{"id":2251,"date":"2026-01-27T12:00:20","date_gmt":"2026-01-27T03:00:20","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=2251"},"modified":"2026-01-27T11:46:34","modified_gmt":"2026-01-27T02:46:34","slug":"what-is-illiquidity-discount","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/what-is-illiquidity-discount","title":{"rendered":"\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3068\u306f\uff1f\u5272\u5f15\u7387\u306e\u76ee\u5b89\u3084\u7b97\u5b9a\u6cd5\u3092\u89e3\u8aac"},"content":{"rendered":"

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\u306a\u305c\u300c\u58f2\u308a\u306b\u304f\u3055\u300d\u304c\u767a\u751f\u3059\u308b\u304b\u3068\u3044\u3046\u3068\u3001\u682a\u5f0f\u3068\u3044\u3046\u8cc7\u7523\u306f\u3001\u3044\u3064\u3067\u3082\u7c21\u5358\u306b\u58f2\u8cb7\u3067\u304d\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u7279\u306b\u3001\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u300c\u975e\u6d41\u52d5\u306a\u300d\u682a\u5f0f\u306f\u3001\u73fe\u91d1\u5316\u307e\u3067\u306b\u6642\u9593\u3084\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u305f\u3081\u3001\u305d\u306e\u5206\u3060\u3051\u4fa1\u5024\u304c\u4f4e\u304f\u898b\u7a4d\u3082\u3089\u308c\u308b\u3053\u3068\u304c\u539f\u56e0\u3068\u306a\u308a\u3001\u58f2\u308a\u306b\u304f\u3055\u304c\u767a\u751f\u3057\u3066\u3057\u307e\u3046\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u300c\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3068\u306f\u4f55\u304b\u300d\u3068\u3044\u3046\u57fa\u790e\u304b\u3089\u3001\u305d\u306e\u9069\u7528\u306e\u76ee\u5b89\u5024\u3084\u8a08\u7b97\u306e\u8003\u3048\u65b9\u306a\u3069\u3092\u3001\u5c02\u9580\u5bb6\u3067\u306a\u304f\u3068\u3082\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u306b\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/span><\/strong>\u3057\u307e\u3059\u3002\u8aad\u5f8c\u306b\u306f\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u81ea\u4fe1\u3092\u6301\u3063\u3066\u8aac\u660e\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u682a\u5f0f\u8a55\u4fa1\u306e\u73fe\u5834\u3067\u5b9f\u969b\u306b\u4f7f\u3048\u308b\u77e5\u8b58\u3068\u3057\u3066\u6574\u7406\u3067\u304d\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u307e\u3059\u3002<\/p>\n

1.\u975e\u6d41\u52d5\u6027\u5272\u5f15(\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8)\u3068\u306f\uff1f<\/h2>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\uff08\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff09<\/span>\u3068\u306f\u3001\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u306a\u3044\u8cc7\u7523\u3001\u7279\u306b\u975e\u4e0a\u5834\u682a\u5f0f\u306a\u3069\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001\u305d\u306e\u300c\u58f2\u308a\u306b\u304f\u3055\uff08\u6d41\u52d5\u6027\u306e\u4f4e\u3055\uff09\u300d\u3092\u7406\u7531\u306b\u4fa1\u5024\u3092\u4f4e\u304f\u898b\u7a4d\u3082\u308b\u8003\u3048\u65b9\u306e\u3053\u3068\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u4e00\u822c\u306b\u3001\u8cc7\u7523\u306e\u4fa1\u5024\u306f\u300c\u3059\u3050\u306b\u73fe\u91d1\u5316\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u300d\u306b\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002\u4e0a\u5834\u682a\u5f0f\u306e\u3088\u3046\u306b\u3044\u3064\u3067\u3082\u5e02\u5834\u3067\u58f2\u308c\u308b\u8cc7\u7523\u306f\u6d41\u52d5\u6027<\/strong>\u304c\u9ad8\u304f\u3001\u8cb7\u3044\u624b\u304c\u3064\u304d\u3084\u3059\u3044\u305f\u3081\u3001\u7406\u8ad6\u7684\u306a\u4fa1\u5024\u3069\u304a\u308a\u306e\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u3084\u3059\u3044\u4e00\u65b9\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u3088\u3046\u306b\u58f2\u5374\u5148\u304c\u9650\u3089\u308c\u3066\u3044\u308b\u8cc7\u7523\u306f\u3001\u8cb7\u3044\u624b\u3092\u63a2\u3059\u306e\u306b\u6642\u9593\u304c\u304b\u304b\u308a\u3001\u3059\u3050\u306b\u73fe\u91d1\u5316\u3067\u304d\u306a\u3044\u3068\u3044\u3046\u30ea\u30b9\u30af\u3092\u62b1\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30ea\u30b9\u30af\u5206\u3092\u53cd\u6620\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u8a55\u4fa1\u984d\u304b\u3089\u4e00\u5b9a\u5272\u5408\u3092\u5dee\u3057\u5f15\u304f\u306e\u304c\u300c\u975e\u6d41\u52d5\u6027\u5272\u5f15\u300d\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u308b\u975e\u4e0a\u5834\u4f1a\u793e\u306e\u682a\u5f0f\u304c\u7406\u8ad6\u7684\u306b\u306f1\u682a\u3042\u305f\u308a1,000\u5186\u306e\u4fa1\u5024\u304c\u3042\u308b\u3068\u7b97\u5b9a\u3055\u308c\u305f\u3068\u3057\u3066\u3082\u3001\u5b9f\u969b\u306b\u306f\u3059\u3050\u306b\u58f2\u5374\u3067\u304d\u306a\u3044\u3053\u3068\u304b\u3089\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3092\u8003\u616e\u3057\u306620\u301c30\uff05\u7a0b\u5ea6\u5272\u308a\u5f15\u304b\u308c\u3001700\u301c900\u5186\u7a0b\u5ea6\u306e\u8a55\u4fa1\u984d\u3068\u306a\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u975e\u6d41\u52d5\u6027\u304c\u3042\u308b\uff1d\u63db\u91d1\u6027\u304c\u4f4e\u3044\u300d\u3068\u3044\u3046\u73fe\u5b9f\u7684\u306a\u5236\u7d04\u3092\u3001\u7d4c\u6e08\u7684\u4fa1\u5024\u306b\u53cd\u6620\u3055\u305b\u308b\u305f\u3081\u306e\u8abf\u6574\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3068\u306f\u3001\u8cc7\u7523\u3092\u300c\u58f2\u308b\u306e\u304c\u96e3\u3057\u3044\u307b\u3069\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u300d\u3068\u3044\u3046\u5e02\u5834\u306e\u5b9f\u614b\u3092\u53cd\u6620\u3055\u305b\u305f\u8a55\u4fa1\u4e0a\u306e\u88dc\u6b63\u3067\u3059\u3002<\/span><\/strong>\u7279\u306b\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u3001\u7406\u8ad6\u5024\u3068\u5b9f\u969b\u306e\u5e02\u5834\u4fa1\u5024\u306e\u5dee\u3092\u57cb\u3081\u308b\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u306a\u6982\u5ff5\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n

2.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u9069\u7528\u5bfe\u8c61\u306f\u3069\u306e\u3088\u3046\u306a\u682a\u5f0f\u30fb\u3069\u306e\u3088\u3046\u306a\u5834\u9762\u304b\uff1f<\/h2>\n

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\u3053\u306e\u7ae0\u3067\u306f\u3001\u4ee3\u8868\u7684\u306a\u5bfe\u8c61\u682a\u5f0f\u3068\u3001\u5272\u5f15\u304c\u7528\u3044\u3089\u308c\u308b\u5178\u578b\u7684\u306a\u5834\u9762<\/span><\/strong>\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n

2-1.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5bfe\u8c61\u3068\u306a\u308b\u682a\u5f0f\u306e\u7a2e\u985e<\/h3>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u304c\u5fc5\u8981\u3068\u306a\u308b\u306e\u306f\u3001\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u5374\u3067\u304d\u306a\u3044\u682a\u5f0f\u3001\u7279\u306b\u975e\u4e0a\u5834\u682a\u5f0f\u30fb\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u30fb\u5c11\u6570\u682a\u4e3b\u306e\u975e\u652f\u914d\u682a\u5f0f<\/span><\/strong>\u3067\u3059\u3002<\/p>\n

\u3053\u308c\u3089\u306e\u682a\u5f0f\u306f\u3001\u58f2\u308a\u305f\u3044\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8cb7\u3044\u624b\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u304c\u96e3\u3057\u304f\u3001\u73fe\u91d1\u5316\u307e\u3067\u306b\u6642\u9593\u3084\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u305f\u3081\u3001\u5e02\u5834\u6027\u306e\u4f4e\u3055\uff08\uff1d\u6d41\u52d5\u6027\u30ea\u30b9\u30af\uff09\u304c\u4fa1\u5024\u3092\u62bc\u3057\u4e0b\u3052\u307e\u3059\u3002<\/p>\n

\u4ee5\u4e0b\u306f\u3001\u5177\u4f53\u7684\u306b\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5bfe\u8c61\u3068\u306a\u308b\u682a\u5f0f\u306e\u7a2e\u985e<\/strong>\u3067\u3059\u3002<\/p>\n

2-1-1.\u975e\u4e0a\u5834\u682a\u5f0f<\/h4>\n

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\u975e\u4e0a\u5834\u682a\u5f0f\u306f\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u304c\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u5272\u5f15\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002\u7406\u7531\u3068\u3057\u3066\u306f\u3001\u58f2\u5374\u5148\u304c\u9650\u5b9a\u3055\u308c\u3001\u58f2\u5374\u307e\u3067\u306e\u6642\u9593\u30fb\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u304c\u5927\u304d\u3044\u304b\u3089\u3067\u3059\u3002\u4f8b\u3048\u3070\u30aa\u30fc\u30ca\u30fc\u4f01\u696d\u306e\u682a\u5f0f\u306f\u3001\u8cb7\u3044\u624b\u63a2\u3057\u306b\u6570\u304b\u6708\u304b\u304b\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u305f\u3081\u8a55\u4fa1\u306e\u969b\u306b\u306f\u5272\u5f15\u304c\u52a0\u3048\u3089\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

2-1-2.\u8b72\u6e21\u5236\u9650\u682a\u5f0f<\/h4>\n

\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u306e\u3088\u3046\u306b\u3001\u4f1a\u793e\u306e\u627f\u8a8d\u304c\u306a\u3051\u308c\u3070\u58f2\u308c\u306a\u3044\u682a\u5f0f<\/strong>\u306f\u3001\u6d41\u52d5\u6027\u304c\u3055\u3089\u306b\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u306f\u305d\u306e\u6027\u8cea\u4e0a\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5bfe\u8c61\u3068\u306a\u308a\u307e\u3059\u3002\u7406\u7531\u306f\u3001\u4f1a\u793e\u3084\u4ed6\u682a\u4e3b\u306e\u627f\u8a8d\u304c\u5fc5\u8981\u3067\u3001\u81ea\u7531\u306a\u58f2\u8cb7\u304c\u5236\u5ea6\u7684\u306b\u3067\u304d\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u5177\u4f53\u7684\u306b\u306f\u3001\u58f2\u5374\u3092\u5e0c\u671b\u3057\u3066\u3082\u4f1a\u793e\u304c\u62d2\u5426\u3059\u308c\u3070\u58f2\u4e3b\u306f\u4f1a\u793e\u306b\u8cb7\u53d6\u3092\u6c42\u3081\u308b\u3057\u304b\u306a\u304f\u3001\u5e02\u5834\u4fa1\u5024\u3092\u53cd\u6620\u3057\u306b\u304f\u3044\u72b6\u6cc1\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u69cb\u9020\u7684\u5236\u7d04\u304c\u5272\u5f15\u306e\u6839\u62e0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-1-3.\u5c11\u6570\u682a\u4e3b\u306e\u682a\u5f0f<\/h4>\n

\u682a\u5f0f\u306e\u6301\u5206\u6bd4\u7387<\/strong>\u306b\u3088\u3063\u3066\u3082\u6d41\u52d5\u6027\u306f\u5927\u304d\u304f\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u5c11\u6570\u682a\u4e3b\u306e\u682a\u5f0f\u306b\u306f\u8ffd\u52a0\u7684\u306a\u5272\u5f15\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u7406\u7531\u306f\u3001\u652f\u914d\u6a29\u304c\u306a\u304f\u7d4c\u55b6\u3078\u306e\u5f71\u97ff\u529b\u3082\u4e4f\u3057\u3044\u305f\u3081\u3001\u8cb7\u3044\u624b\u5074\u306b\u3068\u3063\u3066\u9b45\u529b\u304c\u4f4e\u3044\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u30701%\u306e\u682a\u5f0f\u3092\u8cb7\u3063\u3066\u3082\u7d4c\u55b6\u65b9\u91dd\u3092\u5909\u3048\u308b\u3053\u3068\u306f\u3067\u304d\u305a\u3001\u914d\u5f53\u3082\u4e0d\u78ba\u5b9f\u3067\u3059\u3002\u3053\u306e\u305f\u3081\u6d41\u52d5\u6027\u304c\u4f4e\u304f\u3001\u5b9f\u52d9\u3067\u306f\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3084\u30de\u30a4\u30ce\u30ea\u30c6\u30a3\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u5408\u308f\u305b\u3066\u8abf\u6574\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

2-2.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u304c\u9069\u7528\u3055\u308c\u308b\u5834\u9762<\/h3>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306f\u3001\u300c\u58f2\u308a\u306b\u304f\u3044\u682a\u5f0f\u300d\u306b\u5e45\u5e83\u304f\u9069\u7528\u3055\u308c\u308b\u4e00\u65b9\u3001\u305d\u306e\u5fc5\u8981\u6027\u3084\u5272\u5f15\u306e\u6c34\u6e96\u306f\u682a\u5f0f\u306e\u8a55\u4fa1\u76ee\u7684\u306b\u3088\u3063\u3066\u3082\u5909\u308f\u308a\u307e\u3059\u3002\u4e3b\u306b\u3001\u682a\u4fa1\u7b97\u5b9a\u30fb\u7a0e\u52d9\u8a55\u4fa1\u30fb\u88c1\u5224\u30fbM&A\u306a\u3069\u306e\u5834\u9762<\/span><\/strong>\u3067\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3055\u305b\u308b\u305f\u3081\u306b\u5272\u5f15\u304c\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u4ee5\u4e0b\u306f\u4ee3\u8868\u7684\u306a\u9069\u7528\u5834\u9762<\/strong>\u3067\u3059\u3002<\/p>\n

2-2-1.\u682a\u5f0f\u8a55\u4fa1\u30fb\u682a\u4fa1\u7b97\u5b9a\u306e\u5834\u9762<\/h4>\n

\u682a\u4fa1\u7b97\u5b9a\u3084\u76f8\u7d9a\u7a0e\u8a55\u4fa1\u306e\u5834\u9762\u3067\u306f\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u884c\u3046\u3053\u3068\u304c\u59a5\u5f53\u3067\u3042\u308b\u3068\u3055\u308c\u307e\u3059\u3002<\/strong><\/p>\n

\u8a55\u4fa1\u984d\u304c\u3069\u308c\u307b\u3069\u7406\u8ad6\u7684\u306b\u59a5\u5f53\u3067\u3042\u3063\u3066\u3082\u3001\u73fe\u5b9f\u306e\u5e02\u5834\u3067\u58f2\u5374\u3057\u3088\u3046\u3068\u3057\u305f\u969b\u306b\u300c\u8cb7\u3044\u624b\u304c\u898b\u3064\u304b\u308a\u306b\u304f\u3044\u300d\u3068\u3044\u3046\u6d41\u52d5\u6027\u306e\u554f\u984c\u304c\u5fc5\u305a\u30b3\u30b9\u30c8\u3068\u3057\u3066\u5b58\u5728\u3057\u3001\u305d\u308c\u304c\u4f01\u696d\u4fa1\u5024\u3092\u5b9f\u8cea\u7684\u306b\u6e1b\u5c11\u3055\u305b\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u6d41\u52d5\u6027\u306e\u554f\u984c\u306f\u3001\u7279\u306b\u975e\u4e0a\u5834\u682a\u5f0f\u306b\u304a\u3044\u3066\u9855\u8457\u3067\u3042\u308a\u3001\u8cb7\u3044\u624b\u306e\u7d76\u5bfe\u6570\u304c\u5c11\u306a\u3044\u305f\u3081\u3001\u58f2\u5374\u306e\u4ea4\u6e09\u671f\u9593\u304c\u9577\u671f\u5316\u3057\u305f\u308a\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u5e0c\u671b\u4fa1\u683c\u3067\u306e\u58f2\u5374\u304c\u4e0d\u53ef\u80fd\u3068\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u76f8\u7d9a\u7a0e\u306e\u682a\u4fa1\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u3001\u5e02\u5834\u3067\u81ea\u7531\u306b\u53d6\u5f15\u3067\u304d\u306a\u3044\u3053\u3068\u3092\u524d\u63d0\u306b\u3001\u53d6\u5f15\u76f8\u5834\u306e\u306a\u3044\u682a\u5f0f\u3068\u3057\u3066\u8a55\u4fa1\u65b9\u6cd5\u304c\u5b9a\u3081\u3089\u308c\u3066\u304a\u308a\u3001\u305d\u3053\u3067\u63a1\u7528\u3055\u308c\u308b\u8a55\u4fa1\u984d\u306f\u4f01\u696d\u306e\u7d14\u8cc7\u7523\u4fa1\u5024\u3084\u53ce\u76ca\u529b\u3092\u57fa\u306b\u3059\u308b\u3082\u306e\u306e\u3001\u300c\u58f2\u308a\u306b\u304f\u3055\u300d\u3068\u3044\u3046\u73fe\u5b9f\u7684\u306a\u5236\u7d04\u3092\u53cd\u6620\u3057\u305f\u8abf\u6574\u304c\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n

\n

\u203b\u305f\u3060\u3057\u3001\u3053\u308c\u306f\u8a55\u4fa1\u65b9\u6cd5\u304c\u53d6\u5f15\u76f8\u5834\u306e\u306a\u3044\u682a\u5f0f\u3068\u3044\u3046\u524d\u63d0\u306e\u3082\u3068\u306b\u6210\u308a\u7acb\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u9593\u63a5\u7684\u306b\u6d41\u52d5\u6027\u306e\u6b20\u5982\u3092\u53cd\u6620\u3059\u308b\u8a2d\u5b9a\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u5225\u9014\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u4e0a\u4e57\u305b\u3092\u3059\u308b\u5236\u5ea6\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/div>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u7d14\u7c8b\u306a\u7406\u8ad6\u4fa1\u683c\u3060\u3051\u3067\u306f\u73fe\u5b9f\u306e\u53d6\u5f15\u53ef\u80fd\u4fa1\u683c\u3092\u6b63\u78ba\u306b\u53cd\u6620\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u682a\u4fa1\u7b97\u5b9a\u306e\u5834\u9762\u3067\u306f\u975e\u6d41\u52d5\u6027\u5272\u5f15\u304c\u4e0d\u53ef\u6b20\u3067\u3042\u308a\u3001\u8a55\u4fa1\u984d\u3092\u5b9f\u969b\u306e\u5e02\u5834\u6027\u306b\u8fd1\u3065\u3051\u308b\u305f\u3081\u306e\u5408\u7406\u7684\u306a\u8abf\u6574\u3068\u3057\u3066\u4f4d\u7f6e\u4ed8\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

2-2-2.\u88c1\u5224\u306b\u304a\u3051\u308b\u682a\u5f0f\u306e\u8a55\u4fa1\u306e\u5834\u9762<\/h4>\n

\u88c1\u5224\u3067\u682a\u5f0f\u306e\u8a55\u4fa1\u984d\u3092\u6c7a\u5b9a\u3059\u308b\u5834\u9762<\/strong>\u3067\u306f\u3001\u8a55\u4fa1\u76ee\u7684\u306b\u3088\u3063\u3066\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u53ef\u5426\u304c\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306a\u533a\u5225\u304c\u5fc5\u8981\u306b\u306a\u308b\u7406\u7531\u306f\u3001\u88c1\u5224\u3067\u6c42\u3081\u3089\u308c\u308b\u9069\u6b63\u4fa1\u683c\u304c\u3001\u305d\u306e\u4fa1\u683c\u304c\u7528\u3044\u3089\u308c\u308b\u72b6\u6cc1\u3068\u76ee\u7684\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u305f\u3081\u3067\u3042\u308a\u3001\u6d41\u52d5\u6027\u306e\u6709\u7121\u304c\u5f53\u4e8b\u8005\u306e\u4e0d\u5229\u76ca\u3084\u516c\u5e73\u6027\u306b\u76f4\u7d50\u3059\u308b\u304b\u3069\u3046\u304b\u304c\u554f\u984c\u3068\u306a\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u4ee4\u548c5\u5e74\u6700\u9ad8\u88c1\u6c7a\u5b9a<\/span><\/strong>\u3067\u306f\u3001\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u3092\u4f1a\u793e\u304c\u8cb7\u3044\u53d6\u308b\u5834\u9762\u306b\u3064\u3044\u3066\u3001\u682a\u4e3b\u304c\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u5374\u3067\u304d\u306a\u3044\u3068\u3044\u3046\u5236\u7d04\u304c\u73fe\u5b9f\u306e\u4e0d\u5229\u76ca\u3067\u3042\u308b\u4ee5\u4e0a\u3001\u305d\u306e\u4e0d\u5229\u76ca\u3092\u4fa1\u683c\u306b\u53cd\u6620\u3059\u308b\u76ee\u7684\u3067\u3001\u8b72\u6e21\u56f0\u96e3\u6027\u3092\u8a8d\u3081\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u8a55\u4fa1\u306e\u76ee\u7684\u304c\u300c\u682a\u4e3b\u304c\u81ea\u7531\u306b\u58f2\u308c\u306a\u3044\u72b6\u6cc1\u3092\u88dc\u586b\u3059\u308b\u305f\u3081\u306e\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a\u300d\u3067\u3042\u3063\u305f\u305f\u3081\u3001\u6d41\u52d5\u6027\u306e\u6b20\u5982\u304c\u6b63\u5f53\u306b\u8003\u616e\u3055\u308c\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u540c\u3058\u6700\u9ad8\u88c1\u3067\u3082\u3001\u5e73\u621027\u5e74\u306e\u5438\u53ce\u5408\u4f75\u53cd\u5bfe\u682a\u4e3b\u306e\u8cb7\u53d6\u4fa1\u683c\u306e\u6c7a\u5b9a<\/span><\/strong>\u3067\u306f\u5272\u5f15\u3092\u5426\u5b9a\u3057\u307e\u3057\u305f\u3002\u7406\u7531\u306f\u3001\u5408\u4f75\u306e\u5834\u9762\u3067\u306f\u4f1a\u793e\u4fa1\u5024\u305d\u306e\u3082\u306e\u3092\u5206\u914d\u3059\u308b\u884c\u70ba\u3067\u3042\u308a\u3001\u6d41\u52d5\u6027\u306e\u6709\u7121\u306f\u5f53\u4e8b\u8005\u9593\u306e\u516c\u5e73\u306b\u5f71\u97ff\u3057\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001\u88c1\u5224\u4e0a\u306e\u682a\u4fa1\u8a55\u4fa1\u3067\u306f\u76ee\u7684\u306b\u3088\u3063\u3066\u8a55\u4fa1\u65b9\u6cd5\u304c\u5927\u304d\u304f\u7570\u306a\u308a\u3001\u6d41\u52d5\u6027\u304c\u8a55\u4fa1\u984d\u3078\u53cd\u6620\u3055\u308c\u308b\u304b\u3069\u3046\u304b\u306f\u300c\u305d\u306e\u5834\u9762\u3067\u6d41\u52d5\u6027\u304c\u5f53\u4e8b\u8005\u306e\u6a29\u5229\u306b\u3069\u308c\u3060\u3051\u5f71\u97ff\u3059\u308b\u304b\u300d\u3067\u6c7a\u307e\u308b\u3068\u6574\u7406\u3067\u304d\u307e\u3059\u3002<\/p>\n

2-2-3.M&A\u3084\u682a\u5f0f\u8b72\u6e21\u306e\u5834\u9762<\/h4>\n

M&A\u306e\u5834\u9762<\/strong>\u3067\u306f\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u4fa1\u3092\u7b97\u5b9a\u3059\u308b\u969b\u306b\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u3053\u3068\u304c\u5b9f\u52d9\u7684\u306b\u5408\u7406\u7684\u3067\u3042\u308b\u3068\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u8abf\u6574\u304c\u5fc5\u8981\u3068\u3055\u308c\u308b\u7406\u7531\u306f\u3001\u8cb7\u53ce\u5f8c\u306b\u4f01\u696d\u4fa1\u5024\u304c\u3069\u308c\u307b\u3069\u9ad8\u307e\u308b\u53ef\u80fd\u6027\u304c\u3042\u3063\u3066\u3082\u3001\u6295\u8cc7\u3092\u56de\u53ce\u3067\u304d\u308b\u307e\u3067\u306e\u671f\u9593\u304c\u9577\u671f\u5316\u3059\u308b\u30ea\u30b9\u30af\u304c\u5e38\u306b\u5b58\u5728\u3057\u3066\u304a\u308a\u3001\u7279\u306b\u975e\u4e0a\u5834\u682a\u5f0f\u3067\u306f\u300c\u58f2\u5374\u304c\u5bb9\u6613\u3067\u306a\u3044\u300d\u3068\u3044\u3046\u6d41\u52d5\u6027\u306e\u5236\u7d04\u304c\u8cb7\u3044\u624b\u306e\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u306b\u76f4\u63a5\u5f71\u97ff\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n

\u5b9f\u969b\u306e\u4f8b\u3068\u3057\u3066\u3001\u8cb7\u53ce\u5074\u304cDCF\u6cd5\u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u969b\u306b\u306f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u5f15\u7387\u3067\u8abf\u6574\u3057\u7406\u8ad6\u4fa1\u5024\u3092\u51fa\u3057\u305f\u5f8c\u3001\u6700\u7d42\u7684\u306a\u5e02\u5834\u53d6\u5f15\u4fa1\u683c\u306b\u8fd1\u3065\u3051\u308b\u76ee\u7684\u3067\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u8ffd\u52a0\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\n

\u203b\u305f\u3060\u3057\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306f\u6a5f\u68b0\u7684\u306b\u4e00\u5f8b\u306b\u9069\u7528\u3055\u308c\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u304c\u3059\u3067\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u306b\u306f\u3001\u4e8c\u91cd\u5272\u5f15\u306b\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u6ce8\u610f\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n

\u3053\u306e\u8ffd\u52a0\u8abf\u6574\u306f\u3001\u7406\u8ad6\u4fa1\u683c\u304c\u73fe\u5b9f\u306e\u6295\u8cc7\u30ea\u30b9\u30af\u3092\u5168\u3066\u53cd\u6620\u3057\u3066\u3044\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u305f\u3081\u3067\u3042\u308a\u3001\u7279\u306b\u300c\u6295\u8cc7\u56de\u53ce\u306e\u9045\u308c\u300d\u3084\u300c\u51fa\u53e3\u6226\u7565\u306e\u96e3\u3057\u3055\u300d\u3092\u4fa1\u683c\u306b\u542b\u3081\u308b\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001M&A\u3067\u306f\u7406\u8ad6\u7684\u4fa1\u5024\u3068\u5b9f\u52d9\u7684\u306a\u4fa1\u5024\u306e\u9593\u306b\u3057\u3070\u3057\u3070\u4e56\u96e2\u304c\u751f\u3058\u308b\u305f\u3081\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306f\u305d\u306e\u4e56\u96e2\u3092\u57cb\u3081\u3001\u3088\u308a\u5b9f\u52d9\u306b\u5373\u3057\u305f\u9069\u6b63\u4fa1\u683c\u3092\u5f62\u6210\u3059\u308b\u5f79\u5272\u3092\u679c\u305f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

3.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5272\u5f15\u7387\u306e\u76ee\u5b89\u306f\u8a55\u4fa1\u984d\u306e30\uff05\u7a0b\u5ea6<\/h2>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5272\u5f15\u7387\u306f\u3001\u4e00\u822c\u7684\u306b\u8a55\u4fa1\u984d\u306e25\u301c40\uff05\u7a0b\u5ea6\u304c\u76ee\u5b89\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u65e5\u672c\u306b\u304a\u3044\u3066\u306f\u3001\u5e73\u5747\u7684\u306b30\uff05\u524d\u5f8c\u306e\u5272\u5f15\u304c\u591a\u304f\u63a1\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306f\u3001\u8cc7\u7523\u306e\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u3053\u3068\u306b\u3088\u308a\u73fe\u91d1\u5316\u307e\u3067\u306e\u30b3\u30b9\u30c8\u3084\u6642\u9593\u3001\u6a5f\u4f1a\u640d\u5931\u306e\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u3053\u306e\u30ea\u30b9\u30af\u306f\u4f01\u696d\u3084\u53d6\u5f15\u306e\u6027\u8cea\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u7279\u306b\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u3088\u3046\u306b\u5e02\u5834\u3067\u5bb9\u6613\u306b\u58f2\u8cb7\u3067\u304d\u306a\u3044\u8cc7\u7523\u3067\u306f\u3001\u8cb7\u3044\u624b\u304c\u300c\u6d41\u52d5\u6027\u306e\u306a\u3055\u300d\u3092\u5acc\u3046\u305f\u3081\u3001\u305d\u306e\u5206\u3060\u3051\u5272\u5f15\u3092\u8981\u6c42\u3057\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5272\u5f15\u7387\u306f\u3001\u5b9f\u52d9\u7684\u306a\u5e73\u5747\u5024\u3068\u3057\u306625\u301c40\uff05\u524d\u5f8c\u304c\u53c2\u8003\u6c34\u6e96\u3068\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u6d41\u52d5\u6027\u306e\u6975\u3081\u3066\u4f4e\u3044\u682a\u5f0f\u3084\u8b72\u6e21\u5236\u9650\u304c\u5f37\u3044\u5834\u5408\u306f30\uff05\u3092\u8d85\u3048\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u4f01\u696d\u306e\u898f\u6a21\u30fb\u696d\u7a2e\u30fb\u53d6\u5f15\u6761\u4ef6\u306a\u3069\u306b\u5fdc\u3058\u3066\u67d4\u8edf\u306b\u8abf\u6574\u3055\u308c\u308b\u306e\u304c\u5b9f\u60c5\u3067\u3059\u3002<\/p>\n

\u305f\u3060\u3057\u3001\u7c73\u56fd\u3067\u306f\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u76ee\u5b89\u3068\u306a\u308b\u5272\u5f15\u7387\u306b\u3064\u3044\u3066\u5b9f\u8a3c\u691c\u8a3c\u304c\u884c\u308f\u308c\u3066\u304a\u308a\u3001\u65e5\u672c\u3067\u306f\u305d\u308c\u3092\u30d9\u30fc\u30b9\u306b\u3057\u3066\u5272\u5f15\u7387\u3092\u6c7a\u3081\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3068\u3044\u3046\u3082\u306e\u304c\u516c\u7684\u306b\u3001\u5236\u5ea6\u306a\u3069\u3068\u3057\u3066\u5b9a\u3081\u3089\u308c\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u70b9<\/span><\/strong>\u306b\u3064\u3044\u3066\u306f\u3054\u6ce8\u610f\u304f\u3060\u3055\u3044\u3002<\/p>\n

4.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u7b97\u5b9a\u65b9\u6cd5\u306f\uff1f<\/h2>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u7b97\u5b9a\u306b\u306f\u3001\u660e\u78ba\u306a\u7406\u8ad6\u5f0f\u3084\u5171\u901a\u306e\u7b97\u51fa\u30eb\u30fc\u30eb\u306f\u5b58\u5728\u3057\u307e\u305b\u3093<\/span>\u3002<\/span><\/strong><\/p>\n

\u5b9f\u52d9\u3067\u306f\u3001\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u3084\u6d77\u5916\u306e\u5b9f\u8a3c\u7814\u7a76\u3001\u3055\u3089\u306b\u306fDCF\u6cd5\u306a\u3069\u306e\u7406\u8ad6\u4fa1\u683c\u306b\u5bfe\u3057\u3066\u4e00\u5b9a\u5272\u5408\u3092\u5272\u308a\u5f15\u304f\u300c\u7d4c\u9a13\u5247\u30d9\u30fc\u30b9\u306e\u7b97\u5b9a\u300d\u304c\u4e00\u822c\u7684\u306b\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u306f\u8cc7\u7523\u3084\u5e02\u5834\u74b0\u5883\u3001\u8cb7\u3044\u624b\u306e\u5c5e\u6027\u306a\u3069\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308b\u305f\u3081\u3001\u6570\u5f0f\u306e\u307f\u3067\u5b9a\u91cf\u5316\u3059\u308b\u3053\u3068\u304c\u56f0\u96e3\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f1a\u8a08\u30fb\u8a55\u4fa1\u306e\u5834\u9762\u306b\u304a\u3051\u308b\u5b9f\u52d9\u3067\u306f\u3001\u7406\u8ad6\u7684\u306a\u6839\u62e0\u3088\u308a\u3082\u5e02\u5834\u5b9f\u614b\u306b\u57fa\u3065\u3044\u305f\u5272\u5f15\u7387\u3092\u91cd\u8996\u3057\u307e\u3059\u3002<\/p>\n

\u7c73\u56fd\u3067\u306f\u682a\u5f0f\u79fb\u8ee2\u3084M&A\u53d6\u5f15\u306b\u304a\u3051\u308b\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u30c7\u30fc\u30bf\u3092\u7528\u3044\u3066\u3001\u6982\u306d25\u301c40\uff05\u306e\u5272\u5f15\u7387\u304c\u59a5\u5f53\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u65e5\u672c\u3067\u3082\u540c\u69d8\u306b\u3001\u53d6\u5f15\u5b9f\u7e3e\u3084\u696d\u754c\u6163\u884c\u3092\u53c2\u8003\u306b\u3057\u3066\u3001\u500b\u5225\u6848\u4ef6\u3054\u3068\u306b\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u624b\u6cd5\u304c\u63a1\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001DCF\u6cd5\u3067\u7b97\u51fa\u3057\u305f\u682a\u4fa1\u304c1\u682a\u3042\u305f\u308a1,000\u5186\u306e\u4f1a\u793e\u304c\u3042\u308b\u3068\u3057\u307e\u3059\u3002\u975e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u306625\uff05\u306e\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u5834\u5408\u3001\u8a55\u4fa1\u984d\u306f750\u5186\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u969b\u3001\u5272\u5f15\u738725\uff05\u3068\u3044\u3046\u6570\u5024\u306f\u3001\u540c\u898f\u6a21\u30fb\u540c\u696d\u7a2e\u306e\u975e\u4e0a\u5834\u4f01\u696d\u53d6\u5f15\u30c7\u30fc\u30bf\u3084\u3001\u904e\u53bb\u306eM&A\u5b9f\u7e3e\u3092\u53c2\u8003\u306b\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u7b97\u5b9a\u306f\u3001\u5e02\u5834\u306e\u5b9f\u614b\u3068\u5c02\u9580\u5bb6\u306e\u5224\u65ad\u306b\u57fa\u3065\u3044\u3066\u884c\u308f\u308c\u307e\u3059\u3002DCF\u6cd5\u3084\u53ce\u76ca\u9084\u5143\u6cd5\u306a\u3069\u306e\u8a55\u4fa1\u30e2\u30c7\u30eb\u304b\u3089\u5f97\u305f\u7406\u8ad6\u5024\u306b\u5bfe\u3057\u300125\u301c40\uff05\u306e\u5272\u5f15\u7387\u3092\u52a0\u3048\u308b\u306e\u304c\u5b9f\u52d9\u4e0a\u306e\u76ee\u5b89\u3067\u3059\u3002<\/strong><\/p>\n

5.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u969b\u306e3\u3064\u306e\u6ce8\u610f\u70b9<\/h2>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306f\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u3092\u73fe\u5b9f\u7684\u306a\u4fa1\u683c\u306b\u8fd1\u3065\u3051\u308b\u4e0a\u3067\u6709\u52b9\u306a\u624b\u6cd5\u3067\u3059\u304c\u3001\u305d\u306e\u9069\u7528\u306b\u306f\u614e\u91cd\u306a\u5224\u65ad\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u7279\u306b\u3001\u8a55\u4fa1\u306e\u76ee\u7684\u3084\u72b6\u6cc1\u306b\u3088\u3063\u3066\u5272\u5f15\u306e\u59a5\u5f53\u6027\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u969b\u306b\u6ce8\u610f\u3059\u3079\u304d\u4e3b\u8981\u306a3\u70b9<\/span><\/strong>\u3092\u3001\u5177\u4f53\u4f8b\u3068\u3068\u3082\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n

5-1.\u9069\u7528\u76ee\u7684\u306e\u78ba\u8a8d\u3092\u3059\u308b\u3053\u3068<\/h3>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u524d\u306b\u3001\u8a55\u4fa1\u306e\u76ee\u7684\u3068\u5834\u9762\u3092\u660e\u78ba\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

\u540c\u3058\u682a\u5f0f\u306e\u8a55\u4fa1\u3067\u3042\u3063\u3066\u3082\u3001\u300c\u8cb7\u53ce\u30fb\u4efb\u610f\u8b72\u6e21\u300d\u300c\u5c11\u6570\u682a\u4e3b\u6301\u5206\u306e\u8a55\u4fa1\u300d\u300c\u76f8\u7d9a\u30fb\u8d08\u4e0e\u300d\u306a\u3069\u3001\u8a55\u4fa1\u76ee\u7684\u306b\u3088\u3063\u3066\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u53ef\u5426\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306f\u3001\u682a\u5f0f\u3092\u5e02\u5834\u3067\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u306a\u3044\u3053\u3068\u306b\u3088\u308b\u4fa1\u5024\u306e\u4f4e\u4e0b\u3092\u88dc\u6b63\u3059\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u300c\u6d41\u52d5\u6027\u306e\u6b20\u5982\u300d\u304c\u4fa1\u683c\u6c7a\u5b9a\u306b\u5b9f\u969b\u306b\u5f71\u97ff\u3059\u308b\u5834\u9762\u3067\u306a\u3051\u308c\u3070\u9069\u7528\u306e\u5408\u7406\u6027\u304c\u306a\u3044\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u682a\u4e3b\u304c\u4f1a\u793e\u306b\u5bfe\u3057\u3066\u682a\u5f0f\u306e\u8cb7\u53d6\u8acb\u6c42\u3092\u884c\u3046\u300c\u9000\u51fa\u7d66\u4ed8\uff08\u5408\u4f75\u53cd\u5bfe\u682a\u4e3b\u306e\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u306a\u3069\uff09\u300d\u306e\u5834\u9762\u3067\u306f\u3001\u6700\u9ad8\u88c1\u5e73\u621027\u5e74\u5224\u6c7a\u304c\u300c\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u884c\u3046\u306e\u306f\u4e0d\u9069\u5207\u300d\u3068\u5224\u65ad\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u306f\u3001\u5e02\u5834\u3067\u58f2\u5374\u3059\u308b\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u4f1a\u793e\u304c\u6cd5\u7684\u306b\u8cb7\u3044\u53d6\u308b\u7fa9\u52d9\u3092\u8ca0\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u7406\u7531\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u884c\u3046\u969b\u306b\u306f\u300c\u8a55\u4fa1\u304c\u60f3\u5b9a\u3057\u3066\u3044\u308b\u53d6\u5f15\u304c\u3001\u5e02\u5834\u6027\u306e\u6709\u7121\u306b\u3069\u306e\u7a0b\u5ea6\u5de6\u53f3\u3055\u308c\u308b\u304b\u300d\u3092\u614e\u91cd\u306b\u78ba\u8a8d\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n

5-2.\u5272\u5f15\u7387\u306e\u5408\u7406\u7684\u6839\u62e0\u3092\u793a\u3059\u3053\u3068<\/h3>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u5834\u5408\u306f\u3001\u5272\u5f15\u7387\u306b\u5408\u7406\u7684\u306a\u6839\u62e0\u3092\u63d0\u793a\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/span><\/strong><\/p>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u5272\u5408\u306f\u7d4c\u9a13\u5247\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3082\u306e\u306e\u3001\u5408\u7406\u7684\u306a\u6839\u62e0\u3092\u610f\u56f3\u7684\u306b\u63d0\u793a\u3057\u306a\u3044\u3068\u7406\u8ad6\u7684\u306a\u88cf\u4ed8\u3051\u306f\u5f31\u304f\u306a\u308a\u304c\u3061\u3067\u3001\u5272\u5f15\u4fa1\u683c\u306b\u3064\u3044\u3066\u5ba2\u89b3\u7684\u306b\u8aac\u660e\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u5834\u9762\u306a\u3069\u306b\u304a\u3044\u3066\u3001\u3057\u3070\u3057\u3070\u8ad6\u70b9\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u300c\u306a\u305c\u305d\u306e\u5272\u5408\u304c\u59a5\u5f53\u306a\u306e\u304b\u300d\u3092\u7b2c\u4e09\u8005\u306b\u8aac\u660e\u3067\u304d\u308b\u6839\u62e0\u8cc7\u6599\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong><\/p>\n

\u5b9f\u52d9\u3067\u306f\u3001\u300c\u985e\u4f3c\u53d6\u5f15\u4e8b\u4f8b\u300d\u300c\u7c73\u56fd\u5b9f\u8a3c\u7814\u7a76\u300d\u300c\u5c02\u9580\u8a55\u4fa1\u6a5f\u95a2\u306e\u5831\u544a\u66f8\u300d\u306a\u3069\u3092\u53c2\u7167\u3057\u3001\u5408\u7406\u6027\u3092\u88dc\u5f37\u3057\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u53d6\u5f15\u5236\u9650\u306e\u53b3\u3057\u3055\u3001\u8cb7\u3044\u624b\u5019\u88dc\u306e\u5c11\u306a\u3055\u3001\u8cc7\u7523\u69cb\u6210\u306e\u504f\u308a\u306a\u3069\u3001\u500b\u5225\u306e\u4e8b\u60c5\u306b\u57fa\u3065\u3044\u3066\u8abf\u6574\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

\u5408\u7406\u7684\u306a\u5272\u5f15\u7387\u306e\u6839\u62e0\u3092\u660e\u793a\u3059\u308b<\/strong>\u3053\u3068\u306f\u3001\u8a55\u4fa1\u306e\u900f\u660e\u6027\u3092\u62c5\u4fdd\u3059\u308b\u305f\u3081\u306b\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

5-3.\u4e8c\u91cd\u5272\u5f15\u306e\u56de\u907f\u3092\u3059\u308b\u3053\u3068<\/h3>\n

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u9069\u7528\u3059\u308b\u969b\u306f\u3001\u3059\u3067\u306b\u8cc7\u7523\u8a55\u4fa1\u306e\u6bb5\u968e\u3067\u6d41\u52d5\u6027\u306e\u4f4e\u4e0b\u304c\u53cd\u6620\u3055\u308c\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u8a8d\u3057\u3001\u4e8c\u91cd\u5272\u5f15\u3092\u907f\u3051\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

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\u3053\u306e\u3088\u3046\u306a\u5834\u5408\u3001\u8ffd\u52a0\u3067\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u884c\u3046\u3068\u300c\u4e8c\u91cd\u63a7\u9664\u300d\u3068\u306a\u308a\u3001\u8a55\u4fa1\u306e\u516c\u6b63\u6027\u3092\u640d\u306d\u307e\u3059\u3002<\/p>\n

\u3057\u305f\u304c\u3063\u3066\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3092\u884c\u3046\u524d\u306b\u3001\u8a55\u4fa1\u5bfe\u8c61\u8cc7\u7523\u304c\u65e2\u306b\u5272\u5f15\u3092\u542b\u3093\u3067\u3044\u306a\u3044\u304b\u3092\u5341\u5206\u306b\u691c\u8a3c\u3059\u308b<\/strong>\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n

6.\u975e\u6d41\u52d5\u6027\u5272\u5f15\u304a\u3088\u3073\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\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

\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3084\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u306f\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u53d6\u5f15\u3084M&A\u3001\u76f8\u7d9a\u30fb\u8d08\u4e0e\u3001\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u306a\u3069\u5e45\u5e83\u3044\u5834\u9762\u3067\u91cd\u8981\u306a\u5224\u65ad\u6750\u6599\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n

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\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001\u975e\u6d41\u52d5\u6027\u5272\u5f15\u306e\u9069\u7528\u53ef\u5426\u3084\u5272\u5f15\u7387\u306e\u59a5\u5f53\u6027\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u95a2\u3059\u308b\u5c02\u9580\u7684\u306a\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><\/span><\/p>\n

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\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3084\u682a\u5f0f\u8a55\u4fa1\u306b\u4e0d\u5b89\u304c\u3042\u308b\u65b9\u306f\u3001\u65e9\u3081\u306b\u5c02\u9580\u5bb6\u306b\u76f8\u8ac7\u3059\u308b<\/span><\/strong>\u3053\u3068\u3067\u3001\u9069\u6b63\u304b\u3064\u6cd5\u7684\u306b\u59a5\u5f53\u306a\u5224\u65ad\u3092\u4e0b\u3059\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u304a\u60a9\u307f\u306e\u969b\u306f\u305c\u3072\u3001\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n

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

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\u30dd\u30a4\u30f3\u30c8\u3092\u6574\u7406\u3059\u308b\u3068\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n

\n

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\u975e\u4e0a\u5834\u682a\u5f0f\u3084\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u306a\u3069\u3001\u6d41\u52d5\u6027\u304c\u4f4e\u3044(=\u3059\u3050\u306b\u5e0c\u671b\u901a\u308a\u306e\u4fa1\u683c\u3084\u6570\u3067\u58f2\u8cb7\u3067\u304d\u306a\u3044\u72b6\u614b)\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u73fe\u5b9f\u7684\u306b\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u5272\u5f15\u3067\u3042\u308b\u3002<\/p>\n

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\u975e\u6d41\u52d5\u6027\u5272\u5f15\u3084\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u304a\u60a9\u307f\u306e\u65b9\u306f\u3001\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u306b\u3054\u76f8\u8ac7\u3044\u305f\u3060\u304f\u3053\u3068\u3067\u3001\u5b89\u5fc3\u3057\u3066\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305c\u3072\u3001\u304a\u6c17\u8efd\u306b\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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