{"id":2189,"date":"2025-11-09T11:21:15","date_gmt":"2025-11-09T02:21:15","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&#038;p=2189"},"modified":"2025-11-09T11:21:15","modified_gmt":"2025-11-09T02:21:15","slug":"thorough-explanation-of-the-npv-method-use-it-as-an-indicator-when-making-investment-decisions","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/thorough-explanation-of-the-npv-method-use-it-as-an-indicator-when-making-investment-decisions\/","title":{"rendered":"NPV\u3068\u306f\uff1f\u610f\u5473\u30fb\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u30fb\u6295\u8cc7\u5c3a\u5ea6\u30fb\u30a8\u30af\u30bb\u30eb\u6d3b\u7528"},"content":{"rendered":"\n<p>\u65b0\u898f\u6295\u8cc7\u3084M&amp;A\u3092\u5b9f\u65bd\u3059\u308b\u969b\u306f\u3001\u6295\u8cc7\u984d\u306b\u898b\u5408\u3046\u6848\u4ef6\u304b\u3092\u5206\u6790\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u5c06\u6765\u7684\u306a\u53ce\u76ca\u6027\u304c\u898b\u8fbc\u3081\u306a\u3044\u6848\u4ef6\u3078\u306e\u6295\u8cc7\u306f\u907f\u3051\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u3002\u3053\u306e\u5224\u65ad\u306b\u6709\u52b9\u306a\u6307\u6a19\u304cNPV\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001NPV\u306e\u610f\u5473\u3001\u8a08\u7b97\u65b9\u6cd5\u3001\u5b9f\u52d9\u3067\u306e\u6d3b\u7528\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"450\" height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-20-3.jpg\" alt=\"\" class=\"wp-image-4081\"\/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"450\" height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-19-2.jpg\" alt=\"\" class=\"wp-image-4082\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n<div class=\"ark-block-toc\">\n\t\t<div class=\"ark-block-toc__title\">\u76ee\u6b21<\/div>\n\t\t<ol class=\"ark-block-toc__list\" data-level=\"2\"><li><a href=\"#arkb-toc-0\" class=\"ark-block-toc__link\">NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u3068\u306f<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-1\" class=\"ark-block-toc__link\">NPV\u306e\u91cd\u8981\u6027<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-2\" class=\"ark-block-toc__link\">NPV\u306e\u8a08\u7b97\u65b9\u6cd5<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-3\" class=\"ark-block-toc__link\">NPV\u306e\u8a08\u7b97\u306e\u6d41\u308c<\/a><\/li><li><a href=\"#arkb-toc-4\" class=\"ark-block-toc__link\">NPV\u306e\u8a08\u7b97\u5f0f<\/a><\/li><li><a href=\"#arkb-toc-5\" class=\"ark-block-toc__link\">NPV\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-6\" class=\"ark-block-toc__link\">NPV\u8a08\u7b97\u65b9\u6cd5\u306e\u30a8\u30af\u30bb\u30eb\u6d3b\u7528\u4f8b<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-7\" class=\"ark-block-toc__link\">NPV\u306f\u6295\u8cc7\u5224\u65ad\u306e\u5c3a\u5ea6<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-8\" class=\"ark-block-toc__link\">NPV\u6cd5\u3092\u6d3b\u7528\u3057\u305f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u8a55\u4fa1<\/a><\/li><li><a href=\"#arkb-toc-9\" class=\"ark-block-toc__link\">NPV\u6cd5\u306e\u6ce8\u610f\u70b9<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-10\" class=\"ark-block-toc__link\">IRR\u3068NPV\u6cd5\u306e\u9055\u3044<\/a><\/li><li><a href=\"#arkb-toc-11\" class=\"ark-block-toc__link\">NPV\u6cd5\u306e\u5fdc\u7528\u3068\u4e8b\u4f8b\u7d39\u4ecb<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-12\" class=\"ark-block-toc__link\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306eNPV\u6cd5\u306e\u6d3b\u7528<\/a><\/li><li><a href=\"#arkb-toc-13\" class=\"ark-block-toc__link\">\u4e0d\u52d5\u7523\u696d\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u5229\u7528\u4f8b<\/a><\/li><li><a href=\"#arkb-toc-14\" class=\"ark-block-toc__link\">\u88fd\u9020\u696d\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u5229\u7528\u4f8b<\/a><\/li><li><a href=\"#arkb-toc-15\" class=\"ark-block-toc__link\">\u30b5\u30fc\u30d3\u30b9\u696d\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u5229\u7528\u4f8b<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-16\" class=\"ark-block-toc__link\">NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\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 has-link-color wp-elements-d35281866eb7869a178cb5f67e0a4496\"><a href=\"https:\/\/mitsukijapan.com\/ma\/contact\/\" data-type=\"link\" data-id=\"https:\/\/mitsukijapan.com\/ma\/contact\/\">\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<h2 id=\"arkb-toc-0\" class=\"wp-block-heading\"><strong>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u3068\u306f<\/strong><\/h2>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u3068\u306f\u3001\u6295\u8cc7\u4fa1\u5024\u3092\u5b9a\u91cf\u7684\u306b\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-xxlarge-font-size\">\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff1d\u73fe\u5728\u4fa1\u5024\uff0d\u6295\u8cc7\u984d<\/p>\n\n\n\n<p>\u306e\u8a08\u7b97\u5f0f\u3067\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u4fa1\u5024\u306f\u3001\u5c06\u6765\u306e\u7372\u5f97\u8cc7\u91d1\u3092\u73fe\u6642\u70b9\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u305f\u3082\u306e\u3067\u3001<\/p>\n\n\n\n<p class=\"has-xlarge-font-size\">\u73fe\u5728\u4fa1\u5024\uff1d\u5c06\u6765\u53d7\u3051\u53d6\u308b\u8cc7\u91d1\u00f7\uff081\uff0b\u5229\u7387\u30fb\u5272\u5f15\u7387\uff09^N<\/p>\n\n\n\n<p>\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002\u300cN\u300d\u306f\u5e74\u6570\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u524d\u8ff0\u306e\u3088\u3046\u306b\u3001\u3053\u306e\u73fe\u5728\u4fa1\u5024\u304b\u3089\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u91d1\u984d\u304cNPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u304c\u9ad8\u3044\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u307b\u3069\u3001\u6295\u8cc7\u5bfe\u8c61\u3068\u3057\u3066\u9b45\u529b\u7684\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u73fe\u5728\u4fa1\u5024\u304c5\u5104\u5186\u3001\u6295\u8cc7\u984d\u304c3\u5104\u5186\u306e\u5834\u5408\u3001NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306f\u5dee\u984d\u306e2\u5104\u5186\u3068\u306a\u308a\u3001\u6295\u8cc7\u4fa1\u5024\u304c\u3042\u308b\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002\u82f1\u8a9e\u3067\u306fNet Present Value\uff08NPV\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-1\" class=\"wp-block-heading\">NPV\u306e\u91cd\u8981\u6027<\/h3>\n\n\n\n<p>M&amp;A\u3084\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001NPV\u306f\u7279\u306b\u91cd\u8996\u3059\u3079\u304d\u6307\u6a19\u3067\u3059\u3002\u3053\u308c\u306f\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff08DCF\u6cd5\uff09\u306e\u57fa\u790e\u3068\u306a\u3063\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p>DCF\u6cd5\u306f\u3001M&amp;A\u306b\u304a\u3051\u308b\u5bfe\u8c61\u4f1a\u793e\u306e\u8cb7\u53ce\u5f8c\u306e\u53ce\u76ca\uff08\u5229\u76ca\uff09\u3084\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308b\u5bb6\u8cc3\u53ce\u5165\u306a\u3069\u306e\u4e0d\u52d5\u7523\u306e\u53ce\u76ca\u4fa1\u683c\u3092\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u306e\u4e00\u3064\u3067\u3059\u3002\u7d14\u53ce\u76ca\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08\u5fa9\u5e30\u4fa1\u683c\uff09\u3092\u3001\u767a\u751f\u6642\u671f\u306b\u5fdc\u3058\u3066\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u305d\u306e\u7dcf\u984d\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002NPV\u306f\u3001\u3053\u306e\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u306e\u6839\u5e79\u3092\u306a\u3057\u3001\u6295\u8cc7\u306b\u304a\u3051\u308b\u53ce\u76ca\u6027\u5224\u65ad\u306e\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u984d\u3092\u4e0a\u56de\u308b\u4fa1\u5024\u304c\u5275\u51fa\u3067\u304d\u308b\u304b\u306f\u3001\u3042\u3089\u3086\u308b\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3044\u3066\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002\u5c06\u6765\u4fa1\u5024\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308bNPV\u306f\u3001\u305d\u306e\u305f\u3081\u6295\u8cc7\u5224\u65ad\u306e\u57fa\u6e96\u3068\u3057\u3066\u91cd\u8996\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-ae18d56b7551382f403fd379c9e52dca\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-the-dcf-method-a-thorough-explanation-of-basic-concepts-and-calculation-methods\/\">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<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-2\" class=\"wp-block-heading\">NPV\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n<p>\u3053\u3053\u304b\u3089\u306fNPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u5c11\u3057\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-3\" class=\"wp-block-heading\">NPV\u306e\u8a08\u7b97\u306e\u6d41\u308c<\/h3>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u8a08\u7b97\u624b\u9806\u306e\u6982\u7565\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5404\u671f\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3057\u3001\u305d\u308c\u306b\u57fa\u3065\u3044\u3066\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u63db\u7b97\u3057\u305f\u73fe\u5728\u4fa1\u5024\u3092\u5408\u8a08\u3057\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u521d\u671f\u6295\u8cc7\u984d\u3092\u5f15\u3044\u3066NPV\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-7adf59facbdf3bdab13407a8c5bd4456\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/definition-of-free-cash-flow\/\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u30fb\u30de\u30a4\u30ca\u30b9\u306e\u610f\u5473\u30fbDCF\u4f01\u696d\u4fa1\u5024<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-4\" class=\"wp-block-heading\">NPV\u306e\u8a08\u7b97\u5f0f<\/h3>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306f\u3001\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u7528\u3044\u308b\u8a55\u4fa1\u6307\u6a19\u3067\u3059\u3002\u65e5\u672c\u8a9e\u3067\u306f\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u3068\u547c\u3073\u3001\u6295\u8cc7\u306b\u3088\u3063\u3066\u5f97\u3089\u308c\u308b\u5229\u76ca\u306e\u5927\u304d\u3055\u3092\u793a\u3057\u307e\u3059\u3002\u7b97\u51fa\u3055\u308c\u305fNPV\u304c\u30d7\u30e9\u30b9\u3067\u3001\u5024\u304c\u5927\u304d\u3044\u307b\u3069\u6295\u8cc7\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u5224\u65ad\u3057\u307e\u3059\u3002\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001\u540c\u984d\u3067\u3042\u308c\u3070\u5c06\u6765\u3088\u308a\u3082\u73fe\u5728\u306e\u65b9\u304c\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u6295\u8cc7\u306b\u3088\u3063\u3066\u8cc7\u91d1\u3092\u904b\u7528\u30fb\u5897\u52a0\u3055\u305b\u308b\u6a5f\u4f1a\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002NPV\u306f\u3053\u306e\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u3057\u3066\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-xxlarge-font-size\">NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\uff1dPV\uff08\u73fe\u5728\u4fa1\u5024\uff09\uff0d\u6295\u8cc7\u984d<\/p>\n\n\n\n<p>NPV\u8a08\u7b97\u306b\u306f\u4ee5\u4e0b\u306e2\u8981\u7d20\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u73fe\u5728\u4fa1\u5024\uff08PV\uff09<\/li>\n\n\n\n<li>\u5272\u5f15\u7387\uff08IRR\uff09<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">\u73fe\u5728\u4fa1\u5024\uff08PV\uff09<\/h4>\n\n\n\n<p>PV\uff08Present Value\uff09\u306f\u3001\u5c06\u6765\u7372\u5f97\u3059\u308b\u91d1\u984d\u306e\u73fe\u6642\u70b9\u3067\u306e\u4fa1\u5024\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-xlarge-font-size\">PV = n\u5e74\u5f8c\u306b\u53d7\u3051\u53d6\u308b\u91d1\u984d \/ (1+\u5229\u76ca\u30fb\u5272\u5f15\u7387)^n<sup>\u203b<\/sup><\/p>\n\n\n\n<p><sup>\u203b<\/sup>^n\u306fn\u4e57\u3092\u8868\u3059<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u5272\u5f15\u7387\uff08IRR\uff09<\/h4>\n\n\n\n<p>\u5272\u5f15\u7387\uff08Internal Rate of Return: IRR\uff09\u306f\u5185\u90e8\u53ce\u76ca\u7387\u3068\u3082\u547c\u3070\u308c\u3001NPV\uff1d0\u3068\u306a\u308b\u5272\u5f15\u7387\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u6295\u8cc7\u91d1\u984d\u3068\u5c06\u6765\u53d7\u3051\u53d6\u308b\u8cc7\u91d1\u306e\u4fa1\u5024\u304c\u7b49\u3057\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-large-font-size\">IRR\uff1d\u6295\u8cc7\u91d1\u984d\uff08\u30de\u30a4\u30ca\u30b9\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09+1\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306ePV+2\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306ePV+\u2026\u2026\uff1d0<\/p>\n\n\n\n<p>\u5229\u76ca\u30fb\u5272\u5f15\u7387\u3092\u300cr\u300d\u3068\u3057\u3066\u8a2d\u5b9a\u3057\u3001\u6570\u5024\u3092\u4ee3\u5165\u3057\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8a08\u7b97\u306f\u95a2\u6570\u96fb\u5353\u3084Excel\u306e\u95a2\u6570\u3067\u5b9f\u884c\u3067\u304d\u307e\u3059\u304c\u3001\u57fa\u672c\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u306e\u7406\u89e3\u306f\u6709\u7528\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-45103561375bc7c35685a2b29f3482ea\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/valuation\/\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u306f\uff1f\uff5c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u8a08\u7b97\u65b9\u6cd5\u30fbM&amp;A\u682a\u4fa1\u306e\u610f\u5473<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-5\" class=\"wp-block-heading\">NPV\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5<\/h3>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u5177\u4f53\u7684\u306a\u6570\u5024\u4f8b\u3092\u7528\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u8a08\u7b97\u6761\u4ef6\u306e\u8a2d\u5b9a<\/h4>\n\n\n\n<p>\u307e\u305a\u3001\u4ee5\u4e0b\u306e\u6761\u4ef6\u3067\u8a08\u7b97\u4f8b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u521d\u671f\u6295\u8cc7\u984d\uff1a4\u5104\u5186<\/li>\n\n\n\n<li>\u5272\u5f15\u7387\uff1a4%<\/li>\n\n\n\n<li>\u5e74\u9593\u53ce\u76ca\uff1a2,500\u4e07\u5186<\/li>\n\n\n\n<li>\u6295\u8cc7\u671f\u9593\uff1a5\u5e74<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">\u57fa\u672c\u30d1\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u7d50\u679c<\/h4>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u6761\u4ef6\u3067NPV\u3092\u8a08\u7b97\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u7d50\u679c\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter is-style-stripes\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">\u6295\u8cc7\u5e74\u6570<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u53ce\u76ca<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u73fe\u5728\u4fa1\u5024<\/th><th>\u8a08\u7b97\u5f0f<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">0<\/td><td class=\"has-text-align-right\" data-align=\"right\">-400,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">-400,000,000<\/td><td>=C3\/(1+4%)^B3<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">24,038,462<\/td><td>=C4\/(1+4%)^B4<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">23,113,905<\/td><td>=C5\/(1+4%)^B5<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">22,224,909<\/td><td>=C6\/(1+4%)^B6<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">21,370,105<\/td><td>=C7\/(1+4%)^B7<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">20,548,178<\/td><td>=C8\/(1+4%)^B8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NPV<\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\">-288,704,441<\/td><td>=SUM(D3:D8)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u306e\u7d50\u679c\u304b\u3089\u3001NPV\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u306e\u6295\u8cc7\u6848\u4ef6\u306f\u63a1\u7b97\u304c\u53d6\u308c\u306a\u3044\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u53ce\u76ca\u6539\u5584\u30d1\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u7d50\u679c<\/h4>\n\n\n\n<p>\u6b21\u306b\u3001\u5e74\u9593\u53ce\u76ca\u30929,000\u4e07\u5186\u306b\u5897\u52a0\u3055\u305b\u305f\u5834\u5408\u306e\u8a08\u7b97\u7d50\u679c\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter is-style-stripes\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">\u6295\u8cc7\u5e74\u6570<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u53ce\u76ca<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u73fe\u5728\u4fa1\u5024<\/th><th>\u8a08\u7b97\u5f0f<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">0<\/td><td class=\"has-text-align-right\" data-align=\"right\">-400,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">-400,000,000<\/td><td>=C3\/(1+4%)^B3<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">90,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">86,538,462<\/td><td>=C4\/(1+4%)^B4<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2<\/td><td class=\"has-text-align-right\" data-align=\"right\">90,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">83,210,060<\/td><td>=C5\/(1+4%)^B5<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\">90,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">80,009,673<\/td><td>=C6\/(1+4%)^B6<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><td class=\"has-text-align-right\" data-align=\"right\">90,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">76,932,378<\/td><td>=C7\/(1+4%)^B7<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\">90,000,000<\/td><td class=\"has-text-align-right\" data-align=\"right\">73,973,440<\/td><td>=C8\/(1+4%)^B8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NPV<\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\">663,013<\/td><td>=SUM(D3:D8)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u53ce\u76ca\u3092\u5897\u52a0\u3055\u305b\u308b\u3053\u3068\u3067\u3001NPV\u306f\u30d7\u30e9\u30b9\u3068\u306a\u308a\u3001\u3053\u306e\u6295\u8cc7\u6848\u4ef6\u306f\u63a1\u7b97\u304c\u53d6\u308c\u308b\u7d50\u679c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u8a08\u7b97\u4f8b\u3067\u306f\u3001\u6295\u8cc7\u306b\u4ed8\u968f\u3059\u308b\u8af8\u7d4c\u8cbb\u3084\u8ffd\u52a0\u3067\u767a\u751f\u3059\u308b\u4fa1\u5024\u306f\u8003\u616e\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u306f\u3001\u3053\u308c\u3089\u306e\u8981\u7d20\u3082\u542b\u3081\u305f\u7dcf\u5408\u7684\u306a\u5224\u65ad\u304c\u5fc5\u8981\u3067\u3059\u3002\u307e\u305f\u3001NPV\u306e\u8a08\u7b97\u306b\u306f\u3001Excel\u3084Google \u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u306a\u3069\u306e\u8868\u8a08\u7b97\u30bd\u30d5\u30c8\u3092\u6d3b\u7528\u3059\u308b\u3068\u52b9\u7387\u7684\u3067\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u69d8\u3005\u306a\u6761\u4ef6\u3067\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u5bb9\u6613\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-6\" class=\"wp-block-heading\"><strong>NPV\u8a08\u7b97\u65b9\u6cd5\u306e\u30a8\u30af\u30bb\u30eb\u6d3b\u7528\u4f8b<\/strong><\/h3>\n\n\n\n<p>\u30a8\u30af\u30bb\u30eb\u3092\u7528\u3044\u305fNPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u3001\u5177\u4f53\u7684\u306a\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002\u307e\u305a\u6700\u521d\u306e\u30b9\u30c6\u30c3\u30d7\u3068\u3057\u3066\u3001\u30a8\u30af\u30bb\u30eb\u30b7\u30fc\u30c8\u306b\u6295\u8cc7\u6848\u4ef6\u306e\u8a08\u753b\u5024\u306b\u57fa\u3065\u304f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6642\u7cfb\u5217\u9806\u306b\u5165\u529b\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u3053\u306e\u969b\u3001\u5404\u671f\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6b63\u78ba\u306b\u53cd\u6620\u3055\u308c\u308b\u3088\u3046\u3001\u614e\u91cd\u306b\u30c7\u30fc\u30bf\u3092\u914d\u7f6e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u7d9a\u3044\u3066\u3001\u6295\u8cc7\u5bfe\u8c61\u306e\u6027\u8cea\u3084\u30ea\u30b9\u30af\u6c34\u6e96\u306b\u5fdc\u3058\u305f\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">NPV\u95a2\u6570\u306e\u5177\u4f53\u7684\u306a\u4f7f\u7528\u65b9\u6cd5<\/h4>\n\n\n\n<p>\u30a8\u30af\u30bb\u30eb\u3067\u306f\u3001NPV\u95a2\u6570=NPV(\u5272\u5f15\u7387,\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc)\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u8907\u96d1\u306a\u8a08\u7b97\u3082\u7c21\u5358\u304b\u3064\u6b63\u78ba\u306b\u5b9f\u884c\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002NPV\u95a2\u6570\u306e\u5f15\u6570\u8a2d\u5b9a\u3067\u306f\u3001\u7b2c\u4e00\u5f15\u6570\u306b\u4e8b\u524d\u306b\u8a2d\u5b9a\u3057\u305f\u5272\u5f15\u7387\u3092\u3001\u7b2c\u4e8c\u5f15\u6570\u4ee5\u964d\u306b\u5c06\u6765\u5404\u671f\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u9806\u6b21\u6307\u5b9a\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u3053\u306e\u95a2\u6570\u306b\u3088\u308b\u8a08\u7b97\u3092\u5b9f\u884c\u3057\u3001\u7b97\u51fa\u3055\u308c\u305f\u5024\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u7d50\u679c\u3068\u3057\u3066\u3001\u6700\u7d42\u7684\u306a\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u304c\u5c0e\u304d\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">NPV\u306b\u57fa\u3065\u304f\u6295\u8cc7\u5224\u65ad\u306e\u57fa\u6e96<\/h4>\n\n\n\n<p>\u7b97\u51fa\u3055\u308c\u305fNPV\u306e\u6b63\u8ca0\u306e\u5024\u306b\u3088\u3063\u3066\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u7d4c\u6e08\u7684\u4fa1\u5024\u3092\u9069\u5207\u306b\u5224\u65ad\u3057\u3066\u3044\u304d\u307e\u3059\u3002NPV\u304c\u6b63\u306e\u5024\u3092\u793a\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u306e\u6295\u8cc7\u6848\u4ef6\u306f\u671f\u5f85\u3055\u308c\u308b\u53ce\u76ca\u6027\u304c\u9ad8\u304f\u3001\u6295\u8cc7\u4fa1\u5024\u304c\u5341\u5206\u306b\u3042\u308b\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001NPV\u304c\u8ca0\u306e\u5024\u3068\u306a\u3063\u305f\u5834\u5408\u306b\u306f\u3001\u6295\u8cc7\u306b\u3088\u308b\u53ce\u76ca\u6027\u304c\u4f4e\u304f\u3001\u6295\u8cc7\u4fa1\u5024\u304c\u4e0d\u5341\u5206\u3067\u3042\u308b\u3068\u5224\u65ad\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002NPV\u6cd5\u306e\u512a\u308c\u305f\u7279\u5fb4\u3068\u3057\u3066\u3001\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u540c\u4e00\u57fa\u6e96\u3067\u6bd4\u8f03\u691c\u8a0e\u3059\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u3084\u3059\u304f\u3001\u6700\u9069\u306a\u6295\u8cc7\u5148\u3092\u5ba2\u89b3\u7684\u306b\u9078\u629e\u3059\u308b\u969b\u306e\u91cd\u8981\u306a\u6307\u6a19\u3068\u3057\u3066\u5e83\u304f\u5229\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306b\u3088\u308b\u30ea\u30b9\u30af\u8a55\u4fa1\u306e\u5b9f\u8df5<\/h4>\n\n\n\n<p>\u3055\u3089\u306b\u767a\u5c55\u7684\u306a\u6d3b\u7528\u65b9\u6cd5\u3068\u3057\u3066\u3001\u30a8\u30af\u30bb\u30eb\u306e\u6a5f\u80fd\u3092\u99c6\u4f7f\u3057\u3066\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3092\u5b9f\u65bd\u3059\u308b\u3053\u3068\u3067\u3001\u5404\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u5185\u5728\u3059\u308b\u30ea\u30b9\u30af\u30ec\u30d9\u30eb\u306e\u8a73\u7d30\u306a\u8a55\u4fa1\u3082\u5b9f\u73fe\u53ef\u80fd\u3067\u3059\u3002\u3053\u306e\u5206\u6790\u904e\u7a0b\u3067\u306f\u3001NPV\u306e\u5909\u52d5\u8981\u56e0\u3068\u306a\u308b\u91cd\u8981\u306a\u5909\u6570\u3092\u7279\u5b9a\u3057\u3001\u5404\u5909\u6570\u3054\u3068\u306b\u697d\u89b3\u7684\u30fb\u6a19\u6e96\u7684\u30fb\u60b2\u89b3\u7684\u3068\u3044\u3063\u305f\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u8a2d\u5b9a\u3092\u7dbf\u5bc6\u306b\u884c\u3044\u3001\u305d\u308c\u305e\u308c\u306e\u6761\u4ef6\u4e0b\u306b\u304a\u3051\u308bNPV\u3092\u500b\u5225\u306b\u7b97\u51fa\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u5f97\u3089\u308c\u305f\u5404\u30b7\u30ca\u30ea\u30aa\u306e\u8a08\u7b97\u7d50\u679c\u3092\u7dcf\u5408\u7684\u306b\u6bd4\u8f03\u30fb\u691c\u8a0e\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u6848\u4ef6\u304c\u6301\u3064\u30ea\u30b9\u30af\u7279\u6027\u3092\u591a\u89d2\u7684\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30a8\u30af\u30bb\u30eb\u306e\u8c4a\u5bcc\u306a\u6a5f\u80fd\u3092\u52b9\u679c\u7684\u306b\u4f7f\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u5c02\u9580\u7684\u306aNPV\u8a08\u7b97\u3092\u7c21\u5358\u304b\u3064\u78ba\u5b9f\u306b\u5b9f\u884c\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-luminous-vivid-orange-color has-text-color has-link-color wp-elements-03e39b45cfbadf1a445b13d6219067a7\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\">\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<h2 id=\"arkb-toc-7\" class=\"wp-block-heading\"><strong>NPV\u306f\u6295\u8cc7\u5224\u65ad\u306e\u5c3a\u5ea6<\/strong><\/h2>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306f\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u304c\u6b63\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u6848\u4ef6\u306f\u4f01\u696d\u4fa1\u5024\u3092\u5411\u4e0a\u3055\u305b\u308b\u3082\u306e\u3068\u5224\u65ad\u3057\u3001\u8cc7\u672c\u52b9\u7387\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6295\u8cc7\u3068\u306a\u308a\u5f97\u307e\u3059\u3002\u9006\u306b\u3001NPV\u304c\u8ca0\u306e\u5834\u5408\u306b\u306f\u3001\u6295\u8cc7\u6848\u4ef6\u306f\u4f01\u696d\u4fa1\u5024\u3092\u4f4e\u4e0b\u3055\u305b\u308b\u6050\u308c\u304c\u3042\u308a\u3001\u691c\u8a0e\u306e\u4f59\u5730\u304c\u3042\u3068\u5224\u65ad\u3059\u308b\u6750\u6599\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>NPV\u3092\u7528\u3044\u3066\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u3053\u3068\u3067\u3001\u7d4c\u55b6\u8cc7\u6e90\u306e\u52b9\u7387\u7684\u306a\u914d\u5206\u3084\u30ea\u30b9\u30af\u7ba1\u7406\u304c\u53ef\u80fd\u306b\u306a\u308a\u3001\u4f01\u696d\u306e\u9577\u671f\u7684\u306a\u6210\u9577\u304c\u4fc3\u9032\u3055\u308c\u308b\u3068\u3044\u3046\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001NPV\u306f\u4e00\u822c\u7684\u306b\u5e83\u304f\u4f7f\u7528\u3055\u308c\u3066\u3044\u308b\u8a55\u4fa1\u6307\u6a19\u3067\u3042\u308b\u305f\u3081\u3001\u4ed6\u793e\u3084\u4e8b\u696d\u90e8\u9580\u306e\u6295\u8cc7\u6848\u4ef6\u3068\u306e\u6bd4\u8f03\u3082\u5bb9\u6613\u306b\u884c\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-8\" class=\"wp-block-heading\"><strong>NPV\u6cd5\u3092\u6d3b\u7528\u3057\u305f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u8a55\u4fa1<\/strong><\/h3>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\u3092\u6d3b\u7528\u3057\u305f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u8a55\u4fa1\u306e\u30dd\u30a4\u30f3\u30c8\u30925\u3064\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u6b63\u78ba\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c<\/h4>\n\n\n\n<p>\u4e8b\u696d\u8a08\u753b\u306b\u57fa\u3065\u304f\u8a08\u7b97\u624b\u6cd5\u306e\u305f\u3081\u3001\u73fe\u5b9f\u7684\u306a\u53ce\u76ca\u4e88\u6e2c\u3068\u30b3\u30b9\u30c8\u898b\u7a4d\u3082\u308a\u304c\u91cd\u8981\u3067\u3059\u3002\u6975\u7aef\u306b\u697d\u89b3\u7684\u306a\u4e88\u6e2c\u3092\u63a1\u7528\u3059\u308b\u3068\u3001\u8aa4\u3063\u305f\u6295\u8cc7\u5224\u65ad\u306b\u7e4b\u304c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u6295\u8cc7\u6848\u4ef6\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3059\u308b\u30dd\u30a4\u30f3\u30c8<\/strong><\/h5>\n\n\n\n<p>\u6295\u8cc7\u6848\u4ef6\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u306f\u3001NPV\u306e\u8a08\u7b97\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b\u4e0a\u3067\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002\u4e88\u6e2c\u3092\u884c\u3046\u969b\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u30dd\u30a4\u30f3\u30c8\u306b\u6ce8\u610f\u3057\u3066\u884c\u3046\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<ul 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class=\"wp-block-heading\">\u5272\u5f15\u7387\u306e\u8a2d\u5b9a<\/h4>\n\n\n\n<p>\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u57fa\u3065\u304f\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3001\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u305f\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u65b9\u6cd5\u3068\u5f71\u97ff<\/strong><\/h5>\n\n\n\n<p>\u5272\u5f15\u7387\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u969b\u306b\u7528\u3044\u308b\u6307\u6a19\u3067\u3059\u3002\u8a2d\u5b9a\u3057\u305f\u5272\u5f15\u7387\u304c\u9ad8\u3044\u307b\u3069\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u306f\u4f4e\u304f\u8a55\u4fa1\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u5272\u5f15\u7387\u306f\u4e00\u822c\u7684\u306b\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u306b\u8003\u616e\u3057\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u3002\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u969b\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u8981\u7d20\u3092\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u5272\u5f15\u7387\u3092\u6c42\u3081\u308b<\/li>\n\n\n\n<li>\u696d\u754c\u306e\u52d5\u5411\u3084\u7af6\u5408\u72b6\u6cc1\u3092\u8003\u616e\u3057\u3001\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b<\/li>\n<\/ul>\n\n\n\n<p>\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u306f\u3001NPV\u8a08\u7b97\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u305f\u3081\u3001\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u6295\u8cc7\u5224\u65ad\u306e\u7cbe\u5ea6\u3092\u5411\u4e0a\u3055\u305b\u308b\u4e0a\u3067\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u8907\u6570\u6848\u4ef6\u306e\u6bd4\u8f03<\/h4>\n\n\n\n<p>NPV\u6cd5\u306f\u3001\u5358\u7d14\u306a\u8a08\u7b97\u624b\u6cd5\u306a\u305f\u3081\u3001\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u7c21\u5358\u306b\u6bd4\u8f03\u3067\u304d\u307e\u3059\u3002NPV\u6cd5\u306b\u3088\u3063\u3066\u7b97\u51fa\u3057\u305f\u6570\u5024\u3092\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3067\u3001\u6700\u9069\u306a\u6295\u8cc7\u5148\u306e\u5224\u65ad\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306b\u3088\u308b\u30ea\u30b9\u30af\u8a55\u4fa1<\/h4>\n\n\n\n<p>NPV\u306e\u5909\u52d5\u8981\u56e0\u3092\u691c\u8a0e\u3057\u3001\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3092\u884c\u3044\u30ea\u30b9\u30af\u8a55\u4fa1\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u7d4c\u55b6\u9663\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3<\/h4>\n\n\n\n<p>&nbsp;NPV\u6cd5\u3092\u7528\u3044\u305f\u6295\u8cc7\u6848\u4ef6\u306e\u8a55\u4fa1\u7d50\u679c\u3092\u7d4c\u55b6\u9663\u3068\u5171\u6709\u3057\u3001\u7406\u89e3\u3092\u6df1\u3081\u3001\u7d4c\u55b6\u5224\u65ad\u306e\u30b5\u30dd\u30fc\u30c8\u3068\u3057\u3066\u5229\u7528\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u4e8b\u696d\u8a55\u4fa1\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u95a2\u4fc2\u6027<\/strong><\/h5>\n\n\n\n<p>\u4e8b\u696d\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u91cd\u8981\u306a\u8981\u7d20\u3068\u306a\u308a\u307e\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u4f01\u696d\u304c\u8cc7\u91d1\u8abf\u9054\u3059\u308b\u969b\u306b\u767a\u751f\u3059\u308b\u30b3\u30b9\u30c8\u3067\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u5927\u304d\u304f\u5206\u3051\u30662\u3064\u306b\u5206\u985e\u3055\u308c\u3001\uff11\u3064\u76ee\u304c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u3059\u3002\u7c21\u5358\u306b\u8a00\u3046\u3068\u682a\u4e3b\u306b\u652f\u6255\u3046\u914d\u5f53\u304c\u8a72\u5f53\u3057\u307e\u3059\u3002\uff12\u3064\u76ee\u304c\u8ca0\u50b5\u30b3\u30b9\u30c8\u3067\u3059\u3002\u3053\u3061\u3089\u306f\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u306e\u50b5\u6a29\u8005\u3078\u306e\u5229\u606f\u304c\u8a72\u5f53\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u307b\u3069\u3001\u682a\u4e3b\u304c\u6c42\u3081\u308b\u914d\u5f53\u984d\u306f\u5927\u304d\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u3001\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u306e\u50b5\u6a29\u8005\u306f\u5229\u606f\u3092\u9ad8\u304f\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u6295\u8cc7\u6848\u4ef6\u307b\u3069\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u9ad8\u304f\u306a\u308a\u3001\u305d\u306e\u4e8b\u696d\u306e\u4fa1\u5024\u306f\u4f4e\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e8b\u696d\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001NPV\u6cd5\u3084DCF\u6cd5\u3092\u7528\u3044\u308b\u5834\u5408\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u5272\u5f15\u7387\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3067\u3001\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u305f\u8a55\u4fa1\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a2d\u5b9a\u306f\u3001\u4e8b\u696d\u8a55\u4fa1\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u3001\u6295\u8cc7\u5224\u65ad\u306e\u6b63\u78ba\u6027\u3092\u5de6\u53f3\u3059\u308b\u8981\u7d20\u3068\u306a\u308b\u305f\u3081\u3001\u614e\u91cd\u306a\u5224\u65ad\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-b284a2576250e9d7b0e74ce23336f93e\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/whatisexpectedrateofreturn\/\">\u671f\u5f85\u53ce\u76ca\u7387\u3068\u306f\uff1f \u8a08\u7b97\u30fb\u6c42\u3081\u65b9\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306e\u95a2\u4fc2<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-9\" class=\"wp-block-heading\"><strong>NPV\u6cd5\u306e\u6ce8\u610f\u70b9<\/strong><\/h3>\n\n\n\n<p>\u3053\u308c\u307e\u3067NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u3084\u6ce8\u610f\u70b9\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u4ee5\u4e0b\u306e\u70b9\u3092\u610f\u8b58\u3057\u306a\u304c\u3089\u6d3b\u7528\u3044\u305f\u3060\u3051\u308c\u3070\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>NPV\u6cd5\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u5272\u5f15\u7387\u306e\u4e88\u6e2c\u6570\u5024\u306b\u4f9d\u5b58\u3059\u308b\u305f\u3081\u3001\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044<\/li>\n\n\n\n<li>\u5c06\u6765\u3092\u898b\u636e\u3048\u305f\u6307\u6a19\u306a\u306e\u3067\u3001\u6025\u306a\u7d4c\u6e08\u60c5\u52e2\u3084\u5e02\u5834\u52d5\u5411\u306e\u5909\u5316\u306b\u5bfe\u5fdc\u3059\u308b\u3053\u3068\u304c\u96e3\u3057\u3044<\/li>\n\n\n\n<li>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u671f\u9593\u304c\u9577\u3044\u5834\u5408\u3001\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u304c\u8907\u96d1\u306b\u306a\u308b<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u3084\u6ce8\u610f\u70b9\u3092\u8e0f\u307e\u3048\u305f\u4e0a\u3067\u3001NPV\u6cd5\u3092\u9069\u5207\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u307e\u305f\u3001NPV\u6cd5\u3060\u3051\u3067\u306a\u304f\u3001\u4ed6\u306e\u8a55\u4fa1\u6307\u6a19\uff08\u4f8b\uff1aIRR\u6cd5\u3001\u30da\u30a4\u30d0\u30c3\u30af\u6cd5\u7b49\uff09\u3082\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u7cbe\u5ea6\u306e\u9ad8\u3044\u6295\u8cc7\u5224\u65ad\u304c\u53ef\u80fd\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"has-luminous-vivid-orange-color has-text-color has-link-color wp-elements-fe9c0cd4de3d41ec05976b7d8098e7cb\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u767b\u9332\u4e0d\u8981\u30fb\u7121\u6599\u306e\u7c21\u6613\u4f01\u696d\u8a55\u4fa1\u3092\u3059\u308b<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-10\" class=\"wp-block-heading\"><strong>IRR\u3068NPV\u6cd5\u306e\u9055\u3044<\/strong><\/h2>\n\n\n\n<p>IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3068NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\u306e\u9055\u3044\u3068\u4f7f\u3044\u5206\u3051\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u307e\u3059\u3002IRR\u306f\u3001\u6295\u8cc7\u6848\u4ef6\u3078\u306e\u6295\u8cc7\u91d1\u984d\u3068\u305d\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u7b49\u3057\u304f\u3059\u308b\u5272\u5f15\u7387\u306e\u3053\u3068\u3092\u3044\u3044\u3001NPV\u304c\u30bc\u30ed\u3068\u306a\u308b\u5272\u5f15\u7387\u3067\u3059\u3002\u4e00\u65b9\u3001NPV\u6cd5\u306f\u3001\u6295\u8cc7\u5bfe\u8c61\u306e\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u305f\u7dcf\u984d\u3092\u6c42\u3081\u3001\u6295\u8cc7\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p>IRR\u306f\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u53ce\u76ca\u6027\u3092\u6bd4\u7387\u3067\u8868\u3059\u305f\u3081\u3001\u6295\u8cc7\u984d\u306b\u5bfe\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u5272\u5408\u3092\u628a\u63e1\u3057\u3084\u3059\u3044\u3067\u3059\u304c\u3001NPV\u6cd5\u306f\u3001\u5177\u4f53\u7684\u306b\u53ce\u76ca\u984d\u3092\u8a55\u4fa1\u3067\u304d\u308b\u3053\u3068\u304c\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002IRR\u306f\u53ce\u76ca\u984d\u3092\u8003\u616e\u3057\u306a\u3044\u305f\u3081\u3001\u6295\u8cc7\u898f\u6a21\u3092\u56f3\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002IRR\u304c\u9ad8\u304f\u3066\u3082\u53ce\u76ca\u984d\u304c\u5c0f\u3055\u3044\u5834\u5408\u306b\u306f\u3001\u305d\u306e\u6295\u8cc7\u6848\u4ef6\u304c\u512a\u826f\u3068\u5224\u65ad\u3067\u304d\u306a\u3044\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u9055\u3044\u304b\u3089\u3001IRR\u306f\u6295\u8cc7\u6848\u4ef6\u306e\u53ce\u76ca\u7387\u306e\u628a\u63e1\u3084\u6295\u8cc7\u56de\u53ce\u306e\u52b9\u7387\u6027\u306e\u6bd4\u8f03\u306b\u9069\u3057\u3066\u304a\u308a\u3001NPV\u6cd5\u306f\u6295\u8cc7\u6848\u4ef6\u306e\u6839\u6e90\u7684\u306a\u4fa1\u5024\u3084\u8907\u6570\u6848\u4ef6\u306e\u6bd4\u8f03\u306b\u9069\u3057\u3066\u3044\u308b\u3068\u3044\u3048\u307e\u3059\u3002\u4f7f\u3044\u5206\u3051\u3068\u3057\u3066\u3001\u53ce\u76ca\u52b9\u7387\u306e\u5224\u65ad\u306b\u306fIRR\u3001\u8907\u6570\u6848\u4ef6\u306e\u6bd4\u8f03\u3001\u6295\u8cc7\u898f\u6a21\u306e\u628a\u63e1\u306b\u306fNPV\u6cd5\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u9069\u5207\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-ed53c48cefbb13e6993badc16b610993\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-irr-internal-rate-of-return\/\">IRR\u3068\u306f\uff1fM&amp;A\u6295\u8cc7\u3067\u306e\u5185\u90e8\u53ce\u76ca\u7387\u306e\u8a08\u7b97\u65b9\u6cd5\u3068Excel\u6d3b\u7528\u6cd5<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-11\" class=\"wp-block-heading\"><strong>NPV\u6cd5\u306e\u5fdc\u7528\u3068\u4e8b\u4f8b\u7d39\u4ecb<\/strong><\/h2>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\u306f\u5e45\u5e83\u3044\u5206\u91ce\u3067\u306e\u5fdc\u7528\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-12\" class=\"wp-block-heading\"><strong>\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306eNPV\u6cd5\u306e\u6d3b\u7528<\/strong><\/h3>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u3001DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u6cd5\uff09\u304c\u3088\u304f\u7528\u3044\u3089\u308c\u307e\u3059\u304c\u3001DCF\u6cd5\u306fNPV\u6cd5\u306e\u5fdc\u7528\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u308b\u8a55\u4fa1\u624b\u6cd5\u3068\u306a\u3063\u3066\u304a\u308a\u307e\u3059\u3002DCF\u6cd5\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u3044\u3066\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u3053\u306e\u5834\u5408\u3001\u5272\u5f15\u7387\u3068\u3057\u3066\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u304c\u7528\u3044\u3089\u308c\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u6d3b\u7528\u306f\u3001\u6295\u8cc7\u5bb6\u3084\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u6709\u76ca\u306a\u60c5\u5831\u306b\u306a\u308a\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001M&amp;A\u3084\u4e8b\u696d\u627f\u7d99\u306a\u3069\u306e\u969b\u306b\u3001\u9069\u5207\u306a\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306b\u5229\u7528\u3067\u304d\u307e\u3059\u3057\u3001\u307e\u305f\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u30ea\u30b9\u30af\u7ba1\u7406\u3082\u91cd\u8981\u3068\u306a\u308b\u305f\u3081\u3001NPV\u6cd5\u3092\u7528\u3044\u305f\u30ea\u30b9\u30af\u8a55\u4fa1\u3084\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3092\u884c\u3046\u3053\u3068\u3067\u3001\u3088\u308a\u78ba\u304b\u306a\u610f\u601d\u6c7a\u5b9a\u306b\u3082\u3064\u306a\u304c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-13\" class=\"wp-block-heading\"><strong>\u4e0d\u52d5\u7523\u696d\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u5229\u7528<\/strong>\u4f8b<\/h3>\n\n\n\n<p>NPV\u6cd5\u306f\u3001\u4e8b\u696d\u6295\u8cc7\u306e\u5224\u65ad\u3060\u3051\u3067\u306f\u306a\u304f\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3044\u3066\u3082\u3001\u5229\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u8cc3\u8cb8\u30a2\u30d1\u30fc\u30c8\u3084\u5546\u696d\u30d3\u30eb\u306a\u3069\u306e\u6295\u8cc7\u53ce\u76ca\u7269\u4ef6\u3092\u8cfc\u5165\u3059\u308b\u969b\u306b\u3001\u5c06\u6765\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u6295\u8cc7\u30b3\u30b9\u30c8\u3092\u6bd4\u8f03\u691c\u8a0e\u3059\u308b\u305f\u3081\u306bNPV\u304c\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u571f\u5730\u306e\u58f2\u8cb7\u3084\u65b0\u7bc9\u5206\u8b72\u30de\u30f3\u30b7\u30e7\u30f3\u306e\u958b\u767a\u306b\u304a\u3044\u3066\u3082\u3001\u4fa1\u683c\u8a2d\u5b9a\u3084\u9069\u6b63\u306a\u5229\u76ca\u6c34\u6e96\u306e\u628a\u63e1\u306bNPV\u6cd5\u304c\u7528\u3044\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5177\u4f53\u7684\u306a\u4e8b\u4f8b\u3068\u3057\u3066\u3001\u6295\u8cc7\u5bb6\u304c\u30aa\u30d5\u30a3\u30b9\u30d3\u30eb\u3092\u8cfc\u5165\u3059\u308b\u969b\u306b\u3001\u8cc3\u6599\u53ce\u76ca\u3084\u7a7a\u5ba4\u7387\u3001\u30e9\u30f3\u30cb\u30f3\u30b0\u30b3\u30b9\u30c8\u3001\u7269\u4ef6\u4fa1\u5024\u306e\u5909\u52d5\u7b49\u3092\u52a0\u5473\u3057\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3066NPV\u3092\u6c42\u3081\u307e\u3059\u3002\u3053\u306e\u904e\u7a0b\u3067\u3001\u6295\u8cc7\u7269\u4ef6\u306e\u53ce\u76ca\u6027\u3084\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3057\u305f\u3046\u3048\u3067\u6295\u8cc7\u5224\u65ad\u3092\u4e0b\u3059\u3053\u3068\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3044\u3066\u3082NPV\u6cd5\u306f\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u3066\u304a\u308a\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6709\u76ca\u306a\u6307\u6a19\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-308d0c3f790039e82855f23c0354f00d\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/real-estate-ma-successful\/\">\u4e0d\u52d5\u7523M&amp;A\u3068\u306f\uff1f\u901a\u5e38\u58f2\u8cb7\u3068\u306e\u9055\u3044\u30fb\u624b\u6cd5\u30fb\u5229\u70b9\u3068\u6b20\u70b9\u30fb\u7a0e\u52d9\u306b\u6ce8\u610f<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-14\" class=\"wp-block-heading\"><strong>\u88fd\u9020\u696d\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u5229\u7528\u4f8b<\/strong><\/h3>\n\n\n\n<p>\u88fd\u9020\u696d\u3067\u306f\u3001\u65b0\u88fd\u54c1\u306e\u958b\u767a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u304a\u3044\u3066\u3001NPV\u6cd5\u3092\u6d3b\u7528\u3057\u3001\u958b\u767a\u6295\u8cc7\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u3084\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u65b0\u88fd\u54c1\u306e\u5e02\u5834\u52d5\u5411\u3084\u7af6\u5408\u88fd\u54c1\u3068\u306e\u6bd4\u8f03\u3001\u5c06\u6765\u306e\u8ca9\u58f2\u91cf\u3084\u30b3\u30b9\u30c8\u306a\u3069\u306e\u60c5\u5831\u3092\u3082\u3068\u306b\u3001\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a08\u7b97\u3057\u3001\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u53ce\u76ca\u6027\u3092\u8a55\u4fa1\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-4597694fa35310c5c884d78e50121d4e\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/manufacturing-ma-strategy-success-stories-and-future-prospects\/\">\u88fd\u9020\u696d\u754c\u306eM&amp;A\u306f\u591a\u3044\uff1f\u52d5\u5411\u3084\u50be\u5411\u30fbIT\u6280\u8853\u306e\u5f71\u97ff\u30fb\u6210\u529f\u8981\u56e0\u3068\u306f<\/a><\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-a36bb115bfe471f82920b86c1e2fc4e4\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/trends-ma-food-manufacturing-industry-explaining-case\/\">\u98df\u54c1\u30e1\u30fc\u30ab\u30fc\u306eM&amp;A\uff5c\u696d\u754c\u74b0\u5883\u30fb\u76ee\u7684\u30fb2024\u5e74\u307e\u3067\u306e\u6210\u7d04\u4e8b\u4f8b<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-15\" class=\"wp-block-heading\"><strong>\u30b5\u30fc\u30d3\u30b9\u696d\u306b\u304a\u3051\u308bNPV\u6cd5\u306e\u5229\u7528\u4f8b<\/strong><\/h3>\n\n\n\n<p>\u30b5\u30fc\u30d3\u30b9\u696d\u754c\u306b\u304a\u3044\u3066\u3082\u3001\u6295\u8cc7\u5224\u65ad\u306bNPV\u6cd5\u304c\u5e83\u304f\u5229\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u9ad8\u7d1a\u30db\u30c6\u30eb\u3084\u30ec\u30b9\u30c8\u30e9\u30f3\u304c\u65b0\u898f\u958b\u696d\u3084\u5e97\u8217\u958b\u767a\u306e\u8a08\u753b\u3092\u7acb\u3066\u308b\u969b\u306b\u3001\u5bfe\u8c61\u30a8\u30ea\u30a2\u3067\u306e\u4e8b\u696d\u53ce\u76ca\u4e88\u6e2c\u3084\u8cc7\u91d1\u56de\u53ce\u671f\u9593\u3092\u660e\u78ba\u306b\u3059\u308b\u305f\u3081\u3001NPV\u306e\u6570\u5024\u3092\u5224\u65ad\u6307\u6a19\u306b\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u4ed6\u3001\u65b0\u898f\u4e8b\u696d\u3092\u7acb\u3061\u4e0a\u3052\u308b\u5834\u5408\u306b\u304a\u3044\u3066\u3082\u3001\u4e8b\u696d\u8a08\u753b\u3068\u3057\u3066\u5fc5\u8981\u306a\u521d\u671f\u6295\u8cc7\u3084\u904b\u55b6\u30b3\u30b9\u30c8\u3001\u5c06\u6765\u7684\u306a\u53ce\u76ca\u3092\u8a08\u7b97\u3057\u3001NPV\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u3053\u306e\u8a08\u7b97\u306b\u3088\u308a\u3001\u4e8b\u696d\u304c\u6301\u7d9a\u53ef\u80fd\u3067\u3042\u308a\u3001\u305d\u3057\u3066\u6295\u8cc7\u306b\u898b\u5408\u3063\u305f\u4fa1\u5024\u304c\u3042\u308b\u306e\u304b\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-2459333971679dcf00fbfc88de8a406d\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/the-secret-to-hotel-ma-success-how-to-choose\/\">\u6210\u529f\u3059\u308b\u300c\u30db\u30c6\u30eb\u696d\u754c\u306eM&amp;A\u300d\u3068\u306f\uff1f\u8cb7\u53ce\u3059\u308b\u9b45\u529b\u30fb\u5bfe\u8c61\u306e\u9078\u3073\u65b9<\/a><\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-8afa01564d9eeeaccc26aa7a6b48e260\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/accomodation-industry-ma-case-studies\/\">\u4eba\u624b\u4e0d\u8db3\u304c\u6df1\u523b\u306a\u300c\u5bbf\u6cca\u696d\u30fb\u65c5\u9928\u306eM&amp;A\u300d\u306e\u8ab2\u984c\u30fb\u8b72\u6e21\u4e8b\u4f8b<\/a><\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-0516ee10ea94a4f76a21be2fc131a77e\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/restaurant-industry-ma-case-study\/\">\u5916\u98df\u696d\u754c\u306eM&amp;A\u52d5\u5411\u306f\uff1f\u5916\u98df\u7523\u696d\u306e\u8ab2\u984c\u30fbM&amp;A\u6210\u7d04\u4e8b\u4f8b\u3068\u306f<\/a><\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-c4dce2b3b69e5fc6f3d4cba3a3d06440\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-restaurant-ma-acquisition-sale-merit\/\">\u98f2\u98df\u5e97\u306eM&amp;A\u306f\u5897\u3048\u3066\u3044\u308b\uff1f\u4fa1\u683c\u76f8\u5834\u3068\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-4f3ade79868db56c38db47482f44dc9c\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/why-is-there-demand-for-izakaya-ma-the-current-state-of-izakaya-and-the-benefits-of-conducting-ma-are-also-explained\/\">\u9700\u8981\u304c\u6e1b\u5c11\u3059\u308b\u300c\u5c45\u9152\u5c4b\u306eM&amp;A\u300d\u3068\u306f\uff1f\u4fa1\u683c\u76f8\u5834\u30fb\u6210\u7d04\u4e8b\u4f8b<\/a><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-4.jpg\" alt=\"\" class=\"wp-image-3067\"\/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-3.jpg\" alt=\"\" class=\"wp-image-3068\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 id=\"arkb-toc-16\" class=\"wp-block-heading\"><strong>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\u306e\u307e\u3068\u3081<\/strong><\/h2>\n\n\n\n<p>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u6295\u8cc7\u4fa1\u5024\u3092\u5b9a\u91cf\u7684\u306b\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3059\u3002M&amp;A\u306b\u304a\u3051\u308bDCF\u6cd5\u306e\u57fa\u790e\u3068\u306a\u308a\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u3001\u88fd\u9020\u696d\u3001\u30b5\u30fc\u30d3\u30b9\u696d\u306a\u3069\u5e45\u5e83\u3044\u5206\u91ce\u3067\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002IRR\u6cd5\u306a\u3069\u306e\u8a55\u4fa1\u6307\u6a19\u3068\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u7cbe\u5ea6\u306e\u9ad8\u3044\u6295\u8cc7\u5224\u65ad\u304c\u5b9f\u73fe\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u3001\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7\u306eM&amp;A\u4ef2\u4ecb\u4f1a\u793e\u3068\u3057\u3066\u3001\u4e8b\u696d\u518d\u751f\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u55b6\u3082\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u4e8b\u696d\u6295\u8cc7\u306b\u7cbe\u901a\u3057\u305f\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u304c\u591a\u6570\u5728\u7c4d\u3057\u3066\u304a\u308a\u3001\u7a0e\u52d9\u9762\u3084\u6cd5\u5f8b\u9762\u306e\u30b5\u30dd\u30fc\u30c8\u3082\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u3067\u5bfe\u5fdc\u53ef\u80fd\u3067\u3059\u3002\u4e8b\u696d\u6295\u8cc7\u3084M&amp;A\u3092\u3054\u691c\u8a0e\u306e\u969b\u306f\u3001\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-35d6ba0785dbc0629f8ad4f810c4ee46\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u5b8c\u5168\u6210\u529f\u5831\u916c\u306eM&amp;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<div class=\"cta-btns\">\n    <div class=\"contact-btn\">\n        <div class=\"micro-copy\">\u3054\u8b72\u6e21\u3092\u691c\u8a0e\u3055\u308c\u308b\u65b9<\/div>\n        <a href=\"\/ma\/contact\/\">\u4eca\u3059\u3050\u7121\u6599\u76f8\u8ac7\u3059\u308b<\/a>\n    <\/div>\n    <div>\n        <div class=\"download-btn\">\n            <div class=\"micro-copy\">M&#038;A\u306e\u91cd\u8981\u30dd\u30a4\u30f3\u30c8\u8cc7\u6599<\/div>\n            <a href=\"\/ma\/document-request\/\">\u7121\u6599\u3067\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3059\u308b<\/a>\n        <\/div>\n    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