{"id":1847,"date":"2025-11-18T10:00:57","date_gmt":"2025-11-18T01:00:57","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=1847"},"modified":"2025-11-14T11:12:40","modified_gmt":"2025-11-14T02:12:40","slug":"difference-between-enterprise-value-and-stock-value","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/difference-between-enterprise-value-and-stock-value","title":{"rendered":"\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u3068\u306f\uff1f\u6bd4\u8f03\u8868\u3067\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"

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\u4f3c\u305f\u3088\u3046\u306b\u805e\u3053\u3048\u308b\u305f\u3081\u6df7\u540c\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u306e2\u3064\u306f\u3001\u610f\u5473\u3082\u8a08\u7b97\u306e\u4ed5\u65b9\u3082\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u7279\u306bM&A\u3084\u6295\u8cc7\u306e\u5834\u9762\u3067\u306f\u3001\u3053\u306e2\u3064\u3092\u6b63\u3057\u304f\u533a\u5225\u3067\u304d\u306a\u3051\u308c\u3070\u3001\u4fa1\u5024\u306e\u8aac\u660e\u3084\u3001\u6700\u60aa\u306e\u5834\u5408\u3001M&A\u3084\u58f2\u5374\u4fa1\u683c\u306e\u4ea4\u6e09\u30df\u30b9\u3084\u3001\u8cc7\u91d1\u8abf\u9054\u3084\u51fa\u8cc7\u6bd4\u7387\u306e\u8aa4\u8a8d\u3001\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u9593\u306e\u5229\u5bb3\u8abf\u6574\u30df\u30b9\u306a\u3069\u3001\u4e8b\u696d\u306b\u304a\u3051\u308b\u5224\u65ad\u3092\u8aa4\u3063\u3066\u3057\u307e\u3046\u30ea\u30b9\u30af\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3068\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u306e\u9055\u3044\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u6574\u7406\u3057\u3001\u5b9a\u7fa9\u3084\u7b97\u51fa\u65b9\u6cd5\u3001\u5b9f\u969b\u306e\u6d3b\u7528\u30b7\u30fc\u30f3\u306b\u3064\u3044\u3066\u3082\u89e3\u8aac<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n

\u521d\u3081\u3066\u5b66\u3076\u65b9\u306f\u3082\u3061\u308d\u3093\u3001\u4ed5\u4e8b\u3067\u8aac\u660e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u65b9\u306b\u3082\u5f79\u7acb\u3064\u5185\u5bb9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305c\u3072\u3054\u4e00\u8aad\u304f\u3060\u3055\u3044\u3002<\/p>\n

1.\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u5927\u307e\u304b\u306a\u9055\u3044<\/h2>\n

\u4f01\u696d\u4fa1\u5024\u3068\u306f\u3001\u682a\u4e3b\u3060\u3051\u3067\u306a\u304f\u9280\u884c\u306a\u3069\u306e\u50b5\u6a29\u8005\u3092\u542b\u3081\u305f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002<\/span><\/span><\/strong>\u5358\u306a\u308b\u682a\u4fa1\u306e\u5408\u8a08\u3068\u306f\u7570\u306a\u308a\u3001\u4f01\u696d\u306e\u672c\u5f53\u306e\u30b9\u30b1\u30fc\u30eb\u611f\u3084\u7d4c\u6e08\u7684\u306a\u5b9f\u529b\u3092\u6e2c\u308b\u305f\u3081\u306b\u5e83\u304f\u7528\u3044\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4e00\u65b9\u3067\u682a\u5f0f\u4fa1\u5024\u3068\u306f\u3001\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u304b\u3089\u50b5\u6a29\u8005\u5206\u3092\u5dee\u3057\u5f15\u304d\u3001\u6700\u7d42\u7684\u306b\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u90e8\u5206\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002<\/span><\/span><\/strong><\/p>\n

\u4f01\u696d\u4fa1\u5024\u304c\u300c\u4f1a\u793e\u5168\u4f53\u306e\u5668\u300d\u3092\u6e2c\u308b\u6982\u5ff5\u3060\u3068\u3059\u308c\u3070\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u305d\u306e\u4e2d\u3067\u300c\u682a\u4e3b\u304c\u53d6\u308a\u5206\u3068\u3057\u3066\u53d7\u3051\u53d6\u308c\u308b\u7d4c\u6e08\u7684\u4fa1\u5024\u300d\u306b\u3042\u305f\u308a\u307e\u3059\u3002<\/p>\n

2.\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u306e\u6bd4\u8f03\u8868<\/h2>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u9055\u3044\u304c\u3042\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306f\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u3092\u793a\u3059\u4e00\u65b9\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u90e8\u5206\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n

\u4e21\u8005\u3092\u6b63\u3057\u304f\u533a\u5225\u3059\u308b\u3053\u3068\u3067\u3001M&A\u3084\u6295\u8cc7\u306a\u3069\u306e\u5834\u9762\u306b\u304a\u3051\u308b\u8a55\u4fa1\u306b\u95a2\u3059\u308b\u8aa4\u89e3\u3092\u907f\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u57fa\u672c\u7684\u306a\u9055\u3044\u306b\u3064\u3044\u3066\u6bd4\u8f03\u8868\u3067\u6574\u7406<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u6bd4\u8f03\u8868<\/strong><\/p>\n\n\n\n\n\n\n\n\n
\u9805\u76ee<\/span><\/strong><\/td>\n\u4f01\u696d\u4fa1\u5024<\/span><\/strong><\/td>\n\u682a\u5f0f\u4fa1\u5024<\/span><\/strong><\/td>\n<\/tr>\n
1.\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u306e\u6709\u7121<\/strong><\/td>\n\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u542b\u3080\uff08\uff1d\u682a\u5f0f\u4fa1\u5024\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\uff09<\/td>\n\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u542b\u307e\u306a\u3044\uff08\uff1d\u4f01\u696d\u4fa1\u5024\uff0d\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\uff09<\/td>\n<\/tr>\n
2.\u53d7\u3051\u53d6\u308a\u4e3b\u4f53\u306e\u9055\u3044<\/strong><\/td>\n\u682a\u4e3b\uff0b\u50b5\u6a29\u8005\uff08\u9280\u884c\u306a\u3069\uff09<\/td>\n\u682a\u4e3b\u306e\u307f<\/td>\n<\/tr>\n
3.\u76ee\u7684\u306e\u9055\u3044<\/strong><\/td>\n\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u3092\u628a\u63e1\u3059\u308b<\/td>\n\u682a\u4e3b\u306e\u53d6\u308a\u5206\u3092\u660e\u3089\u304b\u306b\u3059\u308b<\/td>\n<\/tr>\n
4.\u6d3b\u7528\u3059\u308b\u5834\u9762\u306e\u9055\u3044<\/strong><\/td>\n\u30fb\u4e8b\u696d\u8a55\u4fa1
\n\u30fbM&A\u4ea4\u6e09\u306e\u57fa\u6e96
\n\u30fb\u4f01\u696d\u898f\u6a21\u306e\u628a\u63e1<\/td>\n		\u30fb\u682a\u5f0f\u58f2\u8cb7
\n\u30fbM&A\u306e\u5b9f\u969b\u306e\u53d6\u5f15\u4fa1\u683c\u306e\u57fa\u6e96<\/span>
\n\u30fb\u8cc7\u91d1\u8abf\u9054<\/span><\/td>\n<\/tr>\n
5.M&A\u306b\u304a\u3051\u308b\u4f7f\u3044\u5206\u3051\u306e\u9055\u3044<\/strong><\/td>\n\u8cb7\u53ce\u4ea4\u6e09\u306e\u51fa\u767a\u70b9\u3001\u57fa\u6e96\u5024\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b<\/td>\n\u5b9f\u969b\u306e\u58f2\u8cb7\u4fa1\u683c\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u57fa\u6e96\u3068\u306a\u308b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

3.\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306a\u89e3\u8aac<\/h2>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u3067\u306f\u30012\u7ae0<\/span><\/strong>\u306e\u8868\u3067\u304a\u4f1d\u3048\u3057\u305f\u3088\u3046\u306a\u5185\u5bb9\u306e\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u30012\u7ae0<\/span>\u3067\u793a\u3057\u305f\u6bd4\u8f03\u8868\u306b\u6cbf\u3063\u3066\u89e3\u8aac<\/span><\/strong>\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n

3-1.\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u306e\u6709\u7121\u306e\u9055\u3044<\/h3>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u6700\u5927\u306e\u9055\u3044\u306f\u300c\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u542b\u3080\u304b\u3069\u3046\u304b\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u4f01\u696d\u4fa1\u5024\u306f\u3001\u682a\u5f0f\u4fa1\u5024\u3068\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u5408\u8a08\u3057\u305f\u3082\u306e\u3067\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n

\n

\u95a2\u4fc2\u5f0f<\/strong><\/p>\n

\u4f01\u696d\u4fa1\u5024\uff1d\u682a\u5f0f\u4fa1\u5024\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u7b49<\/strong><\/p>\n<\/div>\n

<\/p>\n

\u4f01\u696d\u306f\u682a\u5f0f\u3060\u3051\u3067\u306a\u304f\u3001\u9280\u884c\u3084\u50b5\u6a29\u8005\u304b\u3089\u306e\u501f\u5165\u91d1\u7b49\u306b\u3088\u3063\u3066\u3082\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3092\u793a\u3059\u306b\u306f\u3001\u682a\u4e3b\u304c\u6301\u3064\u4fa1\u5024\uff08\u682a\u5f0f\u4fa1\u5024\uff09\u306b\u52a0\u3048\u3066\u3001\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u306b\u8fd4\u6e08\u3059\u308b\u7fa9\u52d9\u306e\u3042\u308b\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u542b\u3081\u3066\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong>\u305d\u308c\u304c\u3001\u4e8c\u8005\u306e\u9055\u3044\u306b\u3064\u306a\u304c\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u305d\u308c\u305e\u308c\u306e\u7b97\u51fa\u65b9\u6cd5\u306f\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u200b\u3092\u542b\u3080\u304b\u542b\u307e\u306a\u3044\u304b\u306e\u307f\u306e\u9055\u3044<\/span><\/strong>\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u306e\u682a\u5f0f\u4fa1\u5024\u304c100\u5104\u5186\u3067\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u304c50\u5104\u5186\u3042\u308b\u5834\u5408\u3001\u4f01\u696d\u4fa1\u5024\u306f150\u5104\u5186\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u8003\u616e\u3057\u306a\u3051\u308c\u3070\u3001\u4f1a\u793e\u306e\u5168\u4f53\u50cf\u306f\u6b63\u3057\u304f\u628a\u63e1\u3067\u304d\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u8cb7\u53ce\u3084\u6295\u8cc7\u306e\u4ea4\u6e09\u306a\u3069\u3067\u306f\u3001\u5fc5\u305a\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u304b\u3089\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3078\u306e\u5909\u63db\u3092\u884c\u3046\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u95a2\u4fc2\u306f\u3001\u4f01\u696d\u4fa1\u5024\uff1d\u682a\u5f0f\u4fa1\u5024\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3068\u3044\u3046\u5f0f\u3067\u6574\u7406\u3057\u3066\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

3-2.\u53d7\u3051\u53d6\u308a\u4e3b\u4f53\u306e\u9055\u3044<\/h3>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u3082\u3046\u4e00\u3064\u306e\u5927\u304d\u306a\u9055\u3044\u306f\u3001\u300c\u8ab0\u304c\u305d\u306e\u4fa1\u5024\u3092\u53d7\u3051\u53d6\u308b\u304b\u300d\u3068\u3044\u3046\u53d7\u3051\u53d6\u308a\u4e3b\u4f53\u3067\u3059\u3002<\/strong>\u3053\u308c\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u6570\u5024\u4e0a\u306e\u7b97\u5b9a\u3060\u3051\u3067\u306a\u304f\u3001\u5b9f\u969b\u306e\u8cc7\u91d1\u30d5\u30ed\u30fc\u3084\u5229\u5bb3\u95a2\u4fc2\u8005\u306e\u7acb\u5834\u307e\u3067\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

3-2-1.\u4f01\u696d\u4fa1\u5024\u306e\u53d7\u53d6\u4e3b\u4f53\u306f\u50b5\u6a29\u8005\u3068\u682a\u4e3b<\/h4>\n

\u4f01\u696d\u4fa1\u5024\u306f\u3001\u682a\u4e3b\u3060\u3051\u3067\u306a\u304f\u50b5\u6a29\u8005\u3082\u542b\u3081\u3066\u53d7\u3051\u53d6\u308b\u4fa1\u5024\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u4f01\u696d\u4fa1\u5024\u306f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3067\u3042\u308a\u3001\u305d\u306e\u4f1a\u793e\u306e\u8cc7\u7523\u3084\u53ce\u76ca\u304b\u3089\u50b5\u52d9\u8fd4\u6e08\u5206\u3082\u542b\u3081\u3066\u8a55\u4fa1\u3059\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u4f01\u696d\u4fa1\u5024\u304c150\u5104\u5186\u306e\u4f1a\u793e\u306b\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u304c50\u5104\u5186\u3042\u308c\u3070\u3001\u682a\u4e3b\u304c\u6700\u7d42\u7684\u306b\u53d7\u3051\u53d6\u308c\u308b\u306e\u306f100\u5104\u5186\u5206\u3067\u3042\u308a\u3001\u6b8b\u308a\u306e50\u5104\u5186\u306f\u9280\u884c\u306a\u3069\u306e\u50b5\u6a29\u8005\u306e\u53d6\u308a\u5206\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8003\u3048\u308b\u969b\u306b\u306f\u3001\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u306e\u53cc\u65b9\u3092\u542b\u3081\u305f\u7acb\u5834\u3067\u7b97\u5b9a\u3057\u3066\u3044\u308b\u70b9\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

3-2-2.\u682a\u5f0f\u4fa1\u5024\u306e\u53d7\u53d6\u4e3b\u4f53\u306f\u682a\u4e3b\u3060\u3051<\/h4>\n

\u682a\u5f0f\u4fa1\u5024\u306f\u501f\u5165\u91d1\u7b49\u3092\u8fd4\u6e08\u3057\u305f\u5f8c\u306b\u6b8b\u308b\u90e8\u5206\u3067\u3042\u308a\u3001\u682a\u4e3b\u3060\u3051\u306b\u5e30\u5c5e\u3059\u308b\u4fa1\u5024\u3067\u3059\u3002<\/span><\/span><\/strong><\/p>\n

\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u3092\u8fd4\u6e08\u3057\u305f\u6b8b\u308a\u304c\u682a\u4e3b\u306e\u53d6\u308a\u5206\u3068\u306a\u308b\u305f\u3081\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u300c\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u90e8\u5206\u300d\u3060\u3051\u3092\u5207\u308a\u51fa\u3057\u305f\u6982\u5ff5\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u5148\u307b\u3069\u306e\u4f8b\u3067\u3044\u3048\u3070\u3001\u4f01\u696d\u4fa1\u5024150\u5104\u5186\u304b\u3089\u8ca0\u50b5\u7b4950\u5104\u5186\u3092\u5dee\u3057\u5f15\u3044\u305f100\u5104\u5186\u304c\u682a\u5f0f\u4fa1\u5024\u3067\u3042\u308a\u3001\u3053\u308c\u304c\u682a\u4e3b\u306e\u7d4c\u6e08\u7684\u4fa1\u5024\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u682a\u5f0f\u4fa1\u5024\u306f\u3001\u50b5\u6a29\u8005\u3092\u9664\u3044\u305f\u300c\u682a\u4e3b\u3060\u3051\u306e\u53d6\u308a\u5206\u300d\u3092\u7aef\u7684\u306b\u8868\u3059\u6307\u6a19\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n

\n

\u3053\u306e\u4e3b\u4f53\u306e\u9055\u3044\u3092\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u3068\u3001\u8a55\u4fa1\u306e\u8996\u70b9\u3092\u8aa4\u308b\u5371\u967a\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u540c\u3058100\u5104\u5186\u306e\u682a\u5f0f\u4fa1\u5024\u3092\u6301\u3064\u4f1a\u793e<\/span><\/strong>\u3067\u3082\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u304c\u30bc\u30ed\u306e\u5834\u5408\u306850\u5104\u5186\u3042\u308b\u5834\u5408<\/span><\/strong>\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u306f\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u524d\u8005\u306f\u4f01\u696d\u4fa1\u5024\uff1d100\u5104\u5186<\/span><\/strong>\u3001\u5f8c\u8005\u306f\u4f01\u696d\u4fa1\u5024\uff1d150\u5104\u5186<\/span><\/strong>\u3067\u3059\u3002\u3053\u306e\u5834\u5408\u3001\u682a\u4e3b\u304c\u53d7\u3051\u53d6\u308c\u308b\u4fa1\u5024\u306f\u5e38\u306b100\u5104\u5186\u3067\u5909\u308f\u308a\u307e\u305b\u3093<\/span><\/strong>\u304c\u3001\u4f1a\u793e\u5168\u4f53\u3068\u3057\u3066\u306e\u30b9\u30b1\u30fc\u30eb\u611f\u306f\u7570\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306f\u4f1a\u793e\u306e\u7dcf\u5408\u7684\u306a\u529b\u3092\u793a\u3059\u6307\u6a19\u3067\u3042\u308a\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u300c\u53d6\u308a\u5206\u300d\u3092\u793a\u3059\u3082\u306e\u3060\u3068\u6574\u7406\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/div>\n

3-3.\u6c42\u3081\u308b\u76ee\u7684\u306e\u9055\u3044<\/h3>\n

\u4f01<\/strong>\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306f\u7b97\u51fa\u65b9\u6cd5\u3060\u3051\u3067\u306a\u304f\u3001\u7b97\u5b9a\u3059\u308b\u300c\u76ee\u7684\u300d\u3082\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/strong>\u3069\u3061\u3089\u3092\u57fa\u6e96\u306b\u3059\u308b\u304b\u306b\u3088\u3063\u3066\u3001\u7d4c\u55b6\u5224\u65ad\u3084M&A\u306e\u4ea4\u6e09\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u305f\u3081\u3001\u305d\u308c\u305e\u308c\u306e\u76ee\u7684\u3092\u660e\u78ba\u306b\u533a\u5225\u3057\u3066\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

3-3-1. \u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u76ee\u7684\u306f\u4f01\u696d\u306e\u8cb7\u53ce\u7dcf\u984d\u306e\u76ee\u5b89\u3092\u77e5\u308b\u3053\u3068<\/h4>\n

\u4f01\u696d\u4fa1\u5024\u306f\u3001\u4e3b\u306b\u8cb7\u53ce\u7dcf\u984d\u306e\u76ee\u5b89\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u4f01\u696d\u4fa1\u5024\u306f\u300c\u305d\u306e\u4f01\u696d\u3092\u4e38\u3054\u3068\u8cb7\u53ce\u3059\u308b\u306e\u306b\u5fc5\u8981\u306a\u7dcf\u984d\u300d\u3068\u3057\u3066\u6349\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u3001\u4f01\u696d\u8cb7\u53ce\u6642\u306b\u306f\u682a\u4e3b\u306e\u6301\u5206\u3092\u53d6\u5f97\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u9280\u884c\u304b\u3089\u306e\u501f\u5165\u91d1\u306a\u3069\u3082\u542b\u3081\u3066\u5f15\u304d\u7d99\u3050\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002\u3088\u3063\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u306f\u3001\u4f01\u696d\u306e\u8cb7\u53ce\u7dcf\u984d\u306e\u76ee\u5b89\u3092\u77e5\u308b\u3053\u3068\u306b\u76f4\u7d50<\/strong>\u3057\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001M&A\u306e\u4ea4\u6e09\u3067\u306f\u300c\u3053\u306e\u4f1a\u793e\u3092\u8cb7\u3046\u306b\u306f\u6700\u4f4e\u3067\u3082\u4f01\u696d\u4fa1\u5024\u306b\u76f8\u5f53\u3059\u308b\u91d1\u984d\u304c\u5fc5\u8981\u300d\u3068\u8003\u3048\u3001\u6295\u8cc7\u5bb6\u3084\u8cb7\u3044\u624b\u306f\u3053\u306e\u6307\u6a19\u3092\u51fa\u767a\u70b9\u3068\u3057\u307e\u3059\u3002<\/p>\n

\u3042\u308b\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u969b\u3001\u682a\u4e3b\u304b\u3089\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u306b\u306f100\u5104\u5186\u304c\u5fc5\u8981\u3060\u3068\u3057\u3066\u3082\u3001\u8ca0\u50b5\u7b49\u3068\u3057\u306650\u5104\u5186\u304c\u6b8b\u3063\u3066\u3044\u308c\u3070\u3001\u5b9f\u969b\u306b\u306f150\u5104\u5186\u5206\u306e\u8cc7\u91d1\u3092\u6e96\u5099\u3059\u308b\u899a\u609f\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u5b9f\u969b\u306b\u5fc5\u8981\u306a\u7dcf\u984d\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u5927\u304d\u306a\u610f\u5473\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u4f01\u696d\u4fa1\u5024\u306f\u3001\u8cb7\u53ce\u3084\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306e\u969b\u306b\u91cd\u8981\u306a\u3001\u7dcf\u5408\u7684\u306a\u8cfc\u5165\u4fa1\u683c<\/span><\/span><\/strong>\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n

3-3-2. \u682a\u5f0f\u4fa1\u5024\u3092\u6c42\u3081\u308b\u76ee\u7684\u306f\u682a\u4e3b\u306e\u53d6\u308a\u5206\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u3053\u3068<\/h4>\n

\u682a\u5f0f\u4fa1\u5024\u306f\u3001\u682a\u4e3b\u306e\u53d6\u308a\u5206\u3092\u660e\u78ba\u306b\u3059\u308b\u305f\u3081\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u3053\u308c\u306f\u3001\u682a\u4e3b\u306f\u50b5\u52d9\u7b49\u3092\u8ca0\u62c5\u3057\u306a\u3044\u305f\u3081\u3001\u6700\u7d42\u7684\u306b\u6b8b\u308b\u90e8\u5206\uff1d\u682a\u5f0f\u4fa1\u5024\u304c\u3001\u5f7c\u3089\u306b\u5e30\u5c5e\u3059\u308b\u7d4c\u6e08\u7684\u4fa1\u5024\u3067\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u4e8b\u696d\u627f\u7d99\u3084M&A\u306e\u5b9f\u52d9\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u305f\u3042\u3068\u8ca0\u50b5\u7b49\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u5f0f\u4fa1\u5024\u3092\u6c42\u3081\u3001\u305d\u308c\u3092\u57fa\u306b\u682a\u5f0f\u306e\u58f2\u8cb7\u4fa1\u683c\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n

\u4f01\u696d\u4fa1\u5024\u304c150\u5104\u5186\u3067\u6709\u5229\u5b50\u8ca0\u50b5\u7b49\u304c50\u5104\u5186\u3042\u308b\u5834\u5408\u3001\u682a\u5f0f\u4fa1\u5024\u306f100\u5104\u5186\u3068\u306a\u308a\u307e\u3059\u3002\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u5b9f\u969b\u306e\u4fa1\u5024\u306f\u3001\u3053\u306e\u8ca0\u50b5\u7b49\u63a7\u9664\u5f8c\u306e\u90e8\u5206(100\u5104\u5186)\u306b\u3042\u305f\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u682a\u5f0f\u4fa1\u5024\u3092\u77e5\u308b\u3053\u3068\u306f\u3001\u682a\u4e3b\u306b\u3068\u3063\u3066\u300c\u81ea\u5206\u304c\u5b9f\u969b\u306b\u3069\u308c\u3060\u3051\u306e\u8cc7\u7523\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u300d\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u682a\u5f0f\u4fa1\u5024\u306f\u3001\u6295\u8cc7\u3084\u58f2\u8cb7\u306e\u5224\u65ad\u306b\u76f4\u7d50\u3059\u308b\u682a\u4e3b\u306e\u5229\u76ca\u5206\u3092\u793a\u3059<\/span><\/strong>\u3082\u306e\u3067\u3059\u3002<\/p>\n

3-4.\u6d3b\u7528\u3059\u308b\u5834\u9762\u306e\u9055\u3044<\/h3>\n

\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u3067\u306f\u3001\u6d3b\u7528\u3059\u308b\u5834\u9762\u306b\u3064\u3044\u3066\u3082\u7570\u306a\u308a\u307e\u3059\u3002<\/strong>\u3069\u3061\u3089\u3082M&A\u306e\u5834\u9762\u3067\u7528\u3044\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u304c\u3001\u305d\u306e\u4ed6\u306b\u3082\u6d3b\u7528\u5834\u9762\u306f\u3042\u308a\u307e\u3059\u3002<\/p>\n

3-4-1.\u4f01\u696d\u4fa1\u5024\u3092\u6d3b\u7528\u3059\u308b\u5834\u9762\u306fM&A\u3084\u4e8b\u696d\u8a55\u4fa1\u306a\u3069<\/h4>\n

\u4f01\u696d\u4fa1\u5024\u306f\u3001M&A\u3084\u4e8b\u696d\u8a55\u4fa1\u306e\u73fe\u5834\u3067\u5e83\u304f\u7528\u3044\u3089\u308c\u308b\u6307\u6a19<\/span><\/span><\/strong>\u3067\u3059\u3002<\/p>\n

\u8cb7\u53ce\u3084\u6295\u8cc7\u306e\u969b\u306b\u306f\u3001\u682a\u4e3b\u306b\u652f\u6255\u3046\u91d1\u984d\u3060\u3051\u3067\u306a\u304f\u3001\u8ca0\u50b5\u7b49\u3092\u542b\u3081\u305f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u898b\u306a\u3051\u308c\u3070\u3001\u6b63\u78ba\u306a\u53d6\u5f15\u304c\u3067\u304d\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u307e\u305f\u3001\u4e8b\u696d\u306e\u518d\u7de8\u3084\u6295\u8cc7\u5224\u65ad\u306e\u8cc7\u6599\u3068\u3057\u3066\u3082\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u5b9f\u969b\u306bM&A\u306e\u4ea4\u6e09\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u57fa\u6e96\u306b\u3057\u305f\u4e0a\u3067\u3001\u305d\u3053\u304b\u3089\u8ca0\u50b5\u7b49\u3084\u73fe\u91d1\u306e\u72b6\u6cc1\u3092\u8abf\u6574\u3057\u3066\u6700\u7d42\u7684\u306a\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u8cb7\u53ce\u5e0c\u671b\u8005\u304c\u63d0\u793a\u3059\u308b\u4fa1\u683c\u306f\u300c\u4f01\u696d\u4fa1\u5024\u30d9\u30fc\u30b9\u300d\u3067\u8b70\u8ad6\u3055\u308c\u307e\u3059\u304c\u3001\u6700\u7d42\u7684\u306b\u682a\u4e3b\u306b\u652f\u6255\u308f\u308c\u308b\u306e\u306f\u8abf\u6574\u5f8c\u306e\u682a\u5f0f\u4fa1\u5024\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

3-4-2.\u682a\u5f0f\u4fa1\u5024\u3092\u6d3b\u7528\u3059\u308b\u5834\u9762\u306fM&A\u3084\u4e8b\u696d\u627f\u7d99\u3001\u682a\u5f0f\u58f2\u8cb7\u306b\u304a\u3051\u308b\u53d6\u5f15\u4fa1\u683c\u306e\u57fa\u6e96\u3092\u6c7a\u3081\u308b\u3068\u304d\u306a\u3069<\/strong><\/h4>\n

\u4e00\u65b9\u3067\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u3001M&A\u3084\u4e8b\u696d\u627f\u7d99\u3001\u682a\u5f0f\u58f2\u8cb7\u306b\u304a\u3051\u308b\u53d6\u5f15\u4fa1\u683c\u306e\u57fa\u6e96\u3068\u306a\u308b\u91cd\u8981\u306a\u6307\u6a19<\/span><\/strong>\u3067\u3059\u3002<\/p>\n

\u306a\u305c\u306a\u3089\u3001\u5b9f\u969b\u306b\u4f01\u696d\u306b\u304a\u3051\u308b\u53d6\u5f15\u3067\u3084\u308a\u53d6\u308a\u3055\u308c\u308b\u306e\u306f\u5927\u534a\u304c\u682a\u5f0f\u3067\u3042\u308a\u3001\u8cb7\u3044\u624b\u304c\u652f\u6255\u3046\u91d1\u984d\u3082\u3001\u682a\u5f0f\u4fa1\u5024\u306b\u57fa\u3065\u304f\u305f\u3081\u3067\u3059\u3002\u4f01\u696d\u4fa1\u5024\u306f\u3042\u304f\u307e\u3067\u7406\u8ad6\u5024\u3067\u3059\u304c\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u73fe\u5b9f\u306e\u53d6\u5f15\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002<\/p>\n

\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3067\u306f\u3001\u5f8c\u7d99\u8005\u3084\u7b2c\u4e09\u8005\u304c\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u969b\u306b\u3001\u682a\u5f0f\u4fa1\u5024\u306e\u7b97\u5b9a\u304c\u5fc5\u305a\u884c\u308f\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\u3051\uff08TOB\uff09\u3067\u3082\u3001\u63d0\u793a\u3055\u308c\u308b\u8cb7\u4ed8\u4fa1\u683c\u306f\u682a\u5f0f\u4fa1\u5024\u306b\u57fa\u3065\u3044\u3066\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u305d\u308c\u305e\u308c\u306e\u4fa1\u5024\u306f\u5b9f\u52d9\u306e\u69d8\u3005\u306a\u30b7\u30fc\u30f3\u3067\u6307\u6a19\u3068\u3057\u3066\u6b20\u304b\u305b\u306a\u3044\u5b58\u5728\u3067\u3059\u3002<\/p>\n

3-5.M&A\u306b\u304a\u3051\u308b\u4f7f\u3044\u5206\u3051\u306e\u9055\u3044<\/h3>\n

M&A\u306e\u73fe\u5834<\/span><\/strong>\u3067\u306f\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3068\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u3092\u660e\u78ba\u306b\u533a\u5225\u3057\u3066\u4f7f\u3044\u307e\u3059\u3002<\/p>\n

\u6df7\u540c\u3059\u308b\u3068\u8aa4\u3063\u305f\u8a55\u4fa1\u3084\u4e0d\u5229\u306a\u4ea4\u6e09\u306b\u3064\u306a\u304c\u308b\u305f\u3081\u3001\u305d\u308c\u305e\u308c\u306e\u4f7f\u3044\u5206\u3051\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

3-5-1.\u4f01\u696d\u4fa1\u5024\u306fM\uff06A\u306b\u304a\u3044\u3066\u8cb7\u53ce\u4ea4\u6e09\u306e\u51fa\u767a\u70b9\u3068\u306a\u308b\u57fa\u6e96\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b<\/strong><\/h4>\n

\u4f01\u696d\u4fa1\u5024\u306f\u3001\u8cb7\u53ce\u4ea4\u6e09\u306b\u304a\u3051\u308b\u51fa\u767a\u70b9\u3068\u306a\u308b\u57fa\u6e96\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u306e\u53cc\u65b9\u304c\u307e\u305a\u300c\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u5171\u901a\u8a8d\u8b58\u3068\u3057\u3066\u6301\u3064\u3053\u3068\u3067\u3001\u4ea4\u6e09\u3092\u9032\u3081\u3084\u3059\u304f\u306a\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

M&A\u306e\u5834\u9762\u3067\u306f\u3001DCF\u6cd5\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u3069\u3067\u307e\u305a\u306f\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u3001\u305d\u308c\u3092\u3082\u3068\u306b\u300c\u4f01\u696d\u898f\u6a21\u306f\u3069\u306e\u304f\u3089\u3044\u304b\u300d\u300c\u4e8b\u696d\u5168\u4f53\u306e\u4fa1\u5024\u306f\u3044\u304f\u3089\u304b\u300d\u3068\u3044\u3046\u57fa\u6e96\u3092\u78ba\u7acb\u3057\u307e\u3059\u3002\u305d\u306e\u5f8c\u3001\u8ca0\u50b5\u7b49\u3084\u73fe\u9810\u91d1\u3092\u8abf\u6574\u3057\u3066\u682a\u5f0f\u4fa1\u5024\u304c\u5c0e\u304b\u308c\u3001\u5b9f\u969b\u306e\u58f2\u8cb7\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u3068\u3044\u3046\u6d41\u308c\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u4f01\u696d\u4fa1\u5024\u306f\u3001M&A\u306e\u8b70\u8ad6\u306e\u571f\u53f0\u3068\u306a\u308b\u3001\u5168\u4f53\u50cf\u3092\u793a\u3059\u6307\u6a19\u306a\u306e\u3067\u3059\u3002<\/p>\n

3-5-2.\u682a\u5f0f\u4fa1\u5024\u306fM\uff06A\u306b\u304a\u3044\u3066\u73fe\u5b9f\u306e\u53d6\u5f15\u91d1\u984d\u3092\u6c7a\u3081\u308b\u57fa\u6e96\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b<\/strong><\/h4>\n

\u682a\u5f0f\u4fa1\u5024\u306f\u3001M&A\u306b\u304a\u3044\u3066\u3001\u6700\u7d42\u7684\u306a\u58f2\u8cb7\u4fa1\u683c\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u5834\u9762\u3067\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u3001M&A\u3067\u5b9f\u969b\u306b\u3084\u308a\u53d6\u308a\u3055\u308c\u308b\u306e\u306f\u682a\u5f0f\u3067\u3042\u308a\u3001\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u4fa1\u5024\u304c\u73fe\u5b9f\u306e\u53d6\u5f15\u91d1\u984d\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u4e8b\u696d\u627f\u7d99\u3067\u5f8c\u7d99\u8005\u304c\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u969b\u3001\u63d0\u793a\u3055\u308c\u308b\u306e\u306f\u682a\u5f0f\u4fa1\u5024\u30d9\u30fc\u30b9\u306e\u4fa1\u683c\u3067\u3059\u3002\u307e\u305f\u3001\u4e0a\u5834\u4f01\u696d\u304c\u65b0\u682a\u3092\u767a\u884c\u3057\u3066\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u3068\u304d\u3082\u3001\u6295\u8cc7\u5bb6\u306b\u63d0\u793a\u3055\u308c\u308b\u306e\u306f\u682a\u5f0f\u4fa1\u5024\u306b\u57fa\u3065\u304f\u6761\u4ef6\u3067\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u682a\u4e3b\u3068\u6295\u8cc7\u5bb6\u306e\u76ee\u7dda\u3067\u306e\u3001\u5b9f\u52d9\u4e0a\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u76f4\u7d50\u3059\u308b\u6307\u6a19\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n

4.\u4f01\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u306b\u3064\u3044\u3066\u304a\u60a9\u307f\u306e\u65b9\u306f\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e\u3078\u3054\u76f8\u8ac7\u3092<\/h2>\n

M&A\u3084\u4e8b\u696d\u627f\u7d99\u306e\u5834\u9762\u3067\u300c\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u304c\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u7b97\u5b9a\u65b9\u6cd5\u3092\u3069\u3046\u9078\u3079\u3070\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d<\/span><\/strong>\u3068\u60a9\u3080\u7d4c\u55b6\u8005\u306e\u65b9\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u8aa4\u3063\u305f\u7406\u89e3\u306e\u307e\u307e\u4ea4\u6e09\u3092\u9032\u3081\u308b\u3068\u3001\u4e0d\u5229\u306a\u6761\u4ef6\u3067\u53d6\u5f15\u3057\u3066\u3057\u307e\u3046\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001\u8c4a\u5bcc\u306a\u5b9f\u52d9\u7d4c\u9a13\u3092\u6301\u3064\u5c02\u9580\u5bb6\u304c\u3001\u4f01\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u306e\u7b97\u5b9a\u304b\u3089M&A\u5b9f\u884c\u652f\u63f4\u307e\u3067\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u3067\u5bfe\u5fdc<\/span><\/strong>\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4e2d\u5c0f\u4f01\u696d\u304b\u3089\u4e0a\u5834\u4f01\u696d\u307e\u3067\u5e45\u5e83\u3044\u5b9f\u7e3e\u304c\u3042\u308a\u3001\u5b89\u5fc3\u3057\u3066\u3054\u76f8\u8ac7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n

\u4f01\u696d\u4fa1\u5024\u3084\u682a\u5f0f\u4fa1\u5024\u306b\u95a2\u3057\u3066\u304a\u60a9\u307f\u306e\u65b9\u306f\u3001\u6b63\u3057\u3044\u8a55\u4fa1\u3068\u30b9\u30e0\u30fc\u30ba\u306a\u4ea4\u6e09\u306e\u305f\u3081\u306b\u3001\u305c\u3072\u4e00\u5ea6\u3001\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3078\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n

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

\u3053\u3053\u307e\u3067\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3068\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u89e3\u8aac<\/span><\/strong>\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u4f3c\u3066\u3044\u308b\u3088\u3046\u3067\u672c\u8cea\u7684\u306b\u306f\u7570\u306a\u308b2\u3064\u306e\u6307\u6a19\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u306f\u3001\u6295\u8cc7\u5224\u65ad\u3084M&A\u3001\u4e8b\u696d\u627f\u7d99\u306e\u6210\u529f\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002<\/p>\n

\u6700\u5f8c\u306b\u3001\u8a18\u4e8b\u3067\u89e6\u308c\u305f\u30dd\u30a4\u30f3\u30c8\u3092\u6574\u7406\u3057\u3066\u632f\u308a\u8fd4\u308a\u307e\u3057\u3087\u3046\u3002<\/p>\n

\n

\u8a18\u4e8b\u306e\u6982\u8981<\/strong><\/p>\n

\u30fb\u4f01\u696d\u4fa1\u5024\uff1d\u682a\u5f0f\u4fa1\u5024\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u7b49 \u2192 \u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u3092\u793a\u3059<\/p>\n

\u30fb\u682a\u5f0f\u4fa1\u5024\uff1d\u4f01\u696d\u4fa1\u5024\uff0d\u6709\u5229\u5b50\u8ca0\u50b5\u7b49 \u2192 \u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u53d6\u308a\u5206\u3092\u793a\u3059<\/p>\n

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