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The Stock Listing and Business Value Estimation of Japan Post Holdings
Hideki, Fujii,Masashi, Watanabe,Natsuko, Yokoyama 한국국제회계학회 2014 국제회계연구 Vol.0 No.57
2012년 4월 27일 우정서비스 민영화와 관련 법의 부분적인 개정에 따라, 일본의 우정 그룹은 주식상장 계획을 발표했다. 이 계획의 주요한 핵심은, 정부가 100% 지배하고 있고 우정 그룹의 홀딩기업인 일본 우정 홀딩스(JPH)가 2015년 봄을 목표로 그 주식의 공매를 시작하는 것이고 주식의 판매대금은 2011년의 동일본 지진의 피해지역의 복구 기금으로 충당하는 것이다. 이 연구는 공시된 재무정보를 이용하여 JPH의 기업가치를 평가할 것이다. 이는 미래의 우정서비스의 개혁의 전제이며 특히 주식상장의 주요 쟁점이기도 하다. 따라서 본 연구에서는 잔여이익모델을 이용하여 민감도분석을 실행하였다. 본 연구의 결과는 PBR>1과 자본코스트가 4% 또는 5% 보다 작은 조건에서 JPH의 기업가치는 5.06조 에서 8.61조 엔(49.2십억에서 83.8십억 미국달러) 또는 5.81조에서 7.59조 엔(56.2십억 73.8십억 미국달러)의 범위에서 평가되었다. Following the enactment of the “Act for Partial Revision of the Postal Service Privatization Act and Others” on April 27, 2012, the Japan Post Group announced a stock listing plan. The main point of this plan is that Japan Post Holdings (JPH), a 100% government-owned holding company of the group, will start selling its shares, with a target period of autumn 2015 and that the proceeds from the sale of shares are supposed to be devoted to funding reconstruction in the area damaged by the Great East Japan Earthquake 2011. This paper seeks to estimate, based on published financial information, the business value of JPH, which is an important premise for the debate regarding future postal service reforms, and, the issue of the stock listing in particular. For this purpose, we use what is called the “residual income model,” in which the research takes on the nature of a sensitivity analysis. Our research results reveal that the business value of JPH can be estimated to be in the range of 5.06 to 8.61 trillion yen (49.2 to 83.8 billion US dollar), or 5.81 to 7.59 trillion yen (56.2 to 73.8 billion US dollar), and that to achieve a PBR > 1, capital cost must be less than 5% or 4%.
Corrosion on Steel Surfaces with Sea-Salt Deposition and Artificial Seawater Film
Katayama, Hideki,Yamamoto, Masahiro,Kodama, Toshiaki,Nagasawa, Makoto,Itagaki, Masayuki,Watanabe, Kunihiro 한국부식방식학회 2004 Corrosion Science and Technology Vol.3 No.2
The conditions to simulate the atmospheric corrosion behavior in the laboratory were investigated to clarify atmospheric corrosion mechanism of steel material in coastal area. For airborne sea salt and artificial seawater droplet, the various behaviors were observed by optical microscope. The particle size of the dried airborne sea salt was about 20 ㎛, and was about 1/10 compared with the artificial seawater droplet. Though the airborne sea salt represented the same behavior as the thermodynamic water absorption, the behavior of the artificial seawater droplet deviated from the results of the thermodynamic calculation. It is concluded that the water absorption behavior is influenced by the particle size of the dried sea salt. The corrosion behaviors of carbon steels were observed under the deposited condition of airborne sea salt and artificial seawater droplet. The corrosion behaviors showed a different trend, indicating that the corrosion behavior depended on the particle size of the dried sea salt. The corrosion in the actual environment progressed greater than that in the chamber. Furthermore, the summer showed the greater corrosion than the spring. It is found that the corrosion behaviors are attributed to the influence of the environmental factors.
Masashi Utsumi,Hideki Aoki,Seiichi Nagahisa,Seitaro Nishimura,Yuta Une,Yuji Kimura,Megumi Watanabe,Fumitaka Taniguchi,Takashi Arata,Koh Katsuda,Kohji Tanakaya 대한외과학회 2020 Annals of Surgical Treatment and Research(ASRT) Vol.99 No.1
Purpose: Postoperative pancreatic fistula (POPF) is the most important factor affecting morbidity and mortality after pancreaticoduodenectomy (PD). Patients with a high controlling nutritional status (CONUT) score, which is used to assess nutritional status, are expected to have high morbidity rates. This study aimed to determine the usefulness of the CONUT score. Methods: Data from 97 consecutive cases of PD performed in the Department of Surgery of Iwakuni Clinical Center, from April 2008 to May 2018, were included. Preoperative patient data, including sex, age, and hypertension, and postoperative complication data were collected to analyze pancreatic fistula occurrence. Results: Of the 97 patients, 2 9 patients (29.8%) were diagnosed with POPF ≥ B, with 26 cases (26.8%) classified as grade B and 3 (3.1%) as grade C. The mortality rate was 2.1% (2 of 97). In the univariate analysis, a significant association was observed between POPF and the following factors: body mass index (BMI) ≥ 22 kg/m2, high CONUT score, nonpancreatic carcinoma, and CT attenuation values. In multivariate analysis, BMI ≥ 22 kg/m2 (odds ratio [OR], 6.16; P < 0.001), high CONUT score (OR, 3.77; P = 0.009), nonpancreatic carcinoma (OR, 5.72; P = 0.009), and CT attenuation values (late/early ratio) in the pancreas (OR, 9.07; P = 0.006) were independent risk factors for POPF. Conclusion: Patients with a high CONUT score are at high risk of POPF. Further study correlating preoperative nutritional intervention with risk of POPF is necessary
Abe, Iku,Kinoshita, Takahiro,Kaito, Akio,Sunagawa, Hideki,Watanabe, Masahiro,Sugita, Shizuki,Tonouchi, Akiko,Sato, Reo The Korean Gastric Cancer Association 2017 Journal of gastric cancer Vol.17 No.2
The role of nodal station No. 14v (along the superior mesenteric vein) in lymphadenectomy for distal gastric cancer remains elusive. A 73-year-old woman underwent endoscopic submucosal dissection for gastric cancer, and was referred to our division for additional surgery because of pathologically non-curative resection. A laparoscopic distal gastrectomy with D1+ dissection was performed, with a final diagnosis of pT1bN1M0, Stage IB (2 nodal metastases to No. 6). Four months post-surgery, abdominal computed tomography revealed a 14-mm solitary nodule along the superior mesenteric vein. The lesion was excised and pathologically identified as a lymph node metastasis. Adjuvant chemotherapy with tegafur-gimeracil-oteracil potassium (S-1) was administered for the metastasis. Presently the patient survives without recurrence, 5.5 years after the second operation. Our findings suggest that there is lymphatic flow from the No. 6 to the No. 14v nodal station. Some patients with a No. 6 metastasis may benefit from a No. 14v lymphadenectomy, even in early-staged disease.
Iku Abe,Takahiro Kinoshita,Akio Kaito,Hideki Sunagawa,Masahiro Watanabe,Shizuki Sugita,Akiko Tonouchi,Reo Sato 대한위암학회 2017 Journal of gastric cancer Vol.17 No.2
The role of nodal station No. 14v (along the superior mesenteric vein) in lymphadenectomy for distal gastric cancer remains elusive. A 73-year-old woman underwent endoscopic submucosal dissection for gastric cancer, and was referred to our division for additional surgery because of pathologically non-curative resection. A laparoscopic distal gastrectomy with D1+ dissection was performed, with a final diagnosis of pT1bN1M0, Stage IB (2 nodal metastases to No. 6). Four months post-surgery, abdominal computed tomography revealed a 14-mm solitary nodule along the superior mesenteric vein. The lesion was excised and pathologically identified as a lymph node metastasis. Adjuvant chemotherapy with tegafur- gimeracil-oteracil potassium (S-1) was administered for the metastasis. Presently the patient survives without recurrence, 5.5 years after the second operation. Our findings suggest that there is lymphatic flow from the No. 6 to the No. 14v nodal station. Some patients with a No. 6 metastasis may benefit from a No. 14v lymphadenectomy, even in early-staged disease.