{"id":2153,"date":"2026-01-13T12:27:11","date_gmt":"2026-01-13T03:27:11","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2153"},"modified":"2026-01-17T11:05:11","modified_gmt":"2026-01-17T02:05:11","slug":"valuation","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/valuation\/","title":{"rendered":"\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u306f\uff1f\u8a08\u7b97\u65b9\u6cd5\u30fbM&A\u3067\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u624b\u6cd5\u3092\u89e3\u8aac"},"content":{"rendered":"\n

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\n
\n
\"\"<\/a><\/figure>\n<\/div>\n\n\n\n
\n
\"\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n
\n\t\t
\u76ee\u6b21<\/div>\n\t\t
  1. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u3068\u306f<\/a>
    1. M&A\u4ee5\u5916\u3067\u3082\u6d3b\u7528\u3055\u308c\u308b\u4e00\u822c\u6982\u5ff5<\/a><\/li>
    2. \u4e2d\u5c0f\u4f01\u696dM&A\u306b\u304a\u3051\u308b\u72ec\u81ea\u306e\u5f79\u5272<\/a><\/li><\/ol><\/li>
    3. \u4f01\u696d\u4fa1\u5024\u30fb\u4e8b\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u306e\u95a2\u4fc2\u3068\u8a08\u7b97\u5f0f<\/a>
      1. \u4e8b\u696d\u4fa1\u5024\u30fb\u4f01\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u306e\u69cb\u9020<\/a><\/li>
      2. \u4fa1\u5024\u306e\u7a2e\u985e\u3068\u5b9a\u7fa9\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li>
      3. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u65b9\u6cd5<\/a>
        1. \u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u7d14\u8cc7\u7523\u30d9\u30fc\u30b9\uff09<\/a><\/li>
        2. \u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u5e02\u5834\u4fa1\u683c\u30fb\u985e\u4f3c\u6bd4\u8f03\uff09<\/a><\/li>
        3. \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u91cd\u8996\uff09<\/a><\/li><\/ol><\/li>
        4. \u4e2d\u5c0f\u4f01\u696dM&A\u306e\u5b9f\u52d9\u7684\u306a\u7b97\u5b9a\u30e2\u30c7\u30eb<\/a>
          1. \u5e74\u500d\u6cd5\uff08\u5e74\u8cb7\u6cd5\uff09\uff5c\u6642\u4fa1\u7d14\u8cc7\u7523 \uff0b \u306e\u308c\u3093<\/a><\/li>
          2. \u5c02\u9580\u5bb6\u306b\u3088\u308b\u300c\u5b9f\u8cea\u5229\u76ca\u300d\u306e\u4fee\u6b63\u30dd\u30a4\u30f3\u30c8<\/a><\/li><\/ol><\/li>
          3. M&A\u30d7\u30ed\u30bb\u30b9\u306b\u304a\u3051\u308b\u8a55\u4fa1\u306e\u30bf\u30a4\u30df\u30f3\u30b0<\/a>
            1. M&A\u30d7\u30ed\u30bb\u30b9\u306e\u6d41\u308c\u3068\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u95a2\u4fc2<\/a><\/li>
            2. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u624b\u9806\u3068\u6d41\u308c<\/a><\/li><\/ol><\/li>
            3. \u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u95a2\u4fc2<\/a>
              1. DD\u7d50\u679c\u304c\u8a55\u4fa1\u984d\u3092\u4e0b\u3052\u308b\u30b1\u30fc\u30b9<\/a><\/li>
              2. \u4e8b\u696d\u8a08\u753b\u306e\u59a5\u5f53\u6027\u691c\u8a3c<\/a><\/li><\/ol><\/li>
              3. \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4f01\u696d\u4fa1\u5024\u3092\u6700\u5927\u5316\u3059\u308b\u305f\u3081\u306e\u6226\u7565<\/a><\/li>
              4. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
              5. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n

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                \uff1e \u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306b\u7121\u6599\u76f8\u8ac7\u3059\u308b\uff5c\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7<\/a><\/p>\n\n\n\n

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                \u4e2d\u5c0f\u4f01\u696dM&A\u306b\u304a\u3051\u308b\u72ec\u81ea\u306e\u5f79\u5272<\/h3>\n\n\n\n

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                \u4f01\u696d\u4fa1\u5024\u30fb\u4e8b\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u306e\u95a2\u4fc2\u3068\u8a08\u7b97\u5f0f<\/h2>\n\n\n\n

                \u4f01\u696d\u4fa1\u5024\u3092\u6b63\u3057\u304f\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u95a2\u9023\u3059\u308b\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3084\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u3068\u306e\u9055\u3044\u3092\u660e\u78ba\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n

                \n
                \"M&A\u306b\u304a\u3051\u308b\u4f01\u696d\u4fa1\u5024\u30fb\u4e8b\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u306e\u95a2\u4fc2\u30fb\u9055\u3044\"<\/figure>\n<\/div>\n\n\n

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                \u4e8b\u696d\u4fa1\u5024\u306f\u300c\u672c\u696d\u304b\u3089\u751f\u307f\u51fa\u3055\u308c\u308b\u4fa1\u5024\u300d\u3092\u6307\u3057\u3001\u4f01\u696d\u4fa1\u5024\u306f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u4fa1\u5024\u300d\u3092\u6307\u3057\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u4f01\u696d\u4fa1\u5024\u304b\u3089\u9280\u884c\u306a\u3069\u3078\u306e\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u6b8b\u308a\u304c\u3001\u6700\u7d42\u7684\u306b\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                \u4fa1\u5024\u306e\u7a2e\u985e\u3068\u5b9a\u7fa9\u306e\u307e\u3068\u3081<\/h3>\n\n\n\n

                \u60c5\u5831\u306e\u69cb\u9020\u3092\u6574\u7406\u3059\u308b\u305f\u3081\u3001\u305d\u308c\u305e\u308c\u306e\u5b9a\u7fa9\u3092\u4ee5\u4e0b\u306e\u8868\u306b\u307e\u3068\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

                \u6982\u5ff5<\/th>\u5b9a\u7fa9<\/th>\u7b97\u51fa\u306e\u8996\u70b9<\/th><\/tr><\/thead>
                \u4e8b\u696d\u4fa1\u5024<\/strong><\/td>\u4e8b\u696d\u6d3b\u52d5\u306b\u3088\u3063\u3066\u751f\u307e\u308c\u308b\u4fa1\u5024<\/td>\u6709\u5f62\u30fb\u7121\u5f62\u306e\u4e8b\u696d\u7528\u8cc7\u7523\u3001\u306e\u308c\u3093<\/td><\/tr>
                \u4f01\u696d\u4fa1\u5024<\/strong><\/td>\u4f01\u696d\u5168\u4f53\u306e\u7d4c\u6e08\u7684\u4fa1\u5024<\/td>\u4e8b\u696d\u4fa1\u5024 \uff0b \u975e\u4e8b\u696d\u7528\u8cc7\u7523<\/td><\/tr>
                \u682a\u5f0f\u4fa1\u5024<\/strong><\/td>\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u4fa1\u5024<\/td>\u4f01\u696d\u4fa1\u5024 \uff0d \u6709\u5229\u5b50\u8ca0\u50b5<\/td><\/tr>
                \u6642\u4fa1\u7dcf\u984d<\/strong><\/td>\u4e0a\u5834\u4f01\u696d\u306e\u5e02\u5834\u8a55\u4fa1\u984d<\/td>\u682a\u4fa1 \u00d7 \u767a\u884c\u6e08\u682a\u5f0f\u6570<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                \u5b9f\u52d9\u4e0a\u306e\u30a2\u30c9\u30d0\u30a4\u30b9\u3068\u3057\u3066\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u624b\u306b\u3059\u308b\u300c\u58f2\u5374\u4ee3\u91d1\u300d\u306e\u76ee\u5b89\u306f\u3001\u3053\u306e\u4e2d\u306e\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u306b\u8a72\u5f53\u3059\u308b\u3053\u3068\u3092\u899a\u3048\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

                \u25b7\u95a2\u9023\uff1a\u4f01\u696d\u4fa1\u5024\u3068\u306f\uff5cEV\u30fb\u4e8b\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u3068\u306e\u9055\u3044\u3001\uff13\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5<\/a><\/p>\n\n\n\n

                \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u65b9\u6cd5<\/h2>\n\n\n\n

                M&A\u3092\u884c\u3046\u969b\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u306f\u3001\u4e00\u822c\u7684\u306b\u4ee5\u4e0b\u306e3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u4f7f\u7528\u3055\u308c\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3051\u308b\u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3082\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                \u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u7d14\u8cc7\u7523\u30d9\u30fc\u30b9\uff09<\/h3>\n\n\n\n

                \u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4f01\u696d\u306e\u300c\u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\u300d\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u7d14\u8cc7\u7523\u306b\u7740\u76ee\u3057\u3066\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u73fe\u5728\u4fdd\u6709\u3057\u3066\u3044\u308b\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u30d9\u30fc\u30b9\u306b\u3059\u308b\u305f\u3081\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u304f\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u6700\u3082\u57fa\u672c\u7684\u306a\u624b\u6cd5\u3068\u3057\u3066\u5b9a\u7740\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u9805\u76ee<\/th>\u5185\u5bb9<\/th><\/tr><\/thead>
                \u6982\u8981<\/strong><\/td>\u73fe\u5728\u306e\u6b63\u5473\u8ca1\u7523\u306b\u7740\u76ee<\/td><\/tr>
                \u7b97\u5b9a\u30a4\u30e1\u30fc\u30b8<\/strong><\/td>\u8cc7\u7523\u6642\u4fa1\u30de\u30a4\u30ca\u30b9\u8ca0\u50b5\u6642\u4fa1<\/td><\/tr>
                \u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\u30fb\u30b7\u30f3\u30d7\u30eb\u3067\u5ba2\u89b3\u7684
                \u30fb\u5b9f\u614bBS\u306e\u628a\u63e1\u304c\u53ef\u80fd<\/td><\/tr>
                \u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\u30fb\u53ce\u76ca\u6027\u3092\u52a0\u5473\u3057\u306b\u304f\u3044
                \u30fb\u76f8\u5834\u3092\u53cd\u6620\u3067\u304d\u306a\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                \u25b7\u95a2\u9023\uff1a\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u898b\u308b\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u4fa1\u5024\u8a55\u4fa1\uff5c\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u307b\u304b<\/a><\/p>\n\n\n\n

                \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h4>\n\n\n\n

                \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306f\u3001\u5e33\u7c3f\u4e0a\u306e\u6570\u5b57\u3092\u305d\u306e\u307e\u307e\u7528\u3044\u308b\u7c21\u4fbf\u306a\u65b9\u6cd5\u3067\u3059\u3002\u4e00\u65b9\u3001\u5b9f\u52d9\u3067\u3088\u308a\u91cd\u8996\u3055\u308c\u308b\u306e\u306f\u300c\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u300d\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u4fdd\u6709\u3059\u308b\u4e0d\u52d5\u7523\u3084\u6709\u4fa1\u8a3c\u5238\u3001\u5728\u5eab\u306a\u3069\u306e\u542b\u307f\u640d\u76ca\u3092\u73fe\u5728\u306e\u5e02\u5834\u4fa1\u5024\u306b\u4fee\u6b63\u3057\u3066\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

                \u4f8b\u3048\u3070\u300120\u5e74\u524d\u306b\u8cfc\u5165\u3057\u305f\u571f\u5730\u306e\u6642\u4fa1\u304c\u5927\u5e45\u306b\u4e0a\u304c\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u306e\u542b\u307f\u76ca\u3092\u7d14\u8cc7\u7523\u306b\u52a0\u7b97\u3057\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u3088\u308a\u5b9f\u614b\u306b\u8fd1\u3044\u300c\u8cc7\u7523\u4fa1\u5024\u300d\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                \u6e05\u7b97\u4fa1\u5024\u6cd5<\/h4>\n\n\n\n

                \u6e05\u7b97\u4fa1\u5024\u6cd5\u306f\u3001\u4f01\u696d\u3092\u89e3\u6563\u30fb\u6d88\u6ec5\u3055\u305b\u308b\u3053\u3068\u3092\u524d\u63d0\u3068\u3057\u3001\u5168\u8cc7\u7523\u3092\u58f2\u5374\u3057\u3066\u8ca0\u50b5\u3092\u8fd4\u6e08\u3057\u305f\u5f8c\u306b\u6b8b\u308b\u73fe\u91d1\u984d\u3092\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u901a\u5e38\u3001\u4e8b\u696d\u3092\u7d99\u7d9a\u3059\u308bM&A\u3067\u306f\u8a55\u4fa1\u984d\u306e\u4e0b\u9650\u5024\u3068\u3057\u3066\u610f\u8b58\u3055\u308c\u308b\u624b\u6cd5\u3067\u3042\u308a\u3001\u5ec3\u696d\u3092\u691c\u8a0e\u3059\u308b\u5834\u5408\u306a\u3069\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u5e02\u5834\u4fa1\u683c\u30fb\u985e\u4f3c\u6bd4\u8f03\uff09<\/h3>\n\n\n\n

                \u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306e\u53d6\u5f15\u4fa1\u683c\u3084\u3001\u985e\u4f3c\u3059\u308b\u4f01\u696d\u306eM&A\u4e8b\u4f8b\u3092\u57fa\u6e96\u306b\u3057\u3066\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u5e02\u5834\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u53cd\u6620\u3067\u304d\u308b\u305f\u3081\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u3044\u3068\u3044\u3046\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                \u9805\u76ee<\/th>\u5185\u5bb9<\/th><\/tr><\/thead>
                \u6982\u8981<\/td>\u985e\u4f3c\u4f1a\u793e\u306e\u682a\u5f0f\u5e02\u5834\u3067\u306e\u76f8\u5834\u306b\u7740\u76ee<\/td><\/tr>
                \u7b97\u5b9a\u30a4\u30e1\u30fc\u30b8<\/strong><\/td>\u30ad\u30e3\u30c3\u30b7\u30e5\u30ed\u30fc \u00d7 \u500d\u7387<\/td><\/tr>
                \u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\u30fb\u53d6\u5f15\u76f8\u5834\u306b\u8fd1\u3044
                \u30fb\u30c8\u30ec\u30f3\u30c9\u3092\u53cd\u6620\u3067\u304d\u308b<\/td><\/tr>
                \u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\u30fb\u985e\u4f3c\u4f1a\u793e\u9078\u629e\u304c\u56f0\u96e3
                \u30fb\u4e2d\u5c0f\u4f01\u696d\u306e\u5927\u534a\u306f\u3001\u4e0a\u5834\u4f01\u696d\u3068\u306e\u9055\u3044\u304c\u5927\u304d\u3059\u304e\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                \u25b7\u95a2\u9023\uff1a\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\uff1f\u7a2e\u985e\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/p>\n\n\n\n

                \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/h4>\n\n\n\n

                \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u3068\u696d\u7a2e\u3084\u898f\u6a21\u304c\u4f3c\u3066\u3044\u308b\u300c\u4e0a\u5834\u4f01\u696d\u300d\u3092\u9078\u3073\u3001\u305d\u306e\u8ca1\u52d9\u6307\u6a19\uff08EBITDA\u3084\u5229\u76ca\u306a\u3069\uff09\u306b\u5bfe\u3059\u308b\u500d\u7387\u3092\u53c2\u8003\u306b\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

                \u7279\u306b\u300cEV\/EBITDA\u500d\u7387\u300d\u306f\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3084\u91d1\u5229\u8ca0\u62c5\u306e\u5f71\u97ff\u3092\u9664\u5916\u3057\u3066\u672c\u696d\u306e\u7a3c\u3050\u529b\u3092\u6bd4\u8f03\u3067\u304d\u308b\u305f\u3081\u3001\u5b9f\u52d9\u3067\u591a\u7528\u3055\u308c\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u4e2d\u5c0f\u4f01\u696d\u306e\u5834\u5408\u3001\u5168\u304f\u540c\u3058\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u4e0a\u5834\u4f01\u696d\u304c\u898b\u3064\u304b\u3089\u306a\u3044\u3053\u3068\u3082\u591a\u304f\u3001\u305d\u306e\u9078\u5b9a\u306b\u306f\u5c02\u9580\u7684\u306a\u5224\u65ad\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                \u25b7\u95a2\u9023\uff1a\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff5c EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u6d41\u308c\u30fb\u8a08\u7b97\u65b9\u6cd5\u3068\u306f<\/a><\/p>\n\n\n\n

                \u5e02\u5834\u682a\u4fa1\u5e73\u5747\u6cd5\u3068\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/h4>\n\n\n\n

                \u5e02\u5834\u682a\u4fa1\u5e73\u5747\u6cd5\u306f\u3001\u4e0a\u5834\u4f01\u696d\u81ea\u4f53\u306e\u682a\u4fa1\u306e\u4e00\u5b9a\u671f\u9593\uff08\u76f4\u8fd11\uff5e3\u30ab\u6708\u306a\u3069\uff09\u306e\u5e73\u5747\u5024\u3092\u7528\u3044\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

                \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5\u306f\u3001\u904e\u53bb\u306b\u884c\u308f\u308c\u305f\u300c\u985e\u4f3c\u306eM&A\u53d6\u5f15\u300d\u306e\u4fa1\u984d\u3092\u53c2\u8003\u306b\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306eM&A\u53d6\u5f15\u306e\u8a73\u7d30\u306f\u516c\u958b\u3055\u308c\u306a\u3044\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u305f\u3081\u3001\u60c5\u5831\u3092\u4fdd\u6709\u3059\u308bM&A\u4ef2\u4ecb\u4f1a\u793e\u306a\u3069\u306e\u5c02\u9580\u5bb6\u3067\u306a\u3051\u308c\u3070\u6d3b\u7528\u304c\u96e3\u3057\u3044\u624b\u6cd5\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u91cd\u8996\uff09<\/h3>\n\n\n\n

                \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4f01\u696d\u304c\u300c\u5c06\u6765\u300d\u751f\u307f\u51fa\u3059\u3068\u4e88\u6e2c\u3055\u308c\u308b\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u7740\u76ee\u3057\u3066\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002M&A\u306f\u5c06\u6765\u306e\u6210\u9577\u3092\u8cb7\u3046\u6295\u8cc7\u3067\u3042\u308b\u305f\u3081\u3001\u6700\u3082\u7406\u8ad6\u7684\u3067\u30dd\u30d4\u30e5\u30e9\u30fc\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u9805\u76ee<\/th>\u5185\u5bb9<\/th><\/tr><\/thead>
                \u6982\u8981<\/strong><\/td>\u5c06\u6765\u306e\u53ce\u76ca\u6027\u306b\u7740\u76ee<\/td><\/tr>
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                \u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\u30fb\u5c06\u6765\u5229\u76ca\u4e88\u60f3\u3084\u5272\u5f15\u7387\u306e\u6c7a\u5b9a\u304c\u56f0\u96e3\u3067\u6063\u610f\u6027\u304c\u5165\u308a\u3084\u3059\u3044
                \u30fb\u8a55\u4fa1\u7406\u8ad6\u304c\u96e3\u89e3<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                \u25b7\u95a2\u9023\uff1a\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\uff1f\u7a2e\u985e\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/p>\n\n\n\n

                DCF\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c6\u30c3\u30c9\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\uff09\u6cd5<\/h4>\n\n\n\n

                DCF\u6cd5\u306f\u3001\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u300c\u5272\u5f15\u7387\u300d\u3092\u7528\u3044\u3066\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u4f01\u696d\u306e\u5c06\u6765\u6027\u3084\u30ea\u30b9\u30af\u3092\u8a73\u7d30\u306b\u53cd\u6620\u3067\u304d\u308b\u305f\u3081\u3001\u6210\u9577\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u975e\u5e38\u306b\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u5177\u4f53\u7684\u306a\u8a08\u7b97\u624b\u9806\u306f\u3001\u307e\u305a\u6570\u5e74\u5206\u306e\u4e8b\u696d\u8a08\u753b\u304b\u3089\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3001\u305d\u308c\u3092\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306a\u3069\u306e\u5272\u5f15\u7387\u3067\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5f15\u304d\u623b\u3057\u307e\u3059\u3002\u3053\u306e\u624b\u6cd5\u306f\u8ad6\u7406\u7684\u3067\u3059\u304c\u3001\u4e8b\u696d\u8a08\u753b\u306e\u7cbe\u5ea6\u306b\u3088\u3063\u3066\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u305f\u3081\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u3068\u8b72\u53d7\u4f01\u696d\u306e\u9593\u3067\u610f\u898b\u304c\u5206\u304b\u308c\u3084\u3059\u3044\u5074\u9762\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

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                \u53ce\u76ca\u9084\u5143\u6cd5\u3068\u914d\u5f53\u9084\u5143\u6cd5<\/h4>\n\n\n\n

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                \u914d\u5f53\u9084\u5143\u6cd5\u306f\u3001\u682a\u4e3b\u3078\u306e\u914d\u5f53\u91d1\u306b\u7740\u76ee\u3057\u3066\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u306f\u914d\u5f53\u653f\u7b56\u304c\u30aa\u30fc\u30ca\u30fc\u306e\u610f\u5411\u306b\u5de6\u53f3\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3001\u8a55\u4fa1\u624b\u6cd5\u3068\u3057\u3066\u63a1\u7528\u3055\u308c\u308b\u30b1\u30fc\u30b9\u306f\u307b\u3068\u3093\u3069\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

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