquired data:
And a calculation program for calculating the economic value evaluation information: MEP; The MEP calculated in this way is recorded on a display screen as a computer-readable information on a capital efficiency evaluation value calculated by Expression 8 and a program for displaying a graph as area information using the net operating assets as a reference axis. Recording medium. (Equation 8)