The recent financial deregulation and internationalization have caused a great deal of financial risk which is interest rate risk, liquidity risk, and so on, to banking in Japan. Then financial risk management becomes very important, and banks need to manage not only profit, but also risk.

In this paper, we propose the multi-period ALM model. It is the advanced model of the goal-programming model, which is based on the idea of risk management (ALM), and proposed by Hibiki and Fukukawa. The feature of this model is that it can show the plan to manage assets and liabilities in the future, in addition to the feature that it can show the trade-off relation between profit and risk.

Then we can solve this model with goal-programming, in order to treat both profit and risk. And we investigate the usefulness of this model by representing the features and mathematical formulations.

Nowadays, companies are obligated to restructure their business, in order for them to grow in the long-run, under radically changing environments. This paper focuses on the problem of entry into a new business, and tries to build a decision model to assist managers under such circumstances.

The model is presented as a computerized information system or decision support system (DSS).

The model is composed of four sub-decision models which are respectively concerned with the following aspects;

(1) judging whether or not the qualitative requirements for entering a new business are satisfied,

(2) capital budgeting by use of both accounting return on investment and payback period method,

(3) fund procurement decision, and

(4) company wide financial evaluation.

When data of respective environmental and policy variables are introduced, and the sub-models are solved sequentially, solution to the problem of entry into a new business segment is obtained.

The computer program of this DSS consists of seven sub-systems. Managers who watch the menu on the display can receive a rational support for their decision if they select a specific number of sub-systems and run them sequentially. Also, in order to obtain “system-flexibility” under variable circumstances, the “decision table” is used for judgment of qualitative factors and fund procurement decisions. It is easy to renew, partially add and/or delete parts of the decision table depending on the compan's unique conditions. This decision table is a kind of “knowledge-base” of the expert system.

Finally, to verify the usefulness of this DSS, three different cases are tested.

Cash-flow-basis measures have been widely used for evaluating the profitability of capital investment plans. However, since the anticipated cash returns are uncertain, flexible sensitivity analyses with graphical representations are recommended.

In cases of strategic capital investment planning such as developing new products, entering new business areas and so on, the simplified assumption that the stream of net cash flows from each period are uniform would not lead to any practical solution. The sales volume or cash return varies greatly for each stage; introduction, growth, maturity, and declining stages of the project respectively. In addition, in strategic investment planning the degree of the uncertainty of market trends and competitive conditions, etc., is far greater than in ordinary investment projects; that is why more effective sensitivity analyses are needed.

This paper presents the graphic expression of sensitivity analyses which support management decision making regarding effective selection from among alternative capital investment plans having a non-uniform series of cash returns.

Section 1 presents an example of typical sensitivity analisis, assuming a uniform stream of cash returns, and suggests basic problems to be analyzed with regard to investment plans which have a non-uniform cash return. Section 2 proposes the introduction of substitute variables, adjusted annual value of sales volume (or revenue). It presents the method to formulate substitute variables in terms of the concepts of the “pattern of stream” and of the “type of risk.”

Section 3 focuses on the relationship between the adjusted annual value of sales volume and the net annual value of the investment plans. Finally, in section 4, numerical examples of a model company are introduced, and graphical break-even analyses are illustrated.

In this study, we make experiments with numerical data (numerical examples) to the multi-period ALM model, which is based on the idea of risk management (ALM), and proposed by Hibiki and Fukukawa.

The purpose of the experiments with numerical data is that we investigate the features of this model, which can show the trade-off relation between profit and risk, and can show the plan to manage assets and liabilities in the future.

For the purpose, we show four experiments, the comparison of the cases, which have (1) the differnt planning and repricing periods, (2) the differnt goals to the profit and interest rate risk, (3) the different conditions to the risk asset ratio and the ratio of cash to deposits, (4) the different expectation of the short-term market rate.

Then we investigate the usefulness of this model by representing the results of those experiments.

As the business environment has become more mature and varied, we have been compelled to increase our knowledge of the market. When a company intends to increase its profitability in such circumstances, key issues like resource allocation should be carefully considered based on cost and benefit analysis. This requires a thorough knowledge of the market.

This study presents a model which attempts to improve the organization's ability to cope with current market circumstances. A systematic approach has been designed to improve the planning phase of a sales management system, including mechanisms to utilize market information effectively.

Section 1 outlines the major issues involved with a typical sales management system, and discusses directions for improvement. Section 2 describes in detail a sales management system which upper management to respond to market circumstances, while also enabling the development of a sales strategy which coordinates field commitment with corporate resource allocation policies. In Section 3, an EDP system, which supports the efficient operation of sales management system, is featured as a means to reduce huge amounts of information processing. Section 4 discusses the issues remaining to be considered.

Since 1985, Japanese companies has been extended their business abroad, especially to The United State of America. They made rapid progress to their amounts of sales and numbers of employees. But their profits were growing worse. Why did their management's results grow worse.

To make clear that reasons, this thesis analyzes the management characteristics of the Japanese companies, explains their structures of profits and funds affected by the characteristics. But many traditional Japanese companies are difficult to transfer them to the advanced nations. The companies that make much of the global strategies must change their basic management styles, especially their management targets, operations of affiliated firms, if they hope to survive permanently.

The title of this article is “the current tax issues for Japanese enterprises doing business overseas”. The content consists of “1. Foreword”, “2. The global enterprises and their tax issues”, “3. The international transfer pricing issues and the environments surrounding Japanese global enterprises”, “4. How should the Japanese global enterprises cope with the international transfer pricing issues”.

In this article, the author first reviews the major current tax legislative aspects of Japan and the preferable changes to the current Japanese tax laws, which impact Japanese enterprises doing business overseas. Above all, the author reviews the background and the current issues of the international transfer pricing methodology. And finally the author discusses how the Japanese enterprises should cope with the international transfer pricing issues.

1. The themes of management accounting in the management of overseas affiliated companies are as follows;

① Idea for organizing of the Companies with the organization chart of headquarters (HQ).

② Performance measurement and evaluation of the Companies.

③ Report from the Companies to HQ.

④ Risk management (ie., exchange rate, tax system).

2. The keypoints:

① Top management should appoint a VP in HQ responsible for the management of each Company.

(2) The reasonable performance evaluation of the Companies is most important.