{"id":2200,"date":"2026-01-22T10:00:37","date_gmt":"2026-01-22T01:00:37","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=2200"},"modified":"2026-01-21T11:48:50","modified_gmt":"2026-01-21T02:48:50","slug":"advantages-and-disadvantages-of-the-multiple-method","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/advantages-and-disadvantages-of-the-multiple-method","title":{"rendered":"\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\uff5c\u4ed6\u306e\u624b\u6cd5\u3068\u306e\u6bd4\u8f03\u8868\u4ed8\u304d"},"content":{"rendered":"

\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u3001\u3088\u304f\u7528\u3044\u3089\u308c\u308b\u624b\u6cd5\u306e\u3072\u3068\u3064\u304c\u300c\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u300d<\/span>\u3067\u3059\u3002<\/strong><\/p>\n

\u4e0a\u5834\u4f01\u696d\u306eM&A\u3084\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u8cc7\u91d1\u8abf\u9054\u3001\u3055\u3089\u306b\u306f\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u307e\u3067\u3001\u5e45\u5e83\u3044\u5834\u9762\u3067\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u7c21\u5358\u3067\u4fbf\u5229\u3068\u8a00\u308f\u308c\u308b\u4e00\u65b9\u3067\u3001\u4f7f\u3044\u65b9\u3092\u8aa4\u308b\u3068\u4f01\u696d\u4fa1\u5024\u3092\u5927\u304d\u304f\u898b\u8aa4\u308b\u30ea\u30b9\u30af<\/strong>\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u306e\u4e21\u9762\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u304a\u304f<\/span><\/strong>\u3053\u3068\u304c\u3001\u6b63\u78ba\u306a\u8a55\u4fa1\u306e\u305f\u3081\u306b\u306f\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u3084\u3001\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\u3068\u306e\u9055\u3044<\/span><\/strong>\u306a\u3069\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002\u8a18\u4e8b\u3092\u8aad\u3080\u3053\u3068\u3067\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u4f7f\u3044\u3069\u3053\u308d\u3092\u660e\u78ba\u306b\u7406\u89e3\u3057\u3001\u81ea\u793e\u306e\u4fa1\u5024\u7b97\u5b9a\u3084\u7d4c\u55b6\u5224\u65ad\u306b\u6d3b\u304b\u3059\u305f\u3081\u306e\u57fa\u790e\u304c\u8eab\u306b\u3064\u304d\u307e\u3059\u3002\u305c\u3072\u3001\u3054\u4e00\u8aad\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u4ed6\u306e\u4e3b\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u7b97\u5b9a\u624b\u6cd5\u306e\u4e3b\u306a\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u57fa\u3065\u3044\u305f\u6bd4\u8f03\u8868<\/strong><\/p>\n\n\n\n\n\n\n\n\n
\u8a55\u4fa1\u9805\u76ee<\/span><\/strong><\/td>\n\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/span><\/strong><\/td>\nDCF\u6cd5<\/span><\/strong><\/td>\n\u914d\u5f53\u9084\u5143\u6cd5<\/span><\/strong><\/td>\n\u5e02\u5834\u682a\u4fa1\u6cd5<\/span><\/strong><\/td>\n\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/span><\/strong><\/td>\n\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/span><\/strong><\/td>\n\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/span><\/strong><\/td>\n<\/tr>\n
\u8a08\u7b97\u306e\u7c21\u4fbf\u3055<\/strong><\/td>\n\u25ce<\/td>\n\u25b3<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n<\/tr>\n
\u8a55\u4fa1\u306e\u5ba2\u89b3\u6027<\/strong><\/td>\n\u3007<\/td>\n\u25b3<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u3007<\/td>\n\u3007<\/td>\n\u3007<\/td>\n<\/tr>\n
\u5c06\u6765\u6027\u306e\u53cd\u6620\u5ea6<\/strong><\/td>\n\u3007<\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25b3<\/span><\/td>\n\u3007<\/td>\n\u00d7<\/span><\/td>\n\u25b3<\/span><\/td>\n<\/tr>\n
\u7b97\u5b9a\u3059\u308b\u305f\u3081\u306e\u60c5\u5831\u306e\u5f97\u3084\u3059\u3055<\/strong><\/td>\n\u25b3\u00a0<\/td>\n\u25b3<\/td>\n\u3007<\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u3007<\/td>\n<\/tr>\n
\u8a55\u4fa1\u7d50\u679c\u306e\u5b89\u5b9a\u6027<\/strong><\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n\u3007<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u203b\u5404\u624b\u6cd5\u306e\u6bd4\u8f03\u7d50\u679c\u306f\u30b1\u30fc\u30b9\u306b\u3088\u308a\u307e\u3059\u3002<\/p>\n

1.\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u4e3b\u306a5\u3064\u306e\u30e1\u30ea\u30c3\u30c8<\/h2>\n

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DCF\u6cd5\u306e\u3088\u3046\u306b\u8907\u96d1\u306a\u4eee\u5b9a\u3084\u4e88\u6e2c\u3092\u5fc5\u8981\u3068\u305b\u305a\u3001\u65e2\u306b\u5e02\u5834\u3067\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u4f01\u696d\u306e\u6307\u6a19\u3092\u3082\u3068\u306b\u3001\u77ed\u6642\u9593\u3067\u5408\u7406\u7684\u306a\u8a55\u4fa1\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

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\u8a55\u4fa1\u9805\u76ee<\/span><\/strong><\/td>\n\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/span><\/strong><\/td>\nDCF\u6cd5<\/span><\/strong><\/td>\n\u914d\u5f53\u9084\u5143\u6cd5<\/span><\/strong><\/td>\n\u5e02\u5834\u682a\u4fa1\u6cd5<\/span><\/strong><\/td>\n\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/span><\/strong><\/td>\n\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/span><\/strong><\/td>\n\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/span><\/strong><\/td>\n<\/tr>\n
1-1.\u8a08\u7b97\u306e\u7c21\u4fbf\u3055<\/strong><\/td>\n\u25ce<\/td>\n\u25b3<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n<\/tr>\n
1-2.\u8a55\u4fa1\u306e\u5ba2\u89b3\u6027<\/strong><\/td>\n\u3007<\/td>\n\u25b3<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u3007<\/td>\n\u3007<\/td>\n\u3007<\/td>\n<\/tr>\n
1-3.\u5c06\u6765\u6027\u306e\u53cd\u6620\u5ea6<\/strong><\/td>\n\u3007<\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25b3<\/span><\/td>\n\u3007<\/td>\n\u00d7<\/span><\/td>\n\u25b3<\/span><\/td>\n<\/tr>\n
1-4.<\/span>\u975e\u4e0a\u5834\u4f01\u696d\u3078\u306e\u9069\u7528\u6027<\/strong><\/td>\n\u25ce<\/td>\n\u3007<\/td>\n\u25b3<\/span><\/td>\n\u00d7<\/span><\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n<\/tr>\n
1-5.<\/span>\u5229\u7528\u76ee\u7684\uff08M&A<\/span>\u30fb\u521d\u671f\u8a55\u4fa1\u306a\u3069\uff09<\/strong><\/td>\n\u521d\u671f\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306b\u6700\u9069<\/td>\n\u6700\u7d42\u7684\u306a\u7406\u8ad6\u8a55\u4fa1\u306b\u6709\u7528<\/td>\n\u5b89\u5b9a\u914d\u5f53\u4f01\u696d\u9650\u5b9a\u3067\u6709\u7528<\/td>\n\u53c2\u8003\u5024\u3068\u3057\u3066\u9650\u5b9a\u7684\u306b\u4f7f\u7528<\/td>\n\u5b9f\u969b\u306e\u53d6\u5f15\u30ec\u30f3\u30b8\u628a\u63e1\u306b\u4f7f\u7528<\/td>\n\u6e05\u7b97\u4fa1\u5024\u91cd\u8996\u306e\u5834\u9762\u3067\u4f7f\u7528<\/td>\n\u6e05\u7b97\u6642\u30fb\u62c5\u4fdd\u8a55\u4fa1\u306a\u3069\u3067\u4f7f\u7528<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u203b\u5404\u624b\u6cd5\u306e\u6bd4\u8f03\u7d50\u679c\u306f\u30b1\u30fc\u30b9\u306b\u3088\u308a\u307e\u3059\u3002<\/p>\n

1-1.\u4ed6\u306e\u624b\u6cd5\u3068\u6bd4\u3079\u3066\u8a08\u7b97\u304c\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3050\u306b\u7b97\u51fa\u3067\u304d\u308b<\/h3>\n

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\u4f8b\u3048\u3070\u3001\u540c\u696d\u4e0a\u5834\u4f01\u696d\u306eEV\/EBITDA\u500d\u7387\u304c8\u500d\u3067\u3001\u81ea\u793e\u306eEBITDA\u304c5\u5104\u5186\u3067\u3042\u308c\u3070\u3001\u4f01\u696d\u4fa1\u5024\u306f\u300c8 \u00d7 5\u5104\u5186 = 40\u5104\u5186\u300d\u3068\u7c21\u5358\u306b\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u8907\u96d1\u306a\u5272\u5f15\u8a08\u7b97\u3084\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3092\u884c\u308f\u305a\u3068\u3082\u3001\u304a\u304a\u307e\u304b\u306a\u4f01\u696d\u4fa1\u5024\u3092\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/p>\n

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1-2.\u76f8\u5bfe\u7684\u30fb\u5ba2\u89b3\u7684\u306a\u8a55\u4fa1\u304c\u3067\u304d\u308b<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001\u5e02\u5834\u304c\u5f62\u6210\u3057\u305f\u8a55\u4fa1\u3092\u57fa\u790e\u306b\u3057\u3066\u304a\u308a\u3001\u4ed6\u306e\u624b\u6cd5\u306b\u6bd4\u3079\u3066\u5ba2\u89b3\u6027\u306e\u9ad8\u3044\u4f01\u696d\u4fa1\u5024\u3092\u5c0e\u304d\u51fa\u305b\u307e\u3059\u3002<\/span><\/strong><\/p>\n

DCF\u6cd5\u306e\u3088\u3046\u306b\u5c06\u6765\u306e\u53ce\u76ca\u4e88\u6e2c\u3084\u5272\u5f15\u7387\u8a2d\u5b9a\u3068\u3044\u3063\u305f\u4e3b\u89b3\u7684\u5224\u65ad\u306b\u5de6\u53f3\u3055\u308c\u308b\u8981\u7d20\u304c\u5c11\u306a\u304f\u3001\u5b9f\u969b\u306e\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3051\u308b\u53d6\u5f15\u30c7\u30fc\u30bf\u3092\u5229\u7528\u3059\u308b\u305f\u3081\u3067\u3059\u3002\u5e02\u5834\u53c2\u52a0\u8005\u5168\u4f53\u306e\u8a55\u4fa1\u3092\u53cd\u6620\u3067\u304d\u308b\u70b9\u3067\u3001\u30d0\u30e9\u30f3\u30b9\u306e\u53d6\u308c\u305f\u6307\u6a19\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u540c\u696d\u4ed6\u793e\u306ePER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u304c\u5e73\u574715\u500d\u3067\u3042\u308c\u3070\u3001\u3053\u308c\u306f\u300c\u5e02\u5834\u304c\u305d\u306e\u696d\u754c\u306b\u5bfe\u3057\u306615\u500d\u306e\u53ce\u76ca\u4fa1\u5024\u3092\u8a8d\u3081\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u500d\u7387\u3092\u81ea\u793e\u306e\u5229\u76ca\u306b\u4e57\u3058\u3066\u8a55\u4fa1\u3059\u308c\u3070\u3001\u500b\u4eba\u306e\u4e3b\u89b3\u3092\u6392\u3057\u305f\u300c\u5e02\u5834\u304c\u898b\u308b\u81ea\u793e\u306e\u4fa1\u5024\u300d\u3092\u53cd\u6620\u3057\u305f\u7d50\u679c\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u4e3b\u89b3\u7684\u5224\u65ad\u3092\u6392\u9664\u3057\u3001\u5e02\u5834\u306e\u96c6\u5408\u77e5\u306b\u57fa\u3065\u304f\u5ba2\u89b3\u7684\u306a\u8a55\u4fa1\u3092\u5b9f\u73fe\u3059\u308b\u624b\u6cd5<\/strong>\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n

1-3.\u5e02\u5834\u95a2\u4fc2\u8005\u306e\u671f\u5f85\u3092\u53cd\u6620\u3067\u304d\u308b\uff08\u5c06\u6765\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3067\u304d\u308b\uff09<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001\u73fe\u5728\u306e\u696d\u7e3e\u8a55\u4fa1\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u300c\u5c06\u6765\u306e\u6210\u9577\u671f\u5f85\u300d\u307e\u3067\u3082\u53cd\u6620\u3067\u304d\u308b\u70b9\u304c\u5927\u304d\u306a\u9b45\u529b\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u3084EV\u500d\u7387\u306b\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u4e88\u6e2c\u3059\u308b\u5c06\u6765\u306e\u53ce\u76ca\u6027\u30fb\u6210\u9577\u6027\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u305d\u308c\u3092\u3082\u3068\u306b\u7b97\u51fa\u3059\u308b\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u306f\u3001\u5b9f\u8cea\u7684\u306b\u5c06\u6765\u4fa1\u5024\u3092\u52a0\u5473\u3057\u305f\u4f01\u696d\u4fa1\u5024\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u696d\u754c\u5168\u4f53\u304c\u4eca\u5f8c\u62e1\u5927\u3059\u308b\u3068\u4e88\u60f3\u3055\u308c\u3066\u3044\u308b\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u5206\u91ce\u3067\u306f\u3001PER\u3084EV\/EBITDA\u304c\u76f8\u5bfe\u7684\u306b\u9ad8\u304f\u8a2d\u5b9a\u3055\u308c\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u500d\u7387\u3092\u7528\u3044\u308c\u3070\u3001\u540c\u696d\u7a2e\u306e\u6210\u9577\u671f\u5f85\u3092\u542b\u3093\u3060\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3059\u3002\u9006\u306b\u6210\u719f\u7523\u696d\u3067\u306f\u30de\u30eb\u30c1\u30d7\u30eb\u304c\u4f4e\u4e0b\u3057\u3001\u5c06\u6765\u6027\u306e\u4e4f\u3057\u3055\u304c\u8a55\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u300c\u73fe\u72b6\u306e\u6570\u5024\u306b\u57fa\u3065\u304d\u3064\u3064\u3001\u5e02\u5834\u306e\u672a\u6765\u4e88\u6e2c\u3092\u53cd\u6620\u3067\u304d\u308b\u300d\u3068\u3044\u3046\u70b9\u3067\u3001M&A\u3084\u6295\u8cc7\u306e\u73fe\u5834\u306b\u304a\u3044\u3066\u3001\u975e\u5e38\u306b\u5b9f\u8df5\u7684\u306a\u8a55\u4fa1\u624b\u6cd5<\/strong>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

1-4.\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4fa1\u5024\u7b97\u5b9a\u306b\u3082\u5229\u7528\u3067\u304d\u308b<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001\u682a\u5f0f\u5e02\u5834\u3067\u682a\u4fa1\u304c\u5f62\u6210\u3055\u308c\u306a\u3044\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u305f\u3081\u306e\u5b9f\u7528\u7684\u306a\u624b\u6cd5<\/span><\/strong>\u3068\u3057\u3066\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u975e\u4e0a\u5834\u4f01\u696d\u306f\u5e02\u5834\u3067\u682a\u4fa1\u304c\u3064\u304b\u306a\u3044\u305f\u3081\u3001DCF\u6cd5\u306a\u3069\u7406\u8ad6\u30e2\u30c7\u30eb\u3092\u4f7f\u308f\u306a\u3044\u9650\u308a\u3001\u5ba2\u89b3\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u3065\u3089\u3044\u3068\u3044\u3046\u8ab2\u984c\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u306f\u300c\u4e0a\u5834\u3057\u3066\u3044\u308b\u985e\u4f3c\u4f01\u696d\u300d\u306e\u6307\u6a19\u3092\u6d3b\u7528\u3057\u3001\u305d\u308c\u3092\u975e\u4e0a\u5834\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u308b\u3053\u3068\u3067\u3001\u5e02\u5834\u306b\u57fa\u3065\u3044\u305f\u8a55\u4fa1\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u308b\u5730\u65b9\u306e\u4e2d\u5c0f\u88fd\u9020\u696d\u304cM&A\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u4f01\u696d\u306b\u76f4\u63a5\u306e\u5e02\u5834\u30c7\u30fc\u30bf\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u540c\u696d\u7a2e\u30fb\u540c\u898f\u6a21\u306e\u4e0a\u5834\u4f01\u696d\u306eEV\/EBITDA\u500d\u7387\u304c6\u500d\u3068\u308f\u304b\u308c\u3070\u3001\u305d\u306e\u500d\u7387\u3092\u53c2\u8003\u306b\u300c\u81ea\u793eEBITDA \u00d7 6\u500d\u300d\u3067\u6982\u7b97\u306e\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u975e\u4e0a\u5834\u4f01\u696d\u3067\u3082\u5e02\u5834\u8a55\u4fa1\u306b\u8fd1\u3044\u7b97\u5b9a\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u4e0a\u5834\u30fb\u975e\u4e0a\u5834\u3092\u554f\u308f\u305a\u4f7f\u3048\u308b\u6c4e\u7528\u6027\u306e\u9ad8\u3055\u304c\u7279\u5fb4<\/span><\/strong>\u3067\u3042\u308a\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3084\u4e2d\u5c0f\u4f01\u696d\u306e\u58f2\u5374\u3084\u682a\u5f0f\u8b72\u6e21\u3001\u4e8b\u696d\u627f\u7d99\u306a\u3069\u3001\u5b9f\u52d9\u73fe\u5834\u3067\u5e45\u5e83\u304f\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

1-5.\u521d\u671f\u8a55\u4fa1\u30fb\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306b\u9069\u3057\u3066\u3044\u308b<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001M&A\u3084\u6295\u8cc7\u5224\u65ad\u306e\u300c\u521d\u671f\u30d5\u30a7\u30fc\u30ba\u300d\u3067\u975e\u5e38\u306b\u5f79\u7acb\u3064\u624b\u6cd5\u3067\u3059\u3002<\/span><\/strong>\u8fc5\u901f\u306b\u6982\u7b97\u306e\u4f01\u696d\u4fa1\u5024\u3092\u628a\u63e1\u3067\u304d\u308b\u305f\u3081\u3001\u8907\u6570\u306e\u5019\u88dc\u3092\u6bd4\u8f03\u3059\u308b\u969b\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u30c4\u30fc\u30eb\u3068\u3057\u3066\u6700\u9069\u3067\u3059\u3002<\/p>\n

DCF\u6cd5\u306e\u3088\u3046\u306b\u8a73\u7d30\u306a\u4e88\u6e2c\u3084\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3092\u884c\u3046\u306b\u306f\u591a\u304f\u306e\u6642\u9593\u3068\u52b4\u529b\u304c\u5fc5\u8981\u3067\u3059\u304c\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u3042\u308c\u3070\u5fc5\u8981\u306a\u60c5\u5831\u304c\u9650\u3089\u308c\u3066\u304a\u308a\u3001\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u3067\u4f01\u696d\u9593\u306e\u76f8\u5bfe\u7684\u306a\u4f4d\u7f6e\u3065\u3051\u3092\u628a\u63e1\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u300c\u672c\u683c\u7684\u306b\u691c\u8a0e\u3059\u3079\u304d\u4f01\u696d\u304b\u3069\u3046\u304b\u300d\u3092\u5224\u65ad\u3059\u308b\u5165\u53e3\u3068\u3057\u3066\u52b9\u7387\u7684\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c10\u793e\u306e\u5019\u88dc\u4f01\u696d\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u308c\u305e\u308c\u306eEV\/EBITDA\u500d\u7387\u3084PER\u3092\u57fa\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u8a66\u7b97\u3059\u308c\u3070\u3001\u308f\u305a\u304b\u6570\u6642\u9593\u3067\u76f8\u5bfe\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u6bd4\u8f03\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u4e0a\u4f4d\u6570\u793e\u306b\u5bfe\u8c61\u3092\u7d5e\u308a\u8fbc\u307f\u3001\u6b21\u306e\u6bb5\u968e\u3067DCF\u6cd5\u306a\u3069\u306e\u7cbe\u7dfb\u306a\u8a55\u4fa1\u3092\u884c\u3046\u3068\u3044\u3046\u6d41\u308c\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u300c\u30b9\u30d4\u30fc\u30c9\u91cd\u8996\u306e\u521d\u671f\u8a55\u4fa1\u300d\u306b\u304a\u3044\u3066\u7279\u306b\u5f37\u307f\u3092\u767a\u63ee\u3057\u307e\u3059\u3002<\/strong>\u8a55\u4fa1\u4f5c\u696d\u3092\u52b9\u7387\u5316\u3057\u3001\u610f\u601d\u6c7a\u5b9a\u306e\u521d\u671f\u6bb5\u968e\u3067\u7684\u78ba\u306a\u5224\u65ad\u3092\u4e0b\u3057\u305f\u3044\u5834\u5408\u306b\u6700\u9069\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n

2.\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u4e3b\u306a6\u3064\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<\/h2>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u8fc5\u901f\u304b\u3064\u5b9f\u52d9\u7684\u306a\u8a55\u4fa1\u304c\u3067\u304d\u308b\u4e00\u65b9\u3067\u3001\u5e02\u5834\u306e\u5f71\u97ff\u3092\u5f37\u304f\u53d7\u3051\u3001\u8a55\u4fa1\u8005\u306e\u88c1\u91cf\u3084\u6bd4\u8f03\u5bfe\u8c61\u306e\u9078\u5b9a\u306b\u5de6\u53f3\u3055\u308c\u308b\u3068\u3044\u3046\u4e0d\u5b89\u5b9a\u306a\u5074\u9762<\/span><\/strong>\u3092\u6301\u3061\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u7cbe\u7dfb\u306a\u4f01\u696d\u5206\u6790\u3092\u884c\u3044\u305f\u3044\u5834\u5408\u3084\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u91cd\u8996\u3059\u308b\u5c40\u9762\u3067\u306f\u3001DCF\u6cd5\u306a\u3069\u306e\u4ed6\u624b\u6cd5\u3068\u4f75\u7528\u3059\u308b\u3053\u3068\u304c\u73fe\u5b9f\u7684\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u5b9f\u52d9\u3067\u4f7f\u3046\u969b\u306b\u6ce8\u610f\u3059\u3079\u304d6\u3064\u306e\u4e3b\u306a\u30c7\u30e1\u30ea\u30c3\u30c8<\/span><\/strong>\u3092\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u4ed6\u306e\u4e3b\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u7b97\u5b9a\u624b\u6cd5\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u57fa\u3065\u3044\u305f\u6bd4\u8f03\u4e00\u89a7\u8868<\/strong><\/p>\n\n\n\n\n\n\n\n\n
\u8a55\u4fa1\u9805\u76ee<\/span><\/strong><\/td>\n\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/span><\/strong><\/td>\nDCF\u6cd5<\/span><\/strong><\/td>\n\u914d\u5f53\u9084\u5143\u6cd5<\/span><\/strong><\/td>\n\u5e02\u5834\u682a\u4fa1\u6cd5<\/span><\/strong><\/td>\n\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/span><\/strong><\/td>\n\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/span><\/strong><\/td>\n\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/span><\/strong><\/td>\n<\/tr>\n
2-1.<\/span>\u7b97\u5b9a\u3059\u308b\u305f\u3081\u306e\u60c5\u5831\u306e\u5f97\u3084\u3059\u3055<\/strong><\/td>\n\u25b3\u00a0<\/span><\/td>\n\u25b3<\/td>\n\u3007<\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u3007<\/td>\n<\/tr>\n
2-2.<\/span>\u4e3b\u89b3\u306e\u5165\u308a\u3084\u3059\u3055<\/strong><\/td>\n\u25b3<\/span><\/td>\n\u00d7<\/span><\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u3007<\/td>\n\u3007<\/td>\n<\/tr>\n
2-3.<\/span>\u5e02\u5834\u74b0\u5883\u306a\u3069\u306b\u3088\u308b\u5f71\u97ff<\/strong><\/td>\n\u25b3\u00a0<\/span><\/td>\n\u25b3<\/span><\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n\u00d7<\/span><\/td>\n\u00d7<\/span><\/td>\n<\/tr>\n
2-4.<\/span>\u3055\u307e\u3056\u307e\u306a\u4f01\u696d\u3078\u306e\u5bfe\u5fdc\u529b<\/strong><\/td>\n\u25b3<\/span><\/td>\n\u3007<\/td>\n\u25b3<\/span><\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25b3<\/span><\/td>\n\u25b3<\/span><\/td>\n<\/tr>\n
2-6.<\/span>\u8a55\u4fa1\u7d50\u679c\u306e\u5b89\u5b9a\u6027<\/strong><\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n\u3007<\/td>\n\u25b3<\/span><\/td>\n\u25ce<\/td>\n\u25ce<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u203b\u5404\u624b\u6cd5\u306e\u6bd4\u8f03\u7d50\u679c\u306f\u30b1\u30fc\u30b9\u306b\u3088\u308a\u307e\u3059\u3002<\/p>\n

2-1.\u985e\u4f3c\u4f01\u696d\u9078\u5b9a\u304c\u56f0\u96e3\u3067\u3042\u308b<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u6700\u5927\u306e\u5f31\u70b9\u306f\u3001\u300c\u3069\u306e\u4f01\u696d\u3092\u6bd4\u8f03\u5bfe\u8c61\u306b\u9078\u3076\u304b\u300d\u306b\u3088\u3063\u3066\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u70b9\u306b\u3042\u308a\u307e\u3059\u3002\u985e\u4f3c\u4f01\u696d\u306e\u9078\u5b9a\u306f\u6975\u3081\u3066\u96e3\u3057\u304f\u3001\u8a55\u4fa1\u8005\u306e\u88c1\u91cf\u306b\u4f9d\u5b58\u3057\u3084\u3059\u3044\u306e\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u540c\u3058\u696d\u7a2e\u3067\u3042\u3063\u3066\u3082\u3001\u4e8b\u696d\u69cb\u9020\u30fb\u898f\u6a21\u30fb\u6210\u9577\u6bb5\u968e\u30fb\u5730\u57df\u6027\u30fb\u8ca1\u52d9\u4f53\u8cea\u306f\u4f01\u696d\u3054\u3068\u306b\u7570\u306a\u308a\u307e\u3059\u3002\u5b8c\u5168\u306b\u4e00\u81f4\u3059\u308b\u6bd4\u8f03\u5bfe\u8c61\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u306f\u307b\u307c\u4e0d\u53ef\u80fd\u3067\u3042\u308a\u3001\u3069\u306e\u4f01\u696d\u3092\u300c\u985e\u4f3c\u300d\u3068\u307f\u306a\u3059\u304b\u306b\u3088\u3063\u3066\u7b97\u51fa\u7d50\u679c\u306f\u5927\u304d\u304f\u5909\u308f\u308a\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u5ba2\u89b3\u7684\u306b\u898b\u3048\u308b\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3082\u3001\u5b9f\u969b\u306b\u306f\u8a55\u4fa1\u8005\u306e\u5224\u65ad\u306b\u5de6\u53f3\u3055\u308c\u308b\u5074\u9762\u304c\u5f37\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u540c\u3058\u98df\u54c1\u696d\u754c\u3067\u3082\u3001\u8f38\u51fa\u4e2d\u5fc3\u306e\u5927\u624b\u30e1\u30fc\u30ab\u30fc\u3068\u5730\u57df\u9650\u5b9a\u306e\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u5229\u76ca\u69cb\u9020\u3084\u30ea\u30b9\u30af\u306e\u6027\u8cea\u304c\u307e\u3063\u305f\u304f\u7570\u306a\u308a\u307e\u3059\u3002\u98df\u54c1\u696d\u754c\u3060\u304b\u3089\u3001\u3068\u4e00\u62ec\u308a\u306b\u3057\u3066\u6bd4\u8f03\u3057\u3066\u3057\u307e\u3046\u3068\u3001\u5b9f\u614b\u306b\u5408\u308f\u306a\u3044\u500d\u7387\u304c\u9069\u7528\u3055\u308c\u3066\u3057\u307e\u3044\u3001\u904e\u5927\u30fb\u904e\u5c0f\u8a55\u4fa1\u306e\u539f\u56e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u985e\u4f3c\u4f01\u696d\u306e\u9078\u5b9a\u306f\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u4fe1\u983c\u6027\u3092\u5de6\u53f3\u3059\u308b\u6700\u91cd\u8981\u306a\u30d7\u30ed\u30bb\u30b9<\/strong>\u3067\u3059\u3002\u9078\u5b9a\u306e\u30d7\u30ed\u30bb\u30b9\u306b\u3088\u3063\u3066\u3001\u8a55\u4fa1\u306e\u5ba2\u89b3\u6027\u304c\u5909\u308f\u308b<\/strong>\u305f\u3081\u3001\u5341\u5206\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n

2-2.\u7b97\u5b9a\u3059\u308b\u4eba\u306e\u6063\u610f\u6027\u304c\u5165\u308a\u3084\u3059\u3044<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u4e00\u898b\u5ba2\u89b3\u7684\u306a\u624b\u6cd5\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u5b9f\u969b\u306b\u306f\u8a55\u4fa1\u8005\u306e\u6063\u610f\u6027\u304c\u5165\u308a\u3084\u3059\u304f\u3001\u7d50\u679c\u3092\u64cd\u4f5c\u3057\u3088\u3046\u3068\u601d\u3048\u3070\u5bb9\u6613\u306b\u3067\u304d\u3066\u3057\u307e\u3046\u3068\u3044\u3046\u554f\u984c<\/span><\/strong>\u3092\u62b1\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u6bd4\u8f03\u5bfe\u8c61\u4f01\u696d\u306e\u9078\u3073\u65b9\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6307\u6a19\uff08PER\u30fbEV\/EBITDA\u306a\u3069\uff09\u306e\u9078\u629e\u3001\u3055\u3089\u306b\u306f\u500d\u7387\u306e\u7bc4\u56f2\uff08\u4f8b\u3048\u30708\u500d\u301c10\u500d\u306e\u3069\u3053\u3092\u63a1\u7528\u3059\u308b\u304b\uff09\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u4fa1\u5024\u306f\u5927\u304d\u304f\u5909\u52d5\u3057\u307e\u3059\u3002\u8a55\u4fa1\u8005\u304c\u300c\u9ad8\u304f\u898b\u305b\u305f\u3044\u300d\u300c\u4f4e\u304f\u898b\u305b\u305f\u3044\u300d\u3068\u3044\u3046\u610f\u56f3\u3092\u6301\u3066\u3070\u3001\u305d\u306e\u65b9\u5411\u306b\u8a98\u5c0e\u3059\u308b\u3053\u3068\u304c\u7406\u8ad6\u4e0a\u53ef\u80fd\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001M&A\u4ea4\u6e09\u306e\u5834\u3067\u58f2\u308a\u624b\u5074\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u304c\u9ad8\u3044\u4fa1\u683c\u3092\u4e3b\u5f35\u3057\u305f\u3044\u5834\u5408\u3001\u6210\u9577\u6027\u306e\u9ad8\u3044\u4f01\u696d\u3092\u6bd4\u8f03\u5bfe\u8c61\u306b\u542b\u3081\u3066\u30de\u30eb\u30c1\u30d7\u30eb\u500d\u7387\u3092\u9ad8\u3081\u306b\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u9006\u306b\u8cb7\u3044\u624b\u5074\u306f\u4fdd\u5b88\u7684\u306a\u6bd4\u8f03\u4f01\u696d\u3092\u9078\u5b9a\u3057\u3066\u3001\u4f4e\u3081\u306e\u500d\u7387\u3092\u63a1\u7528\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u3046\u3057\u305f\u8abf\u6574\u306710\u301c20\uff05\u4ee5\u4e0a\u306e\u5dee\u304c\u751f\u307e\u308c\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u300c\u6bd4\u8f03\u5bfe\u8c61\u3092\u3069\u3046\u9078\u3076\u304b\u300d\u3067\u7d50\u679c\u3092\u6063\u610f\u7684\u306b\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3067\u304d\u308b\u305f\u3081\u3001\u8a55\u4fa1\u306e\u900f\u660e\u6027\u3092\u4fdd\u3064\u306b\u306f\u3001\u9078\u5b9a\u6839\u62e0\u3092\u660e\u78ba\u306b\u3059\u308b\u3053\u3068\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/strong><\/p>\n

2-3.\u682a\u5f0f\u76f8\u5834\u3084\u5e02\u5834\u74b0\u5883\u306b\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u308b<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u7d50\u679c\u306f\u3001\u5e38\u306b\u5e02\u5834\u306b\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002\u666f\u6c17\u3084\u6295\u8cc7\u5bb6\u5fc3\u7406\u304c\u5909\u308f\u308c\u3070\u3001\u540c\u3058\u4f01\u696d\u3067\u3082\u7b97\u5b9a\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/span><\/span><\/strong><\/p>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u4f7f\u7528\u3059\u308bPER\u3084EV\u500d\u7387\u306f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u3092\u57fa\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u682a\u4fa1\u306f\u91d1\u5229\u52d5\u5411\u3001\u666f\u6c17\u5faa\u74b0\u3001\u70ba\u66ff\u3001\u6295\u8cc7\u5bb6\u306e\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u306a\u3069\u5916\u90e8\u8981\u56e0\u306b\u5927\u304d\u304f\u5f71\u97ff\u3055\u308c\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u672c\u6765\u306e\u4fa1\u5024\u3068\u306f\u4e56\u96e2\u3057\u305f\u52d5\u304d\u3092\u898b\u305b\u308b\u3053\u3068\u304c\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u91d1\u878d\u7de9\u548c\u671f\u3084\u682a\u5f0f\u5e02\u5834\u306e\u30d0\u30d6\u30eb\u671f\u306b\u306f\u3001PER\u3084EV\u500d\u7387\u304c\u904e\u5927\u306b\u4e0a\u6607\u3057\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u7b97\u51fa\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u3082\u5b9f\u614b\u4ee5\u4e0a\u306b\u81a8\u3089\u307f\u307e\u3059\u3002\u9006\u306b\u3001\u666f\u6c17\u5f8c\u9000\u671f\u3084\u66b4\u843d\u671f\u306b\u306f\u3001\u5229\u76ca\u69cb\u9020\u304c\u5909\u308f\u3063\u3066\u3044\u306a\u304f\u3066\u3082\u8a55\u4fa1\u304c\u6025\u843d\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u300c\u305d\u306e\u6642\u70b9\u306e\u5e02\u5834\u306e\u30b3\u30f3\u30c7\u30a3\u30b7\u30e7\u30f3\u300d\u3092\u53cd\u6620\u3059\u308b\u3082\u306e\u3067\u3042\u308a\u3001\u9577\u671f\u7684\u30fb\u7d76\u5bfe\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u8868\u3059\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093<\/strong>\u3002<\/strong>\u5229\u7528\u3059\u308b\u969b\u306f\u3001\u5e02\u5834\u74b0\u5883\u306e\u504f\u308a\u3092\u5341\u5206\u306b\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

2-4.\u5bfe\u8c61\u4f01\u696d\u306e\u56fa\u6709\u306e\u4e8b\u60c5\u3092\u53cd\u6620\u3057\u306b\u304f\u3044<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001\u5e02\u5834\u306b\u57fa\u3065\u3044\u305f\u76f8\u5bfe\u8a55\u4fa1\u3067\u3042\u308b\u305f\u3081\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u500b\u5225\u8981\u56e0\u3092\u5341\u5206\u306b\u7e54\u308a\u8fbc\u3081\u306a\u3044\u3068\u3044\u3046\u6b20\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u5e02\u5834\u30c7\u30fc\u30bf\u3092\u57fa\u6e96\u3068\u3057\u3066\u300c\u985e\u4f3c\u4f01\u696d\u300d\u3068\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u4ed5\u7d44\u307f\u3067\u3042\u308b\u305f\u3081\u3067\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u304c\u4ed6\u793e\u3068\u7570\u306a\u308b\u72ec\u81ea\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3084\u53ce\u76ca\u69cb\u9020\u3001\u6210\u9577\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u3092\u6301\u3063\u3066\u3044\u305f\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u3089\u306f\u6570\u5024\u306b\u53cd\u6620\u3055\u308c\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u540c\u3058\u696d\u754c\u306b\u5c5e\u3057\u3066\u3044\u3066\u3082\u3001\u7814\u7a76\u958b\u767a\u6295\u8cc7\u3092\u7a4d\u6975\u7684\u306b\u884c\u3046\u6280\u8853\u7cfb\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3068\u3001\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u3092\u6301\u3064\u8001\u8217\u4f01\u696d\u3067\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u30ea\u30b9\u30af\u69cb\u9020\u304c\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u306f\u3069\u3061\u3089\u3082\u540c\u3058\u696d\u754c\u500d\u7387\u3067\u8a55\u4fa1\u3055\u308c\u3066\u3057\u307e\u3046\u305f\u3081\u3001\u5c06\u6765\u7684\u306a\u6210\u9577\u4f59\u5730\u306e\u3042\u308b\u4f01\u696d\u304c\u300c\u5272\u5b89\u300d\u3068\u7b97\u51fa\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u52b9\u7387\u7684\u3067\u308f\u304b\u308a\u3084\u3059\u3044\u4e00\u65b9\u3067\u3001\u4f01\u696d\u56fa\u6709\u306e\u4e8b\u60c5\u3092\u8efd\u8996\u3059\u308b\u69cb\u9020\u7684\u306a\u9650\u754c\u304c\u3042\u308a\u3001\u7279\u306b\u6210\u9577\u6bb5\u968e\u306b\u3042\u308b\u4f01\u696d\u3084\u72ec\u81ea\u6027\u306e\u5f37\u3044\u4e8b\u696d\u306b\u306f\u904e\u5c0f\u8a55\u4fa1\u306e\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002<\/strong><\/p>\n

2-5.\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u306b\u306f\u5411\u304b\u306a\u3044<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001\u6bd4\u8f03\u53ef\u80fd\u306a\u4e0a\u5834\u4f01\u696d\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u3001\u9069\u7528\u305d\u306e\u3082\u306e\u304c\u56f0\u96e3\u306b\u306a\u308b\u3068\u3044\u3046\u5236\u7d04\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u3053\u306e\u624b\u6cd5\u306f\u3001\u300c\u5e02\u5834\u306b\u304a\u3051\u308b\u540c\u696d\u4ed6\u793e\u306e\u500d\u7387\uff08\u30de\u30eb\u30c1\u30d7\u30eb\uff09\u300d\u3092\u53c2\u7167\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u4ed5\u7d44\u307f\u3067\u3042\u308a\u3001\u305d\u306e\u524d\u63d0\u3068\u3057\u3066\u6bd4\u8f03\u5bfe\u8c61\u4f01\u696d\u306e\u30c7\u30fc\u30bf\u304c\u5fc5\u8981\u4e0d\u53ef\u6b20\u3067\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u3082\u3057\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u304c\u5c5e\u3059\u308b\u696d\u754c\u306b\u4e0a\u5834\u4f01\u696d\u304c\u5b58\u5728\u3057\u306a\u3044\u3001\u3042\u308b\u3044\u306f\u898f\u6a21\u3084\u4e8b\u696d\u30e2\u30c7\u30eb\u304c\u6975\u7aef\u306b\u7570\u306a\u308b\u5834\u5408\u3001\u500d\u7387\u306e\u62bd\u51fa\u304c\u6210\u7acb\u3057\u307e\u305b\u3093\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u5730\u65b9\u3067\u5730\u57df\u5bc6\u7740\u578b\u306e\u4ecb\u8b77\u30b5\u30fc\u30d3\u30b9\u3092\u5c55\u958b\u3059\u308b\u4f01\u696d\u3084\u3001\u7279\u6b8a\u306aBtoB\u9818\u57df\u306e\u6280\u8853\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306a\u3069\u3067\u306f\u3001\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f01\u696d\u3092\u63a2\u3059\u3053\u3068\u304c\u96e3\u3057\u3044\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u5834\u5408\u3001\u7121\u7406\u306b\u500d\u7387\u3092\u9069\u7528\u3059\u308b\u3068\u5b9f\u614b\u304b\u3089\u4e56\u96e2\u3057\u305f\u8a55\u4fa1\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u7528\u3044\u308b\u969b\u306b\u306f\u6bd4\u8f03\u3067\u304d\u308b\u5e02\u5834\u30c7\u30fc\u30bf\u304c\u5b58\u5728\u3059\u308b\u3053\u3068\u304c\u524d\u63d0\u6761\u4ef6\u3068\u306a\u308a\u3001\u5bfe\u8c61\u4f01\u696d\u304c\u30cb\u30c3\u30c1\u306a\u5206\u91ce\u3084\u672a\u6210\u719f\u5e02\u5834\u306b\u5c5e\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\uff08DCF\u6cd5\u3084\u7d14\u8cc7\u7523\u6cd5\u306a\u3069\uff09\u3092\u4f75\u7528\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n

2-6.\u8a55\u4fa1\u7d50\u679c\u306b\u30d6\u30ec\u304c\u751f\u3058\u3084\u3059\u3044<\/h3>\n

\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u306f\u3001\u7b97\u51fa\u8005\u306b\u3088\u308b\u5224\u65ad\u3084\u30c7\u30fc\u30bf\u306e\u53d6\u308a\u65b9\u306b\u3088\u3063\u3066\u3001\u8a55\u4fa1\u7d50\u679c\u306b\u5927\u304d\u306a\u3070\u3089\u3064\u304d\u304c\u51fa\u308b\u70b9\u3082\u4e0d\u5b89\u5b9a\u8981\u7d20\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u3001\u3053\u306e\u624b\u6cd5\u3067\u306f\u300c\u3069\u306e\u4f01\u696d\u3092\u6bd4\u8f03\u5bfe\u8c61\u306b\u3059\u308b\u304b\u300d\u300c\u3069\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u6307\u6a19\u3092\u4f7f\u3046\u304b\u300d\u300c\u3069\u306e\u6642\u70b9\u306e\u30c7\u30fc\u30bf\u3092\u63a1\u7528\u3059\u308b\u304b\u300d\u3068\u3044\u3063\u305f\u591a\u304f\u306e\u5224\u65ad\u304c\u8a55\u4fa1\u8005\u306b\u59d4\u306d\u3089\u308c\u308b\u305f\u3081\u3001\u5206\u6790\u8005\u306e\u4e3b\u89b3\u304c\u7d50\u679c\u306b\u5f71\u97ff\u3057\u3084\u3059\u3044\u69cb\u9020\u3092\u6301\u3063\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u540c\u3058\u4f01\u696d\u3092\u8a55\u4fa1\u3057\u3066\u3082\u3001\u3042\u308b\u8a55\u4fa1\u8005\u306fPER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u3092\u4f7f\u3044\u3001\u5225\u306e\u8a55\u4fa1\u8005\u306fEV\/EBITDA\u500d\u7387\u3092\u4f7f\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u6bd4\u8f03\u5bfe\u8c61\u3068\u3057\u3066\u9078\u3093\u3060\u4e0a\u5834\u4f01\u696d\u306e\u7bc4\u56f2\u304c\u7570\u306a\u308c\u3070\u3001\u5e73\u5747\u500d\u7387\u3082\u5927\u304d\u304f\u5909\u5316\u3057\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u540c\u4e00\u4f01\u696d\u3067\u3042\u3063\u3066\u3082\u3001\u8a55\u4fa1\u984d\u304c10%\u5358\u4f4d\u3067\u30ba\u30ec\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u300c\u624b\u8efd\u3060\u304c\u7cbe\u5ea6\u304c\u63fa\u3089\u304e\u3084\u3059\u3044\u300d\u624b\u6cd5\u3067\u3042\u308b\u305f\u3081\u3001\u7279\u306b\u53d6\u5f15\u4fa1\u683c\u306e\u6839\u62e0\u3068\u3057\u3066\u5229\u7528\u3059\u308b\u969b\u306b\u306f\u3001\u8907\u6570\u306e\u500d\u7387\u3092\u7528\u3044\u3066\u691c\u8a3c\u3059\u308b\u306a\u3069\u306e\u5de5\u592b\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n

3.\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u7b97\u5b9a\u3059\u308b\u969b\u3001\u7b2c\u4e8c\u306e\u624b\u6cd5\u3068\u3057\u3066\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u304a\u3059\u3059\u3081<\/h2>\n

\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u3067\u306f\u3001DCF\u6cd5\u3092\u7b2c\u4e00\u306e\u8a55\u4fa1\u8ef8\u3068\u3057\u3001\u305d\u306e\u6574\u5408\u6027\u3092\u691c\u8a3c\u3059\u308b\u305f\u3081\u306b\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u7b2c\u4e8c\u306e\u624b\u6cd5\u3068\u3057\u3066\u4f75\u7528\u3059\u308b\u3053\u3068\u304c\u6700\u3082\u52b9\u679c\u7684\u3067\u3059\u3002<\/span><\/strong><\/p>\n

DCF\u6cd5\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u7b97\u5b9a\u3059\u308b\u305f\u3081\u3001\u7406\u8ad6\u7684\u306b\u7cbe\u7dfb\u3067\u3042\u308a\u3001\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u6700\u3082\u6b63\u78ba\u306b\u53cd\u6620\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5c06\u6765\u4e88\u6e2c\u3084\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u306b\u8a55\u4fa1\u8005\u306e\u4e3b\u89b3\u304c\u5165\u308a\u3084\u3059\u304f\u3001\u5b9f\u52d9\u4e0a\u306f\u7d50\u679c\u306b\u30d6\u30ec\u304c\u751f\u3058\u3084\u3059\u3044\u3068\u3044\u3046\u5f31\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3068\u304d\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u88dc\u52a9\u7684\u306b\u7528\u3044\u308b\u3053\u3068\u3067\u3001\u5e02\u5834\u30c7\u30fc\u30bf\u3092\u3082\u3068\u306b\u3057\u305f\u76f8\u5bfe\u7684\u306a\u73fe\u5b9f\u611f\u3092\u52a0\u5473\u3057\u3001DCF\u6cd5\u306e\u7b97\u5b9a\u7d50\u679c\u304c\u5e02\u5834\u611f\u899a\u304b\u3089\u4e56\u96e2\u3057\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u300c\u7406\u8ad6\u5024\u306b\u5bfe\u3059\u308b\u5e02\u5834\u306e\u6e29\u5ea6\u611f\u3092\u6e2c\u308b\u88dc\u52a9\u7dda\u300d\u306e\u3088\u3046\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001DCF\u6cd5\u306b\u3088\u3063\u3066\u3042\u308b\u4f01\u696d\u306e\u682a\u5f0f\u4fa1\u5024\u304c1\u682a\u3042\u305f\u308a2,000\u5186\u3068\u7b97\u51fa\u3055\u308c\u305f\u3068\u3057\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3092\u3001\u540c\u696d\u4ed6\u793e\u306ePER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u3084EV\/EBITDA\u500d\u7387\u304b\u3089\u5c0e\u304b\u308c\u308b\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u7b97\u5b9a\u7d50\u679c\u3068\u7167\u5408\u3057\u305f\u969b\u3001\u3082\u3057\u5e02\u5834\u5e73\u5747\u304c1,500\u5186\u76f8\u5f53\u3067\u3042\u308c\u3070\u3001\u300cDCF\u6cd5\u306e\u60f3\u5b9a\u6210\u9577\u7387\u304c\u9ad8\u3059\u304e\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u3044\u3046\u518d\u691c\u8a3c\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u3001\u4e21\u8005\u304c\u8fd1\u3044\u6c34\u6e96\u306b\u53ce\u307e\u3063\u3066\u3044\u308c\u3070\u3001DCF\u30e2\u30c7\u30eb\u306e\u59a5\u5f53\u6027\u304c\u88cf\u4ed8\u3051\u3089\u308c\u308b\u5f62\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u5358\u4f53\u3067\u306e\u5229\u7528\u3088\u308a\u3082\u3001DCF\u6cd5\u306b\u3088\u308b\u7406\u8ad6\u5024\u3092\u73fe\u5b9f\u306e\u5e02\u5834\u8a55\u4fa1\u3068\u7a81\u304d\u5408\u308f\u305b\u308b\u969b\u306e\u3001\u7b2c\u4e8c\u306e\u691c\u8a3c\u8ef8\u3068\u3057\u3066\u7528\u3044\u308b\u3053\u3068\u304c\u6700\u3082\u52b9\u679c\u7684\u3067\u3059\u3002<\/strong>\u3053\u308c\u306b\u3088\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u304c\u4e3b\u89b3\u3084\u76f8\u5834\u5909\u52d5\u306b\u504f\u3089\u305a\u3001\u3088\u308a\u4fe1\u983c\u6027\u3068\u8aac\u5f97\u529b\u306e\u3042\u308b\u7d50\u679c\u306b\u4ed5\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n

4.\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\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

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\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<\/span><\/strong>\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

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

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\n

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