{"id":2067,"date":"2025-12-17T10:00:29","date_gmt":"2025-12-17T01:00:29","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=2067"},"modified":"2025-12-12T16:03:59","modified_gmt":"2025-12-12T07:03:59","slug":"the-importance-of-startup-valuation","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/the-importance-of-startup-valuation","title":{"rendered":"\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306b\u304a\u3051\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u91cd\u8981\u6027\u3068\u306f\uff1f"},"content":{"rendered":"

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1.\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u8cc7\u91d1\u8abf\u9054\u3092\u3059\u308b\u306b\u306f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u5fc5\u9808\u3067\u3042\u308b<\/h2>\n

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2.\u306a\u305c\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u91cd\u8981\u306a\u306e\u304b<\/h2>\n

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2-1.\u30d5\u30a7\u30a2\u306a\u8cc7\u91d1\u8abf\u9054\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081<\/h3>\n

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2-2.\u30ea\u30b9\u30af\u3092\u56de\u907f\u3057\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u6210\u9577\u8cc7\u91d1\u3092\u5186\u6ed1\u306b\u5f97\u308b\u305f\u3081<\/h3>\n

\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u73fe\u5728\u306e\u8cc7\u91d1\u8abf\u9054\u3060\u3051\u3067\u306a\u304f\u3001\u5c06\u6765\u306e\u7d4c\u55b6\u30ea\u30b9\u30af\u3092\u56de\u907f\u3059\u308b\u305f\u3081\u306b\u3082\u91cd\u8981\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u9ad8\u3059\u304e\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u6b21\u56de\u30e9\u30a6\u30f3\u30c9\u3067\u601d\u3046\u3088\u3046\u306b\u8a55\u4fa1\u304c\u4f38\u3073\u306a\u304b\u3063\u305f\u5834\u5408\u3001\u30c0\u30a6\u30f3\u30e9\u30a6\u30f3\u30c9\uff08\u524d\u56de\u3088\u308a\u4f4e\u3044\u8a55\u4fa1\u984d\u3067\u306e\u8abf\u9054\uff09\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/strong>\u3053\u308c\u306f\u6295\u8cc7\u5bb6\u96e2\u308c\u3084\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u306e\u6bc0\u640d\u3092\u62db\u304d\u3084\u3059\u304f\u3001\u8cc7\u91d1\u8abf\u9054\u3092\u56f0\u96e3\u306b\u3057\u307e\u3059<\/span><\/strong>\u3002\u4e00\u65b9\u3001\u4f4e\u3059\u304e\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u7d4c\u55b6\u8005\u306e\u6301\u5206\u5e0c\u8584\u5316\u3092\u65e9\u671f\u306b\u9032\u3081\u3066\u3057\u307e\u3044\u3001\u610f\u601d\u6c7a\u5b9a\u306e\u81ea\u7531\u5ea6\u3092\u640d\u306a\u3044\u307e\u3059<\/span>\u3002<\/strong><\/p>\n

\u56fd\u5185\u3067\u3082\u3001\u521d\u56de\u30e9\u30a6\u30f3\u30c9\u3067\u904e\u5ea6\u306b\u9ad8\u3044\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u8a2d\u5b9a\u3057\u305f\u7d50\u679c\u3001\u6b21\u56de\u8abf\u9054\u3067\u8a55\u4fa1\u304c\u4f38\u3073\u305a\u306b\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u3001\u65e2\u5b58\u6295\u8cc7\u5bb6\u3068\u306e\u95a2\u4fc2\u60aa\u5316\u3084\u7d4c\u55b6\u8005\u306e\u4fe1\u983c\u4f4e\u4e0b\u3092\u62db\u3044\u305f\u4e8b\u4f8b\u304c\u3042\u308a\u307e\u3059\u3002\u9006\u306b\u3001\u9069\u5207\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u7dad\u6301\u3057\u7d9a\u3051\u305f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u3001\u9577\u671f\u7684\u306b\u5b89\u5b9a\u3057\u305f\u8cc7\u91d1\u8abf\u9054\u3092\u5b9f\u73fe\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u9069\u5207\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u4fdd\u3064\u3053\u3068\u306f\u5358\u306a\u308b\u6570\u5b57\u5408\u308f\u305b\u3067\u306f\u306a\u304f\u3001\u5c06\u6765\u306e\u8abf\u9054\u6a5f\u4f1a\u3084\u7d4c\u55b6\u57fa\u76e4\u3092\u5b88\u308b\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\u3067\u3082\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n

2-3.\u5916\u90e8\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u304b\u3089\u306e\u4fe1\u983c\u3092\u5f97\u308b\u305f\u3081<\/h3>\n

\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u6295\u8cc7\u5bb6\u3060\u3051\u3067\u306a\u304f\u3001\u91d1\u878d\u6a5f\u95a2\u3084\u5c06\u6765\u7684\u306a\u8cb7\u53ce\u4f01\u696d\u306a\u3069\u3001\u5916\u90e8\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u304b\u3089\u306e\u4fe1\u983c\u3092\u5f97\u308b\u3046\u3048\u3067\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u5408\u7406\u7684\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u63d0\u793a\u3067\u304d\u308b\u4f01\u696d\u306f\u3001\u8ca1\u52d9\u7ba1\u7406\u3084\u4e8b\u696d\u8a08\u753b\u304c\u3057\u3063\u304b\u308a\u3057\u3066\u3044\u308b\u3068\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/strong>\u3053\u308c\u306f\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u5b89\u5fc3\u611f\u3092\u3082\u305f\u3089\u3057\u3001\u9280\u884c\u306b\u3068\u3063\u3066\u306f\u878d\u8cc7\u53ef\u80fd\u6027\u3092\u9ad8\u3081\u3001\u5c06\u6765\u7684\u306bM&A\u3092\u691c\u8a0e\u3059\u308b\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u300c\u4f01\u696d\u4fa1\u5024\u306e\u900f\u660e\u6027\u300d\u3068\u3057\u3066\u6620\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001IPO\u3092\u76ee\u6307\u3059\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u3001\u904e\u53bb\u306e\u8cc7\u91d1\u8abf\u9054\u6642\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u682a\u4e3b\u69cb\u6210\u3084\u8cc7\u672c\u653f\u7b56\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002\u3053\u3053\u3067\u4e00\u8cab\u6027\u3068\u59a5\u5f53\u6027\u306e\u3042\u308b\u6570\u5b57\u3092\u7a4d\u307f\u91cd\u306d\u3066\u304d\u305f\u4f01\u696d\u306f\u3001\u4e0a\u5834\u5be9\u67fb\u3084\u6295\u8cc7\u5bb6\u8aac\u660e\u3067\u4fe1\u983c\u3092\u5f97\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u5916\u90e8\u95a2\u4fc2\u8005\u306b\u5bfe\u3057\u3066\u4f01\u696d\u306e\u5065\u5168\u6027\u3084\u5c06\u6765\u6027\u3092\u793a\u3059\u4fe1\u983c\u306e\u6307\u6a19\u3068\u3057\u3066\u306e\u5f79\u5272\u3082\u679c\u305f\u3057\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

3.\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306b\u304a\u3051\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3067\u304a\u60a9\u307f\u306e\u65b9\u306f\u3001\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e\u3078\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044<\/h2>\n

\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u5c02\u9580\u7684\u306a\u77e5\u8b58\u3068\u7d4c\u9a13\u304c\u5fc5\u8981\u306a\u9818\u57df\u3067\u3042\u308b\u305f\u3081\u3001\u4fe1\u983c\u3067\u304d\u308b\u5c02\u9580\u5bb6\u306b\u76f8\u8ac7\u3059\u308b<\/span><\/strong>\u3053\u3068\u3067\u6700\u9069\u306a\u89e3\u6c7a\u7b56\u3092\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n

\u7279\u306b\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u7b97\u5b9a\u3067\u306f\u3001\u4e8b\u696d\u306e\u6210\u9577\u6226\u7565\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u4eca\u5f8c\u306e\u30b9\u30c8\u30fc\u30ea\u30fc\u306a\u3069\u3082\u542b\u3081\u3066\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u72ec\u5b66\u3084\u81ea\u5df1\u5224\u65ad\u3067\u884c\u3046\u3068\u3001\u6295\u8cc7\u5bb6\u3084\u5e02\u5834\u3068\u306e\u8a8d\u8b58\u306e\u30ba\u30ec\u3092\u751f\u307f\u3001\u8cc7\u91d1\u8abf\u9054\u3084\u5c06\u6765\u306eIPO\u30fbM&A\u3067\u4e0d\u5229\u306a\u7acb\u5834\u306b\u7acb\u305f\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u6210\u9577\u6bb5\u968e\u3084\u696d\u754c\u7279\u6027\u306b\u5fdc\u3058\u305f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u7b97\u5b9a\u3092\u884c\u3044\u3001\u6295\u8cc7\u5bb6\u3078\u306e\u8aac\u660e\u8cc7\u6599\u306e\u4f5c\u6210\u3084\u4ea4\u6e09\u6226\u7565\u306e\u30b5\u30dd\u30fc\u30c8\u307e\u3067\u4e00\u8cab\u3057\u3066\u5bfe\u5fdc\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u306b\u3088\u308a\u3001\u8d77\u696d\u5bb6\u306f\u5b89\u5fc3\u3057\u3066\u4e8b\u696d\u306e\u62e1\u5927\u306b\u96c6\u4e2d\u3067\u304d\u3001\u8cc7\u91d1\u8abf\u9054\u3084\u682a\u4e3b\u5bfe\u5fdc\u3092\u6709\u5229\u306b\u9032\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u95a2\u3059\u308b\u4e0d\u5b89\u3084\u60a9\u307f\u3092\u62b1\u3048\u308b\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306e\u7d4c\u55b6\u8005\u306e\u65b9\u306f\u3001\u305c\u3072\u3001\u7d4c\u9a13\u8c4a\u5bcc\u306a\u5c02\u9580\u5bb6\u3067\u3042\u308b\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span>\u306b\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/span><\/strong><\/p>\n

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

\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u3068\u3063\u3066\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u5fc5\u9808\u306e\u8981\u7d20\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u9069\u6b63\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u8a2d\u5b9a\u3067\u304d\u306a\u3051\u308c\u3070\u3001\u904e\u5927\u8a55\u4fa1\u306b\u3088\u308b\u30c0\u30a6\u30f3\u30e9\u30a6\u30f3\u30c9\u3084\u3001\u904e\u5c0f\u8a55\u4fa1\u306b\u3088\u308b\u6301\u5206\u55aa\u5931\u3068\u3044\u3063\u305f\u6df1\u523b\u306a\u30ea\u30b9\u30af\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u3084\u5e02\u5834\u304b\u3089\u306e\u4fe1\u983c\u3092\u640d\u306a\u3044\u3001\u5c06\u6765\u306eIPO\u3084M&A\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3057\u307e\u3059\u3002<\/p>\n

\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3067\u306f\u4eca\u306e\u81ea\u793e\u306b\u3068\u3063\u3066\u306e\u9069\u6b63\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u5e38\u306b\u610f\u8b58\u3057\u3001\u4fe1\u983c\u3067\u304d\u308b\u5c02\u9580\u5bb6\u3068\u5171\u306b\u672a\u6765\u306e\u6210\u9577\u6226\u7565\u3092\u63cf\u3044\u3066\u3044\u304f\u3053\u3068\u304c\u3001\u9577\u671f\u7684\u306a\u6210\u529f\u306b\u3064\u306a\u304c\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

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