2019 年 2019 巻 BI-013 号 p. 02-
The number of M&A and IPO implementations has been increasing year by year, and the capitalmarket has become more active. Along with those situations, when a manager examines M&A and IPO, thecorporate value calculation is an important decision-making index. This paper attempts to improve theaccuracy of selecting similar companies in the process of comparable company analysis and DCF methods.Specifically, Sparse Composite Document Vector (SCDV) was created based on published patentdocuments. Next, similar companies were selected by calculating the distance between companies from thedocument vector made by SCDV.