{"id":1902,"date":"2025-11-27T10:00:39","date_gmt":"2025-11-27T01:00:39","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=1902"},"modified":"2025-11-21T11:20:51","modified_gmt":"2025-11-21T02:20:51","slug":"due-diligence-valuation-difference","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/due-diligence-valuation-difference","title":{"rendered":"M\uff06A\u306b\u304a\u3051\u308b\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u9055\u3044"},"content":{"rendered":"<p><strong>\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f<\/strong><strong>\u5f79\u5272\u304c\u7570\u306a\u308b\u306e\u3067\u3001\u6df7\u540c\u3057\u3066\u306f\u306a\u308a\u307e\u305b\u3093\u3002<\/strong>\u3057\u304b\u3057\u3001\u3068\u3082\u306bM&amp;A\u306b\u304a\u3044\u3066\u5fc5\u8981\u306a\u30d7\u30ed\u30bb\u30b9\u3068\u3044\u3046\u3053\u3068\u3082\u3042\u308a\u3001\u4e21\u8005\u3092\u6df7\u540c\u3057\u3066\u3044\u308b\u65b9\u3082\u5c11\u306a\u304f\u306a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u95a2\u9023\u6027\u304c\u9ad8\u3044\u306e\u306f\u78ba\u304b\u3067\u3059\u304c\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08DD\uff09\u3067\u5f97\u305f\u60c5\u5831\u3092\u57fa\u306b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u306a\u6d41\u308c\u3067\u3001\u3069\u3061\u3089\u304b\u3060\u3051\u3092\u884c\u3046\u3053\u3068\u306fM\uff06A\u306b\u304a\u3044\u3066\u907f\u3051\u308b\u3079\u304d\u884c\u52d5\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u5f79\u5272\u3001\u5b9f\u884c\u5185\u5bb9\u306e\u9055\u3044\u3092\u4e01\u5be7\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002\u4e21\u8005\u306e\u9055\u3044\u3092\u77e5\u308b\u3053\u3068\u3067\u3001M&amp;A\u30d7\u30ed\u30bb\u30b9\u306e\u89e3\u50cf\u5ea6\u304c\u4e0a\u304c\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>M&amp;A\u3078\u306e\u77e5\u898b\u3092\u6df1\u3081\u305f\u3044\u7d4c\u55b6\u8005\u30fb\u8ca1\u52d9\u30fb\u7d4c\u7406\u4eba\u6750\u306e\u65b9\u306f\u3001\u662f\u975e\u3068\u3082\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u305d\u308c\u306b\u3088\u3063\u3066\u3001M&amp;A\u3092\u5b9f\u65bd\u3059\u308b\u969b\u306b\u5c02\u9580\u5bb6\u3092\u898b\u6975\u3081\u308b\u76ee\u3082\u990a\u3048\u308b\u3053\u3068\u3067\u3057\u3087\u3046\u3002<\/p>\n<h2>1.\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08DD\uff09\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08VA\uff09\u306f\u5f79\u5272\u304c\u9055\u3046<\/h2>\n<p>\u6700\u521d\u306b\u3001<span style=\"font-size: 16px; color: #333333;\">M&amp;A\u306b\u304a\u3051\u308b<\/span>\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u5f79\u5272\u306e\u9055\u3044\u3092\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<table style=\"width: 100%;\" width=\"100%\">\n<tbody>\n<tr>\n<th><strong>\u00a0<\/strong><\/th>\n<th><strong>\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08DD\uff09<\/strong><\/th>\n<th><strong>\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3<\/strong><strong>\uff08VA\uff09<\/strong><\/th>\n<\/tr>\n<tr>\n<td style=\"width: 33.3333%;\"><strong>\u5f79\u5272\u306e\u9055\u3044<\/strong><\/td>\n<td style=\"width: 33.3333%;\">\n<p><span style=\"font-size: 16px; color: #333333;\">\u30fb\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u304a\u3051\u308b\u57fa\u790e\u60c5\u5831\u306e\u53ce\u96c6<\/span><br \/>\n<span style=\"font-size: 16px; color: #333333;\"><span style=\"font-size: 16px; color: 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class=\"attention a-1\">\n<p class=\"attention-p\">\u3010\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u8abf\u67fb\u5bfe\u8c61\u3011<\/p>\n<p class=\"attention-p\"><strong>\u8cb8\u501f\u5bfe\u7167\u8868<br \/>\n\u640d\u76ca\u8a08\u7b97\u66f8<br \/>\n\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8<br \/>\n\u4e8b\u696d\u8a08\u753b\u66f8\u5206\u6790<\/strong>\u203b<\/p>\n<p class=\"attention-p\">\u203b\u4e8b\u696d\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u306e\u9023\u643a\u3092\u8981\u3059\u308b<\/p>\n<\/div>\n<p>\u306a\u304a\u3001\u8ca1\u52d9\u3092\u8abf\u67fb\u3059\u308b\u305f\u3081\u300c\u4f1a\u8a08\u76e3\u67fb\u300d\u3068\u6df7\u540c\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3088\u3046\u3067\u3059\u304c\u3001<strong>\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u4f1a\u8a08\u76e3\u67fb\u306f\u5225\u7269\u3067\u3059<\/strong>\u3002\u4f1a\u8a08\u76e3\u67fb\u3068\u306f\u4f01\u696d\u304c\u8ca1\u52d9\u8af8\u8868\u306e\u5143\u306b\u306a\u308b\u4f1a\u8a08\u51e6\u7406\u306b\u3064\u3044\u3066\u3001\u9069\u6cd5\u6027\u3084\u8aa4\u8b2c\u306e\u6709\u7121\u3092\u78ba\u8a8d\u3059\u308b\u3082\u306e\u3067\u3001\u672c\u8cea\u7684\u306a\u76ee\u7684\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e07\u304c\u4e00\u3001\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u4f1a\u8a08\u76e3\u67fb\u3092\u540c\u4e00\u306b\u6349\u3048\u305f\u307e\u307e\u5c02\u9580\u5bb6\u306b\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u4f9d\u983c\u3057\u3066\u3057\u307e\u3046\u3068\u3001\u4f9d\u983c\u8005\u306e\u30cb\u30fc\u30ba\u3068\u5c02\u9580\u5bb6\u306b\u3088\u308b\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u7d50\u679c\u306b\u4e56\u96e2\u304c\u751f\u3058\u304b\u306d\u307e\u305b\u3093\u3002\u4f9d\u983c\u6642\u306b\u76ee\u7684\u3092\u3059\u308a\u5408\u308f\u305b\u3001\u53cc\u65b9\u306e\u8a8d\u8b58\u3092\u4e00\u81f4\u3055\u305b\u305f\u3046\u3048\u3067\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u5b9f\u65bd\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<h4>2-1-2.\u7a0e\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/h4>\n<p>\u5f79\u5272\u3092\u679c\u305f\u3059\u305f\u3081\u306b\u3001\u6b21\u306e\u3088\u3046\u306a\u9805\u76ee\u3092\u8abf\u67fb\u30fb\u5206\u6790\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u904e\u53bb\u306e\u7a0e\u52d9\u72b6\u6cc1\uff08\u7a0e\u52d9\u30ea\u30b9\u30af\uff09\u3092\u628a\u63e1<\/li>\n<li>\u73fe\u5728\u306e\u7a0e\u52d9\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u628a\u63e1<\/li>\n<\/ul>\n<div class=\"attention a-1\">\n<p class=\"attention-p\">\u3010\u7a0e\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u8abf\u67fb\u5bfe\u8c61\u3011<\/p>\n<p class=\"attention-p\"><strong>\u904e\u53bb\u30fb\u73fe\u5728\u306e\u7a0e\u7533\u544a\u66f8<br \/>\n\u904e\u53bb\u306e\u7a0e\u52d9\u8abf\u67fb\u306e\u95a2\u9023\u66f8\u985e<\/strong><\/p>\n<\/div>\n<p>\u7a0e\u52d9\u7533\u544a\u66f8\u3067\u306f\u3001\u539f\u4fa1\u8a08\u7b97\u3084\u6709\u4fa1\u8a3c\u5238\u8a55\u4fa1\u306a\u3069\u306e\u7533\u544a\u8abf\u6574\u5185\u5bb9\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u8abf\u6574\u3059\u3079\u304d\u9805\u76ee\u304c\u6f0f\u308c\u3066\u3044\u306a\u3044\u304b\u3082\u78ba\u8a8d\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u4eee\u306b\u52a0\u7b97\u8abf\u6574\u304c\u5fc5\u8981\u306a\u9805\u76ee\u304c\u6f0f\u308c\u3066\u3044\u308b\u3068\u3001\u5f8c\u306e\u8ab2\u7a0e\u30ea\u30b9\u30af\u304c\u5897\u3059\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001\u9867\u5ba2\u3068\u306e\u53d6\u5f15\u3084\u5b50\u4f1a\u793e\u3078\u306e\u8ca1\u52d9\u652f\u63f4\u306a\u3069\u3001\u7533\u544a\u66f8\u4ee5\u5916\u306e\u8abf\u67fb\u3082\u884c\u3044\u307e\u3059\u3002\u66f8\u985e\u3060\u3051\u3067\u306a\u304f\u3001\u8cb7\u53ce\u4e88\u5b9a\u4f1a\u793e\u3078\u306e\u8cea\u554f\u72b6\u3084\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u306a\u3069\u3067\u500b\u5225\u306b\u7a0e\u52d9\u72b6\u6cc1\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002\u30ea\u30b9\u30af\u306e\u82bd\u3092\u65e9\u3081\u306b\u898b\u3064\u3051\u3001\u554f\u984c\u306e\u672c\u8cea\u3092\u6398\u308a\u4e0b\u3052\u3066\u3044\u304f\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<h3>2-2.\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3067\u884c\u3046\u3053\u3068<\/h3>\n<p>\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u306f\u5927\u304d\u304f3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308a\u307e\u3059\u3002\u30a2\u30d7\u30ed\u30fc\u30c1\u3054\u3068\u306e\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u3072\u3068\u3064\u306e\u624b\u6cd5\u3057\u304b\u4f7f\u3048\u306a\u3044\u308f\u3051\u3067\u306f\u306a\u3044\u306e\u3067\u3001\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8a66\u307f\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002\u4f8b\u3048\u3070\u3042\u308b\u624b\u6cd5\u3092\u30e1\u30a4\u30f3\u3068\u3057\u3064\u3064\u3001\u305d\u308c\u3060\u3051\u3067\u306f\u8a55\u4fa1\u3057\u304d\u308c\u306a\u3044\u90e8\u5206\u3092\u4ed6\u306e\u624b\u6cd5\u3067\u88dc\u5b8c\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u3010\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u304a\u3051\u308b3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3011<\/p>\n<table style=\"width: 100%;\" width=\"100%\">\n<tbody>\n<tr>\n<th style=\"width: 20.4861%;\"><\/th>\n<th style=\"width: 46.0938%;\">\u7279\u5fb4<\/th>\n<th style=\"width: 33.3333%;\">\u4ee3\u8868\u7684\u306a\u624b\u6cd5<\/th>\n<\/tr>\n<tr>\n<td style=\"width: 20.4861%;\"><strong>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td style=\"width: 46.0938%;\">\u8cb7\u53ce\u4e88\u5b9a\u4f1a\u793e\u306e\u3001\u5c06\u6765\u306e\u53ce\u76ca\u6027\u306b\u7740\u76ee\u3057\u305f\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n<td style=\"width: 33.3333%;\">DCF\u6cd5<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 20.4861%;\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td style=\"width: 46.0938%;\">\u985e\u4f3c\u696d\u7a2e\u7b49\u3068\u306e\u76f8\u5834\u6bd4\u8f03\u306b\u7740\u76ee\u3057\u305f\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n<td style=\"width: 33.3333%;\">\u5e02\u5834\u682a\u4fa1\u6cd5<br \/>\n\u985e\u4f3c\u696d\u7a2e\u6bd4\u8f03\u6cd5<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 20.4861%;\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td style=\"width: 46.0938%;\">\u8cb7\u53ce\u4e88\u5b9a\u4f1a\u793e\u306e\u7d14\u8cc7\u7523\u4fa1\u5024\u306b\u7740\u76ee\u3057\u305f\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\n<td style=\"width: 33.3333%;\">\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>2-2-1.\u3010\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3011\u5c06\u6765\u306e\u53ce\u76ca\u6027\u306b\u7740\u76ee<\/h4>\n<p><strong>\u5c06\u6765\u306e\u53ce\u76ca\u6027\u306b\u7740\u76ee\u3057\u305f\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3001\u4ee3\u8868\u7684\u306a\u306e\u304c<span style=\"color: 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style=\"color: #e25041;\">\u300c\u5e02\u5834\u682a\u4fa1\u6cd5\u300d<\/span>\u3084<span style=\"color: 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