{"id":2155,"date":"2026-06-08T10:41:13","date_gmt":"2026-06-08T01:41:13","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2155"},"modified":"2026-06-11T09:24:59","modified_gmt":"2026-06-11T00:24:59","slug":"dcf-ma-value","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/dcf-ma-value\/","title":{"rendered":"DCF\u6cd5\u3068\u306f\uff1fM&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u4f1a\u793e\u58f2\u5374\u4fa1\u683c\u306e\u6c7a\u3081\u65b9"},"content":{"rendered":"\n

\u5c06\u6765\u306e\u5229\u76ca\u3092\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3057\u3066\u682a\u4fa1\u3092\u6e2c\u308b\u306e\u304cDCF\u6cd5\u3067\u3059\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u304b\u3089\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u7b97\u5b9a\u307e\u3067\u30014\u30b9\u30c6\u30c3\u30d7\u306e\u8a08\u7b97\u624b\u9806\u3092\u5177\u4f53\u4f8b\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u63d0\u793a\u3055\u308c\u305f\u8b72\u6e21\u4fa1\u683c\u306e\u6839\u62e0\u3092\u81ea\u5206\u3067\u8aad\u307f\u89e3\u304d\u305f\u3044\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306b\u5411\u3051\u305f\u5b9f\u52d9\u89e3\u8aac\u3067\u3059\u3002<\/p>\n\n\n\n

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\"\"<\/a><\/figure>\n<\/div>\n\n\n\n
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\"\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n
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\u76ee\u6b21<\/div>\n\t\t
  1. M&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067DCF\u6cd5\u304c\u4f7f\u308f\u308c\u308b\u7406\u7531<\/a>
    1. \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4f4d\u7f6e\u3065\u3051<\/a><\/li>
    2. \u904e\u53bb\u306e\u8ca1\u7523\u3088\u308a\u5c06\u6765\u306e\u53ce\u76ca\u3092\u6620\u3059\u624b\u6cd5<\/a><\/li><\/ol><\/li>
    3. DCF\u6cd5\u3068\u306f\uff1f\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u4ed5\u7d44\u307f<\/a>
      1. \u73fe\u5728\u4fa1\u5024\u3068\u3044\u3046\u8003\u3048\u65b9<\/a><\/li>
      2. DCF\u6cd5\u304c\u5411\u304f\u4f1a\u793e\u30fb\u5411\u304d\u306b\u304f\u3044\u4f1a\u793e<\/a><\/li><\/ol><\/li>
      3. DCF\u6cd5\u306e\u8a08\u7b97\u5f0f\u30684\u3064\u306e\u30b9\u30c6\u30c3\u30d7<\/a>
        1. \u30b9\u30c6\u30c3\u30d71\uff5c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3059\u308b<\/a><\/li>
        2. \u30b9\u30c6\u30c3\u30d72\uff5c\u5272\u5f15\u7387\uff08WACC\uff09\u3092\u7b97\u5b9a\u3059\u308b<\/a><\/li>
        3. \u30b9\u30c6\u30c3\u30d73\uff5c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u8a2d\u5b9a\u3059\u308b<\/a><\/li>
        4. \u30b9\u30c6\u30c3\u30d74\uff5c\u4e8b\u696d\u4fa1\u5024\u304b\u3089\u682a\u5f0f\u4fa1\u5024\u3092\u5c0e\u304f<\/a><\/li><\/ol><\/li>
        5. \u5272\u5f15\u7387\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u304c\u4f01\u696d\u4fa1\u5024\u3092\u5927\u304d\u304f\u52d5\u304b\u3059<\/a><\/li>
        6. DCF\u6cd5\u3068\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u624b\u6cd5\u306e\u4f7f\u3044\u5206\u3051<\/a><\/li>
        7. \u4f1a\u793e\u58f2\u5374\u3067DCF\u6cd5\u306e\u8a55\u4fa1\u984d\u3092\u3069\u3046\u6d3b\u304b\u3059\u304b<\/a>
          1. \u8a55\u4fa1\u984d\u306f\u4ea4\u6e09\u306e\u51fa\u767a\u70b9\u306b\u904e\u304e\u306a\u3044<\/a><\/li>
          2. \u4e8b\u696d\u8a08\u753b\u306e\u898b\u305b\u65b9\u304c\u8a55\u4fa1\u984d\u3092\u5de6\u53f3\u3057\u305f\u4e8b\u4f8b<\/a><\/li><\/ol><\/li>
          3. DCF\u6cd5\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
          4. DCF\u6cd5\u306b\u3088\u308bM&A\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n

            \u300c\u3046\u3061\u306e\u4f1a\u793e\u3067\u3082\u58f2\u5374\u3067\u304d\u308b\u3060\u308d\u3046\u304b\u2026\u300d\u3001\u300c\u4f55\u304b\u3089\u59cb\u3081\u308c\u3070\u3044\u3044\u3093\u3060\u308d\u3046\u2026\u300d\u3002\u305d\u306e\u3088\u3046\u306a\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306e\u4e0d\u5b89\u306b\u3001\u4e2d\u5c0f\u4f01\u696d\u5411\u3051M&A\u4ef2\u4ecb\u4f1a\u793e\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u300120\u5e74\u9593\u30fb500\u4ef6\u4ee5\u4e0a\u306e\u652f\u63f4\u5b9f\u7e3e\u306b\u57fa\u3065\u304d\u3001\u304a\u5fdc\u3048\u3057\u307e\u3059\u3002\u672c\u683c\u691c\u8a0e\u524d\u306e\u60c5\u5831\u53ce\u96c6\u3068\u3057\u3066\u3001\u307e\u305a\u306f\u304a\u8a71\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

            \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

            M&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067DCF\u6cd5\u304c\u4f7f\u308f\u308c\u308b\u7406\u7531<\/h2>\n\n\n\n

            \u4f1a\u793e\u306e\u5024\u6bb5\u3092\u805e\u304b\u308c\u3066\u3001\u6c7a\u7b97\u66f8\u306e\u7d14\u8cc7\u7523\u984d\u3092\u305d\u306e\u307e\u307e\u7b54\u3048\u308b\u7d4c\u55b6\u8005\u304c\u3044\u3089\u3063\u3057\u3083\u3044\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u8b72\u53d7\u4f01\u696d\u304c\u898b\u3066\u3044\u308b\u306e\u306f\u3001\u904e\u53bb\u306b\u7a4d\u307f\u4e0a\u3052\u305f\u8ca1\u7523\u3067\u306f\u306a\u304f\u3001\u3053\u308c\u304b\u3089\u7a3c\u3050\u529b\u3067\u3059\u3002\u305d\u306e\u5c06\u6765\u306e\u7a3c\u3050\u529b\u3092\u91d1\u984d\u306b\u7f6e\u304d\u63db\u3048\u308b\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u304c\u3001DCF\u6cd5\uff08\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u306b\u306a\u308a\u307e\u3059\u3002\u307e\u305a\u306f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5168\u4f53\u50cf<\/mark><\/a>\u306e\u306a\u304b\u3067DCF\u6cd5\u304c\u3069\u3053\u306b\u4f4d\u7f6e\u3059\u308b\u306e\u304b\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002DCF\u6cd5\u306f\u5c06\u6765\u53ce\u76ca\u306b\u7740\u76ee\u3059\u308b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/mark><\/a>\u306e\u4e2d\u5fc3\u306b\u7f6e\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

            \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4f4d\u7f6e\u3065\u3051<\/h3>\n\n\n\n

            \u56fd\u306e\u6307\u91dd\u3067\u3082\u3001DCF\u6cd5\u306f\u6a19\u6e96\u7684\u306a\u9078\u629e\u80a2\u306e\u4e00\u3064\u306b\u6570\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u5e81\u306e\u4e2d\u5c0fM&A\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3<\/mark><\/a>\uff08\u7b2c3\u7248\uff09\u3067\u306f\u3001\u8ca1\u52d9\u72b6\u6cc1\u306e\u5206\u6790\u3092\u8e0f\u307e\u3048\u305f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u30fb\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u30fbDCF\u6cd5\u3068\u3044\u3063\u305f\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u5b9f\u65bd\u3059\u308b\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3068\u6574\u7406\u3055\u308c\u307e\u3057\u305f\u3002\u3042\u308f\u305b\u3066\u3001\u4ef2\u4ecb\u8005\u304c\u78ba\u5b9a\u7684\u306a\u682a\u4fa1\u3092\u65ad\u5b9a\u3059\u308b\u3053\u3068\u306f\u60f3\u5b9a\u3055\u308c\u305a\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u7a0e\u7406\u58eb\u3084\u516c\u8a8d\u4f1a\u8a08\u58eb\u3068\u3044\u3063\u305f\u58eb\u696d\u306e\u610f\u898b\u3092\u6c42\u3081\u308b\u65e8\u3082\u660e\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u306f\u3001\u3053\u3053\u304c\u62bc\u3055\u3048\u3069\u3053\u308d\u3002\u4fa1\u683c\u306e\u6839\u62e0\u3092\u8ab0\u304c\u3069\u3046\u4f5c\u308b\u306e\u304b\u3067\u3001\u4ea4\u6e09\u306e\u571f\u53f0\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u904e\u53bb\u306e\u8ca1\u7523\u3088\u308a\u5c06\u6765\u306e\u53ce\u76ca\u3092\u6620\u3059\u624b\u6cd5<\/h3>\n\n\n\n

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            DCF\u6cd5\u3068\u306f\uff1f\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u4ed5\u7d44\u307f<\/h2>\n\n\n\n

            \u8a00\u8449\u3060\u3051\u805e\u304f\u3068\u96e3\u89e3\u3067\u3059\u304c\u3001\u6839\u3063\u3053\u306b\u3042\u308b\u306e\u306f\u300c\u4eca\u306e\u304a\u91d1\u3068\u5c06\u6765\u306e\u304a\u91d1\u306f\u4fa1\u5024\u304c\u9055\u3046\u300d\u3068\u3044\u3046\u7d20\u6734\u306a\u611f\u899a\u3067\u3059\u3002\u3053\u3053\u3092\u8179\u843d\u3061\u3055\u305b\u308b\u3068\u3001\u8a08\u7b97\u5f0f\u306e\u610f\u5473\u304c\u3059\u3063\u3068\u5165\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

            \u73fe\u5728\u4fa1\u5024\u3068\u3044\u3046\u8003\u3048\u65b9<\/h3>\n\n\n\n

            \u624b\u5143\u306e10\u4e07\u5186\u3092\u5e74\u522910\uff05\u3067\u904b\u7528\u3059\u308c\u3070\u30011\u5e74\u5f8c\u306b\u306f11\u4e07\u5186\u306b\u306a\u308a\u307e\u3059\u3002\u88cf\u3092\u8fd4\u305b\u3070\u30011\u5e74\u5f8c\u306e11\u4e07\u5186\u306f\u4eca\u306e10\u4e07\u5186\u3068\u3057\u304b\u91e3\u308a\u5408\u3044\u307e\u305b\u3093\u3002\u3053\u306e\u6642\u9593\u306e\u4fa1\u5024\u3092\u4f1a\u793e\u304c\u751f\u3080\u304a\u91d1\u306e\u6d41\u308c\u5168\u4f53\u306b\u3042\u3066\u306f\u3081\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4eca\u306e\u4fa1\u5024\u3078\u63db\u7b97\u3059\u308b\u306e\u304cDCF\u6cd5\u306e\u51fa\u767a\u70b9\u3002\u63db\u7b97\u306b\u4f7f\u3046\u7387\u3092\u5272\u5f15\u7387\u3068\u547c\u3073\u3001\u9060\u3044\u5c06\u6765\u306e\u304a\u91d1\u307b\u3069\u5927\u304d\u304f\u76ee\u6e1b\u308a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \"DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u4ed5\u7d44\u307f\u3002\u5c06\u6765\u306e\u4e88\u60f3\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u4e8b\u696d\u4fa1\u5024\u3084\u4f01\u696d\u4fa1\u5024\u3092\u5c0e\u304d\u51fa\u3059\u30a4\u30e1\u30fc\u30b8\u56f3\u3002\"<\/figure>\n\n\n\n

            \u5272\u5f15\u7387\u306b\u306f\u300c\u6642\u9593\u306e\u4fa1\u5024\u300d\u3060\u3051\u3067\u306a\u304f\u300c\u4e0d\u78ba\u5b9f\u6027\u300d\u3082\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u70b9\u304c\u809d\u5fc3\u3067\u3059\u30021\u5e74\u5f8c\u306b\u7d04\u675f\u3055\u308c\u305f11\u4e07\u5186\u304c\u672c\u5f53\u306b\u53d7\u3051\u53d6\u308c\u308b\u304b\u306f\u8ab0\u306b\u3082\u65ad\u8a00\u3067\u304d\u307e\u305b\u3093\u3002\u305d\u306e\u8aad\u3081\u306a\u3055\u3092\u30ea\u30b9\u30af\u3068\u3057\u3066\u6570\u5024\u5316\u3057\u305f\u3082\u306e\u304c\u5272\u5f15\u7387\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u4f1a\u793e\u307b\u3069\u5c06\u6765\u306e\u304a\u91d1\u306f\u53b3\u3057\u304f\u5024\u5f15\u304b\u308c\u308b\u69cb\u56f3\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

            DCF\u6cd5\u304c\u5411\u304f\u4f1a\u793e\u30fb\u5411\u304d\u306b\u304f\u3044\u4f1a\u793e<\/h3>\n\n\n\n

            \u3042\u3089\u3086\u308b\u4f1a\u793e\u306b\u4e07\u80fd\u3068\u3044\u3046\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e8b\u696d\u8a08\u753b\u306b\u4e00\u5b9a\u306e\u78ba\u304b\u3089\u3057\u3055\u304c\u3042\u308b\u4f1a\u793e\u3067\u306f\u3001\u5c06\u6765\u306e\u4f38\u3073\u3084\u30b7\u30ca\u30b8\u30fc\u3092\u8a55\u4fa1\u984d\u3078\u53cd\u6620\u3067\u304d\u3001DCF\u6cd5\u306e\u5f37\u307f\u304c\u6d3b\u304d\u307e\u3059\u3002\u4e00\u65b9\u3001\u5229\u76ca\u306e\u30d6\u30ec\u304c\u5927\u304d\u3044\u30d9\u30f3\u30c1\u30e3\u30fc\u3084\u3001\u501f\u5165\u6bd4\u7387\u306e\u6975\u7aef\u306b\u9ad8\u3044\u4f1a\u793e\u3067\u306f\u524d\u63d0\u304c\u7f6e\u304d\u306b\u304f\u304f\u3001\u9069\u7528\u304c\u96e3\u3057\u3044\u5834\u9762\u3082\u3002\u81ea\u793e\u304c\u3069\u3061\u3089\u306b\u8fd1\u3044\u306e\u304b\u3001\u8a08\u753b\u306e\u7acb\u3066\u3084\u3059\u3055\u3092\u57fa\u6e96\u306b\u898b\u7acb\u3066\u3066\u304a\u304f\u3068\u3001\u8a55\u4fa1\u624b\u6cd5\u306e\u8b70\u8ad6\u3067\u8ff7\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

            DCF\u6cd5\u306e\u8a08\u7b97\u5f0f\u30684\u3064\u306e\u30b9\u30c6\u30c3\u30d7<\/h2>\n\n\n\n

            \u5b9f\u52d9\u3067\u306eDCF\u6cd5\u306f\u3001\u304a\u304a\u3080\u306d4\u3064\u306e\u5de5\u7a0b\u3067\u9032\u307f\u307e\u3059\u3002\u5168\u4f53\u50cf\u3092\u4e0b\u8868\u3067\u63b4\u3093\u3067\u304b\u3089\u3001\u8981\u3068\u306a\u308b\u9805\u76ee\u3092\u9806\u306b\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \u8a08\u7b97\u30b9\u30c6\u30c3\u30d7<\/th>\u5b9f\u65bd\u3059\u308b\u5185\u5bb9<\/th><\/tr><\/thead>
            \u2460\u5c06\u6765FCF\u3092\u4e88\u6e2c\u3059\u308b<\/td>5\u5e74\u7a0b\u5ea6\u306e\u4e8b\u696d\u8a08\u753b\u304b\u3089\u3001\u5404\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7b97\u5b9a\u3059\u308b<\/td><\/tr>
            \u2461\u5272\u5f15\u7387\uff08WACC\uff09\u3092\u8a2d\u5b9a\u3059\u308b<\/td>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u6642\u4fa1\u30d9\u30fc\u30b9\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3001\u73fe\u5728\u4fa1\u5024\u3078\u63db\u7b97\u3059\u308b\u7387\u3092\u6c7a\u3081\u308b<\/td><\/tr>
            \u2462\u5404\u5e74\u306eFCF\u3092\u73fe\u5728\u4fa1\u5024\u3078\u5272\u308a\u5f15\u304f<\/td>\u4e88\u6e2c\u3057\u305fFCF\u3092WACC\u3067\u5e74\u5ea6\u3054\u3068\u306b\u5272\u308a\u5f15\u304d\u3001\u5408\u8a08\u3059\u308b<\/td><\/tr>
            \u2463\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u7b97\u5b9a\u3059\u308b<\/td>\u4e88\u6e2c\u671f\u9593\u5f8c\u3082\u4e8b\u696d\u304c\u7d9a\u304f\u524d\u63d0\u3067\u3001\u6b8b\u5b58\u4fa1\u5024\u3092\u898b\u7a4d\u3082\u3063\u3066\u73fe\u5728\u4fa1\u5024\u3078\u63db\u7b97\u3059\u308b<\/td><\/tr>
            \u2464\u4e8b\u696d\u4fa1\u5024\u304b\u3089\u682a\u5f0f\u4fa1\u5024\u3092\u5c0e\u304f<\/td>\u4e8b\u696d\u4fa1\u5024\u306b\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u3092\u8db3\u3057\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u4e3b\u306e\u53d6\u308a\u5206\u3092\u6c42\u3081\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u5404\u5de5\u7a0b\u3092\u9806\u306b\u7a4d\u307f\u4e0a\u3052\u308b\u3053\u3068\u3067\u3001\u4e8b\u696d\u4fa1\u5024\u304b\u3089\u6700\u7d42\u7684\u306a\u682a\u5f0f\u4fa1\u5024\u307e\u3067\u4e00\u672c\u306e\u7dda\u3067\u3064\u306a\u304c\u308a\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u306f\u3001\u3053\u3053\u3067\u51fa\u305f\u6570\u5b57\u304c\u4f1a\u793e\u58f2\u5374\u4fa1\u683c\u306e\u4ea4\u6e09\u6750\u6599\u306b\u5229\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u306a\u304a\u3001\u5c11\u3057\u3084\u3084\u3053\u3057\u3044\u3067\u3059\u304c\u3001\u4f01\u696d\u4fa1\u5024\u3068\u4e8b\u696d\u4fa1\u5024\u3001\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044<\/mark><\/a>\u3082\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u3088\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

            \u30b9\u30c6\u30c3\u30d71\uff5c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3059\u308b<\/h3>\n\n\n\n

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            \u30b9\u30c6\u30c3\u30d72\uff5c\u5272\u5f15\u7387\uff08WACC\uff09\u3092\u7b97\u5b9a\u3059\u308b<\/h3>\n\n\n\n

            \u5c06\u6765\u306e\u304a\u91d1\u3092\u4eca\u306e\u4fa1\u5024\u3078\u623b\u3059\u305f\u3081\u306e\u5272\u5f15\u7387\u304c\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306eWACC\uff08\u30ef\u30c3\u30af\uff09\u3067\u3059\u3002\u8b72\u53d7\u4f01\u696d\u3084\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u306e\u5927\u304d\u3044\u6295\u8cc7\u307b\u3069\u9ad8\u3044\u898b\u8fd4\u308a\u3092\u6c42\u3081\u308b\u305f\u3081\u3001\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u307b\u3069WACC\u3082\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            WACC\u306e\u8a08\u7b97\u5f0f<\/h4>\n\n\n\n

            WACC \uff1d Re \u00d7 E\/(D\uff0bE) \uff0b Rd \u00d7\uff081\u2212T\uff09\u00d7 D\/(D\uff0bE)<\/p>\n\n\n\n

            Re\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3001Rd\u306f\u8ca0\u50b5\u30b3\u30b9\u30c8\u3001E\u306f\u682a\u4e3b\u8cc7\u672c\u306e\u6642\u4fa1\u3001D\u306f\u6709\u5229\u5b50\u8ca0\u50b5\u3001T\u306f\u5b9f\u52b9\u7a0e\u7387\u3092\u6307\u3057\u307e\u3059\u3002Re\u306f\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u5024\u3084\u5e02\u5834\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304b\u3089\u6c42\u3081\u3001Rd\u306f\u501f\u5165\u5229\u7387\u3092\u57fa\u790e\u306b\u7f6e\u304f\u3002\u975e\u4e0a\u5834\u306e\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u5e02\u5834\u3067\u89b3\u6e2c\u3067\u304d\u308b\u81ea\u793e\u682a\u4fa1\u304c\u5b58\u5728\u3057\u306a\u3044\u305f\u3081\u3001\u4e0a\u5834\u3057\u3066\u3044\u308b\u540c\u696d\u4ed6\u793e\u306e\u30c7\u30fc\u30bf\u3092\u501f\u308a\u3066\u63a8\u5b9a\u3059\u308b\u306e\u304c\u901a\u5e38\u306e\u9032\u3081\u65b9\u306b\u306a\u308a\u307e\u3059\u3002\u501f\u5165\u6bd4\u7387\u304c\u9ad8\u3044\u4f1a\u793e\u307b\u3069WACC\u306f\u4e0b\u304c\u308a\u3084\u3059\u3044\u4e00\u65b9\u3001\u8ca1\u52d9\u30ea\u30b9\u30af\u3082\u9ad8\u307e\u308b\u3068\u3044\u3046\u88cf\u8fd4\u3057\u306e\u95a2\u4fc2\u3082\u899a\u3048\u3066\u304a\u304d\u305f\u3044\u3068\u3053\u308d\u3002WACC\u306e\u76ee\u5b89\u3068\u8a08\u7b97\u65b9\u6cd5<\/mark><\/a>\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3068\u3001\u8a55\u4fa1\u66f8\u306e\u6570\u5b57\u3092\u81ea\u5206\u3067\u691c\u7b97\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u30b9\u30c6\u30c3\u30d73\uff5c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u8a2d\u5b9a\u3059\u308b<\/h3>\n\n\n\n

            \u4e88\u6e2c\u671f\u9593\u3092\u8d85\u3048\u305f\u5148\u306e\u4fa1\u5024\u3092\u3069\u3046\u6271\u3046\u304b\u3067\u3001\u8a55\u4fa1\u984d\u306e\u5927\u534a\u304c\u6c7a\u307e\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u6b8b\u5b58\u4fa1\u5024\u304c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3067\u3059\u3002\u7b97\u5b9a\u65b9\u6cd5\u306f2\u901a\u308a\u3042\u308a\u307e\u3059\u3002\u6c38\u4e45\u6210\u9577\u7387\u30e2\u30c7\u30eb\u306f\u3001\u6700\u7d42\u5e74\u5ea6\u306eFCF\u3092\u300cWACC\u2212g\u300d\u3067\u5272\u308b\u65b9\u6cd5\u3002g\u306f\u9577\u671f\u306e\u5b89\u5b9a\u6210\u9577\u7387\u3067\u3001\u9577\u671f\u7684\u306a\u7d4c\u6e08\u6210\u9577\u3092\u8e0f\u307e\u3048\u30661\u301c3\uff05\u7a0b\u5ea6\u306b\u7f6e\u304f\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u58f2\u5374\u30de\u30eb\u30c1\u30d7\u30eb\u30e2\u30c7\u30eb\u306f\u3001\u6700\u7d42\u5e74\u5ea6\u306eEBITDA\u306b\u5e02\u5834\u306e\u500d\u7387\u3092\u639b\u3051\u3066\u898b\u7a4d\u3082\u308a\u307e\u3059\u3002g\u3092\u308f\u305a\u304b\u306b\u9ad8\u304f\u7f6e\u304f\u3060\u3051\u3067\u8a55\u4fa1\u984d\u304c\u81a8\u3089\u3080\u305f\u3081\u3001\u8a2d\u5b9a\u306e\u6839\u62e0\u304c\u554f\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

            \u30b9\u30c6\u30c3\u30d74\uff5c\u4e8b\u696d\u4fa1\u5024\u304b\u3089\u682a\u5f0f\u4fa1\u5024\u3092\u5c0e\u304f<\/h3>\n\n\n\n

            \u5404\u5e74\u306eFCF\u306e\u73fe\u5728\u4fa1\u5024\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u8db3\u3059\u3068\u3001\u4e8b\u696d\u4fa1\u5024\u304c\u51fa\u307e\u3059\u3002\u305d\u3053\u3078\u904a\u4f11\u4e0d\u52d5\u7523\u3084\u4f59\u5270\u73fe\u9810\u91d1\u3068\u3044\u3063\u305f\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u3092\u52a0\u7b97\u3057\u3001\u501f\u5165\u91d1\u3068\u3044\u3063\u305f\u50b5\u6a29\u8005\u306b\u5e30\u5c5e\u3059\u308b\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u63a7\u9664\u3059\u308c\u3070\u3001\u682a\u4e3b\u306e\u624b\u306b\u6b8b\u308b\u682a\u5f0f\u4fa1\u5024\u306b\u305f\u3069\u308a\u7740\u304d\u307e\u3059\u3002\u7b97\u5f0f\u306b\u76f4\u3059\u3068\u300c\u682a\u5f0f\u4fa1\u5024\uff1d\u4e8b\u696d\u4fa1\u5024\uff0b\u975e\u4e8b\u696d\u7528\u8cc7\u7523\u2212\u6709\u5229\u5b50\u8ca0\u50b5\u300d\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u6700\u7d42\u7684\u306b\u53d7\u3051\u53d6\u308b\u5bfe\u4fa1\u306e\u571f\u53f0\u304c\u3001\u3053\u306e\u682a\u5f0f\u4fa1\u5024\u3067\u3059\u3002\u5b9f\u52d9\u3067\u306fExcel\u3067\u5404\u5e74\u5ea6\u306e\u6570\u5b57\u3092\u7d44\u307f\u3001\u524d\u63d0\u3092\u52d5\u304b\u3057\u306a\u304c\u3089\u8a66\u7b97\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u306a\u9032\u3081\u65b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \"DCF\u6cd5\u3092\u7528\u3044\u3066\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u304b\u3089\u4e8b\u696d\u4fa1\u5024\u304a\u3088\u3073\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308bExcel\u306e\u8a08\u7b97\u30b7\u30fc\u30c8\u4f8b\"<\/figure>\n\n\n\n

            \u5272\u5f15\u7387\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u304c\u4f01\u696d\u4fa1\u5024\u3092\u5927\u304d\u304f\u52d5\u304b\u3059<\/h2>\n\n\n\n

            DCF\u6cd5\u306e\u5f31\u70b9\u306f\u3001\u524d\u63d0\u306e\u7f6e\u304d\u65b9\u3072\u3068\u3064\u3067\u7b54\u3048\u304c\u63fa\u308c\u308b\u70b9\u306b\u3042\u308a\u307e\u3059\u3002\u5272\u5f15\u7387\u3084\u6210\u9577\u7387\u306e\u308f\u305a\u304b\u306a\u5dee\u304c\u3001\u4f01\u696d\u4fa1\u5024\u3092\u6570\u5343\u4e07\u5186\u4ee5\u4e0a\u306e\u5358\u4f4d\u3067\u52d5\u304b\u3059\u3053\u3068\u3082\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u8a55\u4fa1\u66f8\u3092\u53d7\u3051\u53d6\u3063\u305f\u3089\u524d\u63d0\u3092\u4e00\u3064\u305a\u3064\u70b9\u691c\u3059\u308b\u59ff\u52e2\u304c\u8981\u308a\u307e\u3059\u3002\u652f\u63f4\u73fe\u5834\u3067\u5b9f\u969b\u306b\u4f7f\u3063\u3066\u3044\u308b\u78ba\u8a8d\u306e\u52d8\u3069\u3053\u308d\u3092\u3001\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            \u78ba\u8a8d\u9805\u76ee<\/th>\u898b\u308b\u3079\u304d\u8996\u70b9<\/th><\/tr><\/thead>
            \u4e8b\u696d\u8a08\u753b\u306e\u9054\u6210\u53ef\u80fd\u6027<\/td>\u76f4\u8fd1\u306e\u5b9f\u7e3e\u3068\u6bd4\u3079\u3066\u8a08\u753b\u306e\u6210\u9577\u7387\u304c\u8df3\u306d\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u304b<\/td><\/tr>
            WACC\u306e\u6c34\u6e96<\/td>\u540c\u696d\u306e\u4e0a\u5834\u4f01\u696d\u306e\u6c34\u6e96\u3068\u304b\u3051\u96e2\u308c\u3066\u3044\u306a\u3044\u304b<\/td><\/tr>
            \u6c38\u4e45\u6210\u9577\u7387g\u306e\u6839\u62e0<\/td>\u9577\u671f\u306e\u7d4c\u6e08\u6210\u9577\u3092\u8d85\u3048\u308b\u6570\u5024\u3092\u7f6e\u3044\u3066\u3044\u306a\u3044\u304b<\/td><\/tr>
            \u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u6bd4\u91cd<\/td>\u4f01\u696d\u4fa1\u5024\u306b\u5360\u3081\u308b\u6b8b\u5b58\u4fa1\u5024\u306e\u5272\u5408\u304c\u904e\u5927\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u304b<\/td><\/tr>
            \u611f\u5ea6\u5206\u6790\u306e\u6709\u7121<\/td>\u524d\u63d0\u3092\u632f\u3063\u305f\u8907\u6570\u30b7\u30ca\u30ea\u30aa\u3067\u4fa1\u683c\u306e\u5e45\u3092\u793a\u3057\u3066\u3044\u308b\u304b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u8868\u4e2d\u306e\u9805\u76ee\u306f\u3001\u3069\u308c\u3082\u300c\u6570\u5b57\u304c\u9ad8\u304f\u51fa\u308b\u65b9\u5411\u300d\u306b\u52d5\u304d\u3084\u3059\u3044\u3082\u306e\u3070\u304b\u308a\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u697d\u89b3\u7684\u306a\u524d\u63d0\u3092\u6b53\u8fce\u3057\u304c\u3061\u306a\u4e00\u65b9\u3001\u8b72\u53d7\u4f01\u696d\u306f\u4fdd\u5b88\u7684\u306b\u898b\u308b\u305f\u3081\u3001\u3053\u3053\u304c\u4ea4\u6e09\u306e\u305b\u3081\u304e\u5408\u3044\u306b\u306a\u308a\u307e\u3059\u3002\u4e00\u672c\u306e\u8a55\u4fa1\u984d\u3092\u9d5c\u5451\u307f\u306b\u305b\u305a\u3001\u5e45\u3067\u6349\u3048\u308b\u3002\u3053\u308c\u304c\u4fa1\u683c\u4ea4\u6e09\u3067\u8db3\u5143\u3092\u3059\u304f\u308f\u308c\u306a\u3044\u30b3\u30c4\u3067\u3059\u3002<\/p>\n\n\n\n

            DCF\u6cd5\u3068\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u624b\u6cd5\u306e\u4f7f\u3044\u5206\u3051<\/h2>\n\n\n\n

            DCF\u6cd5\u306f\u5f37\u529b\u3067\u3059\u304c\u3001\u5358\u72ec\u3067\u7d50\u8ad6\u3092\u51fa\u3059\u624b\u6cd5\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u306f\u8907\u6570\u624b\u6cd5\u3092\u4f75\u7528\u3057\u3001\u51fa\u305f\u6570\u5b57\u3092\u7a81\u304d\u5408\u308f\u305b\u308b\u306e\u304c\u5b9a\u77f3\u3067\u3059\u3002\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u3068\u306e\u9055\u3044\u3092\u4e0b\u8868\u3067\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \u8a55\u4fa1\u624b\u6cd5<\/th>\u4fa1\u5024\u306e\u6349\u3048\u65b9<\/th>\u5411\u3044\u3066\u3044\u308b\u5834\u9762<\/th><\/tr><\/thead>
            DCF\u6cd5<\/strong><\/td>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u3078\u5272\u308a\u5f15\u304f<\/td>\u6210\u9577\u6027\u3084\u30b7\u30ca\u30b8\u30fc\u3092\u4fa1\u683c\u306b\u53cd\u6620\u3057\u305f\u3044\u4e8b\u696d\u4f1a\u793e\u540c\u58eb\u306eM&A<\/td><\/tr>
            \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong><\/td>\u5e02\u5834\u3067\u89b3\u6e2c\u3067\u304d\u308b\u500d\u7387\u3092\u57fa\u6e96\u306b\u63a8\u5b9a\u3059\u308b<\/td>\u5ba2\u89b3\u6027\u304c\u554f\u308f\u308c\u308b\u5834\u9762\u3084\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u6295\u8cc7<\/td><\/tr>
            \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u6642\u4fa1\u3067\u8a55\u4fa1\u3057\u3066\u5dee\u984d\u3092\u898b\u308b<\/td>\u8cc7\u7523\u4fdd\u6709\u578b\u306e\u4f1a\u793e\u3084\u6e05\u7b97\u4fa1\u5024\u3092\u78ba\u304b\u3081\u305f\u3044\u5834\u9762<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u5e02\u5834\u306e\u500d\u7387\u3092\u7528\u3044\u308b\u624b\u6cd5\u306f\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/mark><\/a>\u3068\u547c\u3070\u308c\u3001\u5224\u65ad\u6750\u6599\u306b\u306fEV\/EBITDA\u500d\u7387\u306e\u76ee\u5b89<\/mark><\/a>\u304c\u3088\u304f\u4f7f\u308f\u308c\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306e\u73fe\u5834\u3067\u6700\u3082\u8eab\u8fd1\u306a\u306e\u306f\u3001\u55b6\u696d\u5229\u76ca\u306b\u4e00\u5b9a\u5e74\u6570\u3092\u639b\u3051\u3066\u7b97\u5b9a\u3059\u308b\u5e74\u8cb7\u6cd5\u306e\u8a08\u7b97<\/mark><\/a>\u3067\u3057\u3087\u3046\u3002\u8cc7\u7523\u4fa1\u5024\u3092\u5e95\u5024\u3068\u3057\u3066\u62bc\u3055\u3048\u308b\u306a\u3089\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306b\u3088\u308b\u7b97\u5b9a<\/mark><\/a>\u3082\u4f75\u305b\u3066\u78ba\u8a8d\u3057\u307e\u3059\u3002\u8907\u6570\u306e\u7b54\u3048\u3092\u4e26\u3079\u3066\u521d\u3081\u3066\u3001\u4fa1\u683c\u306e\u59a5\u5f53\u306a\u7bc4\u56f2\u304c\u898b\u3048\u308b\u3082\u306e\u3002\u524d\u8ff0\u306e\u4e2d\u5c0fM&A\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u304c\u8907\u6570\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306e\u8a66\u7b97\u3092\u52e7\u3081\u3066\u3044\u308b\u306e\u3082\u3001\u4e00\u3064\u306e\u624b\u6cd5\u3060\u3051\u3067\u306f\u6570\u5b57\u304c\u504f\u308a\u3084\u3059\u3044\u3068\u3044\u3046\u5b9f\u52d9\u611f\u899a\u306e\u88cf\u8fd4\u3057\u3068\u3044\u3048\u307e\u3059\u3002DCF\u6cd5\u3067\u51fa\u305f\u7406\u8ad6\u5024\u3092\u3001\u5e74\u8cb7\u6cd5\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u76f8\u5834\u89b3\u3067\u631f\u307f\u8fbc\u3080\u3002\u3053\u306e\u4e09\u89d2\u6e2c\u91cf\u3053\u305d\u304c\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u7d0d\u5f97\u3057\u3066\u4ea4\u6e09\u306b\u81e8\u3080\u305f\u3081\u306e\u571f\u53f0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u4f1a\u793e\u58f2\u5374\u3067DCF\u6cd5\u306e\u8a55\u4fa1\u984d\u3092\u3069\u3046\u6d3b\u304b\u3059\u304b<\/h2>\n\n\n\n

            \u8a55\u4fa1\u984d\u304c\u51fa\u305f\u3089\u7d42\u308f\u308a\u3001\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u672c\u756a\u306f\u3001\u305d\u306e\u6570\u5b57\u3092\u3069\u3046\u4ea4\u6e09\u306b\u6301\u3061\u8fbc\u3080\u304b\u3067\u3059\u3002<\/p>\n\n\n\n

            \u8a55\u4fa1\u984d\u306f\u4ea4\u6e09\u306e\u51fa\u767a\u70b9\u306b\u904e\u304e\u306a\u3044<\/h3>\n\n\n\n

            DCF\u6cd5\u3067\u7b97\u5b9a\u3055\u308c\u305f\u91d1\u984d\u306f\u3001\u3042\u304f\u307e\u3067\u4e00\u3064\u306e\u8a66\u7b97\u3002\u5b9f\u969b\u306e\u4f1a\u793e\u58f2\u5374\u4fa1\u683c\u306f\u3001\u8b72\u53d7\u4f01\u696d\u3068\u306e\u4ea4\u6e09\u3084\u5165\u672d\u306e\u7af6\u3044\u5408\u3044\u3067\u4e0a\u4e0b\u3057\u307e\u3059\u3002\u3088\u304f\u3042\u308b\u76f8\u8ac7\u3068\u3057\u3066\u3001\u300c\u8a55\u4fa1\u984d\u3088\u308a\u9ad8\u304f\u58f2\u308c\u305f\u300d\u300c\u9006\u306b\u4e0b\u304c\u3063\u305f\u300d\u3068\u3044\u3046\u30b1\u30fc\u30b9\u306f\u3001\u3069\u3061\u3089\u3082\u65e5\u5e38\u7684\u306b\u8d77\u3053\u308a\u307e\u3059\u3002\u76f8\u5834\u611f\u3092\u6301\u3063\u3066\u304a\u304d\u305f\u3044\u65b9\u306f\u4f1a\u793e\u58f2\u5374\u306e\u76f8\u5834<\/mark><\/a>\u3092\u3001\u63d0\u793a\u984d\u306e\u7d44\u307f\u7acb\u3066\u65b9\u306f\u5e0c\u671b\u4fa1\u683c\u306e\u6c7a\u3081\u65b9<\/mark><\/a>\u3092\u53c2\u7167\u3059\u308b\u3068\u6574\u7406\u3057\u3084\u3059\u3044\u306f\u305a\u3067\u3059\u3002<\/p>\n\n\n\n

            \u4e8b\u696d\u8a08\u753b\u306e\u898b\u305b\u65b9\u304c\u8a55\u4fa1\u984d\u3092\u5de6\u53f3\u3057\u305f\u4e8b\u4f8b<\/h3>\n\n\n\n

            \u5e74\u554615\u5104\u5186\u30fb\u55b6\u696d\u5229\u76ca1\u5104\u5186\u306e\u88fd\u9020\u696d\u30aa\u30fc\u30ca\u30fc\u304c\u58f2\u5374\u3092\u691c\u8a0e\u3057\u305f\u969b\u3001\u624b\u5143\u306b\u3042\u3063\u305f\u4e8b\u696d\u8a08\u753b\u306f\u524d\u5e74\u5b9f\u7e3e\u306e\u6a2a\u7f6e\u304d\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u6839\u62e0\u306e\u306a\u3044\u6a2a\u7f6e\u304d\u4e88\u60f3\u306f\u300c\u6210\u9577\u6027\u306a\u3057\u300d\u3068\u53d7\u3051\u53d6\u3089\u308c\u3001\u8cb7\u3044\u624b\u304b\u3089\u4f01\u696d\u4fa1\u5024\u3092\u4f4e\u304f\u898b\u7a4d\u3082\u3089\u308c\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            \u305d\u3053\u3067\u5f53\u793e\u3067\u306f\u3001\u4e3b\u8981\u53d6\u5f15\u5148\u3068\u306e\u53d7\u6ce8\u898b\u901a\u3057\u3084\u751f\u7523\u80fd\u529b\u306e\u5b9f\u614b\u3092\u30d2\u30a2\u30ea\u30f3\u30b0\u3057\u3001\u6a2a\u7f6e\u304d\u304c\u59a5\u5f53\u3067\u3042\u308b\u6839\u62e0\u3092\u6570\u5b57\u3067\u88cf\u4ed8\u3051\u305f\u4e8b\u696d\u8a08\u753b\u306b\u4f5c\u308a\u76f4\u3057\u307e\u3057\u305f\u3002\u53f3\u80a9\u4e0a\u304c\u308a\u3067\u306f\u306a\u304f\u3001\u5b89\u5b9a\u7684\u306b\u5229\u76ca\u3092\u5275\u51fa\u3057\u7d9a\u3051\u3089\u308c\u308b\u30b7\u30ca\u30ea\u30aa\u3068\u3057\u3066\u8aac\u660e\u8cac\u4efb\u3092\u679c\u305f\u3057\u305f\u7d50\u679c\u3001\u8cb7\u3044\u624b\u306b\u3088\u308b\u8a55\u4fa1\u304c\u8986\u308a\u3001\u5f53\u521d\u61f8\u5ff5\u3055\u308c\u3066\u3044\u305f\u4fa1\u683c\u306e\u5f15\u304d\u4e0b\u3052\u4ea4\u6e09\u3092\u56de\u907f\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            DCF\u6cd5\u3067\u306f\u3001\u8a08\u753b\u306e\u6839\u62e0\u306e\u539a\u307f\u304c\u8a66\u7b97\u7d50\u679c\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002\u6c7a\u7b97\u66f8\u306e\u898b\u6804\u3048\u3060\u3051\u3067\u306a\u304f\u3001\u8a08\u753b\u306e\u8aac\u5f97\u529b\u3053\u305d\u304c\u554f\u308f\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

            DCF\u6cd5\u306b\u95a2\u3059\u308bFAQ<\/h2>\n\n\n\n

            \u4f1a\u793e\u58f2\u5374\u3092\u691c\u8a0e\u3059\u308b\u58f2\u308a\u624b\u304b\u3089\u5b9f\u969b\u306b\u5bc4\u305b\u3089\u308c\u308b\u7591\u554f\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            Q\uff1aDCF\u6cd5\u3068\u4ed6\u306e\u624b\u6cd5\u3067\u306f\u3001\u3069\u3061\u3089\u306e\u682a\u4fa1\u304c\u9ad8\u304f\u51fa\u307e\u3059\u304b\uff1f<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/strong><\/strong>

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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

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