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1.\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u3092\u4f7f\u3046\u76ee\u7684\u306f\u4f01\u696d\u304c\u610f\u601d\u6c7a\u5b9a\u3092\u3059\u308b\u305f\u3081<\/h2>\n

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M&A\u306f\u4e00\u5ea6\u306e\u5224\u65ad\u30df\u30b9\u304c\u5927\u304d\u306a\u640d\u5931\u306b\u3064\u306a\u304c\u308b\u305f\u3081\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306b\u3088\u308b\u5b9a\u91cf\u7684\u306a\u88cf\u4ed8\u3051\u306f\u5fc5\u9808\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

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2.\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u3092\u4f7f\u3046\u5834\u9762\u306f\u4e3b\u306b7\u3064\u3042\u308b<\/h2>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u5358\u306b\u6570\u5024\u3092\u5165\u529b\u3057\u3066\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3046\u3068\u3044\u3046\u3060\u3051\u306e\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u7d4c\u55b6\u3084\u6295\u8cc7\u306b\u95a2\u308f\u308b\u610f\u601d\u6c7a\u5b9a\u306e\u8cea\u3092\u9ad8\u3081\u308b\u305f\u3081\u306e\u6226\u7565\u7684\u306a\u601d\u8003\u30c4\u30fc\u30eb\u3068\u3057\u3066\u6709\u7528\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u73fe\u5834\u3067\u3088\u304f\u4f7f\u308f\u308c\u308b7\u3064\u306e\u4f7f\u7528\u76ee\u7684\u306b\u3064\u3044\u3066\u3001\u305d\u308c\u305e\u308c\u306e\u80cc\u666f\u3084\u5b9f\u4f8b\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n

2-1.\u7d4c\u55b6\u5224\u65ad\u30fb\u6226\u7565\u7acb\u6848\u306e\u652f\u63f4<\/h3>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u7d4c\u55b6\u6226\u7565\u3084\u65b0\u898f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u304a\u3044\u3066\u3001\u4e2d\u9577\u671f\u7684\u306a\u898b\u901a\u3057\u3092\u6570\u5024\u3067\u88cf\u4ed8\u3051\u308b\u624b\u6bb5\u3068\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u58f2\u4e0a\u3084\u5229\u76ca\u3001\u30b3\u30b9\u30c8\u69cb\u9020\u306a\u3069\u306e\u5c06\u6765\u5909\u5316\u3092\u4e88\u6e2c\u3057\u3001\u305d\u308c\u304c\u7d4c\u55b6\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u5b9a\u91cf\u7684\u306b\u53ef\u8996\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u78ba\u5ea6\u306e\u9ad8\u3044\u5224\u65ad\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u88fd\u9020\u696d\u304c\u65b0\u3057\u3044\u6d77\u5916\u5de5\u5834\u306e\u8a2d\u7acb\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u5834\u5408\u306a\u3069\u306b\u6d3b\u7528\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u521d\u671f\u6295\u8cc7\u984d\u3001\u73fe\u5730\u4eba\u4ef6\u8cbb\u3001\u4e88\u6e2c\u58f2\u4e0a\u3001\u70ba\u66ff\u30ea\u30b9\u30af\u306a\u3069\u306e\u8981\u7d20\u3092\u30e2\u30c7\u30eb\u306b\u843d\u3068\u3057\u8fbc\u307f\u3001\u6570\u5e74\u5f8c\u306e\u640d\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u63a1\u7b97\u30e9\u30a4\u30f3\u3084\u30ea\u30b9\u30af\u30b7\u30ca\u30ea\u30aa\u304c\u660e\u78ba\u306b\u306a\u308a\u3001\u7d4c\u55b6\u9663\u3082\u5de5\u5834\u306e\u8a2d\u7acb\u306b\u3064\u3044\u3066\u5224\u65ad\u3057\u3084\u3059\u304f\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306b\u3088\u308a\u3001\u52d8\u3067\u306f\u306a\u304f\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304f\u4e8b\u696d\u306e\u6226\u7565\u7acb\u6848\u3092\u5b9f\u73fe\u3059\u308b<\/strong>\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-2.\u6295\u8cc7\u5224\u65ad\u3084\u6848\u4ef6\u8a55\u4fa1<\/h3>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001M&A\u3084\u65b0\u898f\u4e8b\u696d\u6295\u8cc7\u306e\u5224\u65ad\u3092\u884c\u3046\u4e0a\u3067\u5fc5\u9808\u306e\u5206\u6790\u30c4\u30fc\u30eb\u3067\u3059\u3002<\/strong><\/p>\n

\u5c06\u6765\u7684\u306a\u53ce\u76ca\u6027\u3084\u6295\u8cc7\u56de\u53ce\u671f\u9593\uff08IRR\u3084NPV\u306a\u3069\uff09\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u3067\u3001\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u6bd4\u8f03\u691c\u8a0e\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u3078\u306e\u51fa\u8cc7\u3092\u691c\u8a0e\u3059\u308b\u969b\u30015\u5e74\u9593\u5206\u306e\u58f2\u4e0a\u6210\u9577\u30fb\u30b3\u30b9\u30c8\u69cb\u9020\u30fb\u5229\u76ca\u7387\u306a\u3069 (\u203b\u4e8b\u696d\u304c\u3069\u306e\u3088\u3046\u306b\u62e1\u5927\u3057\u3001\u3069\u306e\u30b9\u30c6\u30fc\u30b8\u3067\u5229\u76ca\u304c\u51fa\u59cb\u3081\u308b\u304b\u3092\u6bb5\u968e\u7684\u306b\u793a\u3059\u306b\u306f\u77ed\u671f\u4e88\u60f3\u3060\u3051\u3067\u306a\u304f\u3001\u4e2d\u9577\u671f\u7684\u306a\u30c7\u30fc\u30bf\u306b\u3088\u308a\u8aac\u5f97\u529b\u3092\u6301\u305f\u305b\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081) \u3092\u30e2\u30c7\u30eb\u5316\u3057\u3066\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u3057\u3066\u305d\u306e\u7d50\u679c\u3092\u5143\u306b\u3001NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u304c\u30d7\u30e9\u30b9\u304b\u3069\u3046\u304b\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3001\u51fa\u8cc7\u5224\u65ad\u306b\u8aac\u5f97\u529b\u3092\u6301\u305f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u6570\u5b57\u306b\u3088\u308b\u6839\u62e0\u3092\u3082\u3068\u306b\u3057\u305f\u6295\u8cc7\u5224\u65ad\u3092\u3059\u308b\u3053\u3068\u3067\u3001\u610f\u601d\u6c7a\u5b9a\u306e\u30b9\u30d4\u30fc\u30c9\u3068\u4fe1\u983c\u6027\u3092\u5927\u304d\u304f\u9ad8\u3081\u308b<\/strong>\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

2-3.\u8cc7\u91d1\u8abf\u9054\u3084\u8cc7\u91d1\u7e70\u308a\u7ba1\u7406<\/h3>\n

\u8cc7\u91d1\u7e70\u308a\u306e\u898b\u901a\u3057\u3084\u91d1\u878d\u6a5f\u95a2\u3078\u306e\u8aac\u660e\u306b\u306f\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u304c\u6975\u3081\u3066\u6709\u52b9\u3067\u3059\u3002<\/strong><\/p>\n

\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6642\u7cfb\u5217\u3067\u4e88\u6e2c\u3059\u308b\u3053\u3068\u3067\u3001\u8cc7\u91d1\u4e0d\u8db3\u3084\u4f59\u5270\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u53ef\u8996\u5316\u3057\u3001\u9069\u5207\u306a\u501f\u5165\u8a08\u753b\u3084\u8cc7\u91d1\u914d\u5206\u3092\u7acb\u3066\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u304c\u30b7\u30ea\u30fc\u30baB\u306e\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u969b\u306b\u30012\u5e74\u9593\u306e\u58f2\u4e0a\u6210\u9577\u3001\u652f\u51fa\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u00a0(\u203b\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3067\u300c\u3069\u306e\u4e8b\u696d\u6210\u679c\u3092\u300d\u300c\u3069\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u300d\u9054\u6210\u3057\u3001\u300c\u3044\u3064\u6b21\u306e\u8abf\u9054\u3084\u9ed2\u5b57\u5316\u304c\u898b\u8fbc\u3081\u308b\u304b\u300d\u3092\u5224\u65ad\u3057\u305f\u3044\u5834\u5408\u306b\u306f\u5358\u5e74\u5ea6\u3067\u306f\u306a\u304f2\u5e74\u5206)\u00a0<\/span>\u3092\u8a73\u7d30\u306b\u30e2\u30c7\u30eb\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u8cc7\u91d1\u30b7\u30e7\u30fc\u30c8\u306e\u30ea\u30b9\u30af\u6642\u671f\u304c\u5224\u660e\u3057\u3001\u6295\u8cc7\u5bb6\u3068\u306e\u4ea4\u6e09\u3067\u300c\u3044\u3064\u30fb\u3044\u304f\u3089\u5fc5\u8981\u304b\u300d\u3092\u5408\u7406\u7684\u306b\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u7dbf\u5bc6\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u306b\u57fa\u3065\u3044\u305f\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u4fe1\u983c\u6027\u3092\u5927\u304d\u304f\u9ad8\u3081\u308b<\/strong>\u6b66\u5668\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-4.\u4e88\u7b97\u7b56\u5b9a\u3084\u696d\u7e3e\u4e88\u6e2c<\/h3>\n

\u5e74\u5ea6\u4e88\u7b97\u3084\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306e\u7b56\u5b9a\u306b\u3082\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/strong><\/p>\n

\u5358\u5e74\u5ea6\u306e\u898b\u7a4d\u308a\u3067\u306f\u306a\u304f\u3001\u6570\u5e74\u5148\u3092\u898b\u901a\u3057\u305f\u53ce\u652f\u4e88\u6e2c\u3092\u4f5c\u6210\u3067\u304d\u308b\u3053\u3068\u3067\u3001\u5b9f\u73fe\u6027\u306e\u9ad8\u3044\u8a08\u753b\u304c\u7acb\u3066\u3089\u308c\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u5c0f\u58f2\u4f01\u696d\u304c3\u5e74\u8a08\u753b\u3067\u306e\u65b0\u898f\u51fa\u5e97\u6226\u7565\u3092\u7acb\u3066\u308b\u969b\u306b\u306f\u3001\u51fa\u5e97\u3054\u3068\u306e\u58f2\u4e0a\u8ca2\u732e\u3001\u8a2d\u5099\u6295\u8cc7\u3001\u6e1b\u4fa1\u511f\u5374\u3001\u4eba\u4ef6\u8cbb\u306a\u3069\u3092\u5168\u4f53\u306e\u30e2\u30c7\u30eb\u306b\u7d44\u307f\u8fbc\u307f\u30013\u5e74\u9593\u306e\u640d\u76ca\u8a08\u753b\u3092\u69cb\u7bc9\u3059\u308b\u3053\u3068\u3067\u3001\u7d50\u679c\u306b\u6295\u8cc7\u4f59\u529b\u3084\u5229\u76ca\u30a4\u30f3\u30d1\u30af\u30c8\u304c\u4e8b\u524d\u306b\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u3092\u7528\u3044\u305f\u4e88\u7b97\u7b56\u5b9a\u3092\u3059\u308b\u3053\u3068\u3067\u3001\u305d\u308c\u306f\u5b9f\u884c\u53ef\u80fd\u6027\u306e\u3042\u308b\u6226\u7565\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/p>\n

2-5.\u30ea\u30b9\u30af\u7ba1\u7406\u3084\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/h3>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u30ea\u30b9\u30af\u3078\u306e\u5099\u3048\u3084\u4e0d\u78ba\u5b9f\u306a\u672a\u6765\u3078\u306e\u67d4\u8edf\u306a\u5bfe\u5fdc\u3092\u53ef\u80fd\u306b\u3057\u307e\u3059\u3002<\/strong><\/p>\n

\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u3084\u5916\u90e8\u30ea\u30b9\u30af\u306b\u5099\u3048\u308b\u305f\u3081\u306b\u306f\u3001\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u4e26\u884c\u3057\u3066\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u70ba\u66ff\u5909\u52d5\u306e\u5f71\u97ff\u3092\u5f37\u304f\u53d7\u3051\u308b\u8f38\u51fa\u4f01\u696d\u3067\u3042\u308c\u3070\u30011\u30c9\u30eb\uff1d100\u5186\u3001110\u5186\u3001120\u5186\u3068\u3044\u30463\u30d1\u30bf\u30fc\u30f3\u306e\u3088\u3046\u306a\u70ba\u66ff\u30ec\u30fc\u30c8\u3067\u30e2\u30c7\u30eb\u3092\u4f5c\u6210\u3057\u3001\u5229\u76ca\u7387\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5909\u52d5\u5e45\u3092\u53ef\u8996\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u640d\u76ca\u5206\u5c90\u70b9\u3084\u5bfe\u5fdc\u7b56\u3092\u4e8b\u524d\u306b\u691c\u8a0e\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u5909\u5316\u306b\u5f37\u3044\u7d4c\u55b6\u3092\u652f\u3048\u308b\u610f\u601d\u6c7a\u5b9a\u306e\u571f\u53f0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-6.\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u5b9a<\/h3>\n

\u4f01\u696d\u3084\u4e8b\u696d\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u4e2d\u5fc3\u7684\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/strong><\/p>\n

DCF\u6cd5\uff08\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u3069\u3001\u3044\u305a\u308c\u306e\u7528\u3044\u3089\u308c\u308b\u8a55\u4fa1\u624b\u6cd5\u3082\u3001\u5c06\u6765\u306e\u53ce\u76ca\u4e88\u6e2c\u304c\u524d\u63d0\u3068\u306a\u308b\u304b\u3089\u3067\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u4e8b\u696d\u58f2\u5374\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u30013\uff5e5\u5e74\u9593\u7a0b\u5ea6\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u30e2\u30c7\u30eb\u5316\u3057\u3001\u305d\u308c\u3092\u57fa\u306b\u5272\u5f15\u8a08\u7b97\u3092\u884c\u3046\u3053\u3068\u3067\u3001\u5ba2\u89b3\u7684\u306a\u4f01\u696d\u4fa1\u5024\uff08\u4e8b\u696d\u4fa1\u5024\uff09\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cb7\u3044\u624b\u3068\u306e\u4ea4\u6e09\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u6b63\u78ba\u306a\u4fa1\u5024\u8a55\u4fa1\u306f\u3001\u9069\u6b63\u306aM&A\u3084\u8cc7\u672c\u653f\u7b56\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u524d\u63d0\u3067\u3059\u3002<\/p>\n

2-7.\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u3078\u306e\u8aac\u660e\u3001\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3<\/h3>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u793e\u5185\u5916\u306e\u95a2\u4fc2\u8005\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u30c4\u30fc\u30eb\u3068\u3057\u3066\u3082\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/strong><\/p>\n

\u6570\u5b57\u3092\u3082\u3068\u306b\u3057\u305f\u8ad6\u7406\u7684\u306a\u30b7\u30ca\u30ea\u30aa\u63d0\u793a\u304c\u3001\u4fe1\u983c\u6027\u306e\u3042\u308b\u8aac\u660e\u3084\u5408\u610f\u5f62\u6210\u3092\u4fc3\u9032\u3057\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u65b0\u898f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3092\u5f79\u54e1\u4f1a\u3067\u627f\u8a8d\u3057\u3066\u3082\u3089\u3046\u969b\u3001\u58f2\u4e0a\u30fb\u5229\u76ca\u30fb\u56de\u53ce\u671f\u9593\u306a\u3069\u3092\u30e2\u30c7\u30eb\u3067\u63d0\u793a\u3059\u308c\u3070\u3001\u611f\u899a\u3067\u306f\u306a\u304f\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304f\u7d0d\u5f97\u611f\u3092\u4e0e\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u91d1\u878d\u6a5f\u95a2\u306b\u5bfe\u3057\u3066\u3082\u3001\u540c\u69d8\u306b\u8fd4\u6e08\u80fd\u529b\u3084\u6295\u8cc7\u52b9\u679c\u3092\u6570\u5024\u3067\u660e\u793a\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u8aac\u660e\u8cac\u4efb\u3084\u8aac\u5f97\u529b\u3092\u6c42\u3081\u3089\u308c\u308b\u5834\u9762\u3067\u3001\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u8996\u8a8d\u3067\u304d\u308b\u30c7\u30fc\u30bf\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/p>\n

3.\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306e\u6d3b\u7528\u3084\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u696d\u52d9\u306b\u304a\u60a9\u307f\u306e\u65b9\u306f\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e\u3078\u3054\u76f8\u8ac7\u3092<\/h2>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u4f01\u696d\u306e\u610f\u601d\u6c7a\u5b9a\u3084\u7d4c\u55b6\u6226\u7565\u306b\u6df1\u304f\u95a2\u308f\u308b\u4e00\u65b9\u3067\u3001\u9ad8\u5ea6\u306a\u5c02\u9580\u77e5\u8b58\u3068\u5b9f\u52d9\u7d4c\u9a13\u304c\u6c42\u3081\u3089\u308c\u308b\u5206\u91ce\u3067\u3059\u3002<\/p>\n

\u7279\u306b\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8ab2\u984c\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u4f01\u696d\u306e\u65b9\u306f\u3001\u5c02\u9580\u5bb6\u306e\u30b5\u30dd\u30fc\u30c8<\/span><\/strong>\u3092\u5f97\u308b\u3053\u3068\u3067\u610f\u601d\u6c7a\u5b9a\u306e\u8cea\u304c\u98db\u8e8d\u7684\u306b\u5411\u4e0a\u3057\u307e\u3059\u3002<\/p>\n

\n

\u30fbM&A\u3084\u4e8b\u696d\u518d\u7de8\u306b\u969b\u3057\u3066\u3001\u8cb7\u53ce\u4fa1\u683c\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3057\u305f\u3044<\/p>\n

\u30fb\u65b0\u898f\u4e8b\u696d\u6295\u8cc7\u306e\u53ce\u76ca\u6027\u3092\u5ba2\u89b3\u7684\u306b\u691c\u8a3c\u3057\u305f\u3044<\/p>\n

\u30fb\u91d1\u878d\u6a5f\u95a2\u3084\u6295\u8cc7\u5bb6\u5411\u3051\u306b\u8aac\u5f97\u529b\u306e\u3042\u308b\u8ca1\u52d9\u8a08\u753b\u3092\u63d0\u793a\u3057\u305f\u3044<\/p>\n

\u30fb\u793e\u5185\u306e\u4e88\u7b97\u7de8\u6210\u306b\u5b9a\u91cf\u7684\u306a\u88cf\u4ed8\u3051\u3092\u52a0\u3048\u305f\u3044<\/p>\n

\u30fb\u5916\u90e8\u5411\u3051\u306b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u30ec\u30dd\u30fc\u30c8\u3092\u4f5c\u6210\u3057\u305f\u3044<\/p>\n<\/div>\n

\u3053\u3046\u3057\u305f\u5834\u9762\u3067\u983c\u308a\u306b\u306a\u308b\u306e\u304c\u3001\u8ca1\u52d9\u30fb\u4f1a\u8a08\u30fb\u7a0e\u52d9\u306e\u77e5\u898b\u3092\u6709\u3059\u308b\u5c02\u9580\u5bb6\u30c1\u30fc\u30e0<\/span><\/strong>\u3067\u3059\u3002<\/p>\n

\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001\u516c\u8a8d\u4f1a\u8a08\u58eb\u30fb\u7a0e\u7406\u58eb\u30fb\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u304c\u9023\u643a\u3057\u3001\u5b9f\u52d9\u7684\u304b\u3064\u4fe1\u983c\u6027\u306e\u9ad8\u3044\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u652f\u63f4\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u8cb4\u793e\u7279\u6709\u306e\u8ab2\u984c\u3084\u696d\u7a2e\u306b\u5408\u308f\u305b\u305f\u652f\u63f4\u4f53\u5236\u3092\u3054\u7528\u610f\u3057\u3001\u610f\u601d\u6c7a\u5b9a\u306e\u571f\u53f0\u3068\u306a\u308b\u30c7\u30fc\u30bf\u3092\u4e00\u7dd2\u306b\u69cb\u7bc9\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u8fbb\u30fb\u672c\u90f7FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001\u4e0a\u5834\u4f01\u696d\u304b\u3089\u975e\u4e0a\u5834\u4f01\u696d\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306b\u81f3\u308b\u307e\u3067\u3001\u3055\u307e\u3056\u307e\u306a\u696d\u7a2e\u30fb\u898f\u6a21\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u696d\u52d9\u3092\u306f\u3058\u3081\u3068\u3057\u305fPPA\u3001PMI\u3001\u7d44\u7e54\u518d\u7de8\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3001\u4e8b\u696d\u518d\u751f\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3001\u8cb7\u53ce\u76e3\u67fb(\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9)\u306a\u3069\u306e\u30c8\u30fc\u30bf\u30eb\u30b5\u30dd\u30fc\u30c8\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3084\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306e\u5c0e\u5165\u306b\u5c11\u3057\u3067\u3082\u4e0d\u5b89\u3092\u611f\u3058\u305f\u3089\u3001\u305c\u3072\u4e00\u5ea6\u3001\u307e\u305a\u306f\u304a\u6c17\u8efd\u306b\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n

4.\u307e\u3068\u3081<\/h2>\n

\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306f\u3001\u672a\u6765\u3092\u4e88\u6e2c\u3057\u3001\u610f\u601d\u6c7a\u5b9a\u3092\u652f\u3048\u308b\u6975\u3081\u3066\u5b9f\u8df5\u7684\u306a\u30c4\u30fc\u30eb<\/span><\/strong>\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u7d4c\u55b6\u5224\u65ad\u3084\u6295\u8cc7\u8a55\u4fa1\u3001\u8cc7\u91d1\u7e70\u308a\u3001\u4e88\u7b97\u7b56\u5b9a\u306a\u3069\u3001\u591a\u304f\u306e\u30d3\u30b8\u30cd\u30b9\u30b7\u30fc\u30f3\u306b\u304a\u3044\u3066\u4e0d\u53ef\u6b20\u306a\u5f79\u5272\u3092\u62c5\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4ee5\u4e0b\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002<\/p>\n

\n

\u30fb\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u306e\u4f7f\u7528\u76ee\u7684\u306f\u3001\u5148\u306e\u898b\u901a\u3057\u3092\u7acb\u3066\u308b\u3053\u3068<\/strong><\/p>\n

\u30fb\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u304c\u3088\u304f\u4f7f\u308f\u308c\u308b7\u3064\u306e\u5178\u578b\u7684\u306a\u5834\u9762\u304c\u3042\u308b<\/strong><\/p>\n

\u2460\u7d4c\u55b6\u5224\u65ad\u30fb\u6226\u7565\u7acb\u6848\u306e\u652f\u63f4
\n\u4e8b\u696d\u8a08\u753b\u3084\u65b0\u898f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u4e8b\u524d\u8a55\u4fa1\u3001\u4f01\u696d\u5168\u4f53\u306e\u5c06\u6765\u6226\u7565\u306e\u7b56\u5b9a\u306a\u3069\u306b\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002\u58f2\u4e0a\u3084\u5229\u76ca\u3001\u30b3\u30b9\u30c8\u69cb\u9020\u306e\u5909\u5316\u3092\u30e2\u30c7\u30eb\u5316\u3057\u3001\u4e2d\u9577\u671f\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

\u2461\u6295\u8cc7\u5224\u65ad\u3084\u6848\u4ef6\u8a55\u4fa1
\nM&A\uff08\u4f01\u696d\u306e\u5408\u4f75\u30fb\u8cb7\u53ce\uff09\u3084\u65b0\u898f\u6295\u8cc7\u3092\u691c\u8a0e\u3059\u308b\u969b\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u53ce\u76ca\u6027\u3084\u56de\u53ce\u671f\u9593\uff08IRR\u3001NPV\u306a\u3069\uff09\u3092\u5b9a\u91cf\u7684\u306b\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306b\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u2462\u8cc7\u91d1\u8abf\u9054\u3084\u8cc7\u91d1\u7e70\u308a\u7ba1\u7406
\n\u8cc7\u91d1\u8abf\u9054\u3084\u501f\u5165\u8a08\u753b\u3092\u7acb\u3066\u308b\u969b\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3001\u8cc7\u91d1\u4e0d\u8db3\u3084\u4f59\u5270\u6642\u671f\u3092\u898b\u6975\u3081\u307e\u3059\u3002\u91d1\u878d\u6a5f\u95a2\u3084\u6295\u8cc7\u5bb6\u3078\u306e\u8aac\u660e\u8cc7\u6599\u3068\u3057\u3066\u3082\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u2463\u4e88\u7b97\u7b56\u5b9a\u3084\u696d\u7e3e\u4e88\u6e2c
\n\u5e74\u6b21\u4e88\u7b97\u3084\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306e\u6839\u62e0\u3068\u306a\u308b\u5c06\u6765\u306e\u8ca1\u52d9\u6570\u5024\uff08\u58f2\u4e0a\u3001\u5229\u76ca\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306a\u3069\uff09\u306e\u8a73\u7d30\u306a\u4e88\u6e2c\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u2464\u30ea\u30b9\u30af\u7ba1\u7406\u3084\u30b7\u30ca\u30ea\u30aa\u5206\u6790
\n\u5e02\u5834\u74b0\u5883\u306e\u5909\u52d5\u3084\u4e0d\u78ba\u5b9f\u6027\u3092\u7e54\u308a\u8fbc\u3093\u3067\u8907\u6570\u30b7\u30ca\u30ea\u30aa\uff08\u697d\u89b3\u30fb\u60b2\u89b3\u306a\u3069\uff09\u3092\u4f5c\u6210\u3057\u3001\u7d4c\u55b6\u30ea\u30b9\u30af\u3078\u306e\u8010\u6027\u3084\u67d4\u8edf\u306a\u5bfe\u5fdc\u7b56\u3092\u4e8b\u524d\u691c\u8a0e\u3057\u307e\u3059\u3002<\/p>\n

\u2465\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u5b9a
\n\u4f01\u696d\u3084\u4e8b\u696d\u306e\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u3092\u884c\u3046\u969b\u306b\u3082\u8ca1\u52d9\u30e2\u30c7\u30eb\u306f\u4e0d\u53ef\u6b20\u3067\u3059\u3002DCF\u6cd5\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u6839\u62e0\u3068\u306a\u308b\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306a\u3069\u3092\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u307e\u3059\u3002<\/p>\n

\u2466\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u3078\u306e\u8aac\u660e\u3001\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3
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