Abstract
As far as financial accounting is concerned, cash (and securities held) in the amount of 100 on balance sheet of audited filing documents shall be valued at 100. With respect to management accounting or VBM (Value-Based Management), however, is it really 100 ? From the viewpoint of valuation, that is market assessment, certain market data or empirical research suggests that value of cash (and securities held) of Japanese entities is worth circa 50. Given the deviation thereof, investor survey has been conducted to obtain implications on qualitative assessment of the market. With that intelligence, in a bid to mitigate the dichotomy behind discount, as VBM, corporate governance and accountability of Equity Spread and capital budgeting are hereby proposed.
