{"id":1850,"date":"2025-11-19T10:00:05","date_gmt":"2025-11-19T01:00:05","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=1850"},"modified":"2025-11-14T10:51:11","modified_gmt":"2025-11-14T01:51:11","slug":"the-difference-between-corporate-value-and-business-value","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/the-difference-between-corporate-value-and-business-value","title":{"rendered":"\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u9055\u3044\u3068\u306f\uff1f\u6bd4\u8f03\u8868\u3067\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"

\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024<\/span><\/strong>\u306f\u3001\u3069\u3061\u3089\u3082\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u6b20\u304b\u305b\u306a\u3044\u6982\u5ff5\u3067\u3059\u304c\u3001\u305d\u308c\u305e\u308c\u8a55\u4fa1\u306e\u5bfe\u8c61\u7bc4\u56f2\u3084\u8a55\u4fa1\u306e\u7740\u773c\u70b9\u3001\u307e\u305f\u3001\u8a08\u7b97\u306e\u7bc4\u56f2\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u7279\u306bM&A\u3084\u6295\u8cc7\u306e\u5834\u9762\u3067\u306f\u3001\u3053\u306e\u9055\u3044\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u3068\u3001\u4ea4\u6e09\u3084\u8cc7\u6599\u4f5c\u6210\u306e\u5834\u3067\u8aac\u660e\u306b\u8a70\u307e\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u4e00\u898b\u3059\u308b\u3068\u4f3c\u3066\u3044\u308b\u7528\u8a9e\u3067\u3059\u304c\u3001\u4f01\u696d\u4fa1\u5024\u306f\u300c\u975e\u4e8b\u696d\u4fa1\u5024\u3092\u542b\u3080\u3001\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u793a\u3057\u3001\u4e8b\u696d\u4fa1\u5024\u306f\u300c\u4e8b\u696d\u304b\u3089\u751f\u307f\u51fa\u3055\u308c\u308b\u4fa1\u5024(\u7a3c\u3050\u529b)\u300d\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u3044\u307e\u3059\u3002<\/span><\/strong><\/p>\n

<\/p>\n

\n

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\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u9055\u3044\u3092\u6574\u7406\u3057\u3066\u3001\u7b97\u51fa\u65b9\u6cd5\u3084M&A\u3067\u306e\u4f7f\u3044\u5206\u3051\u307e\u3067\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/span><\/strong>\u3057\u307e\u3059\u3002\u305c\u3072\u3054\u4e00\u8aad\u304f\u3060\u3055\u3044\u3002<\/p>\n

1.\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u9055\u3044\u306e\u6bd4\u8f03\u8868<\/h2>\n

\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u9055\u3044\u304c\u3042\u308a\u3001\u4e3b\u306a\u9055\u3044\u306f\u3001\u8a55\u4fa1\u306e\u5bfe\u8c61\u7bc4\u56f2<\/span><\/strong>\u306b\u3042\u308a\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u306f\u4f1a\u793e\u5168\u4f53\u3092\u8a55\u4fa1\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u4f01\u696d\u306e\u672c\u696d\u306b\u3064\u306a\u304c\u308b\u4e8b\u696d\u306e\u53ce\u76ca\u6d3b\u52d5\u306b\u9650\u5b9a\u3057\u3066\u8a55\u4fa1\u3055\u308c\u308b\u6307\u6a19\u3067\u3059\u3002<\/span><\/strong><\/p>\n

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\u3053\u306e\u7ae0\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\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

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\u9805\u76ee<\/span><\/strong><\/td>\n\u4f01\u696d\u4fa1\u5024<\/span><\/strong><\/td>\n\u4e8b\u696d\u4fa1\u5024<\/span><\/strong><\/td>\n<\/tr>\n
1.\u975e\u4e8b\u696d\u4fa1\u5024<\/strong><\/td>\n\u542b\u307e\u308c\u308b<\/td>\n\u542b\u307e\u308c\u306a\u3044<\/td>\n<\/tr>\n
2.\u76ee\u7684<\/strong><\/td>\n\u4f01\u696d\u5168\u4f53\u3092\u8a55\u4fa1\u3057\u3001\u4f1a\u793e\u305d\u306e\u3082\u306e\u306e\u8cb7\u53ce\u4fa1\u683c\u3084\u5e02\u5834\u3067\u306e\u4fa1\u5024\u3092\u660e\u3089\u304b\u306b\u3059\u308b<\/td>\n\u4e8b\u696d\u5358\u4f53\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u8a55\u4fa1\u3057\u3001\u672c\u696d\u306e\u7a3c\u3050\u529b\u3092\u6e2c\u308b<\/td>\n<\/tr>\n
3.\u6d3b\u7528\u3059\u308b\u5834\u9762<\/strong><\/td>\n\u30fbM&A\u5168\u4f53\u306e\u8cb7\u53ce\u4fa1\u984d\u7b97\u5b9a
\n\u30fb\u682a\u5f0f\u516c\u958b\uff08IPO\uff09
\n\u30fb\u8cc7\u91d1\u8abf\u9054
\n\u30fb\u30b0\u30eb\u30fc\u30d7\u518d\u7de8\u306a\u3069<\/td>\n		\u30fb\u4e8b\u696d\u8b72\u6e21
\n\u30fb\u30b9\u30d4\u30f3\u30aa\u30d5
\n\u30fb\u4e8b\u696d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u898b\u76f4\u3057
\n\u30fb\u6295\u8cc7\u5224\u65ad\u306a\u3069<\/td>\n<\/tr>\n
4.M&A\u306b\u304a\u3051\u308b\u4f7f\u3044\u5206\u3051<\/strong><\/td>\n\u4f1a\u793e\u5168\u4f53\u306e\u8cb7\u53ce\u4fa1\u683c\u3084\u3001\u8ca0\u50b5\u8fbc\u307f\u306e\u7dcf\u5408\u7684\u306a\u8a55\u4fa1\u3092\u628a\u63e1\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528<\/td>\n\u7279\u5b9a\u4e8b\u696d\u3060\u3051\u3092\u5207\u308a\u51fa\u3059\u53d6\u5f15\u3084\u3001\u4e8b\u696d\u3054\u3068\u306e\u53ce\u76ca\u529b\u3092\u6bd4\u8f03\u3059\u308b\u969b\u306b\u4f7f\u7528<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

2.\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306a\u89e3\u8aac<\/h2>\n

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2-1.\u975e\u4e8b\u696d\u4fa1\u5024\u306e\u6709\u7121\u306e\u9055\u3044<\/h3>\n

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\n

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\u3064\u307e\u308a\u3001\u4e8b\u696d\u4fa1\u5024\u306f\u4f01\u696d\u4fa1\u5024\u306e\u4e00\u90e8\u3067\u3042\u308a\u3001\u672c\u696d\u306e\u529b\u3092\u793a\u3059\u6307\u6a19\u3001\u4f01\u696d\u4fa1\u5024\u306f\u4f1a\u793e\u5168\u4f53\u306e\u5305\u62ec\u7684\u306a\u4fa1\u5024\u3092\u793a\u3059\u6307\u6a19\u3068\u3057\u3066\u533a\u5225\u3057\u3066\u7528\u3044\u3089\u308c\u308b<\/span><\/strong>\u306e\u3067\u3059\u3002<\/p>\n

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\n

\u203b\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u304b\u3089\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092FCF\u306b\u542b\u3081\u306a\u3044\uff08=\u4e8b\u696d\u4fa1\u5024\u306b\u5165\u308c\u306a\u3044\uff09\u4e00\u65b9\u3067\u3001\u30b9\u30c8\u30c3\u30af\u3068\u3057\u3066\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u3092\u52a0\u7b97\u3059\u308b\u3002\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u304c\u751f\u3080\u5229\u76ca\u306b\u3064\u3044\u3066\u3001\u4e21\u5efa\u3066\uff08\u4e8c\u91cd\u8a08\u4e0a\uff09\u306b\u6ce8\u610f\u3002<\/p>\n<\/div>\n

2-2.\u6c42\u3081\u308b\u76ee\u7684\u306e\u9055\u3044<\/h3>\n

\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u3044\u305a\u308c\u3082\u4f01\u696d\u3092\u8a55\u4fa1\u3059\u308b\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u304c\u3001\u7b97\u51fa\u3059\u308b\u76ee\u7684\u306f\u660e\u78ba\u306b\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-2-1.\u300c\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u305f\u3081<\/h4>\n

\u4f01\u696d\u4fa1\u5024\u306f\u3001\u4f1a\u793e\u304c\u4fdd\u6709\u3059\u308b\u4e8b\u696d\u3060\u3051\u3067\u306a\u304f\u3001\u73fe\u91d1\u3084\u904a\u4f11\u4e0d\u52d5\u7523\u306a\u3069\u975e\u4e8b\u696d\u8cc7\u7523\u3082\u542b\u3081\u3066\u300c\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/strong><\/span><\/p>\n

\u305d\u306e\u305f\u3081\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306e\u8a55\u4fa1\u3084M&A\u306b\u304a\u3051\u308b\u8cb7\u53ce\u4fa1\u683c\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/strong><\/span><\/p>\n

\u4f8b\u3048\u3070\u3001\u4e0a\u5834\u4f01\u696d\u306e\u8cb7\u53ce\u3092\u691c\u8a0e\u3059\u308b\u5834\u5408\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308c\u3070\u300c\u4f01\u696d\u5168\u4f53\u306b\u3044\u304f\u3089\u652f\u6255\u3046\u3079\u304d\u304b\u300d\u3092\u628a\u63e1\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306b\u306f\u672c\u696d\u3060\u3051\u3067\u306a\u304f\u3001\u4f59\u5270\u8cc7\u7523\u3084\u8ca0\u50b5\u306e\u5f71\u97ff\u3082\u542b\u307e\u308c\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306b\u306f\u300c\u4f01\u696d\u305d\u306e\u3082\u306e\u306e\u5024\u6bb5\u300d\u3092\u6e2c\u308b\u305f\u3081\u306b\u4f7f\u3046\u305f\u3081\u3001\u3068\u3044\u3046\u76ee\u7684\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n

2-2-2.\u4e8b\u696d\u5358\u4f53\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u6e2c\u308b\u305f\u3081<\/h4>\n

\u4e00\u65b9\u3001\u4e8b\u696d\u4fa1\u5024\u306f\u672c\u696d\u305d\u306e\u3082\u306e\u306e\u300c\u7a3c\u3050\u529b\u300d\u306b\u6ce8\u76ee\u3057\u3001\u4e8b\u696d\u5358\u4f53\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u6e2c\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u3053\u308c\u306f\u3001\u7279\u5b9a\u306e\u4e8b\u696d\u3092\u5207\u308a\u51fa\u3057\u3066\u58f2\u5374\u3059\u308b\u5834\u5408\u3084\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u898b\u76f4\u3057\u3092\u884c\u3046\u5834\u9762\u3067\u6b20\u304b\u305b\u306a\u3044\u8a55\u4fa1\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u5927\u624b\u30e1\u30fc\u30ab\u30fc\u304c\u4e0d\u63a1\u7b97\u90e8\u9580\u3092\u5207\u308a\u96e2\u3057\u3066\u58f2\u5374\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u305d\u306e\u4e8b\u696d\u5358\u4f53\u306e\u53ce\u76ca\u529b\u3092\u6e2c\u308b\u4e8b\u696d\u4fa1\u5024\u304c\u5fc5\u8981\u3067\u3059\u3002\u3053\u3053\u3067\u306f\u3001\u5c06\u6765\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u540c\u696d\u4ed6\u793e\u3068\u306e\u6bd4\u8f03\u3092\u901a\u3058\u3066\u3001\u305d\u306e\u4e8b\u696d\u304c\u300c\u3044\u304f\u3089\u3067\u58f2\u308c\u308b\u306e\u304b\u300d\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n

\u4e8b\u696d\u4fa1\u5024\u306f\u300c\u7a3c\u3050\u529b\u306e\u5024\u6bb5\u300d\u3092\u6e2c\u308b\u305f\u3081\u306b\u4f7f\u3046\u3068\u6574\u7406\u3067\u304d\u307e\u3059\u3002<\/span><\/strong>\u76ee\u7684\u306b\u5fdc\u3058\u3066\u9069\u5207\u306b\u4f7f\u3044\u5206\u3051\u308b\u3053\u3068\u304c\u3001\u5b9f\u52d9\u4e0a\u306e\u8a55\u4fa1\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b\u9375\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-3.\u6d3b\u7528\u3059\u308b\u5834\u9762\u306e\u9055\u3044<\/h3>\n

\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u3044\u305a\u308c\u3082\u4f01\u696d\u8a55\u4fa1\u306b\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\u3067\u3059\u304c\u3001\u5b9f\u969b\u306e\u6d3b\u7528\u5834\u9762\u306f\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-3-1.\u200b\u4f01\u696d\u5168\u4f53\u306e\u8a55\u4fa1\u304c\u5fc5\u8981\u306a\u3068\u304d\u306f\u4f01\u696d\u4fa1\u5024\u3092\u7528\u3044\u308b\u200b<\/strong><\/h4>\n

\u4f01\u696d\u5168\u4f53\u306e\u8a55\u4fa1\u304c\u5fc5\u8981\u306a\u3068\u304d\u306f\u4f01\u696d\u4fa1\u5024\u3092\u6d3b\u7528\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u3001M&A\u3001\u4e8b\u696d\u627f\u7d99\u3001\u6295\u8cc7\u5224\u65ad\u306a\u3069\u3001\u7d4c\u55b6\u306e\u91cd\u8981\u306a\u5c40\u9762\u3067\u306f\u300c\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3092\u77e5\u308a\u305f\u3044\u5834\u5408\u300d\u3068\u300c\u4e8b\u696d\u3054\u3068\u306e\u4fa1\u5024\u3092\u77e5\u308a\u305f\u3044\u5834\u5408\u300d\u304c\u5206\u304b\u308c\u3066\u3044\u308b\u305f\u3081<\/strong>\u3067\u3059\u3002\u6d3b\u7528\u5834\u9762\u3001\u76ee\u7684\u306b\u3088\u3063\u3066\u9069\u5207\u306a\u8a55\u4fa1\u57fa\u6e96\u3092\u9078\u3070\u306a\u3051\u308c\u3070\u3001\u610f\u601d\u6c7a\u5b9a\u304c\u8aa4\u3063\u305f\u65b9\u5411\u306b\u9032\u3080\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001M&A\u306e\u8cb7\u53ce\u5168\u4f53\u3092\u691c\u8a0e\u3059\u308b\u30b1\u30fc\u30b9\u3067\u306f\u3001<\/strong>\u00a0\u4e0a\u5834\u4f01\u696dA\u793e\u3092\u4e38\u3054\u3068\u8cb7\u53ce\u3059\u308b\u969b\u306b\u306f\u3001\u4f01\u696d\u4fa1\u5024<\/strong>\u3092\u7b97\u5b9a\u3057\u300c\u3053\u306e\u4f1a\u793e\u5168\u4f53\u306b\u3044\u304f\u3089\u652f\u6255\u3046\u306e\u304b\u300d\u3092\u5224\u65ad\u3057\u307e\u3059\u3002\u6709\u5229\u5b50\u8ca0\u50b5\u3084\u4f59\u5270\u8cc7\u7523\u3092\u542b\u3081\u305f\u7dcf\u5408\u7684\u306a\u8a55\u4fa1\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u4e8b\u696d\u627f\u7d99\u306e\u5834\u9762\u306b\u304a\u3044\u3066\u3001<\/strong>\u5f8c\u7d99\u8005\u306b\u4f1a\u793e\u5168\u4f53\u3092\u5f15\u304d\u7d99\u3050\u5834\u5408\u306b\u306f\u4f01\u696d\u4fa1\u5024<\/strong>\u306e\u7b97\u5b9a\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002\u4e00\u65b9\u3001\u540c\u65cf\u4f1a\u793e\u3067\u7279\u5b9a\u306e\u4e8b\u696d\u90e8\u9580\u3060\u3051\u3092\u5b50\u3069\u3082\u306b\u8b72\u6e21\u3059\u308b\u5834\u5408\u306f\u3001\u4e8b\u696d\u4fa1\u5024<\/strong>\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u200b2-3-2.\u4e8b\u696d\u5358\u4f53\u3092\u8a55\u4fa1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u304d\u306f\u4e8b\u696d\u4fa1\u5024\u3092\u7528\u3044\u308b\u200b<\/strong><\/h4>\n

\u4e8b\u696d\u3092\u5358\u4f53\u3067\u8a55\u4fa1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u304d\u306b\u306f\u3001\u4e8b\u696d\u4fa1\u5024\u3092\u7528\u3044\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u4e0d\u63a1\u7b97\u90e8\u9580\u306e\u5207\u308a\u96e2\u3057\uff08\u30b9\u30d4\u30f3\u30aa\u30d5)\u3067\u306f\u3001<\/strong>\u5927\u624b\u30e1\u30fc\u30ab\u30fc\u304c\u8d64\u5b57\u306e\u5bb6\u96fb\u4e8b\u696d\u3092\u58f2\u5374\u3059\u308b\u5834\u5408\u3001\u5fc5\u8981\u306a\u306e\u306f\u4e8b\u696d\u4fa1\u5024<\/strong>\u3067\u3059\u3002\u305d\u306e\u4e8b\u696d\u5358\u4f53\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084EBITDA\u500d\u7387\u3092\u3082\u3068\u306b\u300c\u5bb6\u96fb\u4e8b\u696d\u3060\u3051\u306e\u5024\u6bb5\u300d\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n

\u6295\u8cc7\u5224\u65ad\u3084\u8cc7\u91d1\u8abf\u9054\u306b\u304a\u3044\u3066\u3001<\/strong>\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u304c\u65b0\u898f\u4e8b\u696d\u306b\u6295\u8cc7\u3092\u52df\u308b\u969b\u3001\u6295\u8cc7\u5bb6\u304c\u6ce8\u76ee\u3059\u308b\u306e\u306f\u305d\u306e\u4e8b\u696d\u306e\u5c06\u6765\u306e\u7a3c\u3050\u529b\uff1d\u4e8b\u696d\u4fa1\u5024<\/strong>\u3067\u3059\u3002\u9006\u306bIPO\u6e96\u5099\u3067\u306f\u3001\u4f01\u696d\u5168\u4f53\u306e\u6642\u4fa1\u7dcf\u984d\u3092\u60f3\u5b9a\u3059\u308b\u305f\u3081\u4f01\u696d\u4fa1\u5024<\/strong>\u306e\u8a55\u4fa1\u304c\u4e2d\u5fc3\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u30b0\u30eb\u30fc\u30d7\u518d\u7de8\u306b\u304a\u3044\u3066\u3001<\/strong>\u6301\u682a\u4f1a\u793e\u4f53\u5236\u3067\u8907\u6570\u306e\u5b50\u4f1a\u793e\u3092\u62b1\u3048\u308b\u30b1\u30fc\u30b9\u3067\u306f\u3001\u5b50\u4f1a\u793e\u5358\u4f4d\u306e\u4e8b\u696d\u4fa1\u5024<\/strong>\u3092\u7b97\u51fa\u3057\u3066\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u518d\u7de8\u6226\u7565\u3092\u6c7a\u5b9a\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u540c\u6642\u306b\u3001\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u5168\u4f53\u306e\u4f01\u696d\u4fa1\u5024<\/strong>\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u89aa\u4f1a\u793e\u306e\u6642\u4fa1\u8a55\u4fa1\u3082\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u4f01\u696d\u4fa1\u5024\u306f\u300c\u4f1a\u793e\u5168\u4f53\u3092\u5bfe\u8c61\u3068\u3059\u308b\u610f\u601d\u6c7a\u5b9a\u300d\u306b\u3001\u4e8b\u696d\u4fa1\u5024\u306f\u300c\u7279\u5b9a\u306e\u4e8b\u696d\u3092\u5bfe\u8c61\u3068\u3059\u308b\u610f\u601d\u6c7a\u5b9a\u300d\u306b\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/span><\/strong>\u4e21\u8005\u3092\u4f7f\u3044\u5206\u3051\u308b\u3053\u3068\u3067\u3001M&A\u3084\u6295\u8cc7\u5224\u65ad\u306e\u7cbe\u5ea6\u3092\u9ad8\u3081\u3001\u7d4c\u55b6\u5224\u65ad\u306e\u5931\u6557\u3092\u9632\u3050\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

2-4.M&A\u306b\u304a\u3051\u308b\u4f7f\u3044\u5206\u3051\u306e\u9055\u3044<\/h3>\n

M&A\u306b\u304a\u3044\u3066\u306f\u3001\u300c\u4f01\u696d\u5168\u4f53\u3092\u5bfe\u8c61\u3068\u3059\u308b\u306e\u304b\u300d\u300c\u7279\u5b9a\u306e\u4e8b\u696d\u3060\u3051\u3092\u5bfe\u8c61\u3068\u3059\u308b\u306e\u304b\u300d\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u3069\u3061\u3089\u3092\u4f7f\u3046\u304b\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/span><\/strong>\u4f7f\u3044\u5206\u3051\u3092\u8aa4\u308b\u3068\u3001\u8cb7\u53ce\u91d1\u984d\u3084\u8b72\u6e21\u4fa1\u683c\u306e\u7b97\u5b9a\u3092\u8aa4\u308a\u3001\u9069\u6b63\u306a\u53d6\u5f15\u304c\u3067\u304d\u306a\u304f\u306a\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u306a\u305c\u306a\u3089\u3001\u4f01\u696d\u4fa1\u5024\u306f\u4f1a\u793e\u5168\u4f53\u3092\u5305\u62ec\u7684\u306b\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3042\u308a\u3001\u4e8b\u696d\u4fa1\u5024\u306f\u4e8b\u696d\u5358\u4f53\u306e\u7a3c\u3050\u529b\u3092\u6e2c\u308b\u6307\u6a19\u3060\u304b\u3089\u3067\u3059\u3002M&A\u306e\u76ee\u7684\u306b\u3088\u3063\u3066\u3001\u8a55\u4fa1\u5bfe\u8c61\u306e\u7bc4\u56f2\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u9069\u5207\u306a\u57fa\u6e96\u3092\u7528\u3044\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\n

\u4f7f\u3044\u5206\u3051\u306e\u5177\u4f53\u4f8b<\/strong><\/p>\n

\u30fb\u4f01\u696d\u5168\u4f53\u3092\u8cb7\u53ce\u3059\u308b\u30b1\u30fc\u30b9<\/strong>\u2192 \u88fd\u9020\u696d\u3092\u4e38\u3054\u3068\u8cb7\u53ce\u3059\u308b\u5834\u5408\u3001\u57fa\u6e96\u3068\u306a\u308b\u306e\u306f\u300c\u4f01\u696d\u4fa1\u5024\u300d<\/strong>\u3067\u3059\u3002\u8cb7\u53ce\u5074\u306f\u682a\u5f0f\u3084\u5408\u4f75\u3092\u901a\u3058\u3066\u3001\u5bfe\u8c61\u4f01\u696d\u304c\u6301\u3064\u4e8b\u696d\u30fb\u8cc7\u7523\u30fb\u8ca0\u50b5\u3059\u3079\u3066\u3092\u5f15\u304d\u7d99\u304e\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u6642\u4fa1\u7dcf\u984d\u306b\u52a0\u3048\u3066\u501f\u5165\u91d1\u3084\u73fe\u9810\u91d1\u306a\u3069\u3082\u8003\u616e\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u4e8b\u696d\u4fa1\u5024\u3060\u3051\u3092\u898b\u3066\u3057\u307e\u3046\u3068\u3001\u4f59\u5270\u8cc7\u7523\u3084\u8ca0\u50b5\u3092\u898b\u843d\u3068\u3059\u5371\u967a\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u30fb\u7279\u5b9a\u4e8b\u696d\u306e\u8b72\u6e21\u30fb\u58f2\u5374\u3092\u884c\u3046\u30b1\u30fc\u30b9<\/strong>\u2192 \u5927\u624b\u30e1\u30fc\u30ab\u30fc\u304c\u8d64\u5b57\u90e8\u9580\u3092\u30b9\u30d4\u30f3\u30aa\u30d5\u3057\u3066\u58f2\u5374\u3059\u308b\u5834\u5408\u3001\u53d6\u5f15\u306e\u57fa\u6e96\u3068\u306a\u308b\u306e\u306f\u300c\u4e8b\u696d\u4fa1\u5024\u300d<\/strong>\u3067\u3059\u3002\u8cb7\u53ce\u5074\u304c\u5f15\u304d\u7d99\u3050\u306e\u306f\u3001\u305d\u306e\u4e8b\u696d\u304c\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u30d6\u30e9\u30f3\u30c9\u3001\u77e5\u7684\u8ca1\u7523\u306a\u3069\u3067\u3042\u308a\u3001\u4e8b\u696d\u5916\u8cc7\u7523\u3084\u8ca0\u50b5\u306f\u542b\u307e\u308c\u307e\u305b\u3093\u3002\u3053\u306e\u305f\u3081\u3001EBITDA\u500d\u7387\u3084DCF\u6cd5\u306b\u3088\u308b\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n

\u30fb\u4e21\u8005\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u30b1\u30fc\u30b9<\/strong>\u2192 \u5b9f\u52d9\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u3092\u4f75\u7528\u3059\u308b<\/strong>\u3053\u3068\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u3060\u3051\u3067\u306f\u4e8b\u696d\u306e\u7a3c\u3050\u529b\u3092\u628a\u63e1\u3057\u3065\u3089\u304f\u3001\u4e8b\u696d\u4fa1\u5024\u3060\u3051\u3067\u306f\u8cc7\u7523\u3084\u8ca0\u50b5\u306e\u5f71\u97ff\u3092\u8003\u616e\u3067\u304d\u306a\u3044\u304b\u3089\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u5168\u793e\u8cb7\u53ce\u3092\u691c\u8a0e\u3059\u308b\u969b\u306b\u307e\u305a\u4e8b\u696d\u4fa1\u5024\u3067\u53ce\u76ca\u529b\u3092\u8a55\u4fa1\u3057\u3001\u305d\u306e\u5f8c\u306b\u4f59\u5270\u8cc7\u7523\u3084\u8ca0\u50b5\u3092\u52a0\u5473\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u6d41\u308c\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<\/div>\n

\u3064\u307e\u308a\u3001M&A\u306b\u304a\u3051\u308b\u4f7f\u3044\u5206\u3051\u306f\u6b21\u306e\u3088\u3046\u306b\u6574\u7406\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u30fb\u4f01\u696d\u4fa1\u5024\u2192\u4f01\u696d\u5168\u4f53\u306b\u7740\u76ee\u3057\u3066M&A\u3092\u884c\u3046\u5834\u5408\u4f7f\u3046<\/strong><\/p>\n

\u30fb\u4e8b\u696d\u4fa1\u5024\u2192\u4e8b\u696d\u306e\u4e2d\u8eab\u306b\u7740\u76ee\u3057\u3066M&A\u3092\u884c\u3046\u5834\u5408\u4f7f\u3046<\/strong><\/p>\n

\u4e21\u8005\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u904e\u5927\u8a55\u4fa1\u3084\u904e\u5c0f\u8a55\u4fa1\u3092\u907f\u3051\u3001\u3088\u308a\u59a5\u5f53\u306a\u53d6\u5f15\u6761\u4ef6\u3092\u5c0e\u304d\u51fa\u3059\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

3.\u4f01\u696d\u4fa1\u5024\u3084\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u3067\u304a\u60a9\u307f\u306e\u65b9\u306f\u3001\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e\u3078\u3054\u76f8\u8ac7\u3092<\/h2>\n

\u4f01\u696d\u4fa1\u5024\u3084\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u306f\u3001M&A\u3084\u4e8b\u696d\u627f\u7d99\u3001\u8cc7\u91d1\u8abf\u9054\u306a\u3069\u3001\u7d4c\u55b6\u306b\u304a\u3044\u3066\u6975\u3081\u3066\u91cd\u8981\u306a\u610f\u601d\u6c7a\u5b9a\u306e\u5834\u9762\u3067\u5fc5\u8981<\/span><\/strong>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u5b9f\u969b\u306b\u7b97\u5b9a\u3092\u884c\u304a\u3046\u3068\u3059\u308b\u3068\u3001DCF\u6cd5\u30fb\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u30fb\u7d14\u8cc7\u7523\u4fa1\u5024\u6cd5\u306a\u3069\u8907\u6570\u306e\u624b\u6cd5\u304c\u3042\u308a\u3001\u3069\u308c\u3092\u4f7f\u3046\u3079\u304d\u304b\u5224\u65ad\u306b\u8ff7\u3046\u65b9<\/span><\/strong>\u3082\u591a\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u307e\u305f\u3001\u6570\u5024\u4e0a\u306e\u8a55\u4fa1\u3060\u3051\u3067\u306a\u304f\u3001\u696d\u754c\u306e\u6163\u884c\u3001\u53d6\u5f15\u5148\u3068\u306e\u95a2\u4fc2\u6027\u3001\u306e\u308c\u3093\u3084\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u3068\u3044\u3063\u305f\u7121\u5f62\u8cc7\u7523\u307e\u3067\u542b\u3081\u3066\u9069\u5207\u306b\u53cd\u6620\u3059\u308b\u306b\u306f\u3001\u5c02\u9580\u7684\u306a\u77e5\u898b\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/p>\n

\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001M&A\u3084\u4e8b\u696d\u627f\u7d99\u306b\u95a2\u3059\u308b\u8c4a\u5bcc\u306a\u5b9f\u7e3e\u3092\u3082\u3068\u306b\u3001\u4f01\u696d\u4fa1\u5024\u30fb\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u3092\u30b5\u30dd\u30fc\u30c8\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u7d4c\u55b6\u8005\u3084\u5f8c\u7d99\u8005\u306e\u7acb\u5834\u306b\u5bc4\u308a\u6dfb\u3044\u3001\u516c\u6b63\u304b\u3064\u5b9f\u52d9\u306b\u5f79\u7acb\u3064\u8a55\u4fa1\u3092\u63d0\u4f9b\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u300c\u81ea\u793e\u306e\u9069\u6b63\u306a\u4fa1\u5024\u3092\u77e5\u308a\u305f\u3044\u300d\u300cM&A\u306e\u4ea4\u6e09\u306b\u5099\u3048\u3066\u7b2c\u4e09\u8005\u306e\u7b97\u5b9a\u3092\u4f9d\u983c\u3057\u305f\u3044\u300d<\/strong>\u3068\u304a\u8003\u3048\u306e\u65b9\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n

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

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u300c\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306e\u9055\u3044\u300d<\/span><\/strong>\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002<\/p>\n

\n

\u8a18\u4e8b\u306e\u307e\u3068\u3081<\/strong><\/p>\n

\u30fb\u4f01\u696d\u4fa1\u5024\u306f\u3001\u4f01\u696d\u5168\u4f53\u3092\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3042\u308a\u3001\u4e8b\u696d\u4fa1\u5024\u306b\u52a0\u3048\u3066\u975e\u4e8b\u696d\u8cc7\u7523\u3084\u8ca0\u50b5\u3092\u542b\u3081\u3066\u7b97\u5b9a\u3055\u308c\u308b\u3002<\/p>\n

\u30fb\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u4f01\u696d\u306e\u672c\u696d\u3067\u3042\u308b\u4e8b\u696d\u306b\u95a2\u308f\u308b\u300c\u7a3c\u3050\u529b\u300d\u3092\u8a55\u4fa1\u3059\u308b\u3082\u306e\u3067\u3001M&A\u3084\u4e8b\u696d\u8b72\u6e21\u306e\u5834\u9762\u3067\u57fa\u6e96\u3068\u306a\u308b\u3002<\/p>\n

\u30fbM&A\u3067\u306f\u3001\u76ee\u7684\u306b\u5fdc\u3058\u3066\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3068\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3092\u4f7f\u3044\u5206\u3051\u3001\u4e21\u8005\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002<\/p>\n<\/div>\n

\n

\u203b\u82f1\u8a9e\u570f\u3067\u306fEnterprise Value(EV)\u3068\u3044\u3046\u7528\u8a9e\u304c\u4e00\u822c\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u304c\u3001IFRS\u306e\u516c\u5f0f\u5b9a\u7fa9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/strong><\/p>\n

\u672c\u8a18\u4e8b\u3067\u306f\u3001\u65e5\u672c\u516c\u8a8d\u4f1a\u8a08\u58eb\u5354\u4f1a\u306e\u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u300f\u306b\u6cbf\u3063\u305f\u7528\u8a9e\u3092\u7528\u3044\u3066\u3044\u307e\u3059\u3002<\/strong><\/p>\n

\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3<\/span><\/a><\/strong><\/p>\n

\u307e\u305f\u3001\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u304c\u975e\u5e38\u306b\u8efd\u5fae\u306a\u5834\u5408\u306b\u9650\u3063\u3066\u3001\u4f01\u696d\u4fa1\u5024\u2252\u4e8b\u696d\u4fa1\u5024<\/strong>\u3068\u3057\u3066\u89e3\u8aac\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u3054\u6ce8\u610f\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/div>\n

\u4f01\u696d\u4fa1\u5024\u3084\u4e8b\u696d\u4fa1\u5024\u3092\u6b63\u3057\u304f\u7406\u89e3<\/strong>\u3059\u308b\u3053\u3068\u306f\u3001M&A\u3084\u4e8b\u696d\u627f\u7d99\u306e\u6210\u529f\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002<\/p>\n

\u3082\u3057\u7b97\u5b9a\u306b\u8ff7\u3063\u305f\u5834\u5408\u306f\u3001\u5c02\u9580\u5bb6\u306b\u76f8\u8ac7\u3059\u308b\u3053\u3068\u3067\u5ba2\u89b3\u7684\u3067\u4fe1\u983c\u6027\u306e\u9ad8\u3044\u8a55\u4fa1\u304c\u5f97\u3089\u308c\u307e\u3059\u3002\u304a\u60a9\u307f\u306e\u969b\u306f\u3001\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3078\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u3069\u3061\u3089\u3082\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u6b20\u304b\u305b\u306a\u3044\u6982\u5ff5\u3067\u3059\u304c\u3001\u305d\u308c\u305e\u308c\u8a55\u4fa1\u306e\u5bfe\u8c61\u7bc4\u56f2\u3084\u8a55\u4fa1\u306e\u7740\u773c\u70b9\u3001\u307e\u305f\u3001\u8a08\u7b97\u306e\u7bc4\u56f2\u304c\u7570\u306a\u308a\u307e\u3059\u3002 \u7279\u306bM&A\u3084\u6295\u8cc7\u306e\u5834\u9762\u3067\u306f\u3001\u3053\u306e\u9055\u3044\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u3068\u3001\u4ea4\u6e09\u3084\u8cc7\u6599\u4f5c\u6210\u306e […]<\/p>\n","protected":false},"author":16,"featured_media":1848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[49],"class_list":["post-1850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fas"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/posts\/1850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/comments?post=1850"}],"version-history":[{"count":1,"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/posts\/1850\/revisions"}],"predecessor-version":[{"id":1874,"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/posts\/1850\/revisions\/1874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/media\/1848"}],"wp:attachment":[{"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/media?parent=1850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ht-tax.or.jp\/navi\/wp-json\/wp\/v2\/categories?post=1850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}