{"id":2437,"date":"2025-11-08T20:14:13","date_gmt":"2025-11-08T11:14:13","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2437"},"modified":"2025-11-08T20:49:24","modified_gmt":"2025-11-08T11:49:24","slug":"definition-of-free-cash-flow","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/definition-of-free-cash-flow\/","title":{"rendered":"\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"},"content":{"rendered":"\n

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\n
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\n\t\t
\u76ee\u6b21<\/div>\n\t\t
  1. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f<\/a>
    1. \u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/a><\/li>
    2. \u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/a><\/li>
    3. \u8ca1\u52d9\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/a><\/li><\/ol><\/li>
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      1. FCF\u306e\u8a08\u7b97\u4f8b<\/a><\/li>
      2. FCF\u306e\uff12\u3064\u306e\u4ee3\u8868\u7684\u306a\u6c42\u3081\u65b9<\/a><\/li>
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        1. FCF\u304c\u30d7\u30e9\u30b9\u306e\u5834\u5408<\/a><\/li>
        2. FCF\u304c\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u3001\u305d\u306e\u6539\u5584\u65b9\u6cd5\u306f\uff1f<\/a><\/li><\/ol><\/li>
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          1. FCF\u3068\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u306e\u95a2\u4fc2<\/a><\/li>
          2. FCF\u3068\u6295\u8cc7\u56de\u53ce\u671f\u9593\u3068\u306e\u95a2\u4fc2<\/a><\/li>
          3. FCF\u3068\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u3068\u306e\u95a2\u4fc2<\/a><\/li>
          4. FCF\u3068\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u306e\u95a2\u4fc2<\/a><\/li><\/ol><\/li>
          5. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6d3b\u7528\u65b9\u6cd5<\/a><\/li>
          6. \u3088\u304f\u3042\u308b\u8cea\u554f\uff5c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/a><\/li>
          7. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n

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

            \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n

            \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306e\u8a08\u7b97\u3092\u5c11\u3057\u5177\u4f53\u7684\u306b\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

            FCF\u306e\u8a08\u7b97\u4f8b<\/strong><\/h3>\n\n\n\n

            \u305f\u3068\u3048\u3070\u3001\u3042\u308b\u4f01\u696d\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c1,000\u4e07\u5186\u3001\u5f53\u671f\u306e\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u25b2500\u4e07\u5186\u3067\u3042\u308c\u3070\u3001FCF\u306f500\u4e07\u5186\u3067\u3059\u3002\u9006\u306b\u58f2\u639b\u91d1\u56de\u53ce\u306e\u9045\u5ef6\u3084\u5728\u5eab\u5897\u52a0\u3067\u904b\u8ee2\u8cc7\u672c\u304c\u62e1\u5927\u3057\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u60f3\u5b9a\u3088\u308a\u5c0f\u3055\u304f\u306a\u308c\u3070\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u7c21\u5358\u306b\u30de\u30a4\u30ca\u30b9\u306b\u8ee2\u843d\u3057\u307e\u3059\u3002\u77ed\u671f\u7684\u306a\u8cc7\u7523\u58f2\u5374\u76ca\u306b\u3088\u3063\u3066\u4e00\u6642\u7684\u306bFCF\u304c\u5897\u52a0\u3057\u305f\u5834\u5408\u3001\u518d\u73fe\u6027\u304c\u4f4e\u3044\u3053\u3068\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

            FCF\u306e\uff12\u3064\u306e\u4ee3\u8868\u7684\u306a\u6c42\u3081\u65b9<\/h3>\n\n\n\n

            \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7b97\u5b9a\u3059\u308b\u4ee3\u8868\u7684\u306a\u65b9\u6cd5\u306f\uff12\u3064\u3042\u308a\u307e\u3059\u3002\u3044\u305a\u308c\u306e\u65b9\u6cd5\u3067\u3082\u3001\u672c\u696d\u304c\u751f\u307f\u51fa\u3059\u5229\u76ca\u3068\u5c06\u6765\u306e\u6210\u9577\u306b\u5411\u3051\u305f\u518d\u6295\u8cc7\u984d\u3092\u5206\u3051\u3066\u6349\u3048\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306b\u6b8b\u308b\u73fe\u91d1\u3092\u53ef\u8996\u5316\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

            \u55b6\u696d\u5229\u76ca\u304b\u3089\u7b97\u51fa\u3059\u308b\u65b9\u6cd5<\/strong><\/h4>\n\n\n\n

            NOPLAT\uff08\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff09\u3092\u8d77\u70b9\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8db3\u3057\u623b\u3057\u3001\u8a2d\u5099\u6295\u8cc7\u984d\u3068\u904b\u8ee2\u8cc7\u672c\u5897\u6e1b\u984d\u3092\u63a7\u9664\u3059\u308b\u8a73\u7d30\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

              \n
            1. \u55b6\u696d\u5229\u76ca\u304b\u3089\u6cd5\u4eba\u7a0e\u76f8\u5f53\u984d\u3092\u63a7\u9664\u3057\u3001\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPLAT\uff09\u3092\u6c42\u3081\u307e\u3059\u3002<\/li>\n\n\n\n
            2. \u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069\u306e\u975e\u8cc7\u91d1\u8cbb\u7528\u3092\u8db3\u3057\u623b\u3057\u307e\u3059\u3002<\/li>\n\n\n\n
            3. \u58f2\u4e0a\u50b5\u6a29\u30fb\u68da\u5378\u8cc7\u7523\u30fb\u4ed5\u5165\u50b5\u52d9\u306e\u5909\u52d5\u984d\u3092\u52a0\u6e1b\u3057\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3092\u53cd\u6620\u3055\u305b\u307e\u3059\u3002<\/li>\n\n\n\n
            4. \u8a2d\u5099\u6295\u8cc7\u984d\u3092\u63a7\u9664\u3057\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n

              \u3053\u306e\u624b\u9806\u306f\u4e8b\u696d\u6d3b\u52d5\u306e\u5b9f\u529b\u3092\u4e01\u5be7\u306b\u62fe\u3044\u4e0a\u3052\u308b\u305f\u3081\u3001\u4e2d\u9577\u671f\u306e\u4e8b\u696d\u8a08\u753b\u7b56\u5b9a\u3084DCF\u6cd5\u306b\u7d44\u307f\u8fbc\u3080\u5834\u5408\u306b\u91cd\u5b9d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u304b\u3089\u6c42\u3081\u308b\u7c21\u4fbf\u6cd5<\/strong><\/h4>\n\n\n\n

              \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u304b\u3089\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5408\u7b97\u3059\u308b\u7c21\u4fbf\u6cd5\u3067\u3059\u3002\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5358\u7d14\u5408\u7b97\u3059\u308b\u3060\u3051\u306e\u7b97\u5f0f<\/p>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff1d\u55b6\u696dCF\uff0b\u6295\u8cc7CF<\/p>\n\n\n\n

              \u306f\u3001\u6c7a\u7b97\u66f8\u304b\u3089\u77ac\u6642\u306b\u7b97\u51fa\u3067\u304d\u308b\u305f\u3081\u3001\u4f01\u696d\u6bd4\u8f03\u3084\u6295\u8cc7\u5bb6\u5411\u3051\u8aac\u660e\u8cc7\u6599\u306b\u4fbf\u5229\u3067\u3059\u3002\u4e00\u65b9\u3067\u904b\u8ee2\u8cc7\u672c\u306e\u5185\u8a33\u3084\u8a2d\u5099\u6295\u8cc7\u306e\u5c06\u6765\u6027\u3068\u3044\u3063\u305f\u8a73\u7d30\u5206\u6790\u306f\u5225\u9014\u884c\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u4e0a\u306eFCF\u306e\u7559\u610f\u70b9<\/h3>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u4e0a\u3067\u3001\u4ee5\u4e0b\u306e\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

              \u4e00\u904e\u6027\u53ce\u5165\u306e\u53d6\u6271\u3044<\/strong><\/h4>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u306f\u3001\u8cc7\u7523\u58f2\u5374\u76ca\u306a\u3069\u306e\u4e00\u6642\u7684\u306a\u73fe\u91d1\u6d41\u5165\u3092\u3069\u3046\u6271\u3046\u304b\u306f\u91cd\u8981\u3067\u3059\u3002
              \u30fb\u904a\u4f11\u4e0d\u52d5\u7523\u306e\u58f2\u5374\u306a\u3069\u518d\u73fe\u6027\u306e\u4f4e\u3044\u53d6\u5f15\u306f\u3001\u5225\u5efa\u3066\u3067\u958b\u793a\u3057\u6295\u8cc7\u5bb6\u306b\u8aac\u660e\u3059\u308b\u3002
              \u30fb\u7d99\u7d9a\u7684\u306b\u751f\u3058\u308b\u8cc3\u8cb8\u53ce\u5165\u306e\u3088\u3046\u306a\u55b6\u696d\u5916\u30ad\u30e3\u30c3\u30b7\u30e5\u30a4\u30f3\u306f\u3001\u5c06\u6765\u306e\u767a\u751f\u898b\u8fbc\u307f\u3092\u691c\u8a3c\u306e\u4e0a\u3067FCF\u306b\u7e54\u308a\u8fbc\u3080\u3002
              \u6027\u8cea\u306e\u7570\u306a\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u5206\u985e\u3057\u3001\u6301\u7d9a\u7684\u306aFCF\u306e\u6c34\u6e96\u3092\u793a\u3059\u3053\u3068\u304c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u7cbe\u5ea6\u3092\u9ad8\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

              EBITDA\u3068\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u9055\u3044<\/strong><\/h4>\n\n\n\n

              EBITDA\u306f\u6e1b\u4fa1\u511f\u5374\u8cbb\u30fb\u5229\u6255\u8cbb\u30fb\u7a0e\u91d1\u306e\u5f71\u97ff\u3092\u9664\u5916\u3057\u305f\u5229\u76ca\u6307\u6a19\u3067\u3001\u53ce\u76ca\u529b\u3092\u30b7\u30f3\u30d7\u30eb\u306b\u628a\u63e1\u3059\u308b\u4e0a\u3067\u4fbf\u5229\u3067\u3059\u3002\u3057\u304b\u3057EBITDA\u306f\u73fe\u91d1\u53ce\u652f\u3092\u76f4\u63a5\u793a\u3055\u306a\u3044\u305f\u3081\u3001\u58f2\u639b\u91d1\u306e\u56de\u53ce\u9045\u5ef6\u3084\u5728\u5eab\u904e\u591a\u3001\u5de8\u984d\u306e\u8a2d\u5099\u6295\u8cc7\u304c\u3042\u308b\u5834\u5408\u306b\u306f\u5b9f\u969b\u306e\u624b\u5143\u8cc7\u91d1\u304c\u4e0d\u8db3\u3059\u308b\u30ea\u30b9\u30af\u3092\u898b\u843d\u3068\u3057\u304b\u306d\u307e\u305b\u3093\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u73fe\u91d1\u306e\u6d41\u308c\u305d\u306e\u3082\u306e\u3092\u793a\u3059\u305f\u3081\u3001\u50b5\u52d9\u8fd4\u6e08\u80fd\u529b\u3084\u914d\u5f53\u652f\u6255\u4f59\u529b\u3001\u65b0\u898f\u6295\u8cc7\u306e\u53ef\u5426\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u4e0d\u53ef\u6b20\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u304c\u6700\u7d42\u7684\u306b\u56de\u53ce\u3067\u304d\u308b\u73fe\u91d1\u3092\u91cd\u8996\u3059\u308b\u4ee5\u4e0a\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306fEBITDA\u3060\u3051\u3067\u306a\u304fFCF\u3092\u8ef8\u3068\u3057\u305f\u5206\u6790\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u25b7\u95a2\u9023\uff1aEBITDA\u3068\u306f\uff1f\u8aad\u307f\u65b9\u30fb\u610f\u5473\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fbEBIT\u3068\u306e\u9055\u3044\u3092\u89e3\u8aac<\/a><\/p>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30d7\u30e9\u30b9\u30fb\u30de\u30a4\u30ca\u30b9\u306e\u898b\u65b9<\/strong><\/h2>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30d7\u30e9\u30b9\u307e\u305f\u306f\u30de\u30a4\u30ca\u30b9\u306f\u4f55\u3092\u793a\u5506\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n

              FCF\u304c\u30d7\u30e9\u30b9\u306e\u5834\u5408<\/h3>\n\n\n\n

              \u30d7\u30e9\u30b9\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u7d4c\u55b6\u306e\u5065\u5168\u6027\u3068\u7af6\u4e89\u512a\u4f4d\u6027\u3092\u793a\u3059\u30b7\u30b0\u30ca\u30eb\u3067\u3042\u308a\u3001\u4f59\u5270\u8cc7\u91d1\u3092\u6d3b\u7528\u3057\u305f\u8fc5\u901f\u306a\u6295\u8cc7\u5224\u65ad\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              FCF\u304c\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u3001\u305d\u306e\u6539\u5584\u65b9\u6cd5\u306f\uff1f<\/h3>\n\n\n\n

              \u4e00\u65b9\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3001\u3057\u304b\u3082\u8907\u6570\u5e74\u7d99\u7d9a\u3059\u308b\u5834\u5408\u306f\u3001\u55b6\u696d\u5229\u76ca\u4e0d\u8db3\u3084\u904e\u5270\u6295\u8cc7\u304c\u7591\u308f\u308c\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u898b\u76f4\u3057\u304c\u6025\u52d9\u3068\u306a\u308a\u307e\u3059\u3002\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u6210\u9577\u6226\u7565\u306b\u4f34\u3044\u6052\u5e38\u7684\u306b\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u3084\u3059\u3044\u305f\u3081\u3001FCF\u3092\u30d7\u30e9\u30b9\u3078\u5c0e\u304f\u305f\u3081\u306b\u306f\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u6700\u9069\u5316\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u52b9\u7387\u5316\u3001\u305d\u3057\u3066\u53ce\u76ca\u6027\u306e\u5411\u4e0a\u3068\u3044\u3046\u4e09\u3064\u306e\u8996\u70b9\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

              \u904b\u8ee2\u8cc7\u672c\u306e\u6700\u9069\u5316<\/strong><\/h4>\n\n\n\n

              \u30fb\u58f2\u4e0a\u50b5\u6a29\u56de\u53ce\u30b5\u30a4\u30c8\u306e\u77ed\u7e2e\uff1a\u53d6\u5f15\u6761\u4ef6\u306e\u898b\u76f4\u3057\u3084\u8acb\u6c42\u696d\u52d9\u306e\u8fc5\u901f\u5316\u3067\u73fe\u91d1\u5316\u30b9\u30d4\u30fc\u30c9\u3092\u9ad8\u3081\u307e\u3059\u3002
              \u30fb\u68da\u5378\u8cc7\u7523\u306e\u9069\u6b63\u6c34\u6e96\u7dad\u6301\uff1a\u9700\u8981\u4e88\u6e2c\u7cbe\u5ea6\u3092\u5411\u4e0a\u3055\u305b\u3001\u904e\u5270\u5728\u5eab\u3084\u6ede\u7559\u5728\u5eab\u3092\u9632\u6b62\u3057\u307e\u3059\u3002
              \u30fb\u8cb7\u5165\u50b5\u52d9\u652f\u6255\u30b5\u30a4\u30c8\u306e\u8abf\u6574\uff1a\u4ed5\u5165\u5148\u3068\u4ea4\u6e09\u3057\u3001\u652f\u6255\u6761\u4ef6\u3092\u6539\u5584\u3059\u308b\u3053\u3068\u3067\u4e00\u6642\u7684\u306a\u8cc7\u91d1\u6d41\u51fa\u3092\u6291\u5236\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              \u8a2d\u5099\u6295\u8cc7\u306e\u52b9\u7387\u5316<\/strong><\/h4>\n\n\n\n

              \u8a2d\u5099\u6295\u8cc7\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5275\u51fa\u306b\u4e0d\u53ef\u6b20\u3067\u3059\u304c\u3001\u8cbb\u7528\u5bfe\u52b9\u679c\u304c\u4f4e\u3044\u6295\u8cc7\u306f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5727\u8feb\u3057\u307e\u3059\u3002\u6295\u8cc7\u56de\u53ce\u671f\u9593\u3084\u5185\u90e8\u53ce\u76ca\u7387\uff08IRR\uff09\u3092\u691c\u8a3c\u3057\u3001\u4e0d\u8981\u306a\u66f4\u65b0\u3084\u904e\u5270\u80fd\u529b\u306e\u53d6\u5f97\u3092\u56de\u907f\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30de\u30a4\u30ca\u30b9\u5e45\u3092\u7e2e\u5c0f\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u53ce\u76ca\u6027\u306e\u5411\u4e0a<\/strong><\/h4>\n\n\n\n

              \u58f2\u4e0a\u62e1\u5927\u3068\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u4e21\u8f2a\u3067\u55b6\u696d\u5229\u76ca\u3092\u62bc\u3057\u4e0a\u3052\u308b\u3053\u3068\u304c\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30d7\u30e9\u30b9\u5316\u306e\u6700\u77ed\u30eb\u30fc\u30c8\u3067\u3059\u3002\u305f\u3060\u3057\u5b89\u6613\u306a\u30b3\u30b9\u30c8\u30ab\u30c3\u30c8\u3067\u306f\u306a\u304f\u3001\u751f\u7523\u6027\u5411\u4e0a\u3084\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u5546\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u958b\u767a\u306b\u8cc7\u6e90\u3092\u914d\u5206\u3059\u308b\u306a\u3069\u3001\u9577\u671f\u7684\u8996\u70b9\u3092\u91cd\u8996\u3057\u305f\u65bd\u7b56\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

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

              M&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u95a2\u4fc2<\/strong><\/h2>\n\n\n\n

              M&A\u3092\u691c\u8a0e\u3059\u308b\u969b\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u4e3b\u306b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5834\u9762\u3067\u95a2\u4fc2\u3059\u308b\u91cd\u8981\u6307\u6a19\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              FCF\u3068\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

              M&A\u30d7\u30ed\u30bb\u30b9\u3067\u306f\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/mark><\/a>\u3067\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea\u3084\u904b\u8ee2\u8cc7\u672c\u306e\u5c06\u6765\u52d5\u5411\u3001\u8a2d\u5099\u66f4\u65b0\u30b5\u30a4\u30af\u30eb\u306a\u3069\u3092\u691c\u8a3c\u3057\u3001\u4e8b\u696d\u8a08\u753b\u306b\u7e54\u308a\u8fbc\u307e\u308c\u305f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u306e\u59a5\u5f53\u6027\u3092\u78ba\u304b\u3081\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u904e\u53bb\u306eFCF\u63a8\u79fb\u304c\u8d64\u5b57\u3067\u3042\u3063\u3066\u3082\u3001\u4e8b\u696d\u518d\u7de8\u3084\u7d71\u5408\u5f8c\u306e\u30b3\u30b9\u30c8\u30b7\u30ca\u30b8\u30fc\u306b\u3088\u308aFCF\u304c\u5927\u5e45\u306b\u6539\u5584\u3059\u308b\u3068\u898b\u8fbc\u3081\u308c\u3070\u3001\u9ad8\u3044\u4f01\u696d\u4fa1\u5024\u304c\u63d0\u793a\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              FCF\u3068\u6295\u8cc7\u56de\u53ce\u671f\u9593\u3068\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u5358\u5e74\u5ea6\u306e\u6307\u6a19\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u300c\u6295\u8cc7\u56de\u53ce\u671f\u9593\u300d\u3068\u3044\u3046\u5f62\u3067\u8cc7\u91d1\u56de\u53ce\u306e\u30b9\u30d4\u30fc\u30c9\u3092\u6e2c\u308b\u7269\u5dee\u3057\u306b\u3082\u306a\u308a\u307e\u3059\u3002\u8b72\u53d7\u4f01\u696d\u306f\u8cb7\u53ce\u4fa1\u683c\u3092FCF\u3067\u5272\u308a\u3001\u4f55\u5e74\u3067\u624b\u5143\u8cc7\u91d1\u304c\u623b\u308b\u304b\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002FCF\u304c\u5b89\u5b9a\u7684\u306b\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u56de\u53ce\u671f\u9593\u306f\u77ed\u7e2e\u3057\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3092\u671f\u5f85\u3067\u304d\u307e\u3059\u3002\u9006\u306b\u30de\u30a4\u30ca\u30b9\u304c\u7d9a\u3051\u3070\u56de\u53ce\u671f\u9593\u306f\u7121\u9650\u5927\u3068\u306a\u308a\u3001\u65b0\u898f\u6295\u8cc7\u306e\u5b9f\u884c\u306f\u56f0\u96e3\u3067\u3059\u3002\u5f93\u3063\u3066FCF\u3092\u5897\u3084\u3059\u65bd\u7b56\u3068\u305d\u306e\u6301\u7d9a\u53ef\u80fd\u6027\u3092\u5b9a\u91cf\u7684\u306b\u793a\u3059\u3053\u3068\u304c\u3001\u8b72\u6e21\u4f01\u696d\u306e\u4fa1\u5024\u3092\u6700\u5927\u5316\u3059\u308b\u8fd1\u9053\u3067\u3059\u3002<\/p>\n\n\n\n

              FCF\u3068\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u3068\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

              \u4ee3\u8868\u7684\u624b\u6cd5\u3067\u3042\u308bDCF\u6cd5\u306f\u3001\u5c06\u6765\u4e88\u6e2c\u3055\u308c\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3067\u5272\u5f15\u304d\u3001\u73fe\u5728\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002FCF\u306e\u898b\u901a\u3057\u304c\u9ad8\u304f\u5b89\u5b9a\u3057\u3066\u3044\u308b\u4f01\u696d\u307b\u3069\u3001\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u304c\u5927\u304d\u304f\u306a\u308a\u3001\u9ad8\u3044\u8b72\u53d7\u4fa1\u683c\u3092\u6b63\u5f53\u5316\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u25b7\u95a2\u9023\uff1aDCF\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

              FCF\u3068\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

              EBITDA\u500d\u7387\u3092\u7528\u3044\u308b\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306f\u3001\u8868\u9762\u4e0a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a08\u7b97\u5f0f\u306b\u542b\u307f\u307e\u305b\u3093\u304c\u3001\u985e\u4f3c\u4f01\u696d\u3068\u306e\u6bd4\u8f03\u306e\u80cc\u5f8c\u306b\u306fFCF\u3092\u751f\u307f\u51fa\u3059\u6f5c\u5728\u80fd\u529b\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u8b72\u6e21\u4f01\u696d\u304c\u9069\u5207\u306a\u8a55\u4fa1\u3092\u5f97\u308b\u306b\u306f\u3001EBITDA\u3060\u3051\u3067\u306a\u304f\u904b\u8ee2\u8cc7\u672c\u306e\u52b9\u7387\u6027\u3084\u8a2d\u5099\u6295\u8cc7\u8a08\u753b\u3092\u958b\u793a\u3057\u3001FCF\u5275\u51fa\u529b\u3092\u5177\u4f53\u7684\u306b\u793a\u3059\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

              \u25b7\u95a2\u9023\uff1a\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff5c EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u6d41\u308c\u30fb\u8a08\u7b97\u65b9\u6cd5\u3068\u306f<\/a><\/p>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6d3b\u7528\u65b9\u6cd5<\/strong><\/h2>\n\n\n\n

              \u30d7\u30d7\u30e9\u30b9\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4ee3\u8868\u7684\u306a\u4f7f\u3044\u9053\u3092\u4e0b\u8868\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002\u4f01\u696d\u306b\u3068\u3063\u3066\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u3092\u9ad8\u3081\u308b\u8cb4\u91cd\u306a\u8ca1\u6e90\u3068\u3057\u3066\u3001\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u3001\u682a\u4e3b\u9084\u5143\u3001\u6210\u9577\u6295\u8cc7\u306e3\u3064\u306e\u7528\u9014\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4f7f\u3044\u9053<\/th>\u8a73\u7d30\u5185\u5bb9\u3068\u52b9\u679c<\/th><\/tr><\/thead>
              \u501f\u5165\u91d1\u306e\u8fd4\u6e08\u3068\u5229\u606f\u8ca0\u62c5\u306e\u5727\u7e2e<\/td>\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u65e9\u671f\u8fd4\u6e08\u3059\u308c\u3070\u3001\u5c06\u6765\u306e\u5229\u606f\u652f\u6255\u3092\u524a\u6e1b\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306f\u8ca1\u52d9\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30de\u30a4\u30ca\u30b9\u3068\u3057\u3066\u8868\u308c\u307e\u3059\u304c\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u539f\u8cc7\u3068\u3057\u305f\u6226\u7565\u7684\u306a\u8ca0\u50b5\u5727\u7e2e\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u4f4e\u6e1b\u306b\u3064\u306a\u304c\u308a\u3001\u9577\u671f\u7684\u306a\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u5bc4\u4e0e\u3057\u307e\u3059\u3002<\/td><\/tr>
              \u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u308b\u682a\u4e3b\u9084\u5143<\/td>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5b89\u5b9a\u3057\u3066\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u3001\u682a\u4e3b\u3078\u914d\u5f53\u3092\u5897\u3084\u3057\u3001\u81ea\u5df1\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3066\u682a\u4fa1\u3092\u4e0b\u652f\u3048\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306f\u5e02\u5834\u306b\u6d41\u901a\u3059\u308b\u682a\u6570\u3092\u6e1b\u5c11\u3055\u305b\u3001\u4e00\u682a\u3042\u305f\u308a\u5229\u76ca\u3092\u62bc\u3057\u4e0a\u3052\u308b\u52b9\u679c\u304c\u3042\u308a\u3001\u682a\u4e3b\u306e\u671f\u5f85\u306b\u5fdc\u3048\u308b\u6709\u52b9\u306a\u624b\u6bb5\u3068\u8a00\u3048\u307e\u3059\u3002<\/td><\/tr>
              \u6210\u9577\u6295\u8cc7\u306e\u539f\u8cc7<\/td>\u8a2d\u5099\u306e\u66f4\u65b0\u3084\u7814\u7a76\u958b\u767a\u3001\u4eba\u6750\u63a1\u7528\u306a\u3069\u6210\u9577\u6295\u8cc7\u3092\u8fc5\u901f\u306b\u884c\u3048\u308b\u70b9\u3082\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30d7\u30e9\u30b9\u306e\u4f01\u696d\u306e\u5f37\u307f\u3067\u3059\u3002\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u5165\u91d1\u3068\u7570\u306a\u308a\u3001\u8fd4\u6e08\u7fa9\u52d9\u3084\u5229\u606f\u8ca0\u62c5\u304c\u306a\u3044\u305f\u3081\u3001\u5c06\u6765\u306e\u6295\u8cc7\u6a5f\u4f1a\u3092\u30bf\u30a4\u30e0\u30ea\u30fc\u306b\u6349\u3048\u3089\u308c\u308b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              \u767b\u9332\u4e0d\u8981\u30fb\u7121\u6599\u306e\u7c21\u6613\u4f01\u696d\u8a55\u4fa1\u3092\u3059\u308b<\/a><\/p>\n\n\n\n

              \u3088\u304f\u3042\u308b\u8cea\u554f\uff5c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong><\/h2>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5de1\u308b\u3088\u304f\u3042\u308b\u8aa4\u89e3\u3092\u3001FAQ\u5f62\u5f0f\u3067\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              FCF\u304c\u30d7\u30e9\u30b9\u306a\u3089\u4f55\u3067\u3082\u6295\u8cc7\u3057\u3066\u826f\u3044\uff1f<\/span><\/strong><\/strong>

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              FCF\u306f\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u7d14\u5229\u76ca\u3092\u898b\u308c\u3070\u5341\u5206\uff1f<\/span><\/strong><\/strong>

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              EBITDA\u3055\u3048\u9ad8\u3051\u308c\u3070\u4f01\u696d\u4fa1\u5024\u3082\u9ad8\u3044\uff1f<\/span><\/strong><\/strong>

              \u3044\u3044\u3048\u3001EBITDA\u304c\u9ad8\u3044\u3060\u3051\u3067\u306f\u3001\u5fc5\u305a\u3057\u3082\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002EBITDA\u306f\u3001\u55b6\u696d\u5229\u76ca\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069\u3092\u52a0\u7b97\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u7c21\u4fbf\u7684\u306a\u53ce\u76ca\u6027\u306e\u6307\u6a19\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u304c\u3001\u7a0e\u91d1\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3001\u8a2d\u5099\u6295\u8cc7\u3068\u3044\u3063\u305f\u91cd\u8981\u306a\u8981\u7d20\u3092\u8003\u616e\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u3001\u3088\u308a\u73fe\u91d1\u53ce\u652f\u306b\u8fd1\u3044FCF\u904b\u8ee2\u8cc7\u672c\u52b9\u7387\u3084\u8a2d\u5099\u6295\u8cc7\u306e\u72b6\u6cc1\u306a\u3069\u304c\u8003\u616e\u3055\u308c\u306a\u3044\u5834\u5408\u3001\u4f01\u696d\u4fa1\u5024\u3092\u904e\u5927\u307e\u305f\u306f\u904e\u5c0f\u8a55\u4fa1\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\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

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u307e\u3068\u3081<\/h2>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u4f01\u696d\u304c\u81ea\u7531\u306b\u4f7f\u3048\u308b\u73fe\u91d1\u3092\u793a\u3059\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5897\u52a0\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u6700\u9069\u5316\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u52b9\u7387\u5316\u306b\u3088\u308a\u3001FCF\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002FCF\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u3001\u501f\u5165\u91d1\u8fd4\u6e08\u3001\u682a\u4e3b\u9084\u5143\u3001\u6210\u9577\u6295\u8cc7\u306a\u3069\u3001\u7d4c\u55b6\u306e\u9078\u629e\u80a2\u304c\u5e83\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u3001\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7\u306eM&A\u4ef2\u4ecb\u4f1a\u793e\u3068\u3057\u3066\u3001\u4e2d\u5c0f\u4f01\u696dM&A\u306b\u7279\u5316\u3057\u305f\u8c4a\u5bcc\u306a\u5b9f\u7e3e\u3092\u6301\u3064\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u304c\u591a\u6570\u5728\u7c4d\u3057\u3066\u3044\u307e\u3059\u3002\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\u3002M&A\u3092\u3054\u691c\u8a0e\u306e\u969b\u306f\u3001\u305c\u3072\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

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              \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":2438,"template":"","meta":{"cybocfi_hide_featured_image":"yes"},"class_list":["post-2437","column","type-column","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/column\/2437","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\/2438"}],"wp:attachment":[{"href":"https:\/\/mitsukijapan.com\/ma\/wp-json\/wp\/v2\/media?parent=2437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}