@article{oai:ic.repo.nii.ac.jp:00000344,
 author = {Aoki, Sigeo and 青木, 茂男},
 journal = {茨城キリスト教大学紀要　II,社会・自然科学, Journal of Ibaraki Christian University},
 month = {},
 note = {The DCF is the primary valuation method applied for the tender offers, followed by the relative valuation method. Rarely used are replacement value method, relative trading method,DDM, and discounted earnings method. The DDM is applied only for financial institutions. The results of the valuation are shown by a monetary value within a certain range, and multiple results are shown instead of one that is a result of integrating various results. It differs from the judicial precedents that indicate an exact monetary amount by integrating several valuation results. The residual income model (RIM), considered crucial in finance theory, is not applied to the tender offers. The tender offer price often exceeds the upper limit of the range indicated by the relative valuation method or stock market price method, on the other hand, 90% of the amount ranges of the DCF are within the tender offer price. Influencing factors that enlarge the amount range for the DCF include discount rate and terminal values, among others. This enlarged range leads to decreased reliability of the valuation method},
 pages = {171--189},
 title = {「証券市場における株式価値評価」},
 volume = {48},
 year = {2014},
 yomi = {アオキ, シゲオ}
}