経営課題にAIを!ビジネスインフォマティクス研究会 (第13回)
JSAI Special Interest Group on Business Informatics (SIG-BI #13).

21Selection of comparable company using patent document vectors
111

1Shohei FUJIWARA1, Yusuke MATSUMOTO1, Aiko SUGE1 and Hiroshi TAKAHASHI1
1
1

Graduate School of Business Administration, Keio University

Abstract: The number of M&A and IPO implementations has been increasing year by year, and the capital
market 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.
SparseComposite Document Vector
IPO

SCDV

M&A(2019))

M&A

2-1.IPO

1
IPO

JASDAQ
33.4%(2008)
1984~2005
2005

110.7%
1

Kutsuna(2009)(2010)
DCF(2010)

3
M&AIPO(2010)
Kim and Ritter (1999)

Purnanandam and Swaminathan (2004)

経営課題にAIを!ビジネスインフォマティクス研究会 (第13回)
JSAI Special Interest Group on Business Informatics (SIG-BI #13)

1980-1997

!

200

60
3%

2-2.M&A"#$%%%%⃗'(

1

M&ATOB"#$%%%%⃗'(

20062008)⊕(,~()

IDF N
2DCF
"2⃗$'
(2) (3)(2010)
IPO

!01

SCDV

(1)

"#$
%%%%⃗'( = "$' × 5(6( |"' )?
9:;1 = <=>
+1
!01

(1)

"2⃗$' = 9:;1 ×⊕(,~() "#$%%%%⃗'((3)

M&A(2009) Matsumoto(2018)

Figure 1
12000

SCDV

3.

t-SNE

(2)

29020
Year

2002

2015
776

612,544
Thomson Reuters
DWPI Derwent World Patent Index4.
3

Jaffe (1986)
StuartPodolny (1996)
Hall Jaffe
Trajtenberg (2005)
Figure 1.9020
Loughran Mcdonald (2011)
KHoberg Phillips (2010)
From 10-Vivek Bhargavi Harish (2017)(2019)

Bag of Words
Dheeraj
SCDV

12000

5.
2002

2015
776

Figure 29020
20

Skip-Gram model

SCDV

経営課題にAIを!ビジネスインフォマティクス研究会 (第13回)
JSAI Special Interest Group on Business Informatics (SIG-BI #13)

[4]

[5]
[6]

[7]

[8]

Figure 2.

9020

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Japanese Evidence, The Journal of Finance, vol.64, No.1,pp.505-546, (2009)
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new industrial classification through fuzzy clustering,
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Really Underpriced? The Review of Financial Studies,
Vol .17, No. 3, pp.811-848, (2004)[10] Stuart, T. E., & Podolny, J. M.: Local search and theSCDV

6.
SCDV

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27(2019)