{"id":2189,"date":"2026-05-28T11:48:43","date_gmt":"2026-05-28T02:48:43","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2189"},"modified":"2026-05-28T21:31:41","modified_gmt":"2026-05-28T12:31:41","slug":"npv-ma-negotiation","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/npv-ma-negotiation\/","title":{"rendered":"M&A\u306b\u304a\u3051\u308bNPV\uff5c\u58f2\u308a\u624b\u304c\u4fa1\u5024\u8a55\u4fa1\u306e\u4ea4\u6e09\u3092\u6709\u5229\u306b\u9032\u3081\u308b\u65b9\u6cd5"},"content":{"rendered":"\n

\u4f1a\u793e\u58f2\u5374\u306e\u4fa1\u683c\u4ea4\u6e09\u3067\u300c\u8cb7\u3044\u624b\u306f\u3069\u3046\u3057\u3066\u3053\u306e\u91d1\u984d\u3057\u304b\u51fa\u305b\u306a\u3044\u3068\u8a00\u3046\u306e\u304b\u300d\u3068\u7591\u554f\u306b\u611f\u3058\u305f\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u5b9f\u306f\u8cb7\u3044\u624b\u306f\u793e\u5185\u3067NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u3068\u3044\u3046\u6307\u6a19\u3092\u8a08\u7b97\u3057\u3001\u4e0a\u9650\u4fa1\u683c\u3092\u53b3\u5bc6\u306b\u6c7a\u3081\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001NPV\u306e\u57fa\u672c\u69cb\u9020\u304b\u3089\u3001\u8cb7\u3044\u624b\u306e\u5224\u65ad\u30ed\u30b8\u30c3\u30af\u3092\u9006\u624b\u306b\u53d6\u3063\u3066\u4ea4\u6e09\u3092\u6709\u5229\u306b\u9032\u3081\u308b\u5177\u4f53\u7b56\u307e\u3067\u3001\u73fe\u5834\u76ee\u7dda\u3067\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. \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cNPV\u3092\u7406\u89e3\u3059\u3079\u304d\u7406\u7531<\/a>
    1. \u8cb7\u3044\u624b\u306e\u4e0a\u9650\u4fa1\u683c\u306fNPV\u3067\u6c7a\u307e\u3063\u3066\u3044\u308b<\/a><\/li>
    2. NPV\u3092\u77e5\u308c\u3070\u300c\u8a00\u3044\u5024\u4ea4\u6e09\u300d\u304b\u3089\u300c\u8ad6\u7406\u4ea4\u6e09\u300d\u3078\u8ee2\u63db\u3067\u304d\u308b<\/a><\/li><\/ol><\/li>
    3. NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u57fa\u672c\u69cb\u9020<\/a>
      1. NPV\u306e\u8a08\u7b97\u5f0f<\/a><\/li>
      2. \u73fe\u5728\u4fa1\u5024\uff08PV\uff09\u3068\u6642\u9593\u4fa1\u5024<\/a><\/li>
      3. \u5272\u5f15\u7387\u3068\u8cc7\u672c\u30b3\u30b9\u30c8<\/a><\/li>
      4. NPV\u304c\u6295\u8cc7\u5224\u65ad\u3067\u91cd\u8996\u3055\u308c\u308b\u7406\u7531<\/a><\/li><\/ol><\/li>
      5. NPV\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u5177\u4f53\u4f8b<\/a>
        1. \u8a08\u7b97\u306e\u6d41\u308c<\/a><\/li>
        2. \u8a08\u7b97\u4f8b\uff1a5\u5e74\u9593\u306e\u4e8b\u696d\u6295\u8cc7<\/a><\/li>
        3. \u30a8\u30af\u30bb\u30eb\u95a2\u6570\u3092\u4f7f\u3063\u305f\u8a08\u7b97<\/a><\/li><\/ol><\/li>
        4. M&A\u306b\u304a\u3051\u308b\u8cb7\u3044\u624b\u306eNPV\u5224\u65ad\u30ed\u30b8\u30c3\u30af<\/a>
          1. \u8cb7\u3044\u624b\u306fNPV\u3067\u300c\u7d76\u5bfe\u4e0a\u9650\u4fa1\u683c\u300d\u3092\u793e\u5185\u6c7a\u88c1\u3057\u3066\u3044\u308b<\/a><\/li>
          2. NPV\u8a08\u7b97\u3067\u8cb7\u3044\u624b\u304c\u8abf\u6574\u3059\u308b3\u3064\u306e\u5909\u6570<\/a><\/li>
          3. \u58f2\u308a\u624b\u63d0\u793a\u4fa1\u683c\u3068\u8cb7\u3044\u624bNPV\u306e\u4e56\u96e2\u304c\u4ea4\u6e09\u3092\u96e3\u3057\u304f\u3059\u308b<\/a><\/li><\/ol><\/li>
          4. \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cNPV\u3092\u4f7f\u3063\u3066\u4ea4\u6e09\u3092\u6709\u5229\u306b\u3059\u308b5\u3064\u306e\u6226\u7565<\/a>
            1. \u4e8b\u696d\u8a08\u753b\u306e\u7cbe\u7dfb\u5316\u3067NPV\u306e\u5206\u5b50\u3092\u5f15\u304d\u4e0a\u3052\u308b<\/a><\/li>
            2. \u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u5b9a\u91cf\u5316\u3057\u3066\u4e0a\u4e57\u305b\u4fa1\u683c\u306e\u6839\u62e0\u306b\u3059\u308b<\/a><\/li>
            3. \u5272\u5f15\u7387\u306e\u524d\u63d0\u3092\u63e1\u3063\u3066\u4e0b\u3052\u306b\u30d6\u30ec\u30fc\u30ad\u3092\u304b\u3051\u308b<\/a><\/li>
            4. \u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u6761\u9805\u3067NPV\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b<\/a><\/li>
            5. \u60c5\u5831\u958b\u793a\u306e\u900f\u660e\u6027\u304c\u4fe1\u983c\u30d9\u30fc\u30b9\u306e\u4ea4\u6e09\u3092\u751f\u3080<\/a><\/li><\/ol><\/li>
            6. NPV\u3068IRR\u3001\u305d\u306e\u4ed6\u8a55\u4fa1\u6307\u6a19\u306e\u4f7f\u3044\u5206\u3051<\/a>
              1. IRR\u3068\u306e\u9055\u3044<\/a><\/li>
              2. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u4f75\u7528<\/a><\/li><\/ol><\/li>
              3. NPV\u6d3b\u7528\u3067\u9665\u308a\u3084\u3059\u3044\u8aa4\u89e3\u3068\u6ce8\u610f\u70b9<\/a>
                1. \u4e88\u6e2c\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u3069\u3046\u6271\u3046\u304b<\/a><\/li>
                2. \u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u904e\u5927\u8a55\u4fa1<\/a><\/li>
                3. \u8cb7\u3044\u624b\u306e\u793e\u5185\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306e\u5b9f\u614b<\/a><\/li><\/ol><\/li>
                4. \u58f2\u308a\u624b\u306eNPV\u6d3b\u7528\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
                5. NPV\u3068M&A\u4fa1\u683c\u4ea4\u6e09\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

                  \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cNPV\u3092\u7406\u89e3\u3059\u3079\u304d\u7406\u7531<\/h2>\n\n\n\n

                  \u4f1a\u793e\u58f2\u5374\u306e\u4ea4\u6e09\u304c\u81a0\u7740\u3059\u308b\u3068\u304d\u3001\u305d\u306e\u80cc\u666f\u306b\u306fNPV\u306e\u8a08\u7b97\u7d50\u679c\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u8cb7\u3044\u624b\u4f01\u696d\u306e\u7d4c\u55b6\u4f01\u753b\u90e8\u3084M&A\u62c5\u5f53\u5f79\u54e1\u306f\u3001\u8cb7\u53ce\u6848\u4ef6\u3092NPV\u3067\u63a1\u7b97\u5224\u5b9a\u3057\u3066\u304a\u308a\u3001\u3053\u306e\u5024\u304c\u30d7\u30e9\u30b9\u306b\u306a\u3089\u306a\u3044\u9650\u308a\u793e\u5185\u7a1f\u8b70\u306f\u901a\u308a\u307e\u305b\u3093\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u300c\u8a00\u3044\u5024\u300d\u3067\u4ea4\u6e09\u3092\u9032\u3081\u308b\u3068\u3001\u8cb7\u3044\u624b\u306e\u8ad6\u7406\u306b\u62bc\u3057\u5207\u3089\u308c\u3066\u7d0d\u5f97\u611f\u306e\u306a\u3044\u7d50\u679c\u306b\u7d42\u308f\u308a\u304c\u3061\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u8cb7\u3044\u624b\u306e\u982d\u306e\u4e2d\u306b\u3042\u308b\u8a08\u7b97\u5f0f\u3092\u7406\u89e3\u3057\u3066\u304a\u3051\u3070\u3001\u4fa1\u683c\u306e\u6839\u62e0\u3092\u51b7\u9759\u306b\u8b70\u8ad6\u3067\u304d\u307e\u3059\u3002\u5f53\u793e\u306e\u652f\u63f4\u73fe\u5834\u3067\u306f\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u8cb7\u3044\u624b\u306eNPV\u30ed\u30b8\u30c3\u30af\u3092\u628a\u63e1\u3057\u3066\u3044\u308b\u304b\u5426\u304b\u3067\u3001\u6700\u7d42\u8b72\u6e21\u4fa1\u683c\u306b2\u301c3\u5272\u306e\u5dee\u304c\u751f\u3058\u308b\u5834\u9762\u3092\u4f55\u5ea6\u3082\u76ee\u306b\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5168\u4f53\u50cf<\/mark><\/a>\u3068\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8003\u3048\u65b9<\/mark><\/a>\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001\u672c\u8a18\u4e8b\u306e\u7406\u89e3\u304c\u3088\u308a\u6df1\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u8cb7\u3044\u624b\u306e\u4e0a\u9650\u4fa1\u683c\u306fNPV\u3067\u6c7a\u307e\u3063\u3066\u3044\u308b<\/h3>\n\n\n\n

                  \u8cb7\u3044\u624b\u306f\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08\u304b\u3089\u3001\u8cb7\u53ce\u5f8c\u306b\u8ffd\u52a0\u3067\u5fc5\u8981\u3068\u306a\u308b\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066NPV\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u3053\u306eNPV\u304c\u30bc\u30ed\u3092\u4e0a\u56de\u308b\u91d1\u984d\u304c\u3001\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u306e\u7d76\u5bfe\u7684\u306a\u4e0a\u9650\u4fa1\u683c\u3067\u3059\u3002\u3053\u308c\u4ee5\u4e0a\u3067\u8cb7\u53ce\u3059\u308c\u3070\u6295\u8cc7\u56de\u53ce\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u793e\u5185\u6c7a\u88c1\u304c\u901a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                  \u9006\u306b\u8a00\u3048\u3070\u3001\u8cb7\u3044\u624b\u304c\u793a\u3059\u300c\u304e\u308a\u304e\u308a\u306e\u63d0\u793a\u984d\u300d\u306f\u3001\u8cb7\u3044\u624b\u5074\u306eNPV\u524d\u63d0\u306b\u57fa\u3065\u304f\u7d50\u8ad6\u306b\u3059\u304e\u307e\u305b\u3093\u3002\u524d\u63d0\u304c\u5909\u308f\u308c\u3070\u4e0a\u9650\u3082\u52d5\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                  NPV\u3092\u77e5\u308c\u3070\u300c\u8a00\u3044\u5024\u4ea4\u6e09\u300d\u304b\u3089\u300c\u8ad6\u7406\u4ea4\u6e09\u300d\u3078\u8ee2\u63db\u3067\u304d\u308b<\/h3>\n\n\n\n

                  NPV\u306e\u69cb\u9020\u3092\u7406\u89e3\u3057\u305f\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306f\u3001\u300c\u306a\u305c\u3053\u306e\u4fa1\u683c\u306a\u306e\u304b\u300d\u3092\u8cb7\u3044\u624b\u306b\u554f\u3044\u8fd4\u3057\u3001\u8a08\u7b97\u306e\u524d\u63d0\u3092\u4e00\u3064\u3072\u3068\u3064\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u5272\u5f15\u7387\u306e\u6839\u62e0\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u524d\u63d0\u3001\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306e\u7e54\u308a\u8fbc\u307f\u5ea6\u5408\u3044\u3002\u8ad6\u70b9\u3092\u5206\u89e3\u3067\u304d\u308c\u3070\u3001\u611f\u60c5\u8ad6\u3067\u306f\u306a\u304f\u6570\u5b57\u3067\u62bc\u3057\u623b\u305b\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u73fe\u5834\u3067\u898b\u308b\u8ad6\u70b9\u3068\u3057\u3066\u306f\u3001\u8cb7\u3044\u624b\u306e\u793e\u5185\u57fa\u6e96\u3092\u610f\u56f3\u7684\u306b\u307c\u304b\u3057\u305f\u307e\u307e\u4fa1\u683c\u63d0\u793a\u3059\u308b\u4ef2\u4ecb\u62c5\u5f53\u8005\u3082\u3044\u308b\u305f\u3081\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u81ea\u8eab\u304cNPV\u306e\u4ed5\u7d44\u307f\u3092\u63b4\u3093\u3067\u304a\u304f\u3053\u3068\u304c\u3001\u9069\u6b63\u4fa1\u5024\u306e\u7372\u5f97\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u57fa\u672c\u69cb\u9020<\/h2>\n\n\n\n

                  NPV\u306f\u3001\u5c06\u6765\u306e\u53ce\u76ca\u3092\u73fe\u6642\u70b9\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u91d1\u984d\u3067\u3059\u3002\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u6295\u8cc7\u4fa1\u5024\u3042\u308a\u3001\u30de\u30a4\u30ca\u30b9\u3067\u3042\u308c\u3070\u6295\u8cc7\u4fa1\u5024\u306a\u3057\u3068\u5224\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                  NPV\u306e\u8a08\u7b97\u5f0f<\/h3>\n\n\n\n

                  NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u57fa\u672c\u5f0f\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

                  NPV \uff1d \u5404\u5e74\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u305f\u5408\u8a08 \uff0d \u521d\u671f\u6295\u8cc7\u984d<\/p>\n\n\n\n

                  \u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u4ee5\u4e0b\u3067\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u73fe\u5728\u4fa1\u5024\uff08PV\uff09\uff1d n\u5e74\u5f8c\u306b\u53d7\u3051\u53d6\u308b\u91d1\u984d \u00f7 (1\uff0b\u5272\u5f15\u7387)\u306en\u4e57<\/p>\n\n\n\n

                  \u305f\u3068\u3048\u30703\u5e74\u5f8c\u306b1,000\u4e07\u5186\u3092\u53d7\u3051\u53d6\u308b\u4e88\u5b9a\u3067\u3001\u5272\u5f15\u7387\u30925\uff05\u3068\u3059\u308b\u3068\u3001\u73fe\u5728\u4fa1\u5024\u306f\u7d04863\u4e07\u5186\u3068\u306a\u308a\u307e\u3059\u3002\u540c\u30581,000\u4e07\u5186\u3067\u3082\u3001\u53d7\u3051\u53d6\u308b\u6642\u671f\u304c\u9060\u3044\u307b\u3069\u4fa1\u5024\u306f\u76ee\u6e1b\u308a\u3059\u308b\u3002\u3053\u308c\u304c\u6642\u9593\u4fa1\u5024\u306e\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u73fe\u5728\u4fa1\u5024\uff08PV\uff09\u3068\u6642\u9593\u4fa1\u5024<\/h3>\n\n\n\n

                  \u306a\u305c\u5c06\u6765\u306e\u73fe\u91d1\u3092\u5272\u308a\u5f15\u304f\u5fc5\u8981\u304c\u3042\u308b\u306e\u304b\u3002\u7406\u7531\u306f\u660e\u5feb\u3067\u3059\u3002\u624b\u5143\u306e100\u4e07\u5186\u306f\u4eca\u3059\u3050\u904b\u7528\u3067\u304d\u307e\u3059\u304c\u30013\u5e74\u5f8c\u306b\u3082\u3089\u3046100\u4e07\u5186\u306f3\u5e74\u9593\u904b\u7528\u3067\u304d\u306a\u3044\u3002\u3053\u306e\u300c\u6a5f\u4f1a\u8cbb\u7528\u300d\u3092\u8a08\u7b97\u4e0a\u306f\u5272\u5f15\u7387\u3068\u3057\u3066\u53cd\u6620\u3055\u305b\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002M&A\u306e\u4e16\u754c\u3067\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u304c\u4eca\u5f8c\u751f\u307f\u51fa\u3059\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/mark><\/a>\u3092\u8cb7\u3044\u624b\u304c\u4e00\u5ea6\u306b\u652f\u6255\u3046\u5bfe\u4fa1\u3068\u7b49\u4fa1\u306b\u6bd4\u8f03\u3059\u308b\u305f\u3081\u3001\u73fe\u5728\u4fa1\u5024\u3078\u306e\u63db\u7b97\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u5272\u5f15\u7387\u3068\u8cc7\u672c\u30b3\u30b9\u30c8<\/h3>\n\n\n\n

                  \u5272\u5f15\u7387\u306b\u306f\u901a\u5e38\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/mark><\/a>\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u3002WACC\u306f\u3001\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u914d\u5f53\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3068\u50b5\u6a29\u8005\u306b\u652f\u6255\u3046\u5229\u606f\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u3053\u3053\u3067\u62bc\u3055\u3048\u308b\u3079\u304d\u306f\u300c\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3068\u5224\u65ad\u3055\u308c\u308b\u4e8b\u696d\u307b\u3069\u5272\u5f15\u7387\u304c\u9ad8\u304f\u306a\u308a\u3001NPV\u304c\u4e0b\u304c\u308b\u300d\u3068\u3044\u3046\u95a2\u4fc2\u3067\u3059\u3002\u8cb7\u3044\u624b\u306f\u5bfe\u8c61\u4f1a\u793e\u306e\u30ea\u30b9\u30af\u3092\u9ad8\u3081\u306b\u898b\u7a4d\u3082\u308b\u307b\u3069\u5b89\u304f\u8cb7\u3048\u308b\u305f\u3081\u3001\u3053\u3053\u306b\u4ea4\u6e09\u306e\u4f59\u5730\u304c\u751f\u307e\u308c\u307e\u3059\u3002\u3042\u308f\u305b\u3066\u671f\u5f85\u53ce\u76ca\u7387\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u95a2\u4fc2<\/mark><\/a>\u3082\u628a\u63e1\u3057\u3066\u304a\u304f\u3068\u3001\u8cb7\u3044\u624b\u306e\u524d\u63d0\u306b\u8e0f\u307f\u8fbc\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

                  NPV\u304c\u6295\u8cc7\u5224\u65ad\u3067\u91cd\u8996\u3055\u308c\u308b\u7406\u7531<\/h3>\n\n\n\n

                  NPV\u306f\u3001\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u540c\u3058\u7269\u5dee\u3057\u3067\u6bd4\u8f03\u3067\u304d\u308b\u70b9\u306b\u6700\u5927\u306e\u5f37\u307f\u304c\u3042\u308a\u307e\u3059\u3002\u56de\u53ce\u671f\u9593\u6cd5\u306e\u3088\u3046\u306b\u300c\u4f55\u5e74\u3067\u6295\u8cc7\u3092\u56de\u53ce\u3059\u308b\u304b\u300d\u3060\u3051\u3092\u898b\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u6848\u4ef6\u5168\u4f53\u304c\u751f\u307f\u51fa\u3059\u300c\u6b63\u5473\u306e\u5132\u3051\u300d\u3092\u91d1\u984d\u3067\u628a\u63e1\u3067\u304d\u308b\u3002\u8cb7\u3044\u624b\u4f01\u696d\u306e\u7d4c\u55b6\u9663\u306b\u3068\u3063\u3066\u3001\u7a1f\u8b70\u66f8\u306b\u66f8\u304f\u6839\u62e0\u3068\u3057\u3066\u6700\u3082\u8aac\u5f97\u529b\u3042\u308b\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n

                  NPV\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u5177\u4f53\u4f8b<\/h2>\n\n\n\n

                  \u3053\u3053\u304b\u3089\u306f\u5b9f\u969b\u306bNPV\u3092\u8a08\u7b97\u3057\u3066\u307f\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u73fe\u5834\u3067\u3082\u3001\u8cb7\u3044\u624b\u5074\u306eM&A\u62c5\u5f53\u8005\u306f\u540c\u3058\u624b\u9806\u3067\u8a08\u7b97\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u8a08\u7b97\u306e\u6d41\u308c<\/h3>\n\n\n\n

                  NPV\u7b97\u51fa\u306e\u624b\u9806\u306f\u6b21\u306e4\u30b9\u30c6\u30c3\u30d7\u3067\u3059\u3002<\/p>\n\n\n\n

                    \n
                  1. \u5404\u5e74\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3059\u308b<\/li>\n\n\n\n
                  2. \u5272\u5f15\u7387\uff08\u591a\u304f\u306fWACC\uff09\u3092\u8a2d\u5b9a\u3059\u308b<\/li>\n\n\n\n
                  3. \u5404\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f<\/li>\n\n\n\n
                  4. \u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5f15\u304f<\/li>\n<\/ol>\n\n\n\n

                    \u5b9f\u52d9\u3067\u306f\u3053\u3053\u306b\u300c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u300d\u3068\u547c\u3070\u308c\u308b\u6b8b\u5b58\u671f\u9593\u306e\u4fa1\u5024\u3092\u52a0\u3048\u307e\u3059\u304c\u3001\u307e\u305a\u306f\u6709\u9650\u671f\u9593\u306e\u5358\u7d14\u8a08\u7b97\u3067\u8003\u3048\u3092\u9032\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8a08\u7b97\u4f8b\uff1a5\u5e74\u9593\u306e\u4e8b\u696d\u6295\u8cc7<\/h3>\n\n\n\n

                    \u5177\u4f53\u7684\u306a\u6570\u5024\u4f8b\u3092\u898b\u3066\u307f\u307e\u3059\u3002\u4e0b\u8868\u306f\u3001\u521d\u671f\u6295\u8cc74\u5104\u5186\u3001\u5272\u5f15\u73874\uff05\u30015\u5e74\u9593\u306e\u4e8b\u696d\u6295\u8cc7\u3092\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u305f\u7d50\u679c\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u6295\u8cc7\u5e74\u6570<\/th>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u5186\uff09<\/th>\u73fe\u5728\u4fa1\u5024\uff08\u5186\uff09<\/th><\/tr><\/thead>
                    0\u5e74\u76ee\uff08\u6295\u8cc7\uff09<\/strong><\/td>\u25b2400,000,000<\/td>\u25b2400,000,000<\/td><\/tr>
                    1\u5e74\u76ee<\/strong><\/td>90,000,000<\/td>86,538,462<\/td><\/tr>
                    2\u5e74\u76ee<\/strong><\/td>90,000,000<\/td>83,210,060<\/td><\/tr>
                    3\u5e74\u76ee<\/strong><\/td>90,000,000<\/td>80,009,673<\/td><\/tr>
                    4\u5e74\u76ee<\/strong><\/td>90,000,000<\/td>76,932,378<\/td><\/tr>
                    5\u5e74\u76ee<\/strong><\/td>90,000,000<\/td>73,973,440<\/td><\/tr>
                    NPV\u5408\u8a08<\/strong><\/td>–<\/td>663,013<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                    \u5e74\u95939,000\u4e07\u5186\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30925\u5e74\u751f\u307f\u51fa\u3059\u524d\u63d0\u3067NPV\u306f\u7d0466\u4e07\u5186\u306e\u30d7\u30e9\u30b9\u3068\u306a\u308a\u3001\u304e\u308a\u304e\u308a\u6295\u8cc7\u4fa1\u5024\u3042\u308a\u3068\u5224\u5b9a\u3055\u308c\u307e\u3059\u3002\u4eee\u306b\u5e74\u9593\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c2,500\u4e07\u5186\u306b\u3068\u3069\u307e\u308b\u5834\u5408\u3001NPV\u306f\u7d04\u30de\u30a4\u30ca\u30b92.9\u5104\u5186\u3068\u306a\u308a\u3001\u6295\u8cc7\u4e0d\u53ef\u3068\u306a\u308a\u307e\u3059\u3002\u8cb7\u3044\u624b\u306eM&A\u62c5\u5f53\u8005\u306f\u3001\u3053\u3046\u3057\u305f\u8a08\u7b97\u3092\u6848\u4ef6\u3054\u3068\u306b\u7e70\u308a\u8fd4\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u30a8\u30af\u30bb\u30eb\u95a2\u6570\u3092\u4f7f\u3063\u305f\u8a08\u7b97<\/h3>\n\n\n\n

                    \u5b9f\u52d9\u3067\u306f\u30a8\u30af\u30bb\u30eb\u3067NPV\u3092\u8a08\u7b97\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u6628\u4eca\u3067\u306fAI\u3067\u8a66\u7b97\u3059\u308b\u6a5f\u4f1a\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                    NPV\u95a2\u6570\u306e\u4f7f\u3044\u65b9<\/h4>\n\n\n\n

                    \u30a8\u30af\u30bb\u30eb\u306b\u306f\u300c=NPV(\u5272\u5f15\u7387, \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7bc4\u56f2)\u300d\u3068\u3044\u3046\u95a2\u6570\u304c\u7528\u610f\u3055\u308c\u3066\u3044\u307e\u3059\u30021\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u30bb\u30eb\u7bc4\u56f2\u3067\u6307\u5b9a\u3059\u308c\u3070\u3001\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u304c\u4e00\u6c17\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u521d\u671f\u6295\u8cc7\u984d\u306f0\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u3057\u3066\u95a2\u6570\u306e\u5916\u3067\u52a0\u7b97\uff08\u5b9f\u969b\u306f\u6e1b\u7b97\uff09\u3059\u308b\u70b9\u3060\u3051\u6ce8\u610f\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

                    \u611f\u5fdc\u5ea6\u5206\u6790\u306e\u9032\u3081\u65b9<\/h4>\n\n\n\n

                    NPV\u306e\u771f\u4fa1\u306f\u3001\u5909\u6570\u3092\u52d5\u304b\u3057\u3066\u7d50\u679c\u306e\u30d6\u30ec\u3092\u898b\u308b\u300c\u611f\u5fdc\u5ea6\u5206\u6790\u300d\u306b\u3042\u308a\u307e\u3059\u3002\u5272\u5f15\u7387\u30921\uff05\u52d5\u304b\u3057\u305f\u3068\u304d\u3001\u58f2\u4e0a\u6210\u9577\u7387\u30920.5\uff05\u52d5\u304b\u3057\u305f\u3068\u304d\u3001NPV\u304c\u3069\u308c\u3060\u3051\u5909\u5316\u3059\u308b\u304b\u3002\u3053\u308c\u3092\u8868\u306b\u3057\u3066\u304a\u304f\u3068\u3001\u8cb7\u3044\u624b\u3068\u306e\u4ea4\u6e09\u3067\u3082\u300c\u3053\u3053\u307e\u3067\u306f\u8b72\u6b69\u3067\u304d\u308b\u3001\u3053\u3053\u304b\u3089\u5148\u306f\u7121\u7406\u300d\u3068\u3044\u3046\u5224\u65ad\u8ef8\u3092\u6301\u3066\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u304c\u6975\u7aef\u306b\u4fdd\u5b88\u7684\u306a\u524d\u63d0\u3067NPV\u3092\u51fa\u3057\u3066\u304d\u305f\u3089\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u5074\u3067\u3082\u72ec\u81ea\u306b\u611f\u5fdc\u5ea6\u5206\u6790\u306e\u8868\u3092\u7528\u610f\u3057\u3001\u300c\u73fe\u5b9f\u7684\u306a\u524d\u63d0\u3067\u306fNPV\u306f\u3053\u306e\u6c34\u6e96\u306b\u306a\u308b\u306f\u305a\u300d\u3068\u63d0\u793a\u3059\u308b\u3002\u3053\u308c\u304c\u8ad6\u7406\u4ea4\u6e09\u306e\u5165\u308a\u53e3\u3067\u3059\u3002<\/p>\n\n\n\n

                    M&A\u306b\u304a\u3051\u308b\u8cb7\u3044\u624b\u306eNPV\u5224\u65ad\u30ed\u30b8\u30c3\u30af<\/h2>\n\n\n\n

                    \u3053\u3053\u307e\u3067\u304cNPV\u306e\u4e00\u822c\u7684\u306a\u89e3\u8aac\u3067\u3059\u3002\u6b21\u306b\u3001M&A\u56fa\u6709\u306e\u8ad6\u70b9\u306b\u8e0f\u307f\u8fbc\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u306fNPV\u3067\u300c\u7d76\u5bfe\u4e0a\u9650\u4fa1\u683c\u300d\u3092\u793e\u5185\u6c7a\u88c1\u3057\u3066\u3044\u308b<\/h3>\n\n\n\n

                    \u4e2d\u5805\u4ee5\u4e0a\u306e\u4e8b\u696d\u4f1a\u793e\u304c\u8cb7\u3044\u624b\u306e\u5834\u5408\u3001\u8cb7\u53ce\u6848\u4ef6\u306e\u7a1f\u8b70\u66f8\u306b\u306f\u5fc5\u305aNPV\u304c\u8a18\u8f09\u3055\u308c\u307e\u3059\u3002NPV\u304c\u30d7\u30e9\u30b9\u3067\u306a\u3051\u308c\u3070\u6295\u8cc7\u59d4\u54e1\u4f1a\u3092\u901a\u305b\u305a\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u90e8\u9580\u306e\u30c1\u30a7\u30c3\u30af\u3082\u901a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                    \u300c\u3082\u3046\u5c11\u3057\u51fa\u3057\u3066\u3082\u3044\u3044\u300d\u3068\u8cb7\u3044\u624b\u62c5\u5f53\u8005\u304c\u53e3\u3067\u8a00\u3063\u3066\u3082\u3001\u793e\u5185\u306e\u4e0a\u9650\u30e9\u30a4\u30f3\u3092\u8d8a\u3048\u308b\u91d1\u984d\u306f\u7d76\u5bfe\u306b\u51fa\u3066\u3053\u306a\u3044\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u77e5\u308b\u3079\u304d\u306f\u3001\u3053\u306e\u300c\u7d76\u5bfe\u4e0a\u9650\u300d\u304cNPV\u30bc\u30ed\u306e\u30e9\u30a4\u30f3\u3067\u6c7a\u307e\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3059\u3002<\/p>\n\n\n\n

                    NPV\u8a08\u7b97\u3067\u8cb7\u3044\u624b\u304c\u8abf\u6574\u3059\u308b3\u3064\u306e\u5909\u6570<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306f\u540c\u3058\u5bfe\u8c61\u4f1a\u793e\u3067\u3082\u3001\u524d\u63d0\u306e\u7f6e\u304d\u65b9\u4e00\u3064\u3067NPV\u3092\u5927\u304d\u304f\u52d5\u304b\u305b\u307e\u3059\u3002\u5f53\u793e\u306e\u652f\u63f4\u7d4c\u9a13\u3067\u306f\u3001\u8cb7\u3044\u624b\u304c\u4e0b\u8a183\u5909\u6570\u306e\u3046\u3061\u5c11\u306a\u304f\u3068\u3082\u4e00\u3064\u3067\u4fdd\u5b88\u7684\u306a\u6570\u5b57\u3092\u5165\u308c\u3066\u304f\u308b\u306e\u304c\u5b9a\u77f3\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u5272\u5f15\u7387\uff08WACC\uff09<\/h4>\n\n\n\n

                    \u8cb7\u3044\u624b\u304c\u300c\u3053\u306e\u696d\u7a2e\u306f\u4e8b\u696d\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u300d\u300c\u4e2d\u5c0f\u4f01\u696d\u306f\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u304c\u3042\u308b\u300d\u3068\u4e3b\u5f35\u3059\u308b\u307b\u3069\u3001\u5272\u5f15\u7387\u306f\u5f15\u304d\u4e0a\u3052\u3089\u308c\u307e\u3059\u3002\u5272\u5f15\u7387\u304c5\uff05\u304b\u30898\uff05\u306b\u4e0a\u304c\u308c\u3070\u30015\u5e74\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u73fe\u5728\u4fa1\u5024\u306f\u6570\u5343\u4e07\u5186\uff5e\u6570\u5104\u5186\u5358\u4f4d\u3067\u76ee\u6e1b\u308a\u3057\u307e\u3059\u3002\u3053\u308c\u304c\u63d0\u793a\u4fa1\u683c\u306b\u76f4\u63a5\u97ff\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c<\/h4>\n\n\n\n

                    \u58f2\u308a\u624b\u306f\u697d\u89b3\u7684\u306b\u3001\u8cb7\u3044\u624b\u306f\u4fdd\u5b88\u7684\u306b\u898b\u308b\u306e\u304c\u901a\u4f8b\u3067\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u300c\u6765\u671f\u306f\u58f2\u4e0a\u304c10\uff05\u4f38\u3073\u308b\u300d\u3068\u8a00\u3063\u3066\u3082\u3001\u8cb7\u3044\u624b\u306f\u300c\u904e\u53bb3\u5e74\u306e\u5e73\u5747\u6210\u9577\u7387\u3067\u3042\u308b3\uff05\u300d\u3067\u8a08\u7b97\u3002\u524d\u63d0\u306e\u3059\u308a\u5408\u308f\u305b\u304c\u3067\u304d\u306a\u3044\u307e\u307e\u4fa1\u683c\u8b70\u8ad6\u3092\u3057\u3066\u3082\u3001\u6c38\u9060\u306b\u6298\u308a\u5408\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                    \u30b7\u30ca\u30b8\u30fc\u52b9\u679c<\/h4>\n\n\n\n

                    \u8cb7\u3044\u624b\u306f\u81ea\u793e\u4e8b\u696d\u3068\u306e\u7d71\u5408\u3067\u751f\u307e\u308c\u308b\u30b3\u30b9\u30c8\u524a\u6e1b\u30fb\u58f2\u4e0a\u5897\u52a0\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u3092NPV\u306b\u7e54\u308a\u8fbc\u3080\u304b\u3069\u3046\u304b\u306f\u8cb7\u3044\u624b\u306e\u65b9\u91dd\u6b21\u7b2c\u3067\u3059\u3002\u300c\u30b7\u30ca\u30b8\u30fc\u306f\u8cb7\u3044\u624b\u306e\u3082\u306e\u3060\u304b\u3089\u4fa1\u683c\u306b\u306f\u4e57\u305b\u306a\u3044\u300d\u3068\u4e3b\u5f35\u3059\u308b\u8cb7\u3044\u624b\u3082\u3044\u308c\u3070\u3001\u4e0a\u4e57\u305b\u3092\u4e00\u90e8\u306f\u8a8d\u3081\u308b\u8cb7\u3044\u624b\u3082\u3042\u308b\u3002M&A\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306e\u8a55\u4fa1\u65b9\u6cd5\u3068\u4f01\u696d\u4fa1\u5024\u3078\u306e\u53cd\u6620<\/mark><\/a>\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u3001\u3053\u3053\u3067\u306e\u62bc\u3057\u5f15\u304d\u304c\u4e0a\u624b\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u58f2\u308a\u624b\u63d0\u793a\u4fa1\u683c\u3068\u8cb7\u3044\u624bNPV\u306e\u4e56\u96e2\u304c\u4ea4\u6e09\u3092\u96e3\u3057\u304f\u3059\u308b<\/h3>\n\n\n\n

                    \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u300c\u3046\u3061\u306f\u5e74\u554610\u5104\u3067\u55b6\u696d\u5229\u76ca1\u5104\u3060\u304b\u3089\u3001\u6700\u4f4e\u3067\u308210\u5104\u3067\u58f2\u308a\u305f\u3044\u300d\u3068\u5e0c\u671b\u3057\u3066\u3082\u3001\u8cb7\u3044\u624b\u306eNPV\u8a08\u7b97\u3067\u306f7\u5104\u306b\u3057\u304b\u306a\u3089\u306a\u3044\u3002\u3053\u308c\u306f\u73fe\u5834\u3067\u65e5\u5e38\u7684\u306b\u8d77\u304d\u308b\u30ae\u30e3\u30c3\u30d7\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u30ae\u30e3\u30c3\u30d7\u304c\u751f\u3058\u308b\u539f\u56e0\u306f\u611f\u60c5\u3067\u306f\u306a\u304f\u3001\u8a08\u7b97\u524d\u63d0\u306e\u9055\u3044\u3002\u524d\u63d0\u304c\u898b\u3048\u308c\u3070\u3001\u3069\u3053\u3092\u3069\u3046\u52d5\u304b\u305b\u3070\u6b69\u307f\u5bc4\u308c\u308b\u304b\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cNPV\u3092\u4f7f\u3063\u3066\u4ea4\u6e09\u3092\u6709\u5229\u306b\u3059\u308b5\u3064\u306e\u6226\u7565<\/h2>\n\n\n\n

                    \u3053\u3053\u304b\u3089\u304c\u672c\u8a18\u4e8b\u306e\u6838\u5fc3\u3067\u3059\u3002\u8cb7\u3044\u624b\u306eNPV\u30ed\u30b8\u30c3\u30af\u3092\u7406\u89e3\u3057\u305f\u4e0a\u3067\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u53d6\u308b\u3079\u304d\u5177\u4f53\u7b56\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u4e8b\u696d\u8a08\u753b\u306e\u7cbe\u7dfb\u5316\u3067NPV\u306e\u5206\u5b50\u3092\u5f15\u304d\u4e0a\u3052\u308b<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306fM&A\u5f8c\u306e\u4e8b\u696d\u8a08\u753b\u3092\u4fdd\u5b88\u7684\u306b\u898b\u7a4d\u3082\u308b\u305f\u3081\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u81ea\u3089\u300c\u9054\u6210\u53ef\u80fd\u6027\u306e\u9ad8\u3044\u300d\u4e8b\u696d\u8a08\u753b\u3092\u7528\u610f\u3059\u3079\u304d\u3067\u3059\u3002\u904e\u53bb\u5b9f\u7e3e\u306e\u5ef6\u9577\u7dda\u3067\u306f\u306a\u304f\u3001\u65b0\u898f\u9867\u5ba2\u958b\u62d3\u3001\u8a2d\u5099\u6295\u8cc7\u306b\u3088\u308b\u751f\u7523\u6027\u5411\u4e0a\u3001\u5546\u54c1\u5358\u4fa1\u306e\u5f15\u304d\u4e0a\u3052\u3068\u3044\u3063\u305f\u5177\u4f53\u7684\u65bd\u7b56\u306b\u57fa\u3065\u304f\u8a08\u753b\u306a\u3089\u3001\u8cb7\u3044\u624b\u3082\u7121\u8996\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                    \u652f\u63f4\u73fe\u5834\u3067\u306f\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u9867\u554f\u7a0e\u7406\u58eb\u4efb\u305b\u306b\u4e8b\u696d\u8a08\u753b\u3092\u4f5c\u308a\u3001\u6839\u62e0\u306e\u8584\u3044\u6570\u5b57\u3092\u63d0\u793a\u3057\u3066\u3057\u307e\u3046\u30b1\u30fc\u30b9\u3092\u591a\u304f\u898b\u307e\u3059\u3002\u3053\u308c\u3067\u306f\u8cb7\u3044\u624b\u306eNPV\u3092\u4e0a\u3052\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u305b\u3093\u3002\u4e8b\u696d\u8a08\u753b\u306f\u300c\u8cb7\u3044\u624b\u304c\u4fe1\u3058\u3089\u308c\u308b\u30b9\u30c8\u30fc\u30ea\u30fc\u300d\u3067\u4f5c\u308b\u3002\u3053\u308c\u304c\u9244\u5247\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u5b9a\u91cf\u5316\u3057\u3066\u4e0a\u4e57\u305b\u4fa1\u683c\u306e\u6839\u62e0\u306b\u3059\u308b<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306f\u901a\u5e38\u3001\u30b7\u30ca\u30b8\u30fc\u3092NPV\u306b\u542b\u3081\u305a\u306b\u4e0a\u9650\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u3066\u3044\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u300c\u3046\u3061\u306e\u9867\u5ba2\u30ea\u30b9\u30c8\u3092\u5fa1\u793e\u304c\u6d3b\u7528\u3059\u308c\u3070\u5e74\u9593XX\u767e\u4e07\u5186\u306e\u58f2\u4e0a\u304c\u898b\u8fbc\u3081\u308b\u300d\u300c\u7269\u6d41\u7d71\u5408\u3067XX\u767e\u4e07\u5186\u306e\u30b3\u30b9\u30c8\u524a\u6e1b\u304c\u3067\u304d\u308b\u300d\u3068\u5b9a\u91cf\u7684\u306b\u63d0\u793a\u3067\u304d\u308c\u3070\u3001\u8cb7\u3044\u624b\u306e\u4e0a\u9650\u4fa1\u683c\u3092\u5f15\u304d\u4e0a\u3052\u308b\u6839\u62e0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u305f\u3060\u3057\u3001\u63d0\u793a\u3067\u304d\u308b\u30b7\u30ca\u30b8\u30fc\u306f\u5177\u4f53\u7684\u306a\u696d\u52d9\u60f3\u5b9a\u306b\u57fa\u3065\u304f\u3082\u306e\u306b\u9650\u308a\u307e\u3059\u3002\u7a7a\u60f3\u30d9\u30fc\u30b9\u306e\u6570\u5b57\u306f\u9006\u52b9\u679c\u3002\u8cb7\u3044\u624b\u306e\u4e8b\u696d\u3092\u4e8b\u524d\u306b\u7814\u7a76\u3057\u305f\u3046\u3048\u3067\u3001\u73fe\u5b9f\u7684\u306a\u7d71\u5408\u52b9\u679c\u3092\u793a\u3059\u306e\u304c\u7b4b\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u5272\u5f15\u7387\u306e\u524d\u63d0\u3092\u63e1\u3063\u3066\u4e0b\u3052\u306b\u30d6\u30ec\u30fc\u30ad\u3092\u304b\u3051\u308b<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u304c\u300c\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u300d\u3068\u3057\u3066\u5272\u5f15\u7387\u3092\u4e0a\u4e57\u305b\u3057\u3066\u304f\u308b\u5834\u5408\u3001\u305d\u306e\u6839\u62e0\u3092\u660e\u793a\u3055\u305b\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u300c\u696d\u7a2e\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u300d\u3068\u8a00\u308f\u308c\u305f\u3089\u3001\u300c\u5177\u4f53\u7684\u306b\u3069\u306e\u30ea\u30b9\u30af\u3067\u3059\u304b\u300d\u3068\u554f\u3044\u8fd4\u3059\u3002\u591a\u304f\u306e\u5834\u5408\u3001\u8cb7\u3044\u624b\u306f\u78ba\u305f\u308b\u6839\u62e0\u3092\u6301\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                    \u30ea\u30b9\u30af\u304c\u7279\u5b9a\u3067\u304d\u308c\u3070\u3001\u8868\u660e\u4fdd\u8a3c\u6761\u9805\u3084\u88dc\u511f\u6761\u9805\u3067\u5bfe\u51e6\u3059\u308b\u3053\u3068\u3067\u3001\u5272\u5f15\u7387\u306e\u4e0a\u4e57\u305b\u3092\u4e0b\u3052\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u30ea\u30b9\u30af\u306f\u4fa1\u683c\u3067\u306f\u306a\u304f\u3001\u5951\u7d04\u6761\u9805\u3067\u5438\u53ce\u3059\u308b\u3002\u3053\u306e\u767a\u60f3\u3092\u6301\u3064\u3060\u3051\u3067\u4ea4\u6e09\u306e\u5e45\u304c\u5e83\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u6761\u9805\u3067NPV\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b<\/h3>\n\n\n\n

                    \u305d\u308c\u3067\u3082\u4fa1\u683c\u304c\u6298\u308a\u5408\u308f\u306a\u3044\u5834\u5408\u3001\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u6761\u9805<\/mark><\/a>\u3092\u6d3b\u7528\u3059\u308b\u624b\u304c\u3042\u308a\u307e\u3059\u3002M&A\u5b9f\u884c\u6642\u306b\u57fa\u672c\u4fa1\u683c\u3092\u652f\u6255\u3044\u3001\u5c06\u6765\u4e00\u5b9a\u306e\u696d\u7e3e\u76ee\u6a19\u3092\u9054\u6210\u3057\u305f\u5834\u5408\u306b\u8ffd\u52a0\u5bfe\u4fa1\u3092\u652f\u6255\u3046\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u306f\u300c\u9054\u6210\u3057\u306a\u3051\u308c\u3070\u6255\u308f\u306a\u304f\u3066\u3044\u3044\u300d\u306e\u3067NPV\u3092\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308b\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306f\u300c\u9054\u6210\u3059\u308c\u3070\u4e0a\u4e57\u305b\u304c\u3082\u3089\u3048\u308b\u300d\u306e\u3067\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3092\u78ba\u4fdd\u3067\u304d\u308b\u3002\u53cc\u65b9\u306eNPV\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b\u5b9f\u52d9\u4e0a\u306e\u6c7a\u3081\u624b\u3068\u3057\u3066\u3001\u8fd1\u5e74\u306f\u4e2d\u5c0fM&A\u3067\u3082\u63a1\u7528\u4f8b\u304c\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u60c5\u5831\u958b\u793a\u306e\u900f\u660e\u6027\u304c\u4fe1\u983c\u30d9\u30fc\u30b9\u306e\u4ea4\u6e09\u3092\u751f\u3080<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u304c\u5272\u5f15\u7387\u3092\u9ad8\u304f\u3059\u308b\u6700\u5927\u306e\u7406\u7531\u306f\u300c\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u300d\u3067\u3059\u3002\u8ca1\u52d9\u6570\u5024\u3001\u53d6\u5f15\u5148\u95a2\u4fc2\u3001\u4eba\u6750\u4f9d\u5b58\u5ea6\u3001\u7c3f\u5916\u30ea\u30b9\u30af\u3002\u8cb7\u3044\u624b\u304b\u3089\u898b\u3066\u898b\u3048\u306a\u3044\u90e8\u5206\u304c\u591a\u3044\u307b\u3069\u3001\u30ea\u30b9\u30af\u8a55\u4fa1\u304c\u60aa\u5316\u3057NPV\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4e8b\u524d\u306b\u30c7\u30fc\u30bf\u30eb\u30fc\u30e0\u3092\u6574\u3048\u3001\u8ad6\u70b9\u3092\u5148\u56de\u308a\u3057\u3066\u8aac\u660e\u3067\u304d\u308b\u4f53\u5236\u3092\u4f5c\u308c\u3070\u3001\u8cb7\u3044\u624b\u306e\u300c\u4e0d\u78ba\u5b9f\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u300d\u3092\u4e0b\u3052\u3089\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u6570\u5b57\u3067\u898b\u3048\u306b\u304f\u3044\u3067\u3059\u304c\u3001\u6700\u7d42\u8b72\u6e21\u4fa1\u683c\u306b\u78ba\u5b9f\u306b\u52b9\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    NPV\u3068IRR\u3001\u305d\u306e\u4ed6\u8a55\u4fa1\u6307\u6a19\u306e\u4f7f\u3044\u5206\u3051<\/h2>\n\n\n\n

                    NPV\u306f\u4e07\u80fd\u3067\u306f\u306a\u304f\u3001\u4ed6\u6307\u6a19\u3068\u4f75\u7528\u3057\u3066\u3053\u305d\u7cbe\u5ea6\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    IRR\u3068\u306e\u9055\u3044<\/h3>\n\n\n\n

                    IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09<\/mark><\/a>\u306f\u3001NPV\u3092\u3061\u3087\u3046\u3069\u30bc\u30ed\u306b\u3059\u308b\u5272\u5f15\u7387\u3092\u6307\u3057\u307e\u3059\u3002\u6295\u8cc7\u52b9\u7387\u3092\u6bd4\u7387\u3067\u793a\u3059\u305f\u3081\u3001\u8907\u6570\u6848\u4ef6\u306e\u53ce\u76ca\u7387\u6bd4\u8f03\u306b\u5411\u304d\u307e\u3059\u3002\u4e00\u65b9\u3001NPV\u306f\u7d76\u5bfe\u91d1\u984d\u3067\u6295\u8cc7\u4fa1\u5024\u3092\u8868\u3059\u305f\u3081\u3001\u6848\u4ef6\u898f\u6a21\u3092\u542b\u3081\u305f\u6bd4\u8f03\u306b\u5f37\u3044\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u4f01\u696d\u306e\u4e2d\u306b\u306f\u300cIRR\u3007\uff05\u4ee5\u4e0a\u300d\u3068\u3044\u3046\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u3092\u793e\u5185\u57fa\u6e96\u306b\u3057\u3066\u3044\u308b\u3068\u3053\u308d\u3082\u3042\u308a\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u8cb7\u3044\u624b\u306eIRR\u57fa\u6e96\u3092\u77e5\u3063\u3066\u304a\u3051\u3070\u3001\u4fa1\u683c\u59a5\u7d50\u30e9\u30a4\u30f3\u306e\u4e88\u6e2c\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u4f75\u7528<\/h3>\n\n\n\n

                    NPV\u3092\u8ef8\u306b\u3057\u305fDCF\u6cd5\u306f\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u304c\u3001\u5b9f\u52d9\u3067\u306f\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\uff08\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u3084\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u3068\u4f75\u7528\u3057\u3066\u3001\u4fa1\u683c\u30ec\u30f3\u30b8\u3092\u63b4\u3080\u306e\u304c\u901a\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u4e2d\u5c0fM&A\u3067\u306f\u3001\u7c21\u4fbf\u306a\u5e74\u8cb7\u6cd5<\/mark><\/a>\uff08\u6642\u4fa1\u7d14\u8cc7\u7523\uff0b\u55b6\u696d\u5229\u76ca\u00d72\u301c5\u5e74\uff09\u304c\u591a\u7528\u3055\u308c\u307e\u3059\u304c\u3001NPV\u3068\u5e74\u8cb7\u6cd5\u306e\u7d50\u679c\u304c\u5927\u304d\u304f\u4e56\u96e2\u3059\u308b\u5834\u5408\u3001\u3069\u3061\u3089\u306e\u524d\u63d0\u304c\u73fe\u5b9f\u7684\u304b\u3092\u7cbe\u67fb\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    NPV\u6d3b\u7528\u3067\u9665\u308a\u3084\u3059\u3044\u8aa4\u89e3\u3068\u6ce8\u610f\u70b9<\/h2>\n\n\n\n

                    NPV\u306f\u5f37\u529b\u306a\u6307\u6a19\u3067\u3059\u304c\u3001\u904e\u4fe1\u306f\u7981\u7269\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u4e88\u6e2c\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u3069\u3046\u6271\u3046\u304b<\/h3>\n\n\n\n

                    NPV\u306f\u5c06\u6765\u4e88\u6e2c\u306b\u57fa\u3065\u304f\u305f\u3081\u3001\u524d\u63d0\u304c\u5916\u308c\u308c\u3070\u7d50\u679c\u3082\u5916\u308c\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u5e81\u304c\u516c\u8868\u3059\u308b\u5404\u7a2e\u7d71\u8a08\uff08\u4e2d\u5c0f\u4f01\u696d\u5e81\u306e\u4e2d\u5c0f\u4f01\u696d\u767d\u66f8<\/a><\/mark>\u7b49\uff09\u3067\u3082\u3001\u4e2d\u5c0f\u4f01\u696d\u306e\u696d\u7e3e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5927\u304d\u3055\u304c\u6307\u6458\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u524d\u63d0\u306b\u8907\u6570\u30b7\u30ca\u30ea\u30aa\u3092\u7528\u610f\u3057\u3001\u611f\u5fdc\u5ea6\u5206\u6790\u3067\u5e45\u3092\u6301\u305f\u305b\u308b\u59ff\u52e2\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                    \u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u904e\u5927\u8a55\u4fa1<\/h3>\n\n\n\n

                    DCF\u6cd5\u3067NPV\u3092\u8a08\u7b97\u3059\u308b\u969b\u3001\u4e88\u6e2c\u671f\u9593\uff08\u901a\u5e385\u301c10\u5e74\uff09\u306e\u5f8c\u306e\u6c38\u4e45\u6210\u9577\u3092\u4eee\u5b9a\u3057\u305f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u304cNPV\u5168\u4f53\u306e6\u301c8\u5272\u3092\u5360\u3081\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u6700\u3082\u4e0d\u78ba\u304b\u306a\u90e8\u5206\u304c\u6700\u3082\u5927\u304d\u3044\u300d\u3068\u3044\u3046\u69cb\u9020\u7684\u306a\u554f\u984c\u3067\u3001\u8cb7\u3044\u624b\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u4fdd\u5b88\u7684\u306b\u898b\u7a4d\u3082\u308a\u304c\u3061\u3067\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306f\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u7b97\u5b9a\u306e\u524d\u63d0\uff08\u6c38\u4e45\u6210\u9577\u7387\u306e\u7f6e\u304d\u65b9\uff09\u3092\u8cb7\u3044\u624b\u3068\u65e9\u671f\u306b\u5171\u6709\u3057\u3001\u3053\u3053\u3067\u5927\u304d\u306a\u5dee\u304c\u51fa\u306a\u3044\u3088\u3046\u8abf\u6574\u3059\u308b\u306e\u304c\u8ce2\u660e\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u793e\u5185\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306e\u5b9f\u614b<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u4f01\u696d\u306eWACC\u304c\u7406\u8ad6\u4e0a6\uff05\u3067\u3082\u3001\u793e\u5185\u3067\u306f\u300c\u6295\u8cc7\u6848\u4ef6\u306f\u6700\u4f4e\u3067\u308210\uff05\u306eIRR\u304c\u5fc5\u8981\u300d\u3068\u3044\u3046\u30cf\u30fc\u30c9\u30eb\u304c\u8ab2\u3055\u308c\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u7406\u8ad6\u5024\u3068\u793e\u5185\u57fa\u6e96\u306e\u5dee\u304c\u3001\u8cb7\u3044\u624b\u306e\u63d0\u793a\u4fa1\u683c\u3092\u5f15\u304d\u4e0b\u3052\u307e\u3059\u3002\u8cb7\u3044\u624b\u306e\u793e\u5185\u57fa\u6e96\u306f\u8868\u7acb\u3063\u3066\u958b\u793a\u3055\u308c\u307e\u305b\u3093\u304c\u3001\u300c\u8cb4\u793e\u306e\u6295\u8cc7\u5224\u65ad\u57fa\u6e96\u3092\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u300d\u3068\u805e\u304f\u3053\u3068\u81ea\u4f53\u306f\u5931\u793c\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5f53\u793e\u306e\u652f\u63f4\u73fe\u5834\u3067\u3082\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u7387\u76f4\u306b\u8cea\u554f\u3057\u3001\u8cb7\u3044\u624b\u304c\u56de\u7b54\u3059\u308b\u3053\u3068\u3067\u8ad6\u70b9\u304c\u6574\u7406\u3055\u308c\u305f\u4e8b\u4f8b\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u58f2\u308a\u624b\u306eNPV\u6d3b\u7528\u306b\u95a2\u3059\u308bFAQ<\/h2>\n\n\n\n

                    \u4f1a\u793e\u58f2\u5374\u306e\u73fe\u5834\u3067\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304b\u3089\u5bc4\u305b\u3089\u308c\u3084\u3059\u3044\u8cea\u554f\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    Q\uff1a\u58f2\u308a\u624b\u3082\u81ea\u793e\u3067NPV\u3092\u8a08\u7b97\u3057\u3066\u304a\u304f\u3079\u304d\u3067\u3059\u304b\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

                    \u306f\u3044\u3002\u8cb7\u3044\u624b\u306e\u8a00\u3044\u5024\u3067\u4ea4\u6e09\u304c\u9032\u3080\u306e\u3092\u907f\u3051\u308b\u306b\u306f\u3001\u81ea\u793e\u306e\u4e8b\u696d\u8a08\u753b\u306b\u57fa\u3065\u304fNPV\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u73fe\u5834\u3067\u306f\u307e\u305a3\u301c5\u5e74\u306e\u4e8b\u696d\u8a08\u753b\u3092\u4f5c\u308a\u3001\u4fdd\u5b88\u7684\u30fb\u6a19\u6e96\u30fb\u697d\u89b3\u306e3\u30b7\u30ca\u30ea\u30aa\u3067NPV\u3092\u8a66\u7b97\u3057\u307e\u3059\u3002\u3053\u308c\u304c\u4fa1\u683c\u4ea4\u6e09\u306e\u7269\u5dee\u3057\u306b\u306a\u308a\u307e\u3059\u3002<\/p> <\/div>

                    Q\uff1a\u5272\u5f15\u7387\u306f\u3069\u306e\u7a0b\u5ea6\u306b\u8a2d\u5b9a\u3059\u3079\u304d\u3067\u3059\u304b\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

                    \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306f\u3001\u696d\u7a2e\u30fb\u898f\u6a21\u306b\u3088\u308a8\u301c15\uff05\u306e\u7bc4\u56f2\u3067\u8a2d\u5b9a\u3055\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u8cb7\u3044\u624b\u306e\u696d\u7a2e\u30fb\u898f\u6a21\u306b\u3088\u3063\u3066\u3082\u5909\u52d5\u3059\u308b\u305f\u3081\u3001\u8cb7\u3044\u624b\u306eWACC\u3092\u63a8\u5b9a\u3057\u305f\u3046\u3048\u3067\u3001\u81ea\u793e\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4e0a\u4e57\u305b\u3057\u305f\u6c34\u6e96\u3067\u8b70\u8ad6\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p> <\/div>

                    Q\uff1a\u30b7\u30ca\u30b8\u30fc\u306f\u4fa1\u683c\u306b\u3069\u3053\u307e\u3067\u53cd\u6620\u3067\u304d\u307e\u3059\u304b\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

                    \u8cb7\u3044\u624b\u306e\u65b9\u91dd\u6b21\u7b2c\u3067\u3059\u304c\u3001\u76ee\u5b89\u3068\u3057\u3066\u300c\u671f\u5f85\u30b7\u30ca\u30b8\u30fc\u306e2\u301c4\u5272\u300d\u3092\u4fa1\u683c\u306b\u4e0a\u4e57\u305b\u3067\u304d\u308c\u3070\u6210\u529f\u3068\u8a00\u3048\u307e\u3059\u3002\u30b7\u30ca\u30b8\u30fc\u306e100\uff05\u3092\u58f2\u308a\u624b\u304c\u53d6\u308a\u8fbc\u3080\u306e\u306f\u96e3\u3057\u304f\u3001\u8cb7\u3044\u624b\u306e\u53d6\u308a\u5206\u3082\u6b8b\u3059\u59ff\u52e2\u304c\u5186\u6e80\u306a\u4ea4\u6e09\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p> <\/div>

                    Q\uff1aNPV\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3082\u4f1a\u793e\u58f2\u5374\u306f\u53ef\u80fd\u3067\u3059\u304b\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

                    \u53ef\u80fd\u3067\u3059\u3002NPV\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3082\u3001\u8cb7\u3044\u624b\u306e\u30b7\u30ca\u30b8\u30fc\u671f\u5f85\u3084\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u306e\u7d14\u8cc7\u7523\u4fa1\u5024\u3001\u7a0e\u52d9\u30e1\u30ea\u30c3\u30c8\u7b49\u3067\u8cb7\u53ce\u3092\u5224\u65ad\u3059\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u5951\u7d04\u6761\u9805\u3068\u8cb7\u3044\u624b\u306e\u6226\u7565\u6b21\u7b2c\u306a\u306e\u3067\u3001\u8907\u6570\u5019\u88dc\u3068\u4e26\u884c\u4ea4\u6e09\u3059\u308b\u3053\u3068\u304c\u9375\u3067\u3059\u3002<\/p> <\/div>

                    Q\uff1a\u4ef2\u4ecb\u4f1a\u793e\u304c\u793a\u3059\u4fa1\u683c\u30ec\u30f3\u30b8\u3068NPV\u306f\u3069\u3046\u9055\u3044\u307e\u3059\u304b\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

                    \u4e00\u822c\u7684\u306a\u4ef2\u4ecb\u4f1a\u793e\u306e\u4fa1\u683c\u30ec\u30f3\u30b8\u306f\u985e\u4f3c\u6848\u4ef6\u306e\u53d6\u5f15\u500d\u7387\u306b\u57fa\u3065\u304f\u300c\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u304c\u4e2d\u5fc3\u3067\u3001NPV\u3092\u7cbe\u7dfb\u306b\u8a08\u7b97\u3057\u306a\u3044\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002\u4e21\u8005\u3092\u7a81\u304d\u5408\u308f\u305b\u3066\u6574\u5408\u6027\u3092\u78ba\u8a8d\u3059\u308b\u306e\u304c\u5b89\u5168\u3067\u3059\u3002<\/p> <\/div> <\/div>\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

                    NPV\u3068M&A\u4fa1\u683c\u4ea4\u6e09\u306e\u307e\u3068\u3081<\/h2>\n\n\n\n

                    NPV\u306f\u8cb7\u3044\u624b\u304c\u4e0a\u9650\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u6838\u5fc3\u30ed\u30b8\u30c3\u30af\u3067\u3042\u308a\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u305d\u306e\u69cb\u9020\u3092\u7406\u89e3\u3059\u308c\u3070\u3001\u611f\u60c5\u8ad6\u3067\u306f\u306a\u304f\u6570\u5b57\u306b\u57fa\u3065\u3044\u305f\u4fa1\u683c\u4ea4\u6e09\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002\u4e8b\u696d\u8a08\u753b\u306e\u7cbe\u7dfb\u5316\u3001\u30b7\u30ca\u30b8\u30fc\u306e\u5b9a\u91cf\u5316\u3001\u5272\u5f15\u7387\u524d\u63d0\u306e\u3059\u308a\u5408\u308f\u305b\u3001\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u306e\u6d3b\u7528\u2015\u2015\u3053\u308c\u3089\u3092\u4f7f\u3044\u5206\u3051\u308b\u3053\u3068\u3067\u3001\u7d0d\u5f97\u611f\u306e\u3042\u308b\u8b72\u6e21\u4fa1\u683c\u3092\u5f15\u304d\u5bc4\u305b\u3089\u308c\u307e\u3059\u3002\u4f1a\u793e\u58f2\u5374\u306f\u4eba\u751f\u306e\u5927\u304d\u306a\u7bc0\u76ee\u3067\u3059\u3002\u6e96\u5099\u4e0d\u8db3\u306e\u307e\u307e\u4ea4\u6e09\u306e\u30c6\u30fc\u30d6\u30eb\u306b\u7740\u304f\u3068\u3001\u672c\u6765\u5f97\u3089\u308c\u305f\u306f\u305a\u306e\u4fa1\u5024\u3092\u5931\u3044\u304b\u306d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                    \u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7\u306eM&A\u4ef2\u4ecb\u4f1a\u793e\u3068\u3057\u3066\u3001\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u652f\u63f4\u5b9f\u7e3e\u304c\u8c4a\u5bcc\u306b\u3042\u308a\u3001\u8cb7\u3044\u624b\u306eNPV\u30ed\u30b8\u30c3\u30af\u3092\u8e0f\u307e\u3048\u305f\u4fa1\u683c\u4ea4\u6e09\u3092\u719f\u77e5\u3057\u3066\u3044\u307e\u3059\u3002\u4f1a\u793e\u58f2\u5374\u3084\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3092\u3054\u691c\u8a0e\u306e\u969b\u306f\u3001\u305c\u3072\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002\u521d\u671f\u76f8\u8ac7\u304b\u3089\u6210\u7d04\u307e\u3067\u3001\u5c02\u9580\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u304c\u4e00\u8cab\u3057\u3066\u30b5\u30dd\u30fc\u30c8\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u5b8c\u5168\u6210\u529f\u5831\u916c\u306eM&A\u4ef2\u4ecb\u4f1a\u793e\u306a\u3089\u3001\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3078 \uff1e<\/mark><\/a><\/p>\n\n\n

                    \n
                    \n
                    \u3054\u8b72\u6e21\u3092\u691c\u8a0e\u3055\u308c\u308b\u65b9<\/div>\n \u4eca\u3059\u3050\u7121\u6599\u76f8\u8ac7\u3059\u308b<\/a>\n <\/div>\n
                    \n
                    \n
                    M&A\u306e\u91cd\u8981\u30dd\u30a4\u30f3\u30c8\u8cc7\u6599<\/div>\n \u7121\u6599\u3067\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3059\u308b<\/a>\n <\/div>\n <\/div>\n<\/div>","protected":false},"author":3,"featured_media":2194,"template":"","meta":{"cybocfi_hide_featured_image":"yes"},"class_list":["post-2189","column","type-column","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/column\/2189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/column"}],"about":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/types\/column"}],"author":[{"embeddable":true,"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/users\/3"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/media\/2194"}],"wp:attachment":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/media?parent=2189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}