{"id":2181,"date":"2025-10-20T20:28:03","date_gmt":"2025-10-20T11:28:03","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&#038;p=2181"},"modified":"2025-10-20T20:28:03","modified_gmt":"2025-10-20T11:28:03","slug":"explanation-of-acquisition-methods-and-acquisition-costs-related-to-unlisted-shares-privately-held-shares","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/explanation-of-acquisition-methods-and-acquisition-costs-related-to-unlisted-shares-privately-held-shares\/","title":{"rendered":"\u975e\u4e0a\u5834\u682a\u5f0f\u3068\u306f\uff1f\u53d6\u5f97\u65b9\u6cd5\uff08M&amp;A\u30fb\u76f8\u7d9a\u8d08\u4e0e\u307b\u304b\uff09\u30fb\u8a55\u4fa1\u30fb\u53d6\u5f97\u4fa1\u984d"},"content":{"rendered":"\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306b\u306f\u3001M&amp;A\u3084\u76f4\u63a5\u4ea4\u6e09\u3001\u76f8\u7d9a\u306a\u3069\u69d8\u3005\u306a\u53d6\u5f97\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u305d\u308c\u3089\u306e\u8a55\u4fa1\u65b9\u6cd5\u3084\u7a0e\u52d9\u4e0a\u306e\u6ce8\u610f\u70b9\u3092\u7db2\u7f85\u7684\u306b\u7d39\u4ecb\u3057\u307e\u3059\u3002\u975e\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u53d6\u5f97\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u65b9\u306f\u3054\u53c2\u8003\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<div 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class=\"ark-block-toc__link\">\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3<\/a><\/li><li><a href=\"#arkb-toc-7\" class=\"ark-block-toc__link\">\u76f8\u7d9a\u3084\u8d08\u4e0e<\/a><\/li><li><a href=\"#arkb-toc-8\" class=\"ark-block-toc__link\">\u30af\u30e9\u30a6\u30c9\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-9\" class=\"ark-block-toc__link\">\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u304c\u5fc5\u8981\u306a\u5834\u5408<\/a><\/li><li><a href=\"#arkb-toc-10\" class=\"ark-block-toc__link\">\u975e\u516c\u958b\u682a\u5f0f\u306e\u8a55\u4fa1\u65b9\u6cd5<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-11\" class=\"ark-block-toc__link\">\u7a0e\u6cd5\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u65b9\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-12\" class=\"ark-block-toc__link\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u65b9\u6cd5<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-13\" class=\"ark-block-toc__link\">\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u53d6\u5f97\u4fa1\u984d<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-14\" class=\"ark-block-toc__link\">\u53d6\u5f97\u4ed8\u968f\u8cbb\u7528\u306e\u7bc4\u56f2<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-15\" class=\"ark-block-toc__link\">\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u53d6\u5f97\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n<p>\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&amp;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<p class=\"has-arkb-anchor-color has-text-color 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class=\"wp-block-heading\">\u975e\u4e0a\u5834\u682a\u5f0f\u3068\u306f<\/h2>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u3068\u306f\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3055\u308c\u3066\u3044\u306a\u3044\u4f01\u696d\u306e\u682a\u5f0f\u3092\u6307\u3057\u307e\u3059\u3002\u65e5\u672c\u306e\u4f01\u696d\u6570\u306f\u7d04178\u4e07\u793e<sup>\u203b1<\/sup>\u5b58\u5728\u3057\u307e\u3059\u304c\u3001\u305d\u306e\u3046\u3061\u4e0a\u5834\u4f01\u696d\u306f\u308f\u305a\u304b3,900\u793e<sup>\u203b2<\/sup>\u307b\u3069\u3067\u3001\u5168\u4f53\u306e\u7d040.1%\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u3064\u307e\u308a\u3001\u65e5\u672c\u4f01\u696d\u306e99.9%\u304c\u975e\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308a\u3001\u305d\u306e\u682a\u5f0f\u304c\u975e\u4e0a\u5834\u682a\u5f0f\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size\">\u203b1 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class=\"wp-block-heading\">\u8b72\u6e21\u5236\u9650<\/h4>\n\n\n\n<p>\u591a\u304f\u306e\u975e\u4e0a\u5834\u682a\u5f0f\u306b\u306f\u3001\u4f1a\u793e\u6cd5\u4e0a\u3067\u898f\u5b9a\u3055\u308c\u305f\u8b72\u6e21\u5236\u9650\u304c\u4ed8\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u300d\u3068\u547c\u3070\u308c\u3001\u682a\u5f0f\u306e\u8b72\u6e21\u6642\u306b\u767a\u884c\u4f1a\u793e\u306e\u627f\u8a8d\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u591a\u304f\u306f\u4e2d\u5c0f\u4f01\u696d\u304c\u767a\u884c\u3057\u3066\u304a\u308a\u3001\u4f1a\u793e\u304c\u610f\u56f3\u3057\u306a\u3044\u682a\u4e3b\u304c\u7d4c\u55b6\u306b\u95a2\u4e0e\u3059\u308b\u3053\u3068\u3092\u9632\u3050\u305f\u3081\u3001\u8b72\u6e21\u5236\u9650\u304c\u8a2d\u3051\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-091eb09061e00b080f9131d668fdca7b\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/about-ma\/\">M&amp;A\u3068\u306f\uff5c\u76ee\u7684\u3084\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3001\u624b\u6cd5\u3001\u6d41\u308c\u3092\u7c21\u5358\u306b\u89e3\u8aac<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-2\" class=\"wp-block-heading\">\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u7406\u7531<\/h3>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u53d6\u5f97\u3092\u691c\u8a0e\u3059\u308b\u7406\u7531\u306f\u4e3b\u306b3\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th>\u53d6\u5f97\u7406\u7531<\/th><th>\u4e3b\u306a\u76ee\u7684<\/th><th>\u671f\u5f85\u3055\u308c\u308b\u52b9\u679c<\/th><th>\u5177\u4f53\u7684\u306a\u30e1\u30ea\u30c3\u30c8<\/th><\/tr><\/thead><tbody><tr><td>\u5c06\u6765\u306e\u4e0a\u5834\u3092\u898b\u636e\u3048\u305f\u5148\u7269\u8cb7\u3044<\/td><td>\u4e0a\u5834\u524d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u3092\u4e8b\u524d\u306b\u53d6\u5f97\u3057\u3001\u4e0a\u5834\u6642\u306e\u682a\u4fa1\u4e0a\u6607\u306b\u3088\u308b\u5229\u76ca\u3092\u7372\u5f97<\/td><td>\u6bd4\u8f03\u7684\u4f4e\u4fa1\u683c\u3067\u682a\u5f0f\u3092\u53d6\u5f97\u3067\u304d\u3001\u4e0a\u5834\u6642\u306b\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027<\/td><td>\u6210\u9577\u6027\u306e\u9ad8\u3044\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u3084\u9769\u65b0\u7684\u306a\u6280\u8853\u3092\u6301\u3064\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u3067\u3001\u4e0a\u5834\u6642\u306e\u682a\u4fa1\u4e0a\u6607\u306b\u3088\u308b\u5229\u76ca\u3092\u4eab\u53d7\u3067\u304d\u307e\u3059\u3002\u901a\u5e38\u306e\u682a\u5f0f\u6295\u8cc7\u3092\u8d85\u3048\u308b\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u304c\u898b\u8fbc\u3081\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059<\/td><\/tr><tr><td>\u4e8b\u696d\u627f\u7d99\u554f\u984c\u306e\u89e3\u6c7a\u3068\u6210\u9577\u652f\u63f4<\/td><td>\u5f8c\u7d99\u8005\u4e0d\u5728\u306e\u4e2d\u5c0f\u4f01\u696d\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u7d4c\u55b6\u306b\u53c2\u753b\u3057\u3066\u652f\u63f4<\/td><td>\u793e\u4f1a\u554f\u984c\u3067\u3042\u308b\u4e8b\u696d\u627f\u7d99\u554f\u984c\u306e\u89e3\u6c7a\u306b\u8ca2\u732e\u3057\u306a\u304c\u3089\u3001\u4f01\u696d\u306e\u6210\u9577\u3092\u652f\u63f4\u3067\u304d\u308b<\/td><td>\u8b72\u6e21\u4f01\u696d\u306e\u5f8c\u7d99\u8005\u4e0d\u5728\u554f\u984c\u306e\u89e3\u6c7a\u3001\u7d4c\u55b6\u8cc7\u6e90\u306e\u88dc\u5b8c\u3001\u8ca1\u52d9\u57fa\u76e4\u306e\u5f37\u5316\u3001\u65b0\u898f\u4e8b\u696d\u5c55\u958b\u306e\u30b5\u30dd\u30fc\u30c8\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002\u512a\u308c\u305f\u6280\u8853\u3084\u30b5\u30fc\u30d3\u30b9\u3092\u6301\u3064\u4f01\u696d\u3092\u652f\u63f4\u3059\u308b\u3053\u3068\u3067\u3001\u5730\u57df\u7d4c\u6e08\u306e\u6d3b\u6027\u5316\u306b\u3082\u5bc4\u4e0e\u3057\u307e\u3059<\/td><\/tr><tr><td>\u81ea\u793e\u306e\u4e8b\u696d\u898f\u6a21\u62e1\u5927<\/td><td>\u512a\u308c\u305f\u6280\u8853\u3084\u30b5\u30fc\u30d3\u30b9\u3092\u6301\u3064\u4f01\u696d\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u7d4c\u55b6\u7d71\u5408\u3092\u56f3\u308b\uff08M&amp;A\uff09<\/td><td>\u77ed\u671f\u9593\u3067\u4e8b\u696d\u898f\u6a21\u3092\u62e1\u5927\u3057\u3001\u7af6\u4e89\u529b\u3092\u5f37\u5316\u3067\u304d\u308b<\/td><td>\u81ea\u793e\u306b\u306a\u3044\u6280\u8853\u3084\u30ce\u30a6\u30cf\u30a6\u306e\u7372\u5f97\u3001\u30b5\u30fc\u30d3\u30b9\u30e9\u30a4\u30f3\u306e\u62e1\u5145\u306b\u3088\u308b\u9867\u5ba2\u6e80\u8db3\u5ea6\u306e\u5411\u4e0a\u3001\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306b\u3088\u308b\u53cc\u65b9\u306e\u4e8b\u696d\u898f\u6a21\u62e1\u5927\u3001\u7d4c\u55b6\u6226\u7565\u5b9f\u73fe\u306e\u30b9\u30d4\u30fc\u30c9\u30a2\u30c3\u30d7\u304c\u5b9f\u73fe\u3067\u304d\u307e\u3059\u3002\u7279\u306b\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u7d4c\u55b6\u8cc7\u6e90\u306e\u4e0d\u8db3\u3084\u5f8c\u7d99\u8005\u554f\u984c\u306a\u3069\u306e\u8ab2\u984c\u3092\u62b1\u3048\u3066\u3044\u308b\u4f01\u696d\u304c\u591a\u304f\u5b58\u5728\u3059\u308b\u305f\u3081\u3001\u8b72\u53d7\u306b\u3088\u3063\u3066\u53cc\u65b9\u306b\u30e1\u30ea\u30c3\u30c8\u304c\u751f\u307e\u308c\u307e\u3059<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306f\u6d41\u52d5\u6027\u306b\u6b20\u3051\u308b\u3068\u3044\u3046\u30c7\u30e1\u30ea\u30c3\u30c8\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u9069\u5207\u306a\u4f01\u696d\u3092\u9078\u5b9a\u3057\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3001\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u3084\u4e8b\u696d\u62e1\u5927\u306e\u30c1\u30e3\u30f3\u30b9\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-c1ea2448c2b68d7042c28a20b515ce25\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/acquisition\/\">\u4f01\u696d\u8cb7\u53ce\u3068\u306f\uff1f\u76ee\u7684\u30fb\u5229\u70b9\u3068\u6b20\u70b9\u30fb\u7a2e\u985e\u3068\u624b\u6cd5\u30fb\u6d41\u308c\u30fbM&amp;A\u306e\u6ce8\u610f\u70b9<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-3\" class=\"wp-block-heading\">\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u65b9\u6cd5<\/h2>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306f\u4e0a\u5834\u682a\u5f0f\u3068\u7570\u306a\u308a\u3001\u78ba\u7acb\u3055\u308c\u305f\u53d6\u5f15\u5e02\u5834\u304c\u5b58\u5728\u3057\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u53d6\u5f97\u65b9\u6cd5\u3082\u4e0a\u5834\u682a\u5f0f\u3068\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"865\" height=\"671\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-148.png\" alt=\"\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u5834\u5408\u30fb\u65b9\u6cd5\" class=\"wp-image-5045\" style=\"width:703px;height:auto\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-148.png 865w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-148-640x496.png 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/image-148-768x596.png 768w\" sizes=\"(max-width: 865px) 100vw, 865px\" \/><\/figure>\n<\/div>\n\n\n<p>\u4ee5\u4e0b\u306b\u3001\u4e3b\u306a\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u53d6\u5f97\u65b9\u6cd5\u30925\u3064\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-347b7ca00d5b0ba366fca99cdea3c32b\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/types-of-ma\/\">M&amp;A\u624b\u6cd5\u306e\u7a2e\u985e\u306f\uff1f\u5e83\u7fa9\u3068\u72ed\u7fa9\u30fb\u30b9\u30ad\u30fc\u30e0\u306e\u9078\u629e\u30fb\u4e8b\u4f8b\u3082\u7d39\u4ecb<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-4\" class=\"wp-block-heading\">M&amp;A\uff08\u4f01\u696d\u8cb7\u53ce\uff09<\/h3>\n\n\n\n<p>M&amp;A\u306f\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u4ee3\u8868\u7684\u306a\u65b9\u6cd5\u306e\u4e00\u3064\u3067\u3059\u3002\u7279\u306b\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u554f\u984c\u306e\u89e3\u6c7a\u7b56\u3084\u3001\u81ea\u793e\u306e\u4e8b\u696d\u62e1\u5927\u6226\u7565\u306e\u4e00\u74b0\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u5897\u3048\u3066\u3044\u307e\u3059\u3002M&amp;A\u306b\u3088\u308b\u975e\u4e0a\u5834\u682a\u5f0f\u53d6\u5f97\u306e\u7279\u5fb4\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30b9\u30ad\u30fc\u30e0\u306e\u591a\u69d8\u6027<\/h4>\n\n\n\n<p>\u682a\u5f0f\u8b72\u6e21\u3001\u4e8b\u696d\u8b72\u6e21\u3001\u5408\u4f75\u306a\u3069\u3001\u69d8\u3005\u306a\u30b9\u30ad\u30fc\u30e0\u304c\u3042\u308a\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3067\u306f\u3001\u624b\u7d9a\u304d\u304c\u6bd4\u8f03\u7684\u7c21\u4fbf\u306a\u300c\u682a\u5f0f\u8b72\u6e21\u30b9\u30ad\u30fc\u30e0\u300d\u304c\u591a\u304f\u63a1\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u5c02\u9580\u5bb6\u306e\u4ecb\u5728<\/h4>\n\n\n\n<p><a href=\"https:\/\/mitsukijapan.com\/ma\/column\/ma-intermediary\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">M&amp;A\u4ef2\u4ecb\u4f1a\u793e<\/mark><\/a>\u3084\u5f01\u8b77\u58eb\u3001\u4f1a\u8a08\u58eb\u306a\u3069\u306e\u5c02\u9580\u5bb6\u304c\u95a2\u4e0e\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u56fd\u306e\u63a8\u9032<\/h4>\n\n\n\n<p>\u5f8c\u7d99\u8005\u554f\u984c\u306e\u89e3\u6c7a\u3084\u7d4c\u6e08\u6d3b\u6027\u5316\u306e\u305f\u3081\u3001\u56fd\u304cM&amp;A\u3092\u63a8\u9032\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u7a0e\u5236\u512a\u9047<\/h4>\n\n\n\n<p>M&amp;A\u306b\u95a2\u9023\u3059\u308b\u7a0e\u5236\u512a\u9047\u63aa\u7f6e\u304c\u8a2d\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-4a1ee00b93ffa6cd1a7233a0774b53d3\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/tax-incentives-available-ma-management-resource-intensive-tax-system\/\">\u7d4c\u55b6\u8cc7\u6e90\u96c6\u7d04\u5316\u7a0e\u5236\u3068\u306f\uff1fM&amp;A\u306b\u5229\u7528\u3067\u304d\u308b\u6e1b\u7a0e\u63aa\u7f6e\u306e\u5185\u5bb9\u30fb\u8981\u4ef6<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-5\" class=\"wp-block-heading\">\u76f4\u63a5\u4ea4\u6e09<\/h3>\n\n\n\n<p>\u53d6\u5f97\u3057\u305f\u3044\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u767a\u884c\u3059\u308b\u4f1a\u793e\u3068\u76f4\u63a5\u4ea4\u6e09\u3057\u3066\u53d6\u5f97\u3059\u308b\u30b1\u30fc\u30b9\u3067\u3001\u4e0a\u8a18\u306eM&amp;A\u3082\u76f4\u63a5\u53d6\u5f97\u306e\uff11\u7a2e\u3067\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306f\u3001M&amp;A\u306e\u3088\u3046\u306b\u5bfe\u8c61\u4f1a\u793e\u306e\u652f\u914d\u6a29\u3092\u53d6\u5f97\u3057\u306a\u3044\u307e\u3067\u3082\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u76ee\u7684\u3067\u691c\u8a0e\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u53d6\u5f15\u95a2\u4fc2\u306e\u5f37\u5316\uff1a\u8ca9\u58f2\u5148\u3084\u4ed5\u5165\u5148\u3068\u306e\u95a2\u4fc2\u5f37\u5316\u3092\u76ee\u7684\u3068\u3057\u305f\u682a\u5f0f\u53d6\u5f97<\/li>\n\n\n\n<li>\u8cc7\u91d1\u63f4\u52a9\uff1a\u53d6\u5f15\u5148\u3078\u306e\u8cc7\u91d1\u63f4\u52a9\u306e\u4e00\u74b0\u3068\u3057\u3066\u306e\u682a\u5f0f\u53d6\u5f97<\/li>\n\n\n\n<li>\u696d\u52d9\u63d0\u643a\uff1a\u696d\u52d9\u63d0\u643a\u306e\u4e00\u74b0\u3068\u3057\u3066\u306e\u682a\u5f0f\u306e\u76f8\u4e92\u4fdd\u6709<\/li>\n<\/ul>\n\n\n\n<p>\u76f4\u63a5\u4ea4\u6e09\u306b\u3088\u308b\u53d6\u5f97\u306f\u3001\u5f53\u4e8b\u8005\u9593\u306e\u95a2\u4fc2\u6027\u3084\u4ea4\u6e09\u529b\u306b\u5927\u304d\u304f\u4f9d\u5b58\u3059\u308b\u305f\u3081\u3001\u53d6\u5f97\u306e\u53ef\u5426\u3084\u6761\u4ef6\u304c\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\u3068\u3044\u3046\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-206539d0e659bfbcfea49a650e363725\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/basic-explanation-of-the-difference-between-mampa-and-capital-alliance\/\">\u8cc7\u672c\u63d0\u643a\u3068\u306f\uff1f\u696d\u52d9\u63d0\u643a\u3084\u5b50\u4f1a\u793e\u5316\u3068\u306e\u9055\u3044\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-6\" class=\"wp-block-heading\">\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3<\/h3>\n\n\n\n<p>\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306a\u3069\u3067\u306f\u3001\u4ee5\u4e0b\u306e\u76ee\u7684\u3067\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u5236\u5ea6\u3092\u5c0e\u5165\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5f79\u54e1\u30fb\u5f93\u696d\u54e1\u306e\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3\u5411\u4e0a<\/li>\n\n\n\n<li>\u512a\u79c0\u306a\u4eba\u6750\u306e\u78ba\u4fdd<\/li>\n\n\n\n<li>\u8cc7\u91d1\u8abf\u9054\u306e\u624b\u6bb5<\/li>\n<\/ul>\n\n\n\n<p>\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u3001\u5c06\u6765\u7684\u306b\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u4e00\u5b9a\u306e\u4fa1\u683c\u3067\u53d6\u5f97\u3067\u304d\u308b\u6a29\u5229\u3067\u3059\u3002\u3053\u306e\u6a29\u5229\u3092\u884c\u4f7f\u3059\u308b\u3053\u3068\u3067\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-ba29702f3cf7c0bba6bf72fb9a33f4bb\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-a-startup-success\/\">\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7M&amp;A\u306e\u6210\u529f\u30dd\u30a4\u30f3\u30c8\uff5c\u6210\u9577\u3068\u30a8\u30b0\u30b8\u30c3\u30c8\u6226\u7565<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-7\" class=\"wp-block-heading\">\u76f8\u7d9a\u3084\u8d08\u4e0e<\/h3>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u6240\u6709\u8005\u304c\u901d\u53bb\u3057\u305f\u969b\u306e\u76f8\u7d9a\u3084\u3001\u751f\u524d\u306e\u7d4c\u55b6\u6a29\u8b72\u6e21\u306b\u4f34\u3046\u8d08\u4e0e\u306b\u3088\u3063\u3066\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002\u4e3b\u306b\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30d1\u30bf\u30fc\u30f3\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u89aa\u65cf\u5185\u3067\u306e\u76f8\u7d9a<\/li>\n\n\n\n<li>\u89aa\u65cf\u5185\u3067\u306e\u751f\u524d\u8d08\u4e0e<\/li>\n\n\n\n<li>\u5f93\u696d\u54e1\uff08\u756a\u982d\u306a\u3069\uff09\u3078\u306e\u8d08\u4e0e<\/li>\n<\/ul>\n\n\n\n<p>\u76f8\u7d9a\u3084\u8d08\u4e0e\u306e\u5834\u5408\u3001\u76f8\u7d9a\u7a0e\u3084\u8d08\u4e0e\u7a0e\u306a\u3069\u306e\u7a0e\u52d9\u4e0a\u306e\u554f\u984c\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u7a0e\u7406\u58eb\u306a\u3069\u306e\u5c02\u9580\u5bb6\u306b\u76f8\u8ac7\u3059\u308b\u3053\u3068\u304c\u63a8\u5968\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-8\" class=\"wp-block-heading\">\u30af\u30e9\u30a6\u30c9\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0<\/h3>\n\n\n\n<p>\u8fd1\u5e74\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u65b0\u3057\u3044\u53d6\u5f97\u65b9\u6cd5\u3068\u3057\u3066\u6ce8\u76ee\u3055\u308c\u3066\u3044\u308b\u306e\u304c\u3001\u30af\u30e9\u30a6\u30c9\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u6d3b\u7528\u3057\u305f\u6295\u8cc7\u3067\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306e\u7279\u5fb4\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5c11\u984d\u304b\u3089\u6295\u8cc7\u53ef\u80fd\uff1a\u6bd4\u8f03\u7684\u5c11\u984d\u304b\u3089\u975e\u4e0a\u5834\u4f01\u696d\u3078\u306e\u6295\u8cc7\u304c\u53ef\u80fd<\/li>\n\n\n\n<li>\u591a\u69d8\u306a\u4f01\u696d\u3078\u306e\u6295\u8cc7\u6a5f\u4f1a\uff1a\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u3084\u5730\u57df\u306e\u4e2d\u5c0f\u4f01\u696d\u306a\u3069\u3001\u591a\u69d8\u306a\u4f01\u696d\u3078\u306e\u6295\u8cc7\u6a5f\u4f1a\u304c\u3042\u308b<\/li>\n\n\n\n<li>\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u306e\u624b\u7d9a\u304d\uff1a\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u3092\u901a\u3058\u3066\u7c21\u5358\u306b\u6295\u8cc7\u624b\u7d9a\u304d\u304c\u53ef\u80fd<\/li>\n<\/ul>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u30af\u30e9\u30a6\u30c9\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u901a\u3058\u305f\u975e\u4e0a\u5834\u682a\u5f0f\u6295\u8cc7\u306b\u306f\u3001\u30ea\u30b9\u30af\u3082\u4f34\u3046\u305f\u3081\u3001\u6295\u8cc7\u5224\u65ad\u306b\u306f\u614e\u91cd\u306a\u691c\u8a0e\u304c\u5fc5\u8981\u3067\u3059<a target=\"_blank\" rel=\"noreferrer noopener\" href=\"https:\/\/mitsukijapan.com\/ma\/column\/explanation-of-acquisition-methods-and-acquisition-costs-related-to-unlisted-shares-privately-held-shares\/\">1<\/a>\u3002\u3053\u308c\u3089\u306e\u53d6\u5f97\u65b9\u6cd5\u306f\u305d\u308c\u305e\u308c\u7279\u5fb4\u3084\u624b\u7d9a\u304d\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u81ea\u793e\u306e\u76ee\u7684\u3084\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u6700\u9069\u306a\u65b9\u6cd5\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u307e\u305f\u3001\u6cd5\u7684\u624b\u7d9a\u304d\u3084\u7a0e\u52d9\u4e0a\u306e\u5f71\u97ff\u3082\u7570\u306a\u308b\u305f\u3081\u3001\u5c02\u9580\u5bb6\u306e\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u53d7\u3051\u306a\u304c\u3089\u9032\u3081\u308b\u3053\u3068\u3092\u304a\u52e7\u3081\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-abd53422e753d650210d7959407589ab\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/ma-investment-differences-stock-investment-merit-demerit\/\">M&amp;A\u306b\u3088\u308b\u4e8b\u696d\u6295\u8cc7\uff5c\u6e1b\u7a0e\u30fb\u56de\u53ce\u671f\u9593\u306e\u76ee\u5b89\u30fb\u6295\u8cc7\u57fa\u6e96\u30fb\u6295\u8cc7\u67a0\u3068\u306f<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-9\" class=\"wp-block-heading\">\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u304c\u5fc5\u8981\u306a\u5834\u5408<\/h2>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306f\u3001\u69d8\u3005\u306a\u5834\u9762\u3067\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002\u9069\u5207\u306a\u8a55\u4fa1\u3092\u884c\u308f\u306a\u3044\u3068\u4e88\u671f\u305b\u306c\u7a0e\u52d9\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u5c02\u9580\u5bb6\u3078\u306e\u76f8\u8ac7\u304c\u63a8\u5968\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th>\u30b1\u30fc\u30b9<\/th><th>\u8a55\u4fa1\u304c\u5fc5\u8981\u3068\u306a\u308b\u5834\u9762<\/th><th>\u4e3b\u306a\u76ee\u7684<\/th><th>\u6ce8\u610f\u70b9\u30fb\u7a0e\u52d9\u4e0a\u306e\u30dd\u30a4\u30f3\u30c8<\/th><\/tr><\/thead><tbody><tr><td>\u682a\u5f0f\u58f2\u8cb7\u6642<\/td><td>\u89aa\u65cf\u9593\u3067\u306e\u682a\u5f0f\u58f2\u8cb7\u3001\u5f79\u54e1\u30fb\u5f93\u696d\u54e1\u3078\u306e\u682a\u5f0f\u8b72\u6e21\u3001\u7b2c\u4e09\u8005\u9593\u3067\u306eM&amp;A<\/td><td>\u9069\u5207\u306a\u53d6\u5f15\u4fa1\u683c\u306e\u6c7a\u5b9a\u3001\u8b72\u6e21\u640d\u76ca\u306e\u8a08\u7b97<\/td><td>\u682a\u5f0f\u58f2\u8cb7\u306b\u4fc2\u308b\u8b72\u6e21\u640d\u76ca\u306f\u8ab2\u7a0e\u5bfe\u8c61\u3068\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u89aa\u65cf\u9593\u3067\u306e\u53d6\u5f15\u306e\u5834\u5408\u3001\u7a0e\u6cd5\u4e0a\u306e\u8a55\u4fa1\u984d\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u91d1\u984d\u3067\u306e\u53d6\u5f15\u306f\u8d08\u4e0e\u7a0e\u306e\u8ab2\u7a0e\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u8a55\u4fa1\u984d\u304c5,000\u4e07\u5186\u306e\u682a\u5f0f\u30921,000\u4e07\u5186\u3067\u58f2\u8cb7\u3057\u305f\u5834\u5408\u3001\u5dee\u984d\u306e4,000\u4e07\u5186\u304c\u8d08\u4e0e\u7a0e\u306e\u8ab2\u7a0e\u5bfe\u8c61\u3068\u306a\u308a\u3001\u7d041,800\u4e07\u5186\u306e\u7a0e\u91d1\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059<\/td><\/tr><tr><td>\u76f8\u7d9a\u767a\u751f\u6642<\/td><td>\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3066\u3044\u305f\u682a\u4e3b\u304c\u901d\u53bb\u3057\u3001\u76f8\u7d9a\u304c\u767a\u751f\u3057\u305f\u5834\u5408<\/td><td>\u907a\u7523\u5206\u5272\u5354\u8b70\u306e\u305f\u3081\u3001\u76f8\u7d9a\u7a0e\u306e\u8a08\u7b97\u306e\u305f\u3081<\/td><td>\u76f8\u7d9a\u4eba\u9593\u3067\u516c\u5e73\u306b\u8ca1\u7523\u3092\u5206\u5272\u3059\u308b\u305f\u3081\u306b\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u6b63\u78ba\u306a\u8a55\u4fa1\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u984d\u306b\u3088\u3063\u3066\u306f\u3001\u73fe\u91d1\u304c\u306a\u304f\u3066\u3082\u591a\u984d\u306e\u76f8\u7d9a\u7a0e\u3092\u7d0d\u4ed8\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u72b6\u6cc1\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u4e8b\u524d\u306e\u76f8\u7d9a\u5bfe\u7b56\u3084\u7d0d\u7a0e\u8cc7\u91d1\u306e\u6e96\u5099\u304c\u91cd\u8981\u3068\u306a\u308a\u307e\u3059<\/td><\/tr><tr><td>\u8d08\u4e0e\u6642<\/td><td>\u682a\u4e3b\u304b\u3089\u4ed6\u306e\u682a\u4e3b\u3084\u7b2c\u4e09\u8005\u3078\u306e\u682a\u5f0f\u79fb\u8ee2\u3092\u8d08\u4e0e\u3067\u884c\u3046\u5834\u5408<\/td><td>\u8d08\u4e0e\u7a0e\u306e\u8a08\u7b97\u306e\u305f\u3081<\/td><td>\u57fa\u790e\u63a7\u9664\u984d\u306f110\u4e07\u5186\u3067\u3001110\u4e07\u5186\u672a\u6e80\u306e\u8d08\u4e0e\u306f\u975e\u8ab2\u7a0e\u3067\u3059\u3002110\u4e07\u5186\u4ee5\u4e0a\u306e\u8d08\u4e0e\u306f\u8d08\u4e0e\u7a0e\u306e\u8ab2\u7a0e\u5bfe\u8c61\u3068\u306a\u308a\u307e\u3059\u3002\u9069\u5207\u306a\u682a\u5f0f\u8a55\u4fa1\u3092\u884c\u308f\u306a\u3044\u3068\u3001\u4e88\u671f\u305b\u306c\u7a0e\u52d9\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u30b1\u30fc\u30b9\u306b\u304a\u3044\u3066\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306b\u306f\u5c02\u9580\u7684\u306a\u77e5\u8b58\u3068\u7d4c\u9a13\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002\u7a0e\u7406\u58eb\u3084\u516c\u8a8d\u4f1a\u8a08\u58eb\u306a\u3069\u306e\u5c02\u9580\u5bb6\u306b\u76f8\u8ac7\u3059\u308b\u3053\u3068\u3067\u3001\u9069\u5207\u306a\u8a55\u4fa1\u65b9\u6cd5\u306e\u9078\u629e\u3084\u8a55\u4fa1\u7d50\u679c\u306e\u59a5\u5f53\u6027\u306e\u78ba\u8a8d\u3001\u7a0e\u52d9\u30ea\u30b9\u30af\u306e\u8efd\u6e1b\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-10\" class=\"wp-block-heading\">\u975e\u516c\u958b\u682a\u5f0f\u306e\u8a55\u4fa1\u65b9\u6cd5<\/h2>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306f\u3001\u4e0a\u5834\u682a\u5f0f\u3068\u306f\u7570\u306a\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u5fc5\u8981\u3067\u3059\u3002\u4e0a\u5834\u682a\u5f0f\u306e\u5834\u5408\u3001\u5e02\u5834\u4fa1\u683c\u304c\u5b58\u5728\u3059\u308b\u305f\u3081\u3001\u305d\u306e\u4fa1\u683c\u3092\u57fa\u306b\u8a55\u4fa1\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4e00\u65b9\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306f\u5e02\u5834\u4fa1\u683c\u304c\u5b58\u5728\u3057\u306a\u3044\u305f\u3081\u3001\u5225\u306e\u65b9\u6cd5\u3067\u8a55\u4fa1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u65b9\u6cd5\u306f\u3001\u4e3b\u306b\u4ee5\u4e0b\u306e2\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7a0e\u6cd5\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u65b9\u6cd5\uff08\u7a0e\u52d9\u4e0a\u306e\u682a\u4fa1\uff09<\/li>\n\n\n\n<li>\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u65b9\u6cd5\uff08\u7b2c\u4e09\u8005\u9593\u306e\u9069\u6b63\u6642\u4fa1\uff09<\/li>\n<\/ul>\n\n\n\n<h3 id=\"arkb-toc-11\" class=\"wp-block-heading\">\u7a0e\u6cd5\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n\n\n\n<p>\u7a0e\u52d9\u4e0a\u306e\u682a\u4fa1\u306f\u3001\u58f2\u8cb7\u3059\u308b\u5f53\u4e8b\u8005\u306e\u5c5e\u6027\u306b\u3088\u3063\u3066\u3001\u7570\u306a\u308b\u7a2e\u985e\u306e\u7a0e\u6cd5\u304c\u9069\u7528\u3055\u308c\u307e\u3059\u3002\u4ee5\u4e0b\u306f\u3001\u3042\u304f\u307e\u3067\u3082\u539f\u5247\u7684\u306a\u53d6\u6271\u3044\u3067\u3059\u304c\u3001\u30e1\u30eb\u30af\u30de\u30fc\u30eb\u3068\u3057\u3066\u793a\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6cd5\u4eba\u306e\u5834\u5408\uff1a\u6cd5\u4eba\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1<\/li>\n\n\n\n<li>\u6cd5\u4eba\u500b\u4eba\u9593\u53d6\u5f15\u306b\u304a\u3051\u308b\u500b\u4eba\uff1a\u6240\u5f97\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1<\/li>\n\n\n\n<li>\u89aa\u65cf\u5185\u53d6\u5f15\u306b\u304a\u3051\u308b\u500b\u4eba\uff1a\u76f8\u7d9a\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1<\/li>\n<\/ul>\n\n\n\n<p>\u4e0a\u8a18\u306e\u3046\u3061\u3001\u300c\u6cd5\u4eba\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1\u300d\u3068\u300c\u6240\u5f97\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1\u300d\u306f\u3001\u7b97\u5b9a\u306e\u30d9\u30fc\u30b9\u3092\u300c\u76f8\u7d9a\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1\u300d\u3068\u3057\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u4ee5\u4e0b\u3067\u306f\u300c\u76f8\u7d9a\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1\u300d\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e3b\u8981\u306a\u8a55\u4fa1\u65b9\u6cd5\u306e\u6bd4\u8f03<\/h4>\n\n\n\n<p>\u76f8\u7d9a\u7a0e\u6cd5\u4e0a\u306e\u6642\u4fa1\u304c\u9069\u7528\u3055\u308c\u308b\u76f8\u7d9a\u3084\u8d08\u4e0e\u306e\u5834\u5408\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306f\u56fd\u7a0e\u5e81\u304c\u793a\u3059\u8ca1\u7523\u8a55\u4fa1\u57fa\u672c\u901a\u9054\u306b\u57fa\u3065\u3044\u3066\u884c\u308f\u308c\u307e\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306f\u8ab2\u7a0e\u306e\u516c\u5e73\u6027\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u6a19\u6e96\u5316\u3055\u308c\u305f\u8a55\u4fa1\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table 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id=\"arkb-toc-12\" class=\"wp-block-heading\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u65b9\u6cd5<\/h3>\n\n\n\n<p>M&amp;A\u306a\u3069\u306e\u53d6\u5f15\u76ee\u7684\u3067\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u7a0e\u6cd5\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u65b9\u6cd5\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u306f\u306a\u304f\u3001\u8ca1\u52d9\u7406\u8ad6\u306a\u3044\u3057\u5b9f\u52d9\u6163\u7fd2\u3068\u3057\u3066\u78ba\u7acb\u3057\u305f<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/valuation\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u4fa1\u5024\u8a55\u4fa1\u65b9\u6cd5<\/mark><\/a>\u3092\u7528\u3044\u307e\u3059\u3002\u305d\u306e\u4e3b\u306a\u65b9\u6cd5\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c6\u30c3\u30c9\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09<\/h4>\n\n\n\n<p>\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u6210\u9577\u6027\u3084\u5c06\u6765\u6027\u3092\u53cd\u6620\u3067\u304d\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u304c\u3001\u5c06\u6765\u4e88\u6e2c\u306e\u7cbe\u5ea6\u306b\u8a55\u4fa1\u7d50\u679c\u304c\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/h4>\n\n\n\n<p>\u985e\u4f3c\u4f01\u696d\u306e\u682a\u4fa1\u6307\u6a19\uff08PER\u3001PBR\u3001EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u306a\u3069\uff09\u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u6bd4\u8f03\u7684\u7c21\u4fbf\u306b\u7b97\u51fa\u3067\u304d\u307e\u3059\u304c\u3001\u9069\u5207\u306a\u985e\u4f3c\u4f01\u696d\u306e\u9078\u5b9a\u304c\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h4>\n\n\n\n<p>\u7d14\u8cc7\u7523\u4fa1\u984d\u65b9\u5f0f\u3068\u985e\u4f3c\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3088\u308a\u8a73\u7d30\u306b\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u6642\u4fa1\u8a55\u4fa1\u3057\u3001\u306e\u308c\u3093\u7b49\u306e\u7121\u5f62\u8cc7\u7523\u3082\u8003\u616e\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u65b9\u6cd5\u306f\u3001\u53d6\u5f15\u306e\u76ee\u7684\u3084\u5bfe\u8c61\u4f01\u696d\u306e\u7279\u6027\u306b\u5fdc\u3058\u3066\u9069\u5207\u306a\u65b9\u6cd5\u3092\u9078\u629e\u3057\u305f\u308a\u3001\u8907\u6570\u306e\u65b9\u6cd5\u3092\u4f75\u7528\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306f\u3001\u76ee\u7684\u3084\u72b6\u6cc1\u306b\u3088\u3063\u3066\u9069\u5207\u306a\u65b9\u6cd5\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u5c02\u9580\u5bb6\u306e\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u53d7\u3051\u306a\u304c\u3089\u9032\u3081\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u7279\u306b\u3001M&amp;A\u3084\u4e8b\u696d\u627f\u7d99\u306a\u3069\u306e\u91cd\u8981\u306a\u5c40\u9762\u3067\u306f\u3001\u9069\u5207\u306a\u8a55\u4fa1\u304c\u53d6\u5f15\u306e\u6210\u5426\u3084\u7a0e\u52d9\u30ea\u30b9\u30af\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u614e\u91cd\u306a\u5bfe\u5fdc\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-3a24a0b9f0e512cd74e634e0c1b4163b\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-are-the-reasons-and-benefits-of-paying-an-acquisition-premium-in-ma\/\">M&amp;A\u3067\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u682a\u4fa1\u306b\u4ed8\u3051\u308b\u7406\u7531\uff5c\u7b97\u51fa\u65b9\u6cd5\u3084\u6ce8\u610f\u70b9\u3068\u306f<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-13\" 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