![](\"https:\/\/www.ht-tax.or.jp\/navi\/cms\/wp-content\/uploads\/2025\/08\/F5yhYTWcVRx0B7Nn1QSOoeIHw-1750129561.png\")
<\/p>\n
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\u307e\u305f\u3001\u5236\u5ea6\u7684\u3001\u5b9f\u52d9\u7684\u306a\u89b3\u70b9\u304b\u3089\u5229\u7528\u304c\u96e3\u3057\u3044\u30b1\u30fc\u30b9<\/strong>\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n \u3053\u306e\u7ae0\u3067\u306f\u3001DCF\u6cd5\u3092\u4f7f\u3046\u969b\u306b\u6ce8\u610f\u3059\u3079\u304d\u4e3b\u306a\u30c7\u30e1\u30ea\u30c3\u30c8<\/span><\/strong>\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n DCF\u6cd5\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u3068\u3044\u3046\u69cb\u9020\u4e0a\u3001\u524d\u63d0\u3068\u306a\u308b\u4e8b\u696d\u8a08\u753b\u306e\u8cea\u304c\u305d\u306e\u307e\u307e\u8a55\u4fa1\u7d50\u679c\u306e\u4fe1\u983c\u6027\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/strong><\/p>\n \u8a08\u7b97\u81ea\u4f53\u306f\u6570\u5f0f\u306b\u57fa\u3065\u304f\u3082\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u524d\u63d0\u3068\u306a\u308b\u6570\u5024\u3084\u4eee\u5b9a\u304c\u4e0d\u660e\u78ba\u30fb\u975e\u73fe\u5b9f\u7684\u3067\u3042\u308b\u5834\u5408\u3001\u8a55\u4fa1\u7d50\u679c\u305d\u306e\u3082\u306e\u306e\u8aac\u5f97\u529b\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/strong><\/p>\n DCF\u6cd5\u3092\u6d3b\u7528\u3059\u308b\u306b\u306f\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u304c\u660e\u78ba\u304b\u3064\u6574\u5408\u6027\u306e\u3042\u308b\u4e2d\u9577\u671f\u306e\u4e8b\u696d\u8a08\u753b\u3092\u6301\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u4e8b\u5b9f\u4e0a\u306e\u524d\u63d0\u6761\u4ef6\u3068\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n DCF\u6cd5\u306b\u306f\u3001\u8a2d\u5b9a\u3059\u308b\u4eee\u5b9a\u304c\u308f\u305a\u304b\u306b\u7570\u306a\u308b\u3060\u3051\u3067\u4f01\u696d\u4fa1\u5024\u304c\u5927\u304d\u304f\u5909\u308f\u3063\u3066\u3057\u307e\u3046\u30ea\u30b9\u30af<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n \u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u6210\u9577\u7387\u3001\u5272\u5f15\u7387\u306a\u3069\u3001\u8907\u6570\u306e\u524d\u63d0\u6761\u4ef6\u3092\u5143\u306b\u8a08\u7b97\u3059\u308b\u305f\u3081\u3001\u5404\u6570\u5024\u306e\u9055\u3044\u304c\u4e57\u7b97\u7684\u306b\u7d50\u679c\u306b\u5f71\u97ff\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n \u4f8b\u3048\u3070\u3001\u5272\u5f15\u7387\u3092\u308f\u305a\u304b1\uff05\u5909\u66f4\u3059\u308b\u3060\u3051\u3067\u3082\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u984d\u304c\u6570\u5341\uff05\u4ee5\u4e0a\u5909\u52d5\u3059\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u5f97\u307e\u3059\u3002<\/p>\n \u3053\u306e\u3088\u3046\u306b\u3001DCF\u6cd5\u306f\u524d\u63d0\u8a2d\u5b9a\u306b\u904e\u5ea6\u306b\u654f\u611f\u3067\u3042\u308b\u305f\u3081\u3001\u4eee\u5b9a\u304c\u66d6\u6627\u306a\u5834\u5408\u3084\u4e3b\u89b3\u304c\u5165\u308a\u3084\u3059\u3044\u5834\u5408\u306b\u306f\u3001\u8a55\u4fa1\u7d50\u679c\u306e\u4fe1\u983c\u6027\u304c\u7591\u308f\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n DCF\u6cd5\u306f\u4f01\u696d\u306e\u5c06\u6765\u3092\u4e88\u6e2c\u3059\u308b\u5f62\u5f0f\u3067\u3042\u308b\u305f\u3081\u3001\u3069\u3046\u3057\u3066\u3082\u4e3b\u89b3\u304c\u5165\u308a\u3084\u3059\u304f\u3001\u5ba2\u89b3\u6027\u306b\u6b20\u3051\u308b\u3068\u307f\u306a\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u306e\u524d\u63d0\u306b\u3001\u7d4c\u55b6\u8005\u306e\u610f\u56f3\u3084\u671f\u5f85\u304c\u5927\u304d\u304f\u53cd\u6620\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u4fdd\u5b88\u7684\u306a\u898b\u7a4d\u3082\u308a\u3068\u697d\u89b3\u7684\u306a\u898b\u7a4d\u3082\u308a\u3067\u306f\u7d50\u679c\u304c\u8457\u3057\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n \u4f8b\u3048\u3070\u540c\u3058\u4f01\u696d\u3067\u3082\u3001\u58f2\u4e0a\u6210\u9577\u7387\u3092 5\uff05 \u3068\u8a2d\u5b9a\u3059\u308b\u304b 8\uff05 \u3068\u8a2d\u5b9a\u3059\u308b\u304b\u306b\u3088\u3063\u3066\u3001DCF \u8a55\u4fa1\u984d\u304c\u6570\u5104\u5186\u5358\u4f4d\u3067\u5909\u52d5\u3059\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n \u305d\u306e\u305f\u3081\u3001DCF\u6cd5\u306e\u8a55\u4fa1\u7d50\u679c\u306f\u3001\u8a55\u4fa1\u8005\u306e\u30d0\u30a4\u30a2\u30b9\u3092\u6392\u9664\u3059\u308b\u5de5\u592b\u3084\u3001\u7b2c\u4e09\u8005\u306b\u3088\u308b\u691c\u8a3c\u304c\u4e0d\u53ef\u6b20\u3068\u3055\u308c\u307e\u3059\u3002<\/p>\n DCF\u6cd5\u306f\u3001\u76f8\u7d9a\u7a0e\u8a55\u4fa1\u3084\u4f01\u696d\u6e05\u7b97\u3068\u3044\u3063\u305f\u300c\u5b9f\u5728\u4fa1\u5024\u306e\u628a\u63e1\u300d\u304c\u76ee\u7684\u306e\u5834\u9762\u306b\u306f\u9069\u3057\u307e\u305b\u3093\u3002<\/strong><\/p>\n DCF\u6cd5\u304c\u91cd\u8996\u3059\u308b\u306e\u306f\u5c06\u6765\u306e\u53ce\u76ca\u6027\u3067\u3042\u308a\u3001\u73fe\u6642\u70b9\u3067\u306e\u4fdd\u6709\u8cc7\u7523\u306e\u6642\u4fa1\u8a55\u4fa1\u3084\u6e05\u7b97\u4fa1\u5024\u3092\u53cd\u6620\u3059\u308b\u624b\u6cd5\u3067\u306f\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/strong><\/p>\n 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DCF\u6cd5\u306e\u8a08\u7b97\u306b\u306f\u9ad8\u5ea6\u306a\u8ca1\u52d9\u77e5\u8b58\u3068\u30c7\u30fc\u30bf\u51e6\u7406\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001\u793e\u5185\u30ea\u30bd\u30fc\u30b9\u3060\u3051\u3067\u6b63\u78ba\u306a\u8a55\u4fa1\u3092\u884c\u3046\u3053\u3068\u306f\u5bb9\u6613\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/span><\/p>\n \u5c06\u6765\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u898b\u7a4d\u3082\u308a\u3084WACC\u306e\u8a08\u7b97\u3001\u8907\u6570\u30b7\u30ca\u30ea\u30aa\u306e\u5206\u6790\u306b\u306f\u3001\u4f1a\u8a08\u30fb\u8ca1\u52d9\u30fb\u7d4c\u6e08\u306e\u8907\u5408\u7684\u306a\u77e5\u8b58\u304c\u6c42\u3081\u3089\u308c\u308b\u3046\u3048\u3001\u4f7f\u7528\u3059\u308b\u30a8\u30af\u30bb\u30eb\u30e2\u30c7\u30eb\u3082\u8907\u96d1\u306b\u306a\u308a\u304c\u3061\u3067\u3059\u3002<\/strong><\/p>\n \u7279\u306b\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u7d4c\u55b6\u4f01\u753b\u90e8\u9580\u304c\u5b58\u5728\u3057\u306a\u304b\u3063\u305f\u308a\u3001\u5916\u90e8\u306e\u516c\u8a8d\u4f1a\u8a08\u58eb\u3084\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u306b\u4f9d\u983c\u3057\u306a\u3051\u308c\u3070\u6b63\u78ba\u306aDCF\u5206\u6790\u304c\u3067\u304d\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n \u7d50\u679c\u3068\u3057\u3066\u3001\u30b3\u30b9\u30c8\u3084\u6642\u9593\u304c\u304b\u304b\u308a\u3059\u304e\u3066\u3001DCF\u6cd5\u304c\u73fe\u5b9f\u7684\u306a\u9078\u629e\u80a2\u306b\u306a\u3089\u306a\u3044\u4f01\u696d\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n DCF\u6cd5\u306f\u4f01\u696d\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u7740\u76ee\u3059\u308b\u300c\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u306b\u57fa\u3065\u3044\u305f\u8a55\u4fa1\u65b9\u6cd5<\/strong>\u3067\u3059\u304c\u3001\u4ed6\u306b\u3082\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u306b\u306f\u300c\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3084\u300c\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n \u3069\u306e\u65b9\u6cd5\u306b\u3082\u4e00\u9577\u4e00\u77ed\u304c\u3042\u308a\u3001\u4f01\u696d\u306e\u7f6e\u304b\u308c\u3066\u3044\u308b\u72b6\u6cc1\u3084\u8a55\u4fa1\u306e\u76ee\u7684\u306b\u3088\u3063\u3066\u3001\u9069\u3057\u305f\u624b\u6cd5\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n \u3053\u306e\u7ae0\u3067\u306f\u3001\u4ee3\u8868\u7684\u306a\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\u3068DCF\u6cd5\u3068\u306e\u9055\u3044\u3092\u6bd4\u8f03\u3057\u306a\u304c\u3089\u3001\u5404\u624b\u6cd5\u306e\u7279\u5fb4\u3068\u9069\u7528\u5834\u9762\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n DCF\u6cd5\u3068\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u65b9\u6cd5\u306e\u6bd4\u8f03\u8868<\/p>\n \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001DCF\u6cd5\u3068\u6bd4\u3079\u3066\u5e02\u5834\u5b9f\u52e2\u3092\u53cd\u6620\u3057\u305f\u76f8\u5bfe\u8a55\u4fa1\u304c\u3067\u304d\u308b\u70b9\u304c\u5927\u304d\u306a\u7279\u5fb4\u3067\u3059\u3002<\/strong><\/span><\/p>\n \u5b9f\u969b\u306b\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u540c\u696d\u4ed6\u793e\u306e\u682a\u4fa1\u500d\u7387\uff08PER \u3084 EV\/EBITDA \u306a\u3069\uff09\u3092\u53c2\u7167\u3057\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u3066\u4f01\u696d\u4fa1\u5024\u3092\u63a8\u8a08\u3057\u307e\u3059\u3002<\/strong><\/span><\/p>\n \u4f8b\u3048\u3070\u3001\u540c\u696d\u4ed6\u793e\u306e\u5e73\u5747EBITDA\u500d\u7387\u304c8\u500d\u3067\u3042\u308a\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306eEBITDA\u304c10\u5104\u5186\u306a\u3089\u3001\u305d\u306e\u4f01\u696d\u4fa1\u5024\u306f\u304a\u304a\u3080\u306d80\u5104\u5186\u3068\u898b\u7a4d\u3082\u3089\u308c\u308b\u3001\u3068\u3044\u3063\u305f\u7b97\u5b9a\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u5e02\u5834\u306e\u52d5\u5411\u3092\u53cd\u6620\u3067\u304d\u308b\u305f\u3081\u3001\u7279\u306b\u4e0a\u5834\u4f01\u696d\u3084\u696d\u754c\u5e73\u5747\u304c\u660e\u78ba\u306a\u5834\u5408\u306b\u306f\u3001DCF\u6cd5\u3088\u308a\u3082\u8fc5\u901f\u304b\u3064\u7d0d\u5f97\u611f\u306e\u3042\u308b\u8a55\u4fa1\u3092\u884c\u3044\u3084\u3059\u3044\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n <\/span>\u305d\u306e\u305f\u3081\u3001<\/span><\/strong>\u5b9f\u52d9\u3067\u306fDCF\u6cd5\u3068\u306e\u4f75\u7528\u306b\u3088\u308a\u30af\u30ed\u30b9\u30c1\u30a7\u30c3\u30af\u3068\u3057\u3066\u5b9f\u65bd\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u53cd\u6620\u3057\u306a\u3044\u3068\u3044\u3046\u610f\u5473\u3067DCF\u6cd5\u3068\u306f\u5bfe\u7167\u7684\u306a\u8a55\u4fa1\u65b9\u6cd5\u3067\u3059\u3002<\/strong><\/p>\n \u3053\u306e\u624b\u6cd5\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u8a18\u8f09\u3055\u308c\u305f\u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u6642\u4fa1\u3067\u518d\u8a55\u4fa1\u3057\u3066\u7d14\u8cc7\u7523\u3092\u7b97\u51fa\u3057\u3001\u305d\u306e\u5dee\u984d\u3092\u4f01\u696d\u4fa1\u5024\u3068\u3059\u308b\u305f\u3081\u3001\u73fe\u5728\u306e\u8ca1\u7523\u7684\u4fa1\u5024\u3057\u304b\u8003\u616e\u3057\u307e\u305b\u3093\u3002<\/strong><\/p>\n \u4f8b\u3048\u3070\u3001\u6280\u8853\u529b\u3084\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u3092\u6301\u3064\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u3067\u3082\u3001\u8cc7\u7523\u304c\u5c11\u306a\u3051\u308c\u3070\u7d14\u8cc7\u7523\u6cd5\u306b\u304a\u3044\u3066\u306f\u3001\u4f4e\u3044\u8a55\u4fa1\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n \u305d\u306e\u305f\u3081\u3001\u5c06\u6765\u53ce\u76ca\u304c\u898b\u8fbc\u307e\u308c\u308b\u6210\u9577\u4f01\u696d\u306b\u306f\u4e0d\u5411\u304d\u3067\u3042\u308a\u3001\u3080\u3057\u308d\u6e05\u7b97\u6642\u306e\u8a55\u4fa1\u3084\u3001\u53ce\u76ca\u6027\u306e\u4f4e\u3044\u4f01\u696d\u306e\u7b97\u5b9a\u6642\u306b\u5229\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u624b\u6cd5<\/strong>\u3067\u3059\u3002<\/p>\n \u76f4\u63a5\u9084\u5143\u6cd5\u3067\u306f\u3001DCF\u6cd5\u3068\u540c\u3058\u304f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u53ce\u76ca\u3092\u91cd\u8996\u3057\u307e\u3059\u304c\u3001\u53ce\u76ca\u306e\u8a55\u4fa1\u671f\u9593\u304c\u7570\u306a\u308b\u3068\u3044\u3046\u70b9\u3067\u5927\u304d\u306a\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n DCF\u6cd5\u306f\u5c06\u6765\u8907\u6570\u5e74\u306b\u308f\u305f\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3066\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304d\u307e\u3059\u304c\u3001\u76f4\u63a5\u9084\u5143\u6cd5\u306f1\u5e74\u5206\u306a\u3069\u4e00\u5b9a\u671f\u9593\u306e\u7d14\u53ce\u76ca\u306b\u9084\u5143\u7387\u3092\u9069\u7528\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/strong><\/p>\n \u76f4\u63a5\u9084\u5143\u6cd5\u3092\u7528\u3044\u305f\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u306f\u30011\u5e74\u9593\u306e\u7d14\u53ce\u76ca\u304c1\u5104\u5186\u3001\u9084\u5143\u5229\u56de\u308a\u304c5%\u3067\u3042\u308c\u3070\u3001\u4f01\u696d\u307e\u305f\u306f\u8cc7\u7523\u306e\u4fa1\u5024\u306f20\u5104\u5186\u3068\u898b\u7a4d\u3082\u3089\u308c\u308b\u3053\u3068\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n \u76f4\u63a5\u9084\u5143\u6cd5\u306fDCF\u6cd5\u3088\u308a\u3082\u8a08\u7b97\u304c\u7c21\u4fbf\u3067\u3001\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u304c\u898b\u8fbc\u307e\u308c\u308b\u4e8b\u696d\u3084\u4e0d\u52d5\u7523\u306a\u3069\u306b\u7528\u3044\u3089\u308c\u308b\u4e00\u65b9\u3001\u5c06\u6765\u5909\u52d5\u304c\u5927\u304d\u3044\u4e8b\u696d\u306b\u306f\u9069\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/strong><\/p>\n DDM\u6cd5\uff08\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff09\u306fDCF\u6cd5\u3068\u540c\u3058\u304f\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u5c5e\u3057\u307e\u3059\u304c\u3001\u4f01\u696d\u4fa1\u5024\u306e\u5272\u308a\u51fa\u3057\u65b9\u306b\u6839\u672c\u7684\u306a\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n DCF\u6cd5\u304c\u4f01\u696d\u5168\u4f53\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u57fa\u306b\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001DDM\u6cd5\u306f\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u5b9f\u969b\u306b\u652f\u6255\u308f\u308c\u308b\u914d\u5f53\u91d1\u3060\u3051\u3092\u3082\u3068\u306b\u8a55\u4fa1\u3057\u307e\u3059\u3002\u5272\u5f15\u7387\u3082\u3001DCF\u6cd5\u3067\u306fWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u7528\u3044\u308b\u4e00\u65b9\u3067\u3001DDM\u6cd5\u3067\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/strong><\/p>\n \u5b89\u5b9a\u7684\u306b\u914d\u5f53\u3092\u51fa\u3057\u3066\u3044\u308b\u6210\u719f\u4f01\u696d\u3067\u306f\u30011\u682a\u3042\u305f\u308a\u306e\u5e74\u9593\u914d\u5f53\u304c100\u5186\u3067\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c5%\u3067\u3042\u308c\u3070\u30011\u682a\u3042\u305f\u308a\u306e\u7406\u8ad6\u682a\u4fa1\u306f2,000\u5186\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n DDM\u6cd5\u306f\u914d\u5f53\u65b9\u91dd\u304c\u660e\u78ba\u306a\u4f01\u696d\u306b\u304a\u3044\u3066\u306f\u6709\u52b9\u3067\u3059\u304c\u3001\u7121\u914d\u3084\u6210\u9577\u91cd\u8996\u306e\u4f01\u696d\u306b\u306f\u9069\u7528\u304c\u56f0\u96e3\u3067\u3059<\/strong>\u3002DCF\u6cd5\u306e\u65b9\u304c\u3001\u3088\u308a\u5305\u62ec\u7684\u306b\u4f01\u696d\u306e\u7d4c\u6e08\u4fa1\u5024\u3092\u628a\u63e1\u3067\u304d\u308b\u624b\u6cd5\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09<\/span><\/strong>\u306f\u3001\u5c02\u9580\u77e5\u8b58\u3068\u5b9f\u52d9\u7d4c\u9a13\u306e\u4e21\u65b9\u3092\u5fc5\u8981\u3068\u3059\u308b\u8907\u96d1\u306a\u696d\u52d9\u3067\u3059\u3002<\/p>\n \u7279\u306bDCF\u6cd5\u306e\u3088\u3046\u306b\u3001\u5c06\u6765\u306e\u4e8b\u696d\u8a08\u753b\u3084\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u898b\u7a4d\u3082\u308a\u3092\u524d\u63d0\u3068\u3059\u308b\u624b\u6cd5\u3067\u306f\u3001\u524d\u63d0\u6761\u4ef6\u306e\u8a2d\u5b9a\u4e00\u3064\u3067\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u305f\u3081\u3001\u5ba2\u89b3\u6027\u3068\u6574\u5408\u6027\u3092\u62c5\u4fdd\u3059\u308b\u306b\u306f\u5c02\u9580\u5bb6\u306e\u95a2\u4e0e\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n \u8fbb\u30fb\u672c\u90f7FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001M&A\u3001\u4e8b\u696d\u627f\u7d99\u3001\u682a\u4fa1\u7b97\u5b9a\u3001\u6e1b\u640d\u5224\u5b9a\u3001\u6295\u8cc7\u5224\u65ad\u306a\u3069\u3001\u3042\u3089\u3086\u308b\u30b7\u30fc\u30f3\u306b\u5bfe\u5fdc\u3057\u305f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u652f\u63f4\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n \u516c\u8a8d\u4f1a\u8a08\u58eb\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u58eb\u696d\u306b\u3088\u308b\u5c02\u9580\u5bb6\u30c1\u30fc\u30e0\u304c\u5728\u7c4d\u3057\u3066\u304a\u308a\u3001\u8907\u6570\u306e\u8a55\u4fa1\u624b\u6cd5\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u9ad8\u5ea6\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u3082\u5bfe\u5fdc\u53ef\u80fd\u3067\u3059\u3002<\/p>\n 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DCF\u6cd5\u306e\u4e3b\u306a\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/p>\n \u30fb\u524d\u63d0\u3068\u306a\u308b\u4e8b\u696d\u8a08\u753b\u306e\u7cbe\u5ea6\u306b\u8a55\u4fa1\u7d50\u679c\u304c\u5927\u304d\u304f\u4f9d\u5b58\u3059\u308b\u305f\u3081\u3001\u5ba2\u89b3\u6027\u3092\u4fdd\u3064\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3002<\/p>\n \u30fb\u6e05\u7b97\u3084\u76f8\u7d9a\u306a\u3069\u3001\u5c06\u6765\u53ce\u76ca\u306e\u898b\u7a4d\u3082\u308a\u304c\u56f0\u96e3\u306a\u5834\u9762\u3067\u306f\u4e0d\u5411\u304d\u306a\u5834\u5408\u304c\u3042\u308b\u3002<\/p>\n \u8a18\u4e8b\u306e\u30dd\u30a4\u30f3\u30c8<\/strong><\/p>\n \u30fbDCF\u6cd5\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u57fa\u306b\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4ee3\u8868\u7684\u624b\u6cd5\u3002<\/p>\n 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DCF\u6cd5\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u5404\u624b\u6cd5\u306b\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u5f37\u307f\u3068\u9650\u754c\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u6700\u9069\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u9078\u3073\u3001\u5fc5\u8981\u3067\u3042\u308c\u3070\u4fe1\u983c\u3067\u304d\u308b\u5c02\u9580\u5bb6\u3068\u9023\u643a\u3059\u308b\u3053\u3068\u304c\u3001\u3088\u308a\u78ba\u304b\u306a\u610f\u601d\u6c7a\u5b9a\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n 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DCF\u6cd5\u3092\u7528\u3044\u308b\u30e1\u30ea\u30c3\u30c8<\/h2>\n
2-1. \u4eca\u5f8c\u306e\u6210\u9577\u3084\u76f8\u4e57\u52b9\u679c\u3092\u4e8b\u696d\u8a08\u753b\u306b\u53cd\u6620\u3055\u305b\u3066\u7b97\u51fa\u3057\u3084\u3059\u3044<\/h3>\n
2-1-1. \u4f01\u696d\u56fa\u6709\u306e\u6761\u4ef6\u306a\u3069\u3092\u3042\u308b\u7a0b\u5ea6\u67d4\u8edf\u306b\u7b97\u51fa\u3067\u304d\u308b<\/h4>\n
2-1-2. \u8a08\u7b97\u304c\u7169\u96d1\u306a\u5206\u3001\u4e8b\u696d\u8a08\u753b\u304c\u7cbe\u5bc6\u3067\u3042\u308c\u3070\u7d0d\u5f97\u611f\u306e\u3042\u308b\u7d50\u679c\u304c\u51fa\u308b<\/h4>\n
2-1-3. \u6295\u8cc7\u30ea\u30b9\u30af\u3092\u52a0\u5473\u3057\u305f\u5272\u5f15\u7387\u3067\u8a55\u4fa1\u3067\u304d\u308b<\/h4>\n
2-2. \u4f1a\u8a08\u65b9\u6cd5\u306e\u9055\u3044\u306b\u3088\u3063\u3066\u4f01\u696d\u4fa1\u5024\u304c\u5909\u308f\u3089\u306a\u3044\u305f\u3081\u3001\u6bd4\u8f03\u7684\u4f01\u696d\u306e\u5b9f\u614b\u3092\u8868\u3059\u3053\u3068\u304c\u3067\u304d\u308b<\/h3>\n
2-3. M&A\u3067\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5834\u9762\u306b\u9069\u3057\u3066\u3044\u308b<\/h3>\n
2-4. M&A\u306e\u4ed6\u3001\u53ce\u76ca\u6027\u306e\u6e1b\u640d\u3084\u50b5\u6a29\u306e\u8a55\u4fa1\u3001\u6295\u8cc7\u5148\u306e\u4e8b\u696d\u6027\u8a55\u4fa1\u306a\u3069\u306b\u3082\u9069\u3057\u3066\u3044\u308b<\/h3>\n
3. DCF\u6cd5\u3092\u7528\u3044\u308b\u30c7\u30e1\u30ea\u30c3\u30c8<\/h2>\n
3-1. \u4fe1\u983c\u306b\u5024\u3059\u308b\u4e8b\u696d\u8a08\u753b\u3092\u7acb\u3066\u306a\u3044\u3068DCF\u6cd5\u306e\u7d50\u679c\u304c\u4fe1\u7528\u3055\u308c\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b<\/h3>\n
3-1-1. \u308f\u305a\u304b\u306a\u4eee\u5b9a\u306e\u5dee\u3067\u7b97\u5b9a\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b<\/h4>\n
3-1-2. \u5c06\u6765\u4fa1\u5024\u306e\u898b\u7a4d\u3082\u308a\u306b\u3088\u3063\u3066\u4f01\u696d\u4fa1\u5024\u304c\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u305f\u3081\u3001\u5ba2\u89b3\u6027\u304c\u4f4e\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b<\/h4>\n
3-2. \u76f8\u7d9a\u3084\u6e05\u7b97\u306e\u5834\u9762\u3067\u5229\u7528\u3059\u308b\u3053\u3068\u306b\u306f\u9069\u3057\u3066\u3044\u306a\u3044<\/h3>\n
3-3. \u8a08\u7b97\u96e3\u6613\u5ea6\u304c\u9ad8\u304f\u3001\u4f1a\u793e\u5185\u306e\u307f\u3067\u8a08\u7b97\u3059\u308b\u306b\u306f\u624b\u9593\u304c\u304b\u304b\u308a\u3059\u304e\u308b<\/h3>\n
4. DCF\u6cd5\u3068\u305d\u306e\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u65b9\u6cd5\u3068\u306e\u6bd4\u8f03<\/h2>\n
\n\n
\n \u624b\u6cd5\u540d<\/span><\/strong><\/td>\n \u30a2\u30d7\u30ed\u30fc\u30c1\u5206\u985e<\/span><\/strong><\/td>\n \u7279\u5fb4<\/span><\/strong><\/td>\n \u30e1\u30ea\u30c3\u30c8<\/span><\/strong><\/td>\n \u30c7\u30e1\u30ea\u30c3\u30c8<\/span><\/strong><\/td>\n<\/tr>\n \n DCF\u6cd5<\/strong><\/td>\n \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n \u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97<\/td>\n \u4f01\u696d\u306e\u5c06\u6765\u6210\u9577\u6027\u3084\u4e8b\u696d\u8a08\u753b\u3092\u53cd\u6620\u3067\u304d\u308b\u3002\u6295\u8cc7\u30ea\u30b9\u30af\u3082\u52a0\u5473\u53ef\u80fd<\/td>\n \u524d\u63d0\u6761\u4ef6\uff08\u4e8b\u696d\u8a08\u753b\u3084\u5272\u5f15\u7387\uff09\u6b21\u7b2c\u3067\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u52d5\u3002\u8a08\u7b97\u304c\u6bd4\u8f03\u7684<\/span>\u7169\u96d1<\/td>\n<\/tr>\n \n \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff08\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff09<\/strong><\/td>\n \u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n \u985e\u4f3c\u4f01\u696d\u306e\u5e02\u5834\u4fa1\u5024\u3068\u306e\u6bd4\u8f03\u306b\u3088\u308a\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a<\/td>\n \u5e02\u5834\u306e\u76f8\u5834\u611f\u3092\u53cd\u6620\u3057\u3084\u3059\u304f\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u3044<\/td>\n \u985e\u4f3c\u4f01\u696d\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u3084\u975e\u4e0a\u5834\u4f01\u696d\u306b\u306f\u4e0d\u5411\u304d\u3002\u5c06\u6765\u6027\u306f\u7e54\u308a\u8fbc\u3081\u306a\u3044<\/td>\n<\/tr>\n \n \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\n \u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n \u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u6642\u4fa1\u306b\u8a55\u4fa1\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa<\/td>\n \u5ba2\u89b3\u7684\u304b\u3064\u7c21\u4fbf\u3002\u6e05\u7b97\u4fa1\u5024\u3084\u76f8\u7d9a\u306a\u3069\u306b\u5411\u3044\u3066\u3044\u308b<\/td>\n \u5c06\u6765\u53ce\u76ca\u3092\u53cd\u6620\u3067\u304d\u305a\u3001\u6210\u9577\u4f01\u696d\u306b\u306f\u4e0d\u5411\u304d<\/td>\n<\/tr>\n \n \u76f4\u63a5\u9084\u5143\u6cd5<\/strong><\/td>\n \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n \u5358\u5e74\u306e\u7d14\u53ce\u76ca\u3092\u5272\u5f15\u7387\uff08\u9084\u5143\u5229\u56de\u308a\uff09\u3067\u9084\u5143<\/td>\n \u4e0d\u52d5\u7523\u3084\u4e00\u90e8\u4e8b\u696d\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001\u624b\u8efd\u3067\u5373\u6642\u6027\u304c\u9ad8\u3044<\/td>\n \u5bfe\u8c61\u671f\u9593\u304c\u5358\u5e74\u306b\u9650\u3089\u308c\u3001\u5c06\u6765\u306e\u5909\u5316\u3092\u7e54\u308a\u8fbc\u307f\u306b\u304f\u3044<\/td>\n<\/tr>\n \n DDM\u6cd5<\/strong><\/td>\n \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n \u5c06\u6765\u306e\u914d\u5f53\u91d1\u3092\u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97<\/td>\n \u914d\u5f53\u3092\u91cd\u8996\u3059\u308b\u6295\u8cc7\u5bb6\u306b\u9069\u3057\u305f\u5206\u6790\u624b\u6cd5<\/td>\n \u914d\u5f53\u3092\u51fa\u3055\u306a\u3044\u4f01\u696d\u3084\u914d\u5f53\u653f\u7b56\u304c\u4e0d\u5b89\u5b9a\u306a\u4f01\u696d\u306b\u306f\u9069\u3055\u306a\u3044\u3002DCF\u6cd5\u3088\u308a\u9650\u5b9a\u7684<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n 4-1. \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u304a\u304a\u3080\u306d\u76f8\u5bfe\u7684\u3067\u5ba2\u89b3\u7684\u306a\u8a55\u4fa1\u306b\u306a\u308b<\/h3>\n
4-2. \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u306f\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u52a0\u5473\u3067\u304d\u306a\u3044<\/h3>\n
4-3. \u76f4\u63a5\u9084\u5143\u6cd5\u306f\u8a08\u7b97\u306b\u7528\u3044\u308b\u7d14\u53ce\u76ca\u306e\u5bfe\u8c61\u671f\u9593\u304c\u7570\u306a\u308b<\/h3>\n
4-4. DDM\u6cd5\u3067\u306f\u5272\u5f15\u7387\u306e\u5024\u304c\u7570\u306a\u308b<\/h3>\n
5. \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u696d\u52d9\u306e\u30b5\u30dd\u30fc\u30c8\u304c\u5fc5\u8981\u306a\u65b9\u306f\u8fbb\u30fb\u672c\u90f7FAS\u682a\u5f0f\u4f1a\u793e\u3078\u3054\u76f8\u8ac7\u3092<\/h2>\n
6. \u307e\u3068\u3081<\/h2>\n