{"id":2074,"date":"2025-12-19T10:00:24","date_gmt":"2025-12-19T01:00:24","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=2074"},"modified":"2025-12-19T11:11:53","modified_gmt":"2025-12-19T02:11:53","slug":"ppa-evaluation-approach","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/ppa-evaluation-approach","title":{"rendered":"PPA\u306e\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1\uff13\u3064\u306e\u7a2e\u985e\u3068\u9078\u3073\u65b9"},"content":{"rendered":"

 <\/p>\n

\u7a81\u7136\u3001\u4f1a\u793e\u3067M\uff06A\u306e\u62c5\u5f53\u3092\u4efb\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u3063\u305f\u2026\u3002<\/u><\/p>\n

\u3068\u3053\u308d\u304c\u8cc7\u6599\u3092\u958b\u3051\u3070\u300cPPA\u300d\u300c\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u306a\u3069\u5c02\u9580\u7528\u8a9e\u304c\u305a\u3089\u308a\u3002\u6b63\u76f4\u3069\u3053\u304b\u3089\u624b\u3092\u3064\u3051\u308c\u3070\u3044\u3044\u306e\u304b\u5206\u304b\u3089\u306a\u3044\u3002\u305d\u3093\u306a\u6238\u60d1\u3044\u3092\u62b1\u3048\u3066\u3044\u307e\u305b\u3093\u304b\uff1f<\/strong><\/p>\n

\u5b9f\u306fPPA\uff08Purchase Price Allocation\uff09\u306f\u3001M\uff06A\u5f8c\u306e\u4f1a\u8a08\u51e6\u7406\u3084\u6295\u8cc7\u5224\u65ad\u306b\u6b20\u304b\u305b\u306a\u3044\u91cd\u8981\u306a\u30b9\u30c6\u30c3\u30d7\u3067\u3059\u3002\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u8a55\u4fa1\u65b9\u6cd5\u306f\u8907\u6570\u3042\u308a\u3001\u305d\u308c\u305e\u308c\u5c02\u9580\u7684\u3067\u7406\u89e3\u3057\u3065\u3089\u3044\u306e\u304c\u73fe\u5b9f\u3002<\/strong><\/span><\/p>\n

\u305d\u3053\u3067\u672c\u8a18\u4e8b\u3067\u306f\u3001PPA\u306e\u8a55\u4fa1\u65b9\u6cd5\u3092 \u300c3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u300d \u306b\u5206\u3051\u3066\u3001\u3067\u304d\u308b\u3060\u3051\u30b7\u30f3\u30d7\u30eb\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n

\u77ed\u6642\u9593\u3067\u5168\u4f53\u50cf\u304c\u3064\u304b\u3081\u308b\u3088\u3046\u6574\u7406\u3057\u307e\u3057\u305f\u306e\u3067\u3001M\uff06A\u306b\u81ea\u4fe1\u3092\u6301\u3063\u3066\u81e8\u307f\u305f\u3044\u65b9\u306f\u3001\u305c\u3072\u6700\u5f8c\u307e\u3067\u304a\u8aad\u307f\u304f\u3060\u3055\u3044\u3002<\/p>\n

1.PPA\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\uff13\u7a2e\u985e\u3042\u308b<\/h2>\n

\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u3068\u304d\u306b\u5fc5\u305a\u554f\u308f\u308c\u308b\u306e\u304c\u300c\u652f\u6255\u3063\u305f\u91d1\u984d\u3092\u3069\u306e\u8cc7\u7523\u306b\u3069\u308c\u3060\u3051\u5272\u308a\u5f53\u3066\u308b\u306e\u304b\u300d\u3068\u3044\u3046\u554f\u984c\u3067\u3059\u3002\u3053\u306e\u5272\u308a\u5f53\u3066\u4f5c\u696d\u3092\u4f1a\u8a08\u4e0a\u306f\u300cPPA\uff08Purchase Price Allocation\u3001\u53d6\u5f97\u539f\u4fa1\u914d\u5206)\u300d\u3068\u547c\u3073\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u4e2d\u3067\u3082\u91cd\u8981\u306a\u30d7\u30ed\u30bb\u30b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

1-1.PPA\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\uff13\u3064\u306b\u5206\u304b\u308c\u308b<\/h3>\n

PPA\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\u3001\u5927\u304d\u304f\u5206\u3051\u3066\u300c\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/u><\/strong><\/span>\u300c\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u300c\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/u><\/strong><\/span>\u306e\uff13\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

<\/p>\n

\u4e0a\u306e\u56f3\u306e\u3088\u3046\u306b\u3001\u540c\u3058\u8cc7\u7523\u3067\u3082\u3069\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u9078\u3076\u304b\u306b\u3088\u3063\u3066\u8a55\u4fa1\u984d\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n

    \n
  • \u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u53d6\u5f15\u4e8b\u4f8b\u3092\u57fa\u6e96\u306b\u3059\u308c\u3070\u300c\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/strong><\/li>\n
  • \u5c06\u6765\u306e\u5229\u76ca\u3092\u57fa\u6e96\u306b\u3059\u308c\u3070\u300c\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/strong><\/li>\n
  • \u30d6\u30e9\u30f3\u30c9\u3092\u518d\u5ea6\u7acb\u3061\u4e0a\u3052\u308b\u30b3\u30b9\u30c8\u3092\u57fa\u6e96\u306b\u3059\u308b\u306a\u3089\u300c\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/strong><\/li>\n<\/ul>\n

    \u3044\u305a\u308c\u304b\u4e00\u3064\u306b\u983c\u308b\u3068\u504f\u308a\u304c\u51fa\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u8cc7\u7523\u3084\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\uff13\u3064\u3092\u4f7f\u3044\u5206\u3051\u3001\u591a\u89d2\u7684\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n

    1-2.\uff13\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u9055\u3044\u3068\u4f7f\u3044\u5206\u3051<\/h3>\n

    PPA\u306e\u8a55\u4fa1\u65b9\u6cd5\u3067\u3042\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u305d\u308c\u305e\u308c\u300c\u5e02\u5834<\/span><\/strong>\u200b\u76f8\u5834\u300d\u300c\u5c06\u6765\u5229\u76ca\u300d\u300c\u518d\u8abf\u9054\u30b3\u30b9\u30c8\u300d<\/span>\u200b<\/strong>\u3068\u3044\u3046\u7570\u306a\u308b\u5207\u308a\u53e3\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u8a55\u4fa1\u5bfe\u8c61\u306e\u8cc7\u7523\u306e\u6027\u8cea\u306b\u3088\u3063\u3066\u4f7f\u3044\u5206\u3051\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u6b63\u78ba\u306a\u8a55\u4fa1\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

      \n
    • \u5e02\u5834\u3067\u306e\u53d6\u5f15\u4e8b\u4f8b\u304c\u8c4a\u5bcc\u306a\u8cc7\u7523\u2192\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/li>\n
    • \u5c06\u6765\u306e\u53ce\u76ca\u529b\u304c\u4fa1\u5024\u306e\u4e2d\u5fc3\u3068\u306a\u308b\u8cc7\u7523\u2192\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/li>\n
    • \u5e02\u5834\u4fa1\u683c\u3084\u53ce\u76ca\u4e88\u6e2c\u304c\u96e3\u3057\u3044\u8cc7\u7523\u2192\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/li>\n<\/ul>\n

      \u305d\u308c\u305e\u308c\u306e\u7279\u5fb4\u3092\u6574\u7406\u3059\u308b\u3068\u3001\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n\n\n\n
      \u8a55\u4fa1\u65b9\u6cd5<\/strong><\/td>\n\u57fa\u6e96\u3068\u306a\u308b\u8996\u70b9<\/strong><\/td>\n\u5f37\u307f<\/strong><\/td>\n\u5f31\u307f<\/strong><\/td>\n<\/tr>\n
      \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n\u5e02\u5834\u76f8\u5834\uff08\u53d6\u5f15\u4e8b\u4f8b\u3084\u682a\u4fa1\uff09<\/td>\n\n

      \u30fb\u5ba2\u89b3\u7684\u3067\u76f4\u611f\u7684\u306b\u7406\u89e3\u3057\u3084\u3059\u3044<\/p>\n

      \u30fb\u5e02\u5834\u306e\u8a55\u4fa1\u3092\u76f4\u63a5\u53cd\u6620\u3067\u304d\u308b<\/p>\n<\/td>\n

      		\n

      \u30fb\u53d6\u5f15\u4e8b\u4f8b\u304c\u5c11\u306a\u3044\u3068\u4f7f\u3048\u306a\u3044<\/p>\n

      \u30fb\u696d\u754c\u3084\u5e02\u5834\u306e\u5909\u52d5\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044<\/p>\n<\/td>\n<\/tr>\n

      \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n\u5c06\u6765\u306e\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td>\n\n

      \u30fb\u53ce\u76ca\u6027\u3092\u76f4\u63a5\u53cd\u6620\u3067\u304d\u308b<\/p>\n

      \u30fb\u30d6\u30e9\u30f3\u30c9\u3084\u7279\u8a31\u8a55\u4fa1\u306b\u5f37\u3044<\/p>\n<\/td>\n

      		\n

      \u30fb\u5c06\u6765\u4e88\u6e2c\u3084\u5272\u5f15\u7387\u6b21\u7b2c\u3067\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u52d5<\/p>\n

      \u30fb\u524d\u63d0\u6761\u4ef6\u306e\u59a5\u5f53\u6027\u304c\u91cd\u8981<\/p>\n<\/td>\n<\/tr>\n

      \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n\u540c\u3058\u8cc7\u7523\u3092\u518d\u5ea6\u4f5c\u308b\u305f\u3081\u306e\u30b3\u30b9\u30c8<\/td>\n\n

      \u30fb\u5e02\u5834\u4e8b\u4f8b\u3084\u5c06\u6765\u53ce\u76ca\u304c\u4e0d\u660e\u3067\u3082\u4f7f\u3048\u308b<\/p>\n

      \u30fb\u6709\u5f62\u8cc7\u7523\u306e\u8a55\u4fa1\u306b\u5f37\u3044<\/p>\n<\/td>\n

      		\u30fb\u53ce\u76ca\u6027\u3092\u53cd\u6620\u3057\u306a\u3044\u305f\u3081\u3001\u5b9f\u614b\u3088\u308a\u9ad8\u3081\u306b\u51fa\u308b\u3053\u3068\u3082<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      \u5177\u4f53\u7684\u306b\u306f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u306f\u5e02\u5834\u4fa1\u683c\u304c\u3042\u308b\u305f\u3081\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u5408\u7406\u7684\u3067\u3059\u3002\u30d6\u30e9\u30f3\u30c9\u3084\u7279\u8a31\u306f\u5c06\u6765\u306e\u5229\u76ca\u3092\u751f\u3080\u305f\u3081\u306e\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u7279\u6b8a\u306a\u8a2d\u5099\u3084\u958b\u767a\u4e2d\u306e\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u306f\u518d\u8abf\u9054\u539f\u4fa1\u3092\u57fa\u6e96\u306b\u3059\u308b\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u59a5\u5f53\u3067\u3059\u3002<\/p>\n

      2.\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/h2>\n

      \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u5b9f\u969b\u306e\u5e02\u5834\u53d6\u5f15\u3092\u57fa\u6e96\u306b\u3057\u3066\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u4e0d\u52d5\u7523\u306e\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u3068\u304d\u306b\u300c\u8fd1\u6240\u3067\u58f2\u308c\u305f\u5bb6\u306e\u4fa1\u683c\u300d\u3092\u53c2\u8003\u306b\u3059\u308b\u3088\u3046\u306b\u3001\u682a\u4fa1\u3084\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u3092\u57fa\u306b\u7b97\u5b9a\u3057\u307e\u3059\u3002\u76f4\u611f\u7684\u306b\u308f\u304b\u308a\u3084\u3059\u304f\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u3044\u306e\u304c\u7279\u5fb4\u3067\u3001PPA\u8a55\u4fa1\u306e\u5834\u9762\u3067\u3082\u3088\u304f\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n

      2-1.\u5e02\u5834\u306e\u53d6\u5f15\u4e8b\u4f8b\u3092\u57fa\u306b\u3057\u305f\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n

      \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f\u3001\u5bfe\u8c61\u8cc7\u7523\u3068\u4f3c\u305f\u53d6\u5f15\u4e8b\u4f8b\u3092\u53c2\u8003\u306b\u3059\u308b\u3053\u3068\u3067\u8a55\u4fa1\u984d\u3092\u63a8\u5b9a\u3057\u307e\u3059\u3002<\/u><\/strong><\/p>\n

      \u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u306e\u30d6\u30e9\u30f3\u30c9\u3092\u8a55\u4fa1\u3059\u308b\u3068\u304d\u3001\u540c\u696d\u4ed6\u793e\u306e\u30d6\u30e9\u30f3\u30c9\u53d6\u5f15\u4fa1\u683c\u3084\u682a\u4fa1\u306e\u6c34\u6e96\u3092\u53c2\u8003\u306b\u3059\u308b\u306e\u3067\u3059\u3002\u3064\u307e\u308a\u300c\u4f3c\u305f\u8cc7\u7523\u304c\u5e02\u5834\u3067\u3053\u306e\u4fa1\u683c\u306a\u3089\u3001\u3053\u306e\u8cc7\u7523\u3082\u540c\u3058\u6c34\u6e96\u3068\u8003\u3048\u3088\u3046\u300d\u3068\u3044\u3046\u30b7\u30f3\u30d7\u30eb\u306a\u767a\u60f3\u304c\u57fa\u672c\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n

      2-2.\u4ee3\u8868\u7684\u306a\uff13\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n

      \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e2d\u3067\u3082\u3001\u7279\u306b\u3088\u304f\u4f7f\u308f\u308c\u308b\u306e\u306f\u6b21\u306e\uff13\u3064\u306e\u65b9\u6cd5\u3067\u3059\u3002\u3044\u305a\u308c\u3082\u300c\u5e02\u5834\u3067\u5b9f\u969b\u306b\u3069\u3046\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u300d\u3092\u53cd\u6620\u3055\u305b\u308b\u70b9\u306f\u5171\u901a\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5229\u7528\u3059\u308b\u60c5\u5831\u6e90\u3084\u7b97\u5b9a\u306e\u4ed5\u65b9\u306b\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      2-2-1.\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5<\/h4>\n

      \u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u306f\u3001\u4e0a\u5834\u3057\u3066\u3044\u308b\u985e\u4f3c\u4f01\u696d\u306e\u682a\u4fa1\u3084\u8ca1\u52d9\u6307\u6a19\u3092\u53c2\u8003\u306b\u3059\u308b\u65b9\u6cd5<\/strong><\/span>\u3067\u3059\u3002\u4ee3\u8868\u7684\u306b\u4f7f\u308f\u308c\u308b\u6307\u6a19\u306f\u3001PER\uff08Price Earnings Ratio\uff1a\u682a\u4fa1\u53ce\u76ca\u7387\uff09 \u3084 EV\/EBITDA\u500d\u7387\uff08\u4f01\u696d\u4fa1\u5024\u00f7\u55b6\u696d\u5229\u76ca\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\uff09\u3067\u3059\u3002<\/p>\n

      \u4f8b\u3048\u3070\u3001\u3042\u308b\u4e0a\u5834\u30ec\u30b9\u30c8\u30e9\u30f3\u4f01\u696d\u306ePER\u304c20\u500d\u3067\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u7d14\u5229\u76ca\u304c10\u5104\u5186\u306a\u3089\u3001\u8a55\u4fa1\u984d\u306f\u300c10\u5104\u5186 \u00d7 20\u500d\uff1d200\u5104\u5186\u300d\u3068\u63a8\u5b9a\u3067\u304d\u307e\u3059\u3002\u3064\u307e\u308a\u300c\u4f3c\u305f\u4f1a\u793e\u304c\u5e02\u5834\u3067\u3053\u306e\u304f\u3089\u3044\u306e\u500d\u7387\u3067\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u306a\u3089\u3001\u3053\u306e\u4f1a\u793e\u3082\u305d\u306e\u6c34\u6e96\u300d\u3068\u8003\u3048\u308b\u306e\u3067\u3059\u3002\u3053\u308c\u306f\u4e2d\u53e4\u8eca\u3092\u8cb7\u3046\u3068\u304d\u306b\u300c\u540c\u3058\u8eca\u7a2e\u3084\u5e74\u5f0f\u306e\u5e02\u5834\u4fa1\u683c\u300d\u3092\u53c2\u8003\u306b\u3059\u308b\u306e\u3068\u540c\u3058\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/p>\n

      \n

      \u7528\u8a9e\u89e3\u8aac<\/strong><\/p>\n

      \u30fbPER<\/u><\/strong> \u682a\u4fa1 \u00f7 1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09 \u3067\u6c42\u3081\u3089\u308c\u308b\u6307\u6a19\u3002<\/p>\n

      \u300c\u6295\u8cc7\u5bb6\u304c\u305d\u306e\u4f1a\u793e\u306e\u5229\u76ca\u306e\u4f55\u500d\u306e\u5024\u6bb5\u3092\u3064\u3051\u3066\u3044\u308b\u304b\u300d\u3092\u8868\u3059\u3002\u4f8b\u3048\u3070PER\u304c20\u500d\u306a\u3089\u3001<\/p>\n

      \u6295\u8cc7\u5bb6\u306f\u300c1\u5e74\u5206\u306e\u5229\u76ca\u306e20\u5e74\u5206\u3092\u5148\u306b\u6255\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u3002<\/p>\n

      \u30fbEV<\/u><\/strong>\uff08Enterprise Value\uff09\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3092\u6307\u3057\u3001\u300c\u6642\u4fa1\u7dcf\u984d\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u2212\u73fe\u91d1\u300d\u3067\u6c42\u3081\u308b\u3002<\/p>\n

      \u30fbEBITDA<\/u><\/strong>\u300c\u55b6\u696d\u5229\u76ca\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u300d\u3067\u3001\u4f1a\u793e\u306e\u7a3c\u3050\u529b\u3092\u8868\u3059\u6570\u5024\u3002<\/p>\n

      \u30fbEV\/EBITDA\u500d\u7387<\/u><\/strong>\u300c\u4f1a\u793e\u3092\u4e38\u3054\u3068\u8cb7\u3046\u3068\u304d\u306b\u3001\u7a3c\u3050\u529b\uff08EBITDA\uff09\u306e\u4f55\u5e74\u5206\u3092\u6255\u3046\u3053\u3068\u306b\u306a\u308b\u304b\u793a\u3059\u500d\u7387\u300d\u3067\u3001M&A\u306e\u4e16\u754c\u3067\u306f\u6700\u3082\u3088\u304f\u4f7f\u308f\u308c\u308b\u500d\u7387\u306e\u4e00\u3064\u3002<\/p>\n

      \u30fb\u6642\u4fa1\u7dcf\u984d\uff1d<\/u><\/strong>\u682a\u4fa1 \u00d7 \u767a\u884c\u6e08\u682a\u5f0f\u6570<\/p>\n<\/div>\n

      2-2-2.\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/h4>\n

      \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5\u306f\u3001\u904e\u53bb\u306eM&A\u3084\u8cc7\u7523\u53d6\u5f15\u306e\u5b9f\u7e3e\u3092\u57fa\u6e96\u306b\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/strong><\/p>\n

      \u300c\u540c\u3058\u696d\u754c\u306e\u4f1a\u793e\u304c\u904e\u53bb\u306b\u58f2\u4e0a\u306e\u25ef\u500d\u3084EBITDA\u306e\u25ef\u500d\u3067\u8cb7\u53ce\u3055\u308c\u305f\u300d\u3068\u3044\u3046\u4e8b\u4f8b\u3092\u53c2\u8003\u306b\u3057\u3066\u8a55\u4fa1\u984d\u3092\u63a8\u5b9a\u3057\u307e\u3059\u3002<\/p>\n

      \u4f8b\u3048\u3070\u3001\u904e\u53bb\u306b\u540c\u3058\u696d\u754c\u306e\u4f1a\u793e\u304c\u300c\u58f2\u4e0a\u306e2\u500d\u300d\u3067\u8cb7\u53ce\u3055\u308c\u3066\u3044\u305f\u3068\u3059\u308c\u3070\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u58f2\u4e0a\u304c100\u5104\u5186\u306a\u3089\u8a55\u4fa1\u984d\u306f200\u5104\u5186\u7a0b\u5ea6\u3068\u8003\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u540c\u3058\u753a\u3067\u904e\u53bb\u306b\u58f2\u308c\u305f\u5bb6\u306e\u53d6\u5f15\u4e8b\u4f8b\u3092\u57fa\u6e96\u306b\u3057\u3066\u3001\u4eca\u306e\u5bb6\u306e\u5024\u6bb5\u3092\u6c7a\u3081\u308b\u306e\u3068\u540c\u3058\u611f\u899a\u3067\u3059\u3002<\/p>\n

      2-2-3.\u5e02\u5834\u682a\u4fa1\u6cd5<\/h4>\n

      \u5e02\u5834\u682a\u4fa1\u6cd5\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u304c\u4e0a\u5834\u3057\u3066\u3044\u308b\u5834\u5408\u306b\u4f7f\u3048\u308b\u3001\u3082\u3063\u3068\u3082\u76f4\u63a5\u7684\u306a\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/strong><\/p>\n

      \u5177\u4f53\u7684\u306b\u306f\u3001\u682a\u4fa1\u306b\u767a\u884c\u6e08\u682a\u5f0f\u6570\u3092\u639b\u3051\u3066\u300c\u6642\u4fa1\u7dcf\u984d\u300d\u3092\u6c42\u3081\u3001\u305d\u3053\u306b\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u52a0\u3048\u3066\u73fe\u91d1\u3092\u5dee\u3057\u5f15\u304f\u3053\u3068\u3067\u300c\u4f01\u696d\u4fa1\u5024\uff08Enterprise Value, EV\uff09\u300d\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n

      \u3064\u307e\u308a\u300c\u6295\u8cc7\u5bb6\u304c\u5e02\u5834\u3067\u5b9f\u969b\u306b\u305d\u306e\u4f1a\u793e\u3092\u3044\u304f\u3089\u3068\u8a55\u4fa1\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u305d\u306e\u307e\u307e\u53cd\u6620\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u30d5\u30ea\u30de\u30a2\u30d7\u30ea\u3067\u51fa\u54c1\u3055\u308c\u3066\u3044\u308b\u5546\u54c1\u306e\u4fa1\u683c\u3092\u305d\u306e\u307e\u307e\u53c2\u8003\u306b\u3059\u308b\u306e\u3068\u4f3c\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u682a\u4fa1\u306f\u77ed\u671f\u7684\u306a\u9700\u7d66\u3084\u76f8\u5834\u74b0\u5883\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u305f\u3081\u3001\u4e00\u6642\u7684\u306b\u5b9f\u529b\u4ee5\u4e0a\uff08\u307e\u305f\u306f\u4ee5\u4e0b\uff09\u306e\u8a55\u4fa1\u306b\u306a\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      3.\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/h2>\n

      \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4f01\u696d\u3084\u8cc7\u7523\u304c\u5c06\u6765\u3069\u308c\u3060\u3051\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3059\u304b\u3068\u3044\u3046\u898b\u8fbc\u307f\u306b\u57fa\u3065\u3044\u3066\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5<\/u><\/strong>\u3067\u3059\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u300c\u5e02\u5834\u3067\u306e\u76f8\u5834\u611f\u300d\u3092\u57fa\u6e96\u306b\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u300c\u3053\u308c\u304b\u3089\u751f\u307f\u51fa\u3059\u53ce\u76ca\u529b\u300d\u306b\u7126\u70b9\u3092\u5f53\u3066\u308b\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n

      3-1.\u5c06\u6765\u306e\u5229\u76ca\u304b\u3089\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u65b9\u6cd5<\/h3>\n

      \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u57fa\u672c\u306f\u3001\u5c06\u6765\u305d\u306e\u4f1a\u793e\u3084\u8cc7\u7523\u304c\u751f\u307f\u51fa\u3059\u3068\u4e88\u60f3\u3055\u308c\u308b\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3057\u3066\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3059<\/span><\/strong>\u3002\u3053\u308c\u3092\u300c\u5272\u5f15\u73fe\u5728\u4fa1\u5024\uff08Present Value, PV\uff09\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n

      \u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u304c\u4eca\u5f8c5\u5e74\u9593\u3001\u6bce\u5e7410\u5104\u5186\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u3080\u3068\u4e88\u6e2c\u3055\u308c\u305f\u3068\u3057\u307e\u3059\u3002\u5358\u7d14\u306b\u5408\u8a08\u3059\u308c\u307050\u5104\u5186\u3067\u3059\u304c\u3001\u305d\u306e\u307e\u307e\u73fe\u5728\u306e\u4fa1\u5024\u3068\u306f\u307f\u306a\u305b\u307e\u305b\u3093\u3002\u304a\u91d1\u306b\u306f\u300c\u6642\u9593\u306e\u4fa1\u5024\u300d\u304c\u3042\u308a\u3001\u5c06\u6765\u306e1\u5104\u5186\u306f\u3001\u4eca\u306e1\u5104\u5186\u3088\u308a\u4fa1\u5024\u304c\u4f4e\u3044\u3068\u8003\u3048\u308b\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u7406\u7531\u306f\u3001\u6295\u8cc7\u306b\u56de\u305b\u3070\u5229\u606f\u3092\u5f97\u3089\u308c\u308b\u3053\u3068\u3084\u3001\u5c06\u6765\u306e\u4e0d\u78ba\u5b9f\u6027\uff08\u30ea\u30b9\u30af\uff09\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

      \u3053\u306e\u305f\u3081\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f\u3001\u5272\u5f15\u7387\uff08Discount Rate\uff09\u3092\u7528\u3044\u3066\u5c06\u6765\u306e\u304a\u91d1\u3092\u300c\u4eca\u306e\u4fa1\u5024\u300d\u306b\u63db\u7b97\u3057\u307e\u3059\u3002\u5272\u5f15\u7387\u306b\u306f\u3001\u4e00\u822c\u7684\u306b\u6295\u8cc7\u5bb6\u304c\u8981\u6c42\u3059\u308b\u53ce\u76ca\u7387\uff08\u5fc5\u8981\u53ce\u76ca\u7387\uff09\u3084\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff1a\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n

      \u3064\u307e\u308a\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u300c\u5c06\u6765\u306e\u7a3c\u3050\u529b\u3092\u4e88\u6e2c\u3059\u308b \u2192 \u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059 \u2192 \u5408\u8a08\u3057\u3066\u8a55\u4fa1\u984d\u3092\u51fa\u3059\u300d\u3068\u3044\u3046\u6d41\u308c\u3067\u8a08\u7b97\u3059\u308b\u65b9\u6cd5\u306a\u306e\u3067\u3059\u3002<\/p>\n

      \n

      \u7528\u8a9e\u89e3\u8aac<\/strong><\/p>\n

      \u30fb\u5272\u5f15\u73fe\u5728\u4fa1\u5024\uff08PV\uff09<\/u><\/strong>\u5c06\u6765\u53d7\u3051\u53d6\u308b\u304a\u91d1\u3092\u3001\u5272\u5f15\u7387\u3092\u4f7f\u3063\u3066\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u305f\u3082\u306e\u3002<\/p>\n

      \u30fb\u5272\u5f15\u7387\uff08Discount Rate\uff09<\/u><\/strong>\u5c06\u6765\u306e\u304a\u91d1\u306e\u4e0d\u78ba\u5b9f\u6027\u3084\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u53cd\u6620\u3057\u305f\u5229\u7387\u3002<\/p>\n

      \u30fb\u5fc5\u8981\u53ce\u76ca\u7387\uff08Required Return\uff09<\/u><\/strong>\u6295\u8cc7\u5bb6\u304c\u6700\u4f4e\u9650\u671f\u5f85\u3059\u308b\u5229\u56de\u308a\u3002<\/p>\n

      \u30fbWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/u><\/strong>\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u306e\u4e21\u65b9\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u5e73\u5747\u3057\u305f\u3082\u306e\u3002\u4f01\u696d\u8a55\u4fa1\u3067\u5e83\u304f\u7528\u3044\u3089\u308c\u308b\u3002<\/p>\n<\/div>\n

      3-2.\u4ee3\u8868\u7684\u306a\uff12\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n

      \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e2d\u3067\u4ee3\u8868\u7684\u306a\u306e\u306f\u300cDCF\u6cd5\u300d\u3068\u300c\u914d\u5f53\u9084\u5143\u6cd5\u300d\u306e2\u3064\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u300c\u5c06\u6765\u306e\u53ce\u76ca\u3092\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u300d\u3068\u3044\u3046\u70b9\u3067\u306f\u5171\u901a\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u7740\u76ee\u3059\u308b\u5bfe\u8c61\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n

      3-2-1.DCF\u6cd5<\/h4>\n

      DCF\u6cd5\u306f\u3001\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u4e88\u6e2c\u3057\u3001\u305d\u308c\u3092\u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3057\u3066\u5408\u8a08\u3059\u308b\u65b9\u6cd5\u3067\u3059<\/span><\/strong>\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u3001\u55b6\u696d\u6d3b\u52d5\u304b\u3089\u751f\u307f\u51fa\u3055\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u6295\u8cc7\u306b\u5fc5\u8981\u306a\u652f\u51fa\u3092\u5dee\u3057\u5f15\u3044\u305f\u300c\u4f01\u696d\u304c\u81ea\u7531\u306b\u4f7f\u3048\u308b\u73fe\u91d1\u300d\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n

      \u4f8b\u3048\u3070\u30015\u5e74\u9593\u3067\u6bce\u5e7410\u5104\u5186\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u898b\u8fbc\u307e\u308c\u308b\u4f1a\u793e\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u305d\u308c\u305e\u308c\u306e10\u5104\u5186\u3092\u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3057\u3066\u5408\u8a08\u3057\u307e\u3059\u3002\u3055\u3089\u306b5\u5e74\u76ee\u4ee5\u964d\u3082\u4e8b\u696d\u304c\u7d99\u7d9a\u3059\u308b\u5834\u5408\u306f\u3001\u6c38\u7d9a\u7684\u306a\u4fa1\u5024\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u3092\u52a0\u3048\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002DCF\u6cd5\u306f\u5b9f\u52d9\u3067\u6700\u3082\u5e83\u304f\u7528\u3044\u3089\u308c\u308b\u65b9\u6cd5\u3067\u3059\u304c\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u3084\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u6b21\u7b2c\u3067\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u305f\u3081\u3001\u524d\u63d0\u6761\u4ef6\u306e\u59a5\u5f53\u6027\u304c\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n

      3-2-2.\u914d\u5f53\u9084\u5143\u6cd5<\/h4>\n

      \u914d\u5f53\u9084\u5143\u6cd5\u306f\u3001\u682a\u4e3b\u304c\u5c06\u6765\u53d7\u3051\u53d6\u308b\u914d\u5f53\u3092\u57fa\u6e96\u306b\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059<\/span><\/strong>\u3002\u682a\u5f0f\u6295\u8cc7\u306b\u304a\u3044\u3066\u300c\u6700\u7d42\u7684\u306b\u682a\u4e3b\u304c\u5f97\u3089\u308c\u308b\u30ea\u30bf\u30fc\u30f3\u306f\u914d\u5f53\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n

      \u4f8b\u3048\u3070\u3001\u6bce\u5e741\u5104\u5186\u306e\u914d\u5f53\u304c\u6c38\u7d9a\u7684\u306b\u652f\u6255\u308f\u308c\u308b\u3068\u4e88\u60f3\u3055\u308c\u3001\u682a\u4e3b\u304c\u6c42\u3081\u308b\u5229\u56de\u308a\uff08\u5fc5\u8981\u53ce\u76ca\u7387\uff09\u304c5\uff05\u3067\u3042\u308c\u3070\u3001\u300c1\u5104\u5186 \u00f7 5\uff05\uff1d20\u5104\u5186\u300d\u3068\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u308f\u304b\u308a\u3084\u3059\u3044\u4e00\u65b9\u3067\u3001\u914d\u5f53\u3092\u307b\u3068\u3093\u3069\u51fa\u3055\u306a\u3044\u6210\u9577\u4f01\u696d\u3084\u3001\u5185\u90e8\u7559\u4fdd\u3092\u512a\u5148\u3059\u308b\u4f01\u696d\u306b\u306f\u9069\u3055\u306a\u3044\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      4.\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/h2>\n

      \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u5bfe\u8c61\u3068\u306a\u308b\u8cc7\u7523\u3092\u300c\u3082\u3057\u4eca\u304b\u3089\u65b0\u3057\u304f\u4f5c\u308a\u76f4\u3057\u305f\u3089\u3001\u3044\u304f\u3089\u304b\u304b\u308b\u304b\u300d\u3068\u3044\u3046\u89b3\u70b9\u3067\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n

      \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u300c\u5e02\u5834\u3067\u306e\u76f8\u5834\u300d\u3092\u57fa\u6e96\u306b\u3057\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u300c\u5c06\u6765\u306e\u7a3c\u3050\u529b\u300d\u3092\u57fa\u6e96\u306b\u3059\u308b\u306e\u306b\u5bfe\u3057\u3066\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u300c\u518d\u73fe\u306b\u5fc5\u8981\u306a\u30b3\u30b9\u30c8\u300d\u3092\u57fa\u6e96\u306b\u3059\u308b\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n

      4-1.\u540c\u3058\u8cc7\u7523\u3092\u4f5c\u308a\u76f4\u3059\u30b3\u30b9\u30c8\u3067\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5<\/h3>\n

      \u57fa\u672c\u7684\u306a\u8003\u3048\u65b9\u306f\u300c\u5bfe\u8c61\u8cc7\u7523\u3092\u30bc\u30ed\u304b\u3089\u518d\u5ea6\u3064\u304f\u308b\u3068\u3001\u3069\u306e\u304f\u3089\u3044\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u304b\u300d\u3092\u57fa\u6e96\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/u><\/strong>\u4f8b\u3048\u3070\u3001\u5de5\u5834\u306e\u6a5f\u68b0\u8a2d\u5099\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u305d\u306e\u6a5f\u68b0\u3068\u540c\u3058\u6027\u80fd\u3092\u6301\u3064\u8a2d\u5099\u3092\u8abf\u9054\u3059\u308b\u306e\u306b\u5fc5\u8981\u306a\u91d1\u984d\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u3053\u306e\u65b9\u6cd5\u306f\u300c\u4f5c\u308a\u76f4\u3057\u30b3\u30b9\u30c8\u300d\u306b\u57fa\u3065\u304f\u305f\u3081\u3001\u8cc7\u7523\u304c\u3069\u308c\u3060\u3051\u53ce\u76ca\u3092\u751f\u3080\u304b\u3068\u3044\u3046\u89b3\u70b9\u306f\u53cd\u6620\u3055\u308c\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u5358\u72ec\u3067\u7528\u3044\u308b\u3088\u308a\u3082\u3001\u4ed6\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u88dc\u5b8c\u7684\u306b\u4f7f\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n

      4-2.\u4ee3\u8868\u7684\u306a\uff12\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n

      \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e2d\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u5177\u4f53\u7684\u306a\u624b\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u4e2d\u3067\u3082\u4ee3\u8868\u7684\u306a\u306e\u304c\u300c\u518d\u8abf\u9054\u539f\u4fa1\u6cd5\u300d\u3068\u300c\u8907\u88fd\u539f\u4fa1\u6cd5\u300d\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u300c\u65b0\u3057\u304f\u4f5c\u308a\u76f4\u3057\u305f\u5834\u5408\u306e\u30b3\u30b9\u30c8\u300d\u3092\u57fa\u6e96\u306b\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u8a55\u4fa1\u306e\u5bfe\u8c61\u3068\u3059\u308b\u8003\u3048\u65b9\u306b\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      4-2-1.\u518d\u8abf\u9054\u539f\u4fa1\u6cd5<\/h4>\n

      \u518d\u8abf\u9054\u539f\u4fa1\u6cd5\u306f\u3001\u540c\u3058\u6a5f\u80fd\u3092\u6301\u3064\u8cc7\u7523\u3092\u3001\u3044\u307e\u306e\u6280\u8853\u3084\u6750\u6599\u3067\u65b0\u3057\u304f\u8abf\u9054\u3059\u308b\u3068\u3057\u305f\u3089\u3001\u3044\u304f\u3089\u304b\u304b\u308b\u304b\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5<\/span><\/strong>\u3067\u3059\u3002\u4f8b\u3048\u3070\u5de5\u5834\u306e\u53e4\u3044\u6a5f\u68b0\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u305d\u306e\u6a5f\u68b0\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u578b\u3092\u518d\u73fe\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u300c\u540c\u3058\u6027\u80fd\u3092\u6301\u3064\u6700\u65b0\u30e2\u30c7\u30eb\u3092\u8cb7\u3063\u305f\u3089\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u300d\u3068\u3044\u3046\u8996\u70b9\u3067\u91d1\u984d\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306f\u3001\u53e4\u3044\u4ed5\u69d8\u3092\u305d\u306e\u307e\u307e\u5fa9\u5143\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u305f\u3081\u3001\u5b9f\u52d9\u3067\u4f7f\u3044\u3084\u3059\u304f\u3001\u5408\u7406\u7684\u306a\u65b9\u6cd5\u3068\u3044\u3048\u307e\u3059\u3002\u305f\u3060\u3057\u5b9f\u969b\u306e\u8a55\u4fa1\u3067\u306f\u3001\u65b0\u54c1\u4fa1\u683c\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u8cc7\u7523\u304c\u3059\u3067\u306b\u4f7f\u7528\u3055\u308c\u3066\u3044\u308b\u5206\u306e\u6469\u8017\u3084\u52a3\u5316\u3092\u8003\u616e\u3057\u3066\u3001\u6e1b\u4fa1\u4fee\u6b63\uff08Depreciated Replacement Cost, DRC\uff09\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

      4-2-2.\u8907\u88fd\u539f\u4fa1\u6cd5<\/h4>\n

      \u8907\u88fd\u539f\u4fa1\u6cd5\u306f\u3001\u5bfe\u8c61\u8cc7\u7523\u3068\u5168\u304f\u540c\u3058\u3082\u306e\u3092\u3001\u5f53\u6642\u306e\u8a2d\u8a08\u3084\u6750\u8cea\u3067\u518d\u73fe\u3059\u308b\u3068\u3057\u305f\u3089\u3001\u3069\u306e\u304f\u3089\u3044\u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u304b\u3068\u3044\u3046\u8996\u70b9\u3067\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5<\/span><\/strong>\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u6b74\u53f2\u7684\u4fa1\u5024\u306e\u3042\u308b\u5efa\u7269\u3084\u7279\u5b9a\u306e\u30c7\u30b6\u30a4\u30f3\u3092\u6301\u3064\u8a2d\u5099\u306a\u3069\u3001\u300c\u305d\u3063\u304f\u308a\u305d\u306e\u307e\u307e\u518d\u73fe\u3059\u308b\u3053\u3068\u81ea\u4f53\u306b\u610f\u5473\u304c\u3042\u308b\u300d\u8cc7\u7523\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306f\u3001\u904e\u53bb\u306e\u5f62\u3084\u4ed5\u69d8\u3092\u305d\u306e\u307e\u307e\u53cd\u6620\u3059\u308b\u305f\u3081\u3001\u7d14\u7c8b\u306a\u6bd4\u8f03\u3084\u7f6e\u304d\u63db\u3048\u304c\u96e3\u3057\u3044\u5834\u5408\u306b\u3082\u5bfe\u5fdc\u3067\u304d\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002\u4e00\u65b9\u3067\u3001\u6280\u8853\u304c\u53e4\u304f\u52b9\u7387\u304c\u4f4e\u3044\u307e\u307e\u306e\u8cc7\u7523\u3067\u3082\u3001\u305d\u306e\u518d\u73fe\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u7b97\u5b9a\u3055\u308c\u3066\u3057\u307e\u3046\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u8a55\u4fa1\u304c\u5b9f\u614b\u3088\u308a\u5272\u9ad8\u306b\u306a\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      5.\u5358\u72ec\u304b\u8907\u6570\u304b\u3001\u5b9f\u52d9\u306b\u304a\u3051\u308b\u4f7f\u3044\u5206\u3051<\/h2>\n

      PPA\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\u672c\u6765\u3001\uff13\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3059\u3079\u3066\u3092\u7528\u3044\u3066\u691c\u8a0e\u3059\u308b\u306e\u304c\u7406\u60f3\u3067\u3059\u3002<\/p>\n

      \u8907\u6570\u306e\u8996\u70b9\u304b\u3089\u7167\u3089\u3057\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u504f\u308a\u3092\u907f\u3051\u3001\u3088\u308a\u5ba2\u89b3\u7684\u3067\u8aac\u5f97\u529b\u306e\u3042\u308b\u8a55\u4fa1\u3092\u5c0e\u3051\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

      \u3057\u304b\u3057\u5b9f\u52d9\u3067\u306f\u6642\u9593\u30fb\u8cbb\u7528\u30fb\u4f5c\u696d\u91cf\u3068\u3044\u3063\u305f\u30b3\u30b9\u30c8\u306e\u5236\u7d04\u304b\u3089\u5168\u3066\u306e\u624b\u6cd5\u3092\u540c\u6642\u306b\u4f7f\u3046\u3053\u3068\u306f\u96e3\u3057\u3044\u306e\u304c\u73fe\u72b6\u3067\u3059\u3002<\/strong>\u7279\u306bPPA\u306f\u8cb7\u53ce\u304b\u3089\uff11\u5e74\u4ee5\u5185\u306b\u5b8c\u4e86\u3055\u305b\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u9650\u3089\u308c\u305f\u671f\u9593\u3067\u52b9\u7387\u7684\u306b\u9032\u3081\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u5b9f\u969b\u306b\u306f\u6b21\u306e\u3088\u3046\u306a\u5bfe\u5fdc\u304c\u53d6\u3089\u308c\u307e\u3059\u3002<\/p>\n

      \u30fb\u5358\u4e00\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4f7f\u3046\u5834\u5408<\/u><\/strong><\/p>\n

      \u696d\u7a2e\u3084\u8cc7\u7523\u306e\u7279\u6027\u306b\u3088\u308a\u3001\u3042\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u6700\u3082\u5408\u7406\u7684\u3068\u5224\u65ad\u3067\u304d\u308b\u5834\u5408\u306f\u3001\u305d\u306e\u65b9\u6cd5\u306b\u7d5e\u3063\u3066\u8a55\u4fa1\u3092\u884c\u3044\u307e\u3059\u3002\u4f8b\u3068\u3057\u3066\u3001\u5e02\u5834\u53d6\u5f15\u304c\u8c4a\u5bcc\u306a\u4e0a\u5834\u682a\u5f0f\u306a\u3089\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u4e2d\u5fc3\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

      \u30fb\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u5834\u5408<\/u><\/strong><\/p>\n

      \u30b3\u30b9\u30c8\u9762\u306e\u4f59\u88d5\u304c\u3042\u308b\u5834\u5408\u3084\u3001\u8cc7\u7523\u306e\u6027\u8cea\u4e0a\u5358\u4e00\u306e\u65b9\u6cd5\u3067\u306f\u4e0d\u5341\u5206\u306a\u5834\u5408\u306f\u3001\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7528\u3044\u3066\u76f8\u4e92\u306b\u691c\u8a3c\u3057\u307e\u3059\u3002\u4f8b\u3048\u3070\u30d6\u30e9\u30f3\u30c9\u8a55\u4fa1\u3067\u306f\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u7b97\u5b9a\u3057\u3064\u3064\u3001\u904e\u53bb\u306e\u4e8b\u4f8b(\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1)\u3068\u6bd4\u8f03\u3057\u3066\u59a5\u5f53\u6027\u3092\u9ad8\u3081\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      \u5b9f\u52d9\u3067\u306f\u300c\u3069\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u9078\u3076\u304b\u300d\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u3069\u3046\u7d44\u307f\u5408\u308f\u305b\u3066\u4fe1\u983c\u6027\u3092\u9ad8\u3081\u308b\u304b\u300d\u304c\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

      6.\u8a55\u4fa1\u65b9\u6cd5\u3067\u3088\u304f\u3042\u308b\u5931\u6557<\/h2>\n

      \uff15\u7ae0\u306b\u3042\u308b\u3088\u3046\u306b\u3001\u9069\u5207\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u9078\u3073\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u8907\u6570\u306e\u65b9\u6cd5\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u8a55\u4fa1\u306e\u504f\u308a\u3084\u4e0d\u5408\u7406\u3055\u306f\u3042\u308b\u7a0b\u5ea6\u9632\u3050\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

      \u3057\u304b\u3057\u5b9f\u52d9\u3067\u306f\u305d\u308c\u3060\u3051\u3067\u306f\u9632\u304e\u304d\u308c\u306a\u3044\u5931\u6557\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u4ee3\u8868\u7684\u306a\u306e\u304c\u300c\u8a55\u4fa1\u3084\u8a08\u7b97\u306e\u8aa4\u308a\u300d\u3068\u300c\u8a55\u4fa1\u65b9\u6cd5\u306e\u9078\u629e\u30df\u30b9\u300d\u3067\u3059\u3002<\/p>\n

      6-1.\u8a55\u4fa1\u5168\u4f53\u3084\u8a08\u7b97\u65b9\u6cd5\u306e\u8aa4\u308a<\/h4>\n

      \u6700\u3082\u591a\u3044\u5931\u6557\u306f\u3001\u8a08\u7b97\u305d\u306e\u3082\u306e\u306e\u8aa4\u308a\u3084\u524d\u63d0\u6761\u4ef6\u306e\u8a2d\u5b9a\u30df\u30b9<\/u><\/strong>\u3067\u3059\u3002PPA\u8a55\u4fa1\u3067\u306f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u3001\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u3001\u6e1b\u4fa1\u4fee\u6b63\u306e\u9069\u7528\u306a\u3069\u3001\u7d30\u304b\u3044\u6570\u5024\u8a08\u7b97\u304c\u6570\u591a\u304f\u542b\u307e\u308c\u307e\u3059\u3002\u3053\u308c\u3089\u306b\u8aa4\u308a\u304c\u3042\u308b\u3068\u3001\u7d50\u679c\u304c\u5927\u304d\u304f\u305a\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070DCF\u6cd5\u3067\u306f\u3001\u5272\u5f15\u7387\u3092\u8aa4\u3063\u3066\u4f4e\u304f\u8a2d\u5b9a\u3057\u3066\u3057\u307e\u3046\u3068\u3001\u5b9f\u969b\u3088\u308a\u3082\u9ad8\u3044\u8a55\u4fa1\u984d\u304c\u51fa\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u6e1b\u4fa1\u4fee\u6b63\u3092\u5341\u5206\u306b\u884c\u308f\u306a\u3051\u308c\u3070\u3001\u4f7f\u3044\u53e4\u3055\u308c\u305f\u8cc7\u7523\u304c\u65b0\u54c1\u540c\u69d8\u306b\u8a55\u4fa1\u3055\u308c\u3066\u3057\u307e\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u8a08\u7b97\u305d\u306e\u3082\u306e\u306e\u7cbe\u5ea6\u3092\u62c5\u4fdd\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u524d\u63d0\u6761\u4ef6\u306e\u59a5\u5f53\u6027\u3092\u614e\u91cd\u306b\u78ba\u8a8d\u3057\u3001\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u691c\u8a3c\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

      6-2.\u9069\u5207\u306a\u8a55\u4fa1\u65b9\u6cd5\u306e\u9078\u629e\u30df\u30b9<\/h4>\n

      \u4ed6\u306b\u591a\u3044\u306e\u306f\u3001\u8cc7\u7523\u306b\u9069\u3055\u306a\u3044\u8a55\u4fa1\u65b9\u6cd5\u3092\u9078\u3093\u3067\u3057\u307e\u3046\u5931\u6557<\/strong><\/u>\u3067\u3059\u3002\u8cc7\u7523\u306e\u6027\u8cea\u306b\u3088\u3063\u3066\u6700\u9069\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u7570\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u3067\u6d3b\u767a\u306b\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u8cc7\u7523\u306b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4f7f\u3063\u3066\u3082\u5408\u7406\u6027\u304c\u4f4e\u304f\u3001\u9006\u306b\u5c06\u6765\u306e\u53ce\u76ca\u304c\u4e2d\u5fc3\u3068\u306a\u308b\u7121\u5f62\u8cc7\u7523\u306b\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4f7f\u3063\u3066\u3082\u5b9f\u614b\u3092\u53cd\u6620\u3067\u304d\u307e\u305b\u3093\u3002\u4f8b\u3048\u3070\u3001\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u3092\u8a55\u4fa1\u3059\u308b\u306e\u306bDCF\u6cd5\u3092\u4f7f\u3046\u3068\u3001\u5e02\u5834\u304c\u3064\u3051\u3066\u3044\u308b\u682a\u4fa1\u3068\u4e56\u96e2\u3057\u305f\u8a55\u4fa1\u984d\u306b\u306a\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u7279\u8a31\u6a29\u3092\u8a55\u4fa1\u3059\u308b\u306e\u306b\u518d\u8abf\u9054\u539f\u4fa1\u6cd5\u3060\u3051\u3092\u7528\u3044\u308b\u3068\u3001\u305d\u306e\u7279\u8a31\u304c\u751f\u307f\u51fa\u3059\u5c06\u6765\u306e\u53ce\u76ca\u3092\u8003\u616e\u3067\u304d\u305a\u3001\u5b9f\u614b\u3088\u308a\u4f4e\u3044\u4fa1\u5024\u3068\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u8cc7\u7523\u3084\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u3001\u3069\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u6700\u9069\u304b\u3092\u898b\u6975\u3081\u308b\u3053\u3068\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u8907\u6570\u306e\u65b9\u6cd5\u3067\u30af\u30ed\u30b9\u30c1\u30a7\u30c3\u30af\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n

      7.PPA\u3092\u5b9f\u65bd\u3059\u308b\u306b\u306f\u9ad8\u5ea6\u306a\u5c02\u9580\u77e5\u8b58\u304c\u5fc5\u8981<\/h2>\n

      PPA\u306f\u8a55\u4fa1\u65b9\u6cd5\u3092\u6b63\u3057\u304f\u9078\u3093\u3067\u3082\u3001\u8a08\u7b97\u3084\u5224\u65ad\u3067\u8aa4\u308a\u304c\u751f\u3058\u3084\u3059\u3044\u30d7\u30ed\u30bb\u30b9\u3067\u3059\u3002<\/p>\n

      \u3060\u304b\u3089\u3053\u305d\u3001\u91cd\u8981\u306a\u306e\u306f\u300c\u5c02\u9580\u77e5\u8b58\u300d<\/strong><\/u>\u3067\u3059\u3002<\/p>\n

      PPA\u306f\u3001\u5358\u306b\u8cc7\u7523\u3092\u8a55\u4fa1\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u4f1a\u8a08\u57fa\u6e96\u3084\u7a0e\u52d9\u306e\u77e5\u8b58\u3001\u696d\u754c\u7279\u6027\u306b\u5fdc\u3058\u305f\u5224\u65ad\u529b\u304c\u6c42\u3081\u3089\u308c\u308b\u9ad8\u5ea6\u306a\u30d7\u30ed\u30bb\u30b9\u3067\u3059\u3002<\/p>\n

        \n
      • \u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c<\/strong><\/span><\/li>\n
      • \u5272\u5f15\u7387\u306e\u8a2d\u5b9a<\/strong><\/span><\/li>\n
      • \u7121\u5f62\u8cc7\u7523\u306e\u8b58\u5225\u3068\u8a55\u4fa1<\/strong><\/span><\/li>\n
      • \u524d\u63d0\u6761\u4ef6\u306e\u308f\u305a\u304b\u306a\u9055\u3044\u306b\u3088\u308b\u7d50\u679c\u306e\u5909\u52d5<\/span><\/strong><\/li>\n<\/ul>\n

        \u3053\u3046\u3057\u305f\u8981\u7d20\u306f\u3001\u5c02\u9580\u7684\u306a\u77e5\u8b58\u3068\u7d4c\u9a13\u304c\u306a\u3051\u308c\u3070\u6b63\u3057\u304f\u5bfe\u5fdc\u3059\u308b\u3053\u3068\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/strong><\/u><\/span><\/p>\n

        \u305d\u306e\u305f\u3081\u3001\u5ba2\u89b3\u6027\u3068\u59a5\u5f53\u6027\u3092\u78ba\u4fdd\u3059\u308b\u306b\u306f\u3001\u7b2c\u4e09\u8005\u306e\u5c02\u9580\u5bb6\u306b\u3088\u308b\u95a2\u4e0e\u304c\u6b20\u304b\u305b\u306a\u3044\u306e\u3067\u3059\u3002<\/strong><\/p>\n

        8.PPA\u306e\u5c02\u9580\u652f\u63f4\u3092\u304a\u6c42\u3081\u306e\u65b9\u306f\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e\u3092\u3054\u5229\u7528\u304f\u3060\u3055\u3044<\/h2>\n

        PPA\u306e\u5b9f\u65bd\u306b\u306f\u9ad8\u5ea6\u306a\u5c02\u9580\u77e5\u8b58\u304c\u4e0d\u53ef\u6b20\u3067\u3042\u308a\u3001\u5b9f\u52d9\u7d4c\u9a13\u3092\u6301\u3064\u5c02\u9580\u5bb6\u306b\u4f9d\u983c\u3059\u308b\u3053\u3068\u304c\u6700\u3082\u78ba\u5b9f\u3067\u3059\u3002<\/strong><\/span><\/p>\n

        \u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001M&A\u3084\u7121\u5f62\u8cc7\u7523\u8a55\u4fa1\u306b\u8c4a\u5bcc\u306a\u5b9f\u7e3e\u3092\u6709\u3057\u3001\u4f1a\u8a08\u3068\u7a0e\u52d9\u306e\u4e21\u9762\u304b\u3089\u652f\u63f4\u3067\u304d\u308b\u4f53\u5236\u3092\u6574\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

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        \u300cPPA\u3092\u3069\u3046\u9032\u3081\u305f\u3089\u3088\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d<\/u><\/p>\n

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        \n

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        PPA\u306f\u96e3\u3057\u3044\u30c6\u30fc\u30de\u306b\u601d\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u305d\u306e\u4ed5\u7d44\u307f\u3092\u77e5\u308b\u3053\u3068\u306f\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3092\u3088\u308a\u6df1\u304f\u7406\u89e3\u3059\u308b\u7b2c\u4e00\u6b69\u3067\u3059\u3002\u672c\u8a18\u4e8b\u304c\u307f\u306a\u3055\u307e\u306e\u7406\u89e3\u3092\u5e83\u3052\u3001\u6b21\u306e\u4e00\u6b69\u3092\u8e0f\u307f\u51fa\u3059\u304d\u3063\u304b\u3051\u3068\u306a\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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