{"id":2155,"date":"2025-11-08T17:13:41","date_gmt":"2025-11-08T08:13:41","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2155"},"modified":"2026-02-01T10:53:24","modified_gmt":"2026-02-01T01:53:24","slug":"what-is-the-dcf-method","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/what-is-the-dcf-method\/","title":{"rendered":"DCF\u6cd5\u3068\u306f\uff1f\u4f01\u696d\u4fa1\u5024\u3068\u682a\u4fa1\u306e\u8a08\u7b97\u4e8b\u4f8b\u30fb\u5272\u5f15\u7387\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"\n

DCF\u6cd5\u3068\u306f\u3001\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306fDCF\u6cd5\u306e\u4ed5\u7d44\u307f\u3001\u8a08\u7b97\u624b\u9806\u3001\u5272\u5f15\u7387WACC\u306e\u8a2d\u5b9a\u65b9\u6cd5\u3001\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u307e\u3067\u3092\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u30d7\u30ed\u304c\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\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. DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u3068\u306f<\/a>
    1. DCF\u6cd5\u304c\u91cd\u8996\u3055\u308c\u308b\u7406\u7531<\/a><\/li>
    2. DCF\u6cd5\u304c\u9069\u3057\u305f\u30b1\u30fc\u30b9<\/a><\/li><\/ol><\/li>
    3. DCF\u6cd5\u306e\u8a08\u7b97\u306e\u6d41\u308c<\/a>
      1. \u5177\u4f53\u7684\u306a\u682a\u4fa1\u7b97\u5b9a\u306e\u4e8b\u4f8b<\/a><\/li>
      2. \u5177\u4f53\u7684\u306aDCF\u6cd5\u306e\u6d41\u308c<\/a><\/li><\/ol><\/li>
      3. DCF\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/a>
        1. \u30e1\u30ea\u30c3\u30c8<\/a><\/li>
        2. \u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/li><\/ol><\/li>
        3. DCF\u6cd5\u306e\u8a08\u7b97\u5f0f\u306e\u91cd\u8981\u30d1\u30e9\u30e1\u30fc\u30bf<\/a>
          1. \u5272\u5f15\u7387\uff08WACC\uff09\u306e\u8003\u3048\u65b9<\/a><\/li>
          2. \u7d99\u7d9a\u4fa1\u5024\u306e\u7b97\u5b9a\u65b9\u6cd5<\/a><\/li><\/ol><\/li>
          3. DCF\u6cd5\u306b\u304a\u3051\u308b\u6ce8\u610f\u70b9<\/a>
            1. \u524d\u63d0\u6761\u4ef6\u691c\u8a3c\u304c\u5927\u4e8b<\/a><\/li>
            2. DCF\u6cd5\u304c\u9069\u3055\u306a\u3044\u5834\u5408\u304c\u3042\u308b<\/a><\/li>
            3. \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u306e\u4f7f\u3044\u5206\u3051\u3092\u691c\u8a0e\u3059\u308b<\/a><\/li><\/ol><\/li>
            4. \u3088\u304f\u3042\u308b\u8cea\u554f\uff5cDCF\u6cd5\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
            5. DCF\u6cd5\u306e\u8a08\u7b97\u5f0f\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

              DCF\u6cd5<\/strong>\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u3068\u306f<\/h2>\n\n\n\n

              DCF\uff08Discounted Cash Flow\uff09\u6cd5\u3068\u306f\u3001\u8b72\u6e21\u4f01\u696d\u3084\u8b72\u53d7\u4f01\u696d\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5c0e\u304f\u8a55\u4fa1\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n

              \n
              \"DCF\u6cd5\u3068\u306f-\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u3068\u306f\"<\/figure>\n<\/div>\n\n\n

              \u4eca10\u4e07\u5186\u3092\u5e74\u522910\uff05\u3067\u904b\u7528\u3059\u308b\u30681\u5e74\u5f8c\u306b11\u4e07\u5186\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u9006\u306b\u8a00\u3048\u30701\u5e74\u5f8c\u306e11\u4e07\u5186\u306f\u73fe\u5728\u3067\u306f10\u4e07\u5186\u306e\u4fa1\u5024\u3057\u304b\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u8003\u3048\u65b9\u3092\u4f01\u696d\u5168\u4f53\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306b\u9069\u7528\u3057\u3001\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u3057\u3066\u4fa1\u5024\u3092\u6e2c\u5b9a\u3057\u307e\u3059\u3002\u5b9f\u52d9\u3067\u306f\u5b9f\u73fe\u53ef\u80fd\u6027\u306e\u9ad8\u3044\u4e8b\u696d\u8a08\u753b\u3092\u4f5c\u6210\u3057\u305f\u4e0a\u3067\u3001\u4e88\u6e2c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7b97\u5b9a\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n

              \u25b7\u95a2\u9023\uff1a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u306f\uff1f\uff5c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u8a08\u7b97\u65b9\u6cd5\u30fbM&A\u682a\u4fa1\u306e\u610f\u5473<\/a><\/p>\n\n\n\n

              DCF\u6cd5\u304c\u91cd\u8996\u3055\u308c\u308b\u7406\u7531<\/strong><\/h3>\n\n\n\n

              \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4ee3\u8868\u683c\u3067\u3042\u308bDCF\u6cd5\u306f\u3001\u6210\u9577\u6027\u30fb\u30ea\u30b9\u30af\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5275\u51fa\u529b\u3092\u540c\u6642\u306b\u7e54\u308a\u8fbc\u3081\u308b\u70b9\u3067\u4fe1\u983c\u6027\u304c\u9ad8\u3044\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u7279\u306b\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306f\u3001\u5c06\u6765\u306e\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3084\u6210\u9577\u4f59\u5730\u3092\u6570\u5024\u5316\u3067\u304d\u308b\u305f\u3081\u3001\u591a\u304f\u306e\u6848\u4ef6\u3067\u63a1\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\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\u6cd5\u304c\u9069\u3057\u305f\u30b1\u30fc\u30b9<\/strong><\/h3>\n\n\n\n

              \u3055\u307e\u3056\u307e\u306a\u8981\u7d20\u3092\u52d8\u6848\u3067\u304d\u308b\u3053\u3068\u304b\u3089\u3001\u3088\u304f\u7528\u3044\u3089\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002\u4e8b\u696d\u4f1a\u793e\u540c\u58eb\u306eM&A\u3067\u306f\u3001\u7d71\u5408\u5f8c\u306b\u751f\u3058\u308b\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u3057\u3066\u76f4\u63a5\u8a55\u4fa1\u3067\u304d\u308b\u305f\u3081\u3001DCF\u6cd5\u304c\u9069\u3057\u3066\u3044\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306f\u6700\u3082\u30dd\u30d4\u30e5\u30e9\u30fc\u306a\u5e74\u8cb7\u6cd5\uff08\u5e74\u500d\u6cd5\uff09\u3092\u88dc\u5b8c\u3059\u308b\u624b\u6cd5\u3068\u3057\u3066\u3082\u6709\u7528\u3067\u3059\u3002<\/p>\n\n\n\n

              \u25b7\u95a2\u9023\uff1a\u5e74\u8cb7\u6cd5\u3068\u306f\uff1f\u5e74\u500d\u6cd5\u306e\u8a08\u7b97\u6cd5\u30fb\u306e\u308c\u3093\u306e\u9069\u6b63\u5e74\u6570\u3092\u8a73\u3057\u304f\u89e3\u8aac\uff01<\/a><\/p>\n\n\n\n

              DCF<\/strong>\u6cd5\u306e\u8a08\u7b97\u306e\u6d41\u308c<\/strong><\/h2>\n\n\n\n

              \u307e\u305a\u306fDCF\u6cd5\u306b\u3088\u308b\u8a08\u7b97\u4f8b\u3092\u6982\u89b3\u3057\u3066\u30a4\u30e1\u30fc\u30b8\u3092\u63b4\u3093\u3067\u9802\u3044\u305f\u5f8c\u3001\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u5177\u4f53\u7684\u306a\u682a\u4fa1\u7b97\u5b9a\u306e\u4e8b\u4f8b<\/h3>\n\n\n\n

              DCF\u306b\u3088\u308b\u682a\u5f0f\u4fa1\u5024\u306e\u7b97\u5b9a\u30a4\u30e1\u30fc\u30b8\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u5b9f\u52d9\u7684\u306b\u306fExcel\uff08\u30a8\u30af\u30bb\u30eb\uff09\u3092\u7528\u3044\u3066\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u307e\u3059\u3002<\/p>\n\n\n

              \n
              \"DCF\u6cd5\u306b\u3088\u308b\u682a\u5f0f\u4fa1\u5024\u306e\u7b97\u5b9a\u30a4\u30e1\u30fc\u30b8-\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u306b\u3088\u308bExcel\uff08\u30a8\u30af\u30bb\u30eb\uff09\u3092\u7528\u3044\u305f\u7b97\u5b9a\u30a4\u30e1\u30fc\u30b8\"<\/figure>\n<\/div>\n\n\n

              \u4f01\u696d\u4fa1\u5024\u3092\u7121\u6599\u3067\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3059\u308b \uff1e<\/a><\/p>\n\n\n\n

              \u5177\u4f53\u7684\u306aDCF\u6cd5\u306e\u6d41\u308c<\/h3>\n\n\n\n

              DCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u306e\u6d41\u308c\u3092\u4e0b\u8868\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

              \u30b9\u30c6\u30c3\u30d7<\/th>\u5b9f\u65bd\u5185\u5bb9\u3068\u8a08\u7b97\u65b9\u6cd5<\/th><\/tr><\/thead>
              \u2460\u8a08\u753b\u671f\u9593\u306eFCF\u3092\u4e88\u6e2c\u3059\u308b<\/td>\u307e\u305a5\u301c10\u5e74\u7a0b\u5ea6\u306e\u4e8b\u696d\u8a08\u753b\u3092\u4f5c\u6210\u3057\u3001\u5404\u5e74\u5ea6\u306eFCF\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002FCF\u306f\u300cNOPLAT\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u2212\u8a2d\u5099\u6295\u8cc7\u00b1\u904b\u8ee2\u8cc7\u672c\u5897\u6e1b\u984d\u300d\u3067\u8a08\u7b97\u3057\u3001NOPLAT\u3068\u306f\u3001\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u306e\u3053\u3068\u3067\u3001EBIT\u00d7(1\u2212\u5b9f\u52b9\u7a0e\u7387)\u3067\u6c42\u3081\u307e\u3059\u3002\u5c06\u6765\u306e\u6295\u8cc7\u984d\u3084\u904b\u8ee2\u8cc7\u672c\u306e\u5909\u52d5\u3082\u5fd8\u308c\u305a\u306b\u53cd\u6620\u3057\u307e\u3059\u3002<\/td><\/tr>
              \u2461\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b<\/td>\u6b21\u306b\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\u305fWACC\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002WACC\u306f\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u969b\u306b\u8ca0\u62c5\u3059\u308b\u671f\u5f85\u53ce\u76ca\u7387\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u307b\u3069\u6570\u5024\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/td><\/tr>
              \u2462\u5404\u5e74FCF\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f<\/td>\u30b9\u30c6\u30c3\u30d7\u2460\u3067\u6c42\u3081\u305fFCF\u3092\u3001\u30b9\u30c6\u30c3\u30d7\u2461\u306eWACC\u3067\u5e74\u5ea6\u3054\u3068\u306b\u5272\u308a\u5f15\u304d\u3001\u73fe\u5728\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/td><\/tr>
              \u2463\u7d99\u7d9a\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b<\/td>\u4e88\u6e2c\u671f\u9593\u7d42\u4e86\u5f8c\u3082\u4e8b\u696d\u304c\u6c38\u7d9a\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3001\u30bf\u30fc\u30df\u30ca\u30ebFCF\u3092\u7528\u3044\u3066\u7d99\u7d9a\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002\u65b9\u6cd5\u306f\u6c38\u4e45\u6210\u9577\u7387\u30e2\u30c7\u30eb\u3068\u58f2\u5374\u30de\u30eb\u30c1\u30d7\u30eb\u30e2\u30c7\u30eb\u306e2\u901a\u308a\u304c\u3042\u308a\u307e\u3059\u3002<\/td><\/tr>
              \u2464\u4e8b\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b<\/td>\u4e88\u6e2c\u671f\u9593\u90e8\u5206\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08\u3068\u7d99\u7d9a\u4fa1\u5024\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5408\u7b97\u3057\u3001\u4e8b\u696d\u4fa1\u5024\u3092\u5c0e\u304d\u307e\u3059\u3002<\/td><\/tr>
              \u2465\u4f01\u696d\u4fa1\u5024\u30fb\u682a\u4e3b\u4fa1\u5024\u3078\u5c55\u958b\u3059\u308b<\/td>\u4e8b\u696d\u4fa1\u5024\u306b\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u52a0\u7b97\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u306a\u3069\u50b5\u6a29\u8005\u306b\u5e30\u5c5e\u3059\u308b\u9805\u76ee\u3092\u63a7\u9664\u3059\u308b\u3053\u3068\u3067\u682a\u4e3b\u4fa1\u5024\u3092\u5c0e\u51fa\u3057\u307e\u3059\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              \u5404\u30b9\u30c6\u30c3\u30d7\u3092\u9806\u756a\u306b\u5b9f\u65bd\u3059\u308b\u3053\u3068\u3067\u3001\u4e8b\u696d\u4fa1\u5024\u304b\u3089\u682a\u4e3b\u4fa1\u5024\u307e\u3067\u5c0e\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u25b7\u95a2\u9023\uff1a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u30fb\u30de\u30a4\u30ca\u30b9\u3092\u6539\u5584\u30fb\u4f01\u696d\u4fa1\u5024\u3068\u306e\u95a2\u4fc2<\/a><\/p>\n\n\n\n

              DCF\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h2>\n\n\n\n

              DCF\u6cd5\u3092\u63a1\u7528\u3059\u308b\u969b\u306f\u9577\u6240\u3068\u77ed\u6240\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002\u3053\u3053\u3067\u306f\u4ee3\u8868\u7684\u306a\u30dd\u30a4\u30f3\u30c8\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n