{"id":2437,"date":"2026-05-29T14:46:27","date_gmt":"2026-05-29T05:46:27","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2437"},"modified":"2026-05-29T17:36:17","modified_gmt":"2026-05-29T08:36:17","slug":"ma-free-cash-flow","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/ma-free-cash-flow\/","title":{"rendered":"M&A\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff5cDCF\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068FCF\u8a08\u7b97"},"content":{"rendered":"\n

\u4f1a\u793e\u58f2\u5374\u3092\u8003\u3048\u59cb\u3081\u305f\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u3078\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306f\u3001\u8cb7\u3044\u624b\u4f01\u696d\u304c\u8cb7\u53ce\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u571f\u53f0\u306b\u306a\u308b\u6570\u5b57\u3067\u3059\u3002FCF\u306e\u8a08\u7b97\u65b9\u6cd5\u3001DCF\u6cd5\u3067\u306e\u4f7f\u308f\u308c\u65b9\u3001\u4e2d\u5c0f\u4f01\u696d\u7279\u6709\u306eFCF\u8abf\u6574\u306e\u5b9f\u52d9\u307e\u3067\u3092\u3001M&A\u306e\u73fe\u5834\u76ee\u7dda\u3067\u308f\u304b\u308a\u3084\u3059\u304f\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u81ea\u793e\u306e\u300c\u73fe\u91d1\u3092\u7a3c\u3050\u529b\u300d\u3092\u5ba2\u89b3\u7684\u306b\u628a\u63e1\u3059\u308b\u7b2c\u4e00\u6b69\u306b\u306a\u308a\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. \u4f1a\u793e\u58f2\u5374\u3067\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u91cd\u8996\u3055\u308c\u308b\u7406\u7531<\/a>
    1. \u8cb7\u3044\u624b\u306fFCF\u3067\u6295\u8cc7\u56de\u53ce\u3092\u6e2c\u3063\u3066\u3044\u308b<\/a><\/li>
    2. FCF\u304c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u571f\u53f0\u306b\u306a\u308b<\/a><\/li><\/ol><\/li>
    3. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u4f55\u304b<\/a>
      1. \u55b6\u696d\u30fb\u6295\u8cc7\u30fb\u8ca1\u52d9\u306e3\u3064\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/a><\/li><\/ol><\/li>
      2. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5<\/a>
        1. \u7c21\u4fbf\u6cd5\uff08\u55b6\u696dCF\uff0b\u6295\u8cc7CF\uff09<\/a><\/li>
        2. \u8a73\u7d30\u6cd5\uff08NOPAT\u304b\u3089\u7a4d\u307f\u4e0a\u3052\u308b\uff09<\/a><\/li>
        3. \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u52b9\u304f\u300c\u6b63\u5e38\u53ce\u76ca\u529b\u306e\u898b\u6975\u3081\u65b9\u300d<\/a><\/li><\/ol><\/li>
        4. DCF\u6cd5\u3068\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u95a2\u4fc2<\/a>
          1. \u5c06\u6765FCF\u3092WACC\u3067\u5272\u308a\u5f15\u304f<\/a><\/li>
          2. FCF\u306e\u7cbe\u5ea6\u304c\u305d\u306e\u307e\u307e\u4f01\u696d\u4fa1\u5024\u306b\u97ff\u304f<\/a><\/li><\/ol><\/li>
          3. EBITDA\u3068\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u9055\u3044<\/a><\/li>
          4. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u306e\u3068\u304d\u306e\u898b\u65b9<\/a>
            1. \u4e00\u6642\u7684\u306a\u30de\u30a4\u30ca\u30b9\u3068\u69cb\u9020\u7684\u306a\u30de\u30a4\u30ca\u30b9<\/a><\/li>
            2. FCF\u3092\u6539\u5584\u3059\u308b3\u3064\u306e\u8996\u70b9<\/a><\/li><\/ol><\/li>
            3. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6d3b\u7528\u65b9\u6cd5<\/a><\/li>
            4. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
            5. \u4f1a\u793e\u58f2\u5374\u306b\u5411\u3051\u305f\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

              \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

              \u4f1a\u793e\u58f2\u5374\u3067\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u91cd\u8996\u3055\u308c\u308b\u7406\u7531<\/h2>\n\n\n\n

              \u300c\u9ed2\u5b57\u306a\u306e\u306b\u3001\u306a\u305c\u305d\u3093\u306a\u306b\u4fa1\u683c\u3092\u5024\u5207\u3089\u308c\u308b\u306e\u304b\u300d\u3002\u4f1a\u793e\u58f2\u5374\u306e\u521d\u671f\u76f8\u8ac7\u3067\u3001\u3088\u304f\u51fa\u3066\u304f\u308b\u6238\u60d1\u3044\u3067\u3059\u3002\u6c7a\u7b97\u66f8\u306e\u5229\u76ca\u304c\u51fa\u3066\u3044\u3066\u3082\u3001\u8b72\u53d7\u4f01\u696d\u304c\u898b\u3066\u3044\u308b\u306e\u306f\u5225\u306e\u6570\u5b57\u3001\u3064\u307e\u308a\u624b\u5143\u306b\u6b8b\u308b\u73fe\u91d1\u306e\u307b\u3046\u3060\u3063\u305f\u308a\u3057\u307e\u3059\u3002\u305d\u306e\u73fe\u91d1\u3092\u6e2c\u308b\u7269\u5dee\u3057\u304c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u4ee5\u4e0b\u3001FCF\uff09\u3067\u3059\u3002<\/p>\n\n\n\n

              \u4f1a\u793e\u306e\u4fa1\u5024\u306f\u3001\u6700\u7d42\u7684\u306b\u300c\u3053\u306e\u4f1a\u793e\u306f\u5c06\u6765\u3044\u304f\u3089\u73fe\u91d1\u3092\u751f\u3080\u304b\u300d\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5168\u4f53\u50cf<\/mark><\/a>\u3092\u62bc\u3055\u3048\u308b\u3068\u3001FCF\u304c\u305d\u306e\u4e2d\u5fc3\u306b\u3042\u308b\u3053\u3068\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u8cb7\u3044\u624b\u306fFCF\u3067\u6295\u8cc7\u56de\u53ce\u3092\u6e2c\u3063\u3066\u3044\u308b<\/h3>\n\n\n\n

              \u8b72\u53d7\u4f01\u696d\u306b\u3068\u3063\u3066\u4f1a\u793e\u306e\u53d6\u5f97\u306f\u6295\u8cc7\u3067\u3059\u3002\u652f\u6255\u3063\u305f\u91d1\u984d\u304c\u4f55\u5e74\u3067\u623b\u308b\u304b\u3092\u3001FCF\u3092\u4f7f\u3063\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u8cb7\u53ce\u4fa1\u683c\u3092FCF\u3067\u5272\u308c\u3070\u3001\u304a\u304a\u307e\u304b\u306a\u56de\u53ce\u5e74\u6570\u304c\u51fa\u307e\u3059\u3002FCF\u304c\u5b89\u5b9a\u3057\u3066\u30d7\u30e9\u30b9\u306a\u3089\u56de\u53ce\u306f\u65e9\u304f\u3001\u4fa1\u683c\u4ea4\u6e09\u3067\u3082\u5f37\u6c17\u306b\u51fa\u3084\u3059\u3044\u3067\u3059\u3002\u9006\u306bFCF\u304c\u8aad\u3081\u306a\u3044\u4f1a\u793e\u306f\u3001\u56de\u53ce\u30ea\u30b9\u30af\u3092\u7e54\u308a\u8fbc\u3093\u3067\u4fa1\u683c\u3092\u6291\u3048\u3089\u308c\u304c\u3061\u3067\u3059\u3002<\/p>\n\n\n\n

              FCF\u304c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u571f\u53f0\u306b\u306a\u308b<\/h3>\n\n\n\n

              \u5f8c\u307b\u3069\u89e6\u308c\u308bDCF\u6cd5\u3067\u306f\u3001\u5c06\u6765\u306eFCF\u4e88\u6e2c\u305d\u306e\u3082\u306e\u304c\u4fa1\u683c\u306e\u6839\u62e0\u306b\u306a\u308a\u307e\u3059\u3002FCF\u306e\u6c34\u6e96\u3068\u5b89\u5b9a\u6027\u304c\u3001\u63d0\u793a\u3055\u308c\u308b\u682a\u4fa1\u3092\u5927\u304d\u304f\u5de6\u53f3\u3059\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u4f55\u304b<\/h2>\n\n\n\n

              \u8a00\u8449\u3060\u3051\u5148\u306b\u6574\u7406\u3057\u3066\u304a\u304d\u307e\u3059\u3002FCF\u3068\u306f\u3001\u672c\u696d\u3067\u7a3c\u3044\u3060\u73fe\u91d1\u304b\u3089\u3001\u4e8b\u696d\u3092\u7d9a\u3051\u308b\u305f\u3081\u306b\u6b20\u304b\u305b\u306a\u3044\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u3092\u5dee\u3057\u5f15\u3044\u3066\u3001\u6700\u5f8c\u306b\u4f1a\u793e\u306e\u81ea\u7531\u306b\u306a\u308b\u73fe\u91d1\u306e\u3053\u3068\u3067\u3059\u3002\u501f\u5165\u306e\u8fd4\u6e08\u306b\u3082\u3001\u682a\u4e3b\u3078\u306e\u9084\u5143\u306b\u3082\u3001\u6b21\u306e\u6295\u8cc7\u306b\u3082\u56de\u305b\u308b\u3001\u3044\u308f\u3070\u4f59\u529b\u306e\u73fe\u91d1\u3068\u8003\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

              \u3053\u306eFCF\u3092\u6b63\u3057\u304f\u8aad\u3080\u306b\u306f\u3001\u6c7a\u7b97\u66f8\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306b\u3042\u308b3\u3064\u306e\u533a\u5206\u3092\u5206\u3051\u3066\u6349\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u55b6\u696d\u30fb\u6295\u8cc7\u30fb\u8ca1\u52d9\u306e3\u3064\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/h3>\n\n\n\n

              \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u51fa\u3069\u3053\u308d\u3067\u6b21\u306e3\u3064\u306b\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/h4>\n\n\n\n

              \u672c\u696d\u304b\u3089\u751f\u307e\u308c\u308b\u73fe\u91d1\u306e\u6d41\u308c\u3067\u3059\u3002\u5229\u76ca\u306b\u3001\u73fe\u91d1\u652f\u51fa\u3092\u4f34\u308f\u306a\u3044\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8db3\u3057\u623b\u3057\u3001\u58f2\u639b\u91d1\u3084\u5728\u5eab\u3068\u3044\u3063\u305f\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3092\u52a0\u6e1b\u3057\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u9700\u8981\u304c\u4f38\u3073\u308b\u5c40\u9762\u3067\u306f\u5728\u5eab\u3084\u58f2\u639b\u91d1\u304c\u5148\u306b\u5897\u3048\u3001\u4e00\u6642\u7684\u306b\u30de\u30a4\u30ca\u30b9\u3078\u632f\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u554f\u984c\u306f\u3001\u305d\u308c\u304c\u5c06\u6765\u30d7\u30e9\u30b9\u306b\u623b\u308b\u898b\u901a\u3057\u304b\u3069\u3046\u304b\u3067\u3059\u3002<\/p>\n\n\n\n

              \u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/h4>\n\n\n\n

              \u8a2d\u5099\u3084\u6709\u4fa1\u8a3c\u5238\u306e\u53d6\u5f97\u30fb\u58f2\u5374\u306b\u4f34\u3046\u73fe\u91d1\u306e\u52d5\u304d\u3067\u3059\u3002\u6210\u9577\u4e2d\u306e\u4f1a\u793e\u306f\u7a4d\u6975\u6295\u8cc7\u3067\u30de\u30a4\u30ca\u30b9\u304c\u81a8\u3089\u307f\u307e\u3059\u3002\u30de\u30a4\u30ca\u30b9\u305d\u306e\u3082\u306e\u304c\u60aa\u3044\u306e\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u6295\u8cc7\u304c\u5c06\u6765\u306e\u73fe\u91d1\u3092\u751f\u3080\u304b\u304c\u8ad6\u70b9\u306b\u306a\u308a\u307e\u3059\u3002\u904a\u4f11\u8cc7\u7523\u3092\u6574\u7406\u3057\u3066\u56de\u53ce\u3059\u308c\u3070\u3001\u3053\u3053\u3092\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u3055\u305b\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u8ca1\u52d9\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/h4>\n\n\n\n

              \u501f\u5165\u3084\u8fd4\u6e08\u3001\u5897\u8cc7\u3001\u914d\u5f53\u306a\u3069\u8cc7\u91d1\u8abf\u9054\u307e\u308f\u308a\u306e\u6d41\u308c\u3067\u3059\u3002\u3053\u308c\u306f\u30d7\u30e9\u30b9\u304c\u826f\u3044\u3068\u3082\u60aa\u3044\u3068\u3082\u8a00\u3044\u5207\u308c\u307e\u305b\u3093\u3002\u501f\u5165\u304c\u91cd\u3044\u4f1a\u793e\u306f\u8fd4\u6e08\u3067\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u3001\u81ea\u5df1\u8cc7\u672c\u304c\u539a\u3044\u4f1a\u793e\u306f\u4f4e\u30b3\u30b9\u30c8\u8cc7\u91d1\u3092\u53d6\u308a\u8fbc\u3093\u3067\u30d7\u30e9\u30b9\u306b\u306a\u308b\u3002\u5168\u4f53\u306e\u8cc7\u672c\u69cb\u6210\u3068\u5408\u308f\u305b\u3066\u8aad\u3080\u306e\u304c\u7b4b\u3067\u3059\u3002<\/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

              \u3053\u3053\u304b\u3089\u306f\u5b9f\u969b\u306e\u8a08\u7b97\u3067\u3059\u3002FCF\u306e\u6c42\u3081\u65b9\u306b\u306f\u5927\u304d\u304f2\u901a\u308a\u3042\u308a\u3001\u76ee\u7684\u306b\u3088\u3063\u3066\u4f7f\u3044\u5206\u3051\u307e\u3059\u3002\u4e0b\u8868\u3067\u5168\u4f53\u50cf\u3092\u3064\u304b\u3093\u3067\u304b\u3089\u3001\u305d\u308c\u305e\u308c\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u8a08\u7b97\u65b9\u6cd5<\/th>\u7b97\u5f0f\u306e\u8003\u3048\u65b9<\/th>\u5411\u3044\u3066\u3044\u308b\u5834\u9762<\/th><\/tr><\/thead>
              \u7c21\u4fbf\u6cd5<\/strong><\/td>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff0b\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u304b\u3089\u7d20\u65e9\u304f\u628a\u63e1\u3057\u305f\u3044\u3068\u304d<\/td><\/tr>
              \u8a73\u7d30\u6cd5<\/strong><\/td>\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\uff0d\u8a2d\u5099\u6295\u8cc7\u00b1\u904b\u8ee2\u8cc7\u672c\u5897\u6e1b<\/td>\u5c06\u6765\u4e88\u6e2c\u3084DCF\u6cd5\u306b\u7d44\u307f\u8fbc\u3080\u3068\u304d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              \u7c21\u4fbf\u6cd5\uff08\u55b6\u696dCF\uff0b\u6295\u8cc7CF\uff09<\/h3>\n\n\n\n

              \u3082\u3063\u3068\u3082\u624b\u65e9\u3044\u65b9\u6cd5\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8db3\u3059\u3060\u3051\u3002\u305f\u3068\u3048\u3070\u55b6\u696dCF\u304c1,000\u4e07\u5186\u3001\u6295\u8cc7CF\u304c\u25b2500\u4e07\u5186\u306a\u3089\u3001FCF\u306f500\u4e07\u5186\u3067\u3059\u3002\u6c7a\u7b97\u66f8\u3055\u3048\u3042\u308c\u3070\u6570\u5206\u3067\u51fa\u305b\u307e\u3059\u3002\u305f\u3060\u3057\u904b\u8ee2\u8cc7\u672c\u306e\u4e2d\u8eab\u3084\u8a2d\u5099\u6295\u8cc7\u306e\u59a5\u5f53\u6027\u307e\u3067\u306f\u898b\u3048\u306a\u3044\u306e\u3067\u3001\u3056\u3063\u304f\u308a\u628a\u63e1\u7528\u3068\u5272\u308a\u5207\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n

              \n
              \"\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6c42\u3081\u65b9\uff08\u7c21\u4fbf\u6cd5\uff09\"<\/figure>\n<\/div>\n\n\n

              \u8a73\u7d30\u6cd5\uff08NOPAT\u304b\u3089\u7a4d\u307f\u4e0a\u3052\u308b\uff09<\/h3>\n\n\n\n

              \u4e8b\u696d\u306e\u5b9f\u529b\u3092\u4e01\u5be7\u306b\u62fe\u3046\u65b9\u6cd5\u3067\u3059\u3002\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u3092\u8d77\u70b9\u306b\u7d44\u307f\u7acb\u3066\u307e\u3059\u3002<\/p>\n\n\n\n

              \u624b\u9806\u306f\u3001\u307e\u305a\u55b6\u696d\u5229\u76ca\u304b\u3089\u6cd5\u4eba\u7a0e\u76f8\u5f53\u984d\u3092\u5f15\u3044\u3066\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u3092\u51fa\u3057\u3001\u73fe\u91d1\u652f\u51fa\u306e\u306a\u3044\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8db3\u3057\u623b\u3059\u3002\u6b21\u306b\u58f2\u639b\u91d1\u30fb\u5728\u5eab\u30fb\u8cb7\u639b\u91d1\u306e\u5897\u6e1b\u3067\u904b\u8ee2\u8cc7\u672c\u3092\u52a0\u6e1b\u3057\u3001\u6700\u5f8c\u306b\u8a2d\u5099\u6295\u8cc7\u3092\u63a7\u9664\u3057\u307e\u3059\u3002\u4e2d\u9577\u671f\u306e\u4e8b\u696d\u8a08\u753b\u3084DCF\u6cd5\u306b\u4e57\u305b\u308b\u3068\u304d\u306f\u3001\u3053\u3061\u3089\u304c\u57fa\u672c\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u52b9\u304f\u300c\u6b63\u5e38\u53ce\u76ca\u529b\u306e\u898b\u6975\u3081\u65b9\u300d<\/h3>\n\n\n\n

              \u3053\u3053\u304c\u3001\u6559\u79d1\u66f8\u306b\u306f\u8f09\u3063\u3066\u3044\u306a\u3044\u5b9f\u52d9\u306e\u5c71\u5834\u3067\u3059\u3002\u8b72\u53d7\u4f01\u696d\u306f\u3001\u6c7a\u7b97\u66f8\u306b\u51fa\u3066\u3044\u308b\u5229\u76ca\u3084FCF\u3092\u305d\u306e\u307e\u307e\u306f\u898b\u307e\u305b\u3093\u3002\u30aa\u30fc\u30ca\u30fc\u95a2\u9023\u8cbb\u7528\u3084\u4e00\u904e\u6027\u306e\u652f\u51fa\u5165\u3092\u9664\u304d\u3001\u300c\u7b2c\u4e09\u8005\u304c\u7d4c\u55b6\u3057\u305f\u5834\u5408\u306e\u672c\u6765\u306e\u53ce\u76ca\u529b\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u5275\u51fa\u529b\u300d\u306b\u88dc\u6b63\u3057\u3066\u304b\u3089\u8a55\u4fa1\u3057\u307e\u3059\u3002\u3053\u306e\u4f5c\u696d\u304c\u3001\u6b63\u5e38\u53ce\u76ca\u529b\u306e\u628a\u63e1\u3067\u3059\u3002<\/p>\n\n\n\n

              \u6b63\u5e38\u5316\u3067\u3088\u304f\u8abf\u6574\u3059\u308b\u9805\u76ee<\/h4>\n\n\n\n

              \u652f\u63f4\u73fe\u5834\u3067\u5b9f\u969b\u306b\u78ba\u8a8d\u3059\u308b\u306e\u306f\u3001\u304a\u304a\u3080\u306d\u6b21\u306e\u3088\u3046\u306a\u9805\u76ee\u3067\u3059\u3002<\/p>\n\n\n\n

              \u8abf\u6574\u9805\u76ee<\/th>\u6b63\u898f\u5316\u306e\u65b9\u5411<\/th><\/tr><\/thead>
              \u904e\u5927\u30fb\u904e\u5c0f\u306a\u5f79\u54e1\u5831\u916c<\/strong><\/td>\u5e02\u5834\u6c34\u6e96\u306e\u5f79\u54e1\u5831\u916c\u306b\u7f6e\u304d\u63db\u3048\u308b<\/td><\/tr>
              \u30aa\u30fc\u30ca\u30fc\u306e\u79c1\u7684\u7d4c\u8cbb<\/strong><\/td>\u8eca\u4e21\u30fb\u4ea4\u969b\u8cbb\u306a\u3069\u4e8b\u696d\u5916\u652f\u51fa\u3092\u623b\u3059<\/td><\/tr>
              \u7bc0\u7a0e\u76ee\u7684\u306e\u4fdd\u967a\u6599<\/strong><\/td>\u89e3\u7d04\u8fd4\u623b\u91d1\u306e\u6027\u8cea\u3092\u8e0f\u307e\u3048\u5b9f\u614b\u306b\u76f4\u3059<\/td><\/tr>
              \u540c\u65cf\u9593\u306e\u4e0d\u52d5\u7523\u8cc3\u6599<\/strong><\/td>\u76f8\u5834\u5bb6\u8cc3\u306b\u88dc\u6b63\u3059\u308b<\/td><\/tr>
              \u4e00\u6642\u7684\u306a\u8cc7\u7523\u58f2\u5374\u76ca<\/strong><\/td>\u518d\u73fe\u6027\u304c\u306a\u3044\u305f\u3081\u9664\u5916\u3059\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              \u6b63\u5e38\u5316\u3067FCF\u304c\u52d5\u3044\u305f\u4e8b\u4f8b<\/h4>\n\n\n\n

              \u305f\u3068\u3048\u3070\u3001\u5f53\u793e\u304c\u95a2\u308f\u3063\u305f\u5e74\u55467\u5104\u5186\u307b\u3069\u306e\u88fd\u9020\u696d\u306e\u30b1\u30fc\u30b9\u3002\u30aa\u30fc\u30ca\u30fc\u304c\u5f79\u54e1\u5831\u916c\u3092\u9ad8\u3081\u306b\u53d6\u308a\u3001\u79c1\u7684\u306a\u8eca\u4e21\u8cbb\u3082\u4f1a\u793e\u3067\u8a08\u4e0a\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u6c7a\u7b97\u4e0a\u306eFCF\u306f\u7d30\u304f\u898b\u3048\u3066\u3044\u305f\u306e\u3067\u3059\u304c\u3001\u5831\u916c\u3092\u5e02\u5834\u6c34\u6e96\u306b\u623b\u3059\u306a\u3069\u6b63\u5e38\u5316\u3092\u884c\u3046\u3068\u3001\u5b9f\u614b\u306eFCF\u306f2\u5272\u307b\u3069\u4e0a\u632f\u308c\u3057\u3001\u63d0\u793a\u4fa1\u683c\u3082\u76f8\u5fdc\u306b\u4e0a\u304c\u308a\u307e\u3057\u305f\u3002\u6c7a\u7b97\u66f8\u306e\u6570\u5b57\u3088\u308a\u3001\u8abf\u6574\u5f8c\u306e\u7a3c\u3050\u529b\u304c\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u3068\u3044\u3046\u5178\u578b\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n

              \u9006\u306b\u7bc0\u7a0e\u306b\u632f\u308a\u5207\u3063\u305f\u6c7a\u7b97\u306f\u3001\u6b63\u5e38\u5316\u3067FCF\u304c\u4e0b\u304c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u8b72\u53d7\u4f01\u696d\u306e\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/mark><\/a>\u3067\u306f\u3001\u3053\u306e\u8abf\u6574\u306e\u59a5\u5f53\u6027\u3082\u691c\u8a3c\u3055\u308c\u307e\u3059\u3002\u8abf\u67fb\u7d50\u679c\u304c\u4f01\u696d\u4fa1\u5024\u306b\u53cd\u6620\u3055\u308c\u308b\u4ed5\u7d44\u307f<\/mark><\/a>\u3082\u5408\u308f\u305b\u3066\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001\u4ea4\u6e09\u306e\u898b\u901a\u3057\u304c\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n

              DCF\u6cd5\u3068\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u95a2\u4fc2<\/h2>\n\n\n\n

              FCF\u304c\u3082\u3063\u3068\u3082\u524d\u9762\u306b\u51fa\u308b\u306e\u304c\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/mark><\/a>\u306e\u4ee3\u8868\u683c\u3067\u3042\u308bDCF\u6cd5\u3067\u3059\u3002\u8003\u3048\u65b9\u306e\u9aa8\u683c\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

              \u5c06\u6765FCF\u3092WACC\u3067\u5272\u308a\u5f15\u304f<\/h3>\n\n\n\n

              DCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97<\/mark><\/a>\u306f\u3001\u5c06\u6765\u898b\u8fbc\u307e\u308c\u308bFCF\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u5408\u8a08\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u5272\u5f15\u306b\u4f7f\u3046\u306e\u304c\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/mark><\/a>\u3002FCF\u304c\u5206\u5b50\u3001WACC\u304c\u5206\u6bcd\u3068\u3044\u3046\u95a2\u4fc2\u3067\u3059\u3002<\/p>\n\n\n\n

              FCF\u306e\u7cbe\u5ea6\u304c\u305d\u306e\u307e\u307e\u4f01\u696d\u4fa1\u5024\u306b\u97ff\u304f<\/h3>\n\n\n\n

              FCF\u306e\u898b\u901a\u3057\u304c\u9ad8\u304f\u5b89\u5b9a\u3057\u3066\u3044\u308b\u307b\u3069\u3001\u73fe\u5728\u4fa1\u5024\u306f\u5927\u304d\u304f\u51fa\u307e\u3059\u3002\u3064\u307e\u308a\u4e8b\u696d\u8a08\u753b\u306eFCF\u3092\u3069\u308c\u3060\u3051\u8aac\u5f97\u529b\u3092\u3082\u3063\u3066\u793a\u305b\u308b\u304b\u304c\u3001\u682a\u4fa1\u306e\u9ad8\u3055\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002\u5e0c\u671b\u7684\u89b3\u6e2c\u3067\u76db\u3063\u305f\u8a08\u753b\u306f\u3001\u8abf\u67fb\u306e\u6bb5\u968e\u3067\u5fc5\u305a\u524a\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              EBITDA\u3068\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u9055\u3044<\/h2>\n\n\n\n

              FCF\u3068\u6df7\u540c\u3055\u308c\u3084\u3059\u3044\u306e\u304cEBITDA<\/mark><\/a>\u3067\u3059\u3002M&A\u3067\u306f\u4e21\u65b9\u304c\u767b\u5834\u3059\u308b\u305f\u3081\u3001\u5f79\u5272\u306e\u9055\u3044\u3092\u6574\u7406\u3057\u3066\u304a\u304d\u307e\u3059\u3002EBITDA\u306f\u53ce\u76ca\u529b\u3092\u3056\u3063\u304f\u308a\u6bd4\u3079\u308b\u7269\u5dee\u3057\u3001FCF\u306f\u5b9f\u969b\u306e\u73fe\u91d1\u306e\u7269\u5dee\u3057\u3001\u3068\u899a\u3048\u3066\u304a\u304f\u3068\u6df7\u4e71\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

              \u6bd4\u8f03\u9805\u76ee<\/th>EBITDA<\/th>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/th><\/tr><\/thead>
              \u793a\u3059\u3082\u306e<\/strong><\/td>\u511f\u5374\u524d\u306e\u53ce\u76ca\u529b<\/td>\u81ea\u7531\u306b\u4f7f\u3048\u308b\u73fe\u91d1<\/td><\/tr>
              \u904b\u8ee2\u8cc7\u672c<\/strong><\/td>\u53cd\u6620\u3057\u306a\u3044<\/td>\u53cd\u6620\u3059\u308b<\/td><\/tr>
              \u8a2d\u5099\u6295\u8cc7<\/strong><\/td>\u53cd\u6620\u3057\u306a\u3044<\/td>\u63a7\u9664\u3057\u3066\u53cd\u6620<\/td><\/tr>
              \u4e3b\u306a\u4f7f\u3044\u9053<\/strong><\/td>\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3067\u306e\u6bd4\u8f03<\/td>DCF\u6cd5\u30fb\u8fd4\u6e08\u80fd\u529b\u306e\u5224\u65ad<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              EBITDA\u306f\u58f2\u639b\u91d1\u306e\u56de\u53ce\u9045\u308c\u3084\u904e\u5927\u306a\u8a2d\u5099\u6295\u8cc7\u3092\u6620\u3057\u307e\u305b\u3093\u3002\u3060\u304b\u3089\u53ce\u76ca\u529b\u304c\u9ad8\u304f\u898b\u3048\u3066\u3082\u3001\u624b\u5143\u8cc7\u91d1\u306f\u4e0d\u8db3\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u843d\u3068\u3057\u7a74\u304c\u3042\u308a\u307e\u3059\u3002EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u306b\u3088\u308b\u8a66\u7b97<\/mark><\/a>\u3068DCF\u3092\u4f75\u305b\u3066\u898b\u308b\u306e\u304c\u5b9f\u52d9\u3067\u3059\u3002<\/p>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u306e\u3068\u304d\u306e\u898b\u65b9<\/h2>\n\n\n\n

              \u300c\u3046\u3061\u306fFCF\u304c\u30de\u30a4\u30ca\u30b9\u306e\u5e74\u304c\u3042\u308b\u3002\u3082\u3046\u58f2\u308c\u306a\u3044\u306e\u304b\u300d\u3002\u305d\u3093\u306a\u76f8\u8ac7\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u7d50\u8ad6\u304b\u3089\u8a00\u3046\u3068\u3001\u30de\u30a4\u30ca\u30b9\u30a4\u30b3\u30fc\u30eb\u58f2\u308c\u306a\u3044\u3001\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e2d\u8eab\u6b21\u7b2c\u3067\u3059\u3002<\/p>\n\n\n\n

              \u4e00\u6642\u7684\u306a\u30de\u30a4\u30ca\u30b9\u3068\u69cb\u9020\u7684\u306a\u30de\u30a4\u30ca\u30b9<\/h3>\n\n\n\n

              \u540c\u3058\u30de\u30a4\u30ca\u30b9\u3067\u3082\u610f\u5473\u304c\u9055\u3044\u307e\u3059\u3002\u65b0\u5de5\u5834\u3078\u306e\u6295\u8cc7\u3067\u4e00\u6642\u7684\u306b\u6c88\u3093\u3060\u306e\u306a\u3089\u3001\u5c06\u6765\u56de\u53ce\u3067\u304d\u308b\u524d\u5411\u304d\u306a\u30de\u30a4\u30ca\u30b9\u3067\u3059\u3002\u4e00\u65b9\u3001\u672c\u696d\u306e\u5229\u76ca\u4e0d\u8db3\u304c\u539f\u56e0\u3067\u8907\u6570\u5e74\u7d9a\u304f\u306a\u3089\u3001\u3053\u308c\u306f\u69cb\u9020\u7684\u306a\u554f\u984c\u3002\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u898b\u76f4\u3057\u304c\u5148\u306b\u306a\u308a\u307e\u3059\u3002\u8b72\u53d7\u4f01\u696d\u3082\u3001\u3053\u306e\u4e8c\u3064\u3092\u4e01\u5be7\u306b\u5207\u308a\u5206\u3051\u3066\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              FCF\u3092\u6539\u5584\u3059\u308b3\u3064\u306e\u8996\u70b9<\/h3>\n\n\n\n

              FCF\u3092\u5e95\u4e0a\u3052\u3059\u308b\u6253\u3061\u624b\u306f\u3001\u7a81\u304d\u8a70\u3081\u308b\u30683\u65b9\u5411\u306b\u96c6\u7d04\u3055\u308c\u307e\u3059\u3002\u4f1a\u793e\u58f2\u5374\u3092\u898b\u636e\u3048\u308b\u306a\u3089\u3001\u76f8\u8ac7\u306e\u6570\u5e74\u524d\u304b\u3089\u624b\u3092\u6253\u3066\u308b\u3068\u52b9\u679c\u304c\u5927\u304d\u3044\u3002<\/p>\n\n\n\n

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

              \u58f2\u639b\u91d1\u306e\u56de\u53ce\u3092\u65e9\u3081\u3001\u5728\u5eab\u3092\u9069\u6b63\u6c34\u6e96\u306b\u4fdd\u3061\u3001\u652f\u6255\u6761\u4ef6\u3092\u898b\u76f4\u3059\u3002\u65e5\u3005\u306e\u8cc7\u91d1\u306e\u56de\u308a\u65b9\u3092\u6574\u3048\u308b\u3060\u3051\u3067\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u76ee\u306b\u898b\u3048\u3066\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

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

              \u6295\u8cc7\u56de\u53ce\u671f\u9593\u3084\u5185\u90e8\u53ce\u76ca\u7387\u3092\u78ba\u304b\u3081\u3001\u52b9\u679c\u306e\u8584\u3044\u66f4\u65b0\u3084\u904e\u5270\u306a\u80fd\u529b\u5897\u5f37\u3092\u907f\u3051\u308b\u3002\u305d\u308c\u3060\u3051\u3067\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30de\u30a4\u30ca\u30b9\u5e45\u306f\u7e2e\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

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

              \u58f2\u4e0a\u3092\u4f38\u3070\u3057\u3001\u7121\u7406\u306e\u306a\u3044\u30b3\u30b9\u30c8\u7ba1\u7406\u3067\u55b6\u696d\u5229\u76ca\u3092\u62bc\u3057\u4e0a\u3052\u308b\u3002\u3053\u308c\u304cFCF\u6539\u5584\u306e\u672c\u7b4b\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u5b89\u6613\u306a\u7d4c\u8cbb\u524a\u6e1b\u3067\u73fe\u5834\u304c\u75e9\u305b\u308b\u3068\u3001\u304b\u3048\u3063\u3066\u4fa1\u5024\u3092\u843d\u3068\u3057\u307e\u3059\u3002\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u9818\u57df\u3078\u8cc7\u6e90\u3092\u56de\u3059\u767a\u60f3\u304c\u8981\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u306a\u304a\u7d4c\u6e08\u7523\u696d\u7701\u306f\u3001\u4e2d\u5c0f\u4f01\u696d\u304c\u81ea\u793e\u306e\u7d4c\u55b6\u72b6\u614b\u3092\u628a\u63e1\u3059\u308b\u8a3a\u65ad\u30c4\u30fc\u30eb\u3068\u3057\u3066\u300c\u30ed\u30fc\u30ab\u30eb\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u300d\u3092\u516c\u958b\u3057\u3066\u304a\u308a\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306a\u3069\u306e\u8ca1\u52d9\u6307\u6a19\u3067\u7a3c\u3050\u529b\u3092\u898b\u3048\u308b\u5316\u3067\u304d\u307e\u3059\uff08\u7d4c\u6e08\u7523\u696d\u7701\u30fb\u30ed\u30fc\u30ab\u30eb\u30d9\u30f3\u30c1\u30de\u30fc\u30af<\/mark><\/a>\uff09\u3002\u81ea\u793e\u306e\u73fe\u72b6\u3092\u5ba2\u89b3\u8996\u3059\u308b\u7b2c\u4e00\u6b69\u3068\u3057\u3066\u4f7f\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

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

              \u30d7\u30e9\u30b9\u306eFCF\u306f\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u305d\u306e\u3082\u306e\u3067\u3059\u3002\u4e0b\u8868\u306e\u3068\u304a\u308a\u3001\u4e3b\u306a\u4f7f\u3044\u9053\u306f3\u3064\u306b\u6574\u7406\u3067\u304d\u307e\u3059\u3002\u3069\u308c\u3092\u9078\u3076\u304b\u306b\u3001\u305d\u306e\u4f1a\u793e\u306e\u7d4c\u55b6\u59ff\u52e2\u304c\u8868\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u4f7f\u3044\u9053<\/th>\u5185\u5bb9\u3068\u52b9\u679c<\/th><\/tr><\/thead>
              \u501f\u5165\u91d1\u306e\u8fd4\u6e08<\/strong><\/td>\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u65e9\u3081\u306b\u6e1b\u3089\u3057\u3001\u5c06\u6765\u306e\u5229\u606f\u8ca0\u62c5\u3092\u5727\u7e2e\u3059\u308b\u3002\u8ca1\u52d9\u4f53\u8cea\u304c\u8efd\u304f\u306a\u308a\u3001\u9577\u671f\u306e\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u3064\u306a\u304c\u308b<\/td><\/tr>
              \u682a\u4e3b\u9084\u5143<\/strong><\/td>\u914d\u5f53\u3084\u81ea\u5df1\u682a\u5f0f\u306e\u53d6\u5f97\u306b\u5145\u3066\u308b\u3002\u767a\u884c\u6e08\u682a\u5f0f\u304c\u6e1b\u308c\u30701\u682a\u3042\u305f\u308a\u5229\u76ca\u304c\u9ad8\u307e\u308a\u3001\u682a\u4e3b\u306e\u671f\u5f85\u306b\u5fdc\u3048\u3089\u308c\u308b<\/td><\/tr>
              \u6210\u9577\u6295\u8cc7<\/strong><\/td>\u8a2d\u5099\u66f4\u65b0\u3084\u4eba\u6750\u63a1\u7528\u3078\u6a5f\u52d5\u7684\u306b\u56de\u305b\u308b\u3002\u8fd4\u6e08\u7fa9\u52d9\u304c\u306a\u3044\u81ea\u524d\u8cc7\u91d1\u306e\u305f\u3081\u3001\u597d\u6a5f\u3092\u9003\u3055\u305a\u52d5\u3051\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u95a2\u3059\u308bFAQ<\/h2>\n\n\n\n

              \u4f1a\u793e\u58f2\u5374\u3092\u691c\u8a0e\u3059\u308b\u30aa\u30fc\u30ca\u30fc\u304b\u3089\u3001\u73fe\u5834\u3067\u3088\u304f\u53d7\u3051\u308b\u8cea\u554f\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

              Q\uff1a\u5f79\u54e1\u5831\u916c\u3092\u591a\u304f\u53d6\u3063\u3066\u3044\u308b\u3068\u3001FCF\u304c\u4f4e\u304f\u8a55\u4fa1\u3055\u308c\u3066\u640d\u3067\u3059\u304b<\/strong>\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

              \u73fe\u5834\u3067\u306f\u307e\u305a\u3053\u3053\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u6c7a\u7b97\u4e0a\u306eFCF\u304c\u7d30\u304f\u3066\u3082\u3001\u5e02\u5834\u6c34\u6e96\u3078\u306e\u6b63\u5e38\u5316\u3067\u5b9f\u614b\u306f\u4e0a\u632f\u308c\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002\u5831\u916c\u306e\u6839\u62e0\u8cc7\u6599\u3092\u6574\u3048\u3066\u304a\u304f\u3068\u3001\u8abf\u6574\u304c\u30b9\u30e0\u30fc\u30ba\u306b\u901a\u308a\u307e\u3059\u3002<\/p> <\/div>

              Q\uff1aFCF\u304c\u30de\u30a4\u30ca\u30b9\u306e\u4f1a\u793e\u306f\u3001\u58f2\u5374\u3067\u304d\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b<\/strong>\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

              \u4e00\u6982\u306b\u306f\u8a00\u3048\u307e\u305b\u3093\u3002\u524d\u5411\u304d\u306a\u6295\u8cc7\u304c\u539f\u56e0\u306e\u4e00\u6642\u7684\u30de\u30a4\u30ca\u30b9\u306a\u3089\u3001\u5341\u5206\u306b\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u672c\u696d\u306e\u5229\u76ca\u4e0d\u8db3\u306b\u3088\u308b\u69cb\u9020\u7684\u306a\u30de\u30a4\u30ca\u30b9\u304b\u3069\u3046\u304b\u3067\u3001\u898b\u3089\u308c\u65b9\u306f\u5909\u308f\u308a\u307e\u3059\u3002<\/p> <\/div>

              Q\uff1a\u7c21\u4fbf\u6cd5\u3068\u8a73\u7d30\u6cd5\u3001\u3069\u3061\u3089\u3067\u81ea\u793e\u306eFCF\u3092\u898b\u308c\u3070\u3088\u3044\u3067\u3059\u304b<\/strong>\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

              \u307e\u305a\u7c21\u4fbf\u6cd5\u3067\u6c34\u6e96\u611f\u3092\u3064\u304b\u307f\u3001\u8cb7\u3044\u624b\u3068\u306e\u4ea4\u6e09\u304c\u8fd1\u3065\u3044\u305f\u3089\u8a73\u7d30\u6cd5\u3067\u6b63\u5e38\u5316\u307e\u3067\u8e0f\u307f\u8fbc\u3080\u3001\u3068\u3044\u3046\u4e8c\u6bb5\u69cb\u3048\u304c\u5b9f\u52d9\u7684\u3067\u3059\u3002\u76ee\u7684\u306b\u5fdc\u3058\u3066\u4f7f\u3044\u5206\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p> <\/div>

              Q\uff1aEBITDA\u304c\u9ad8\u3051\u308c\u3070\u3001\u8cb7\u53ce\u4fa1\u683c\u3082\u9ad8\u304f\u306a\u308a\u307e\u3059\u304b<\/strong>\uff1f<\/strong><\/strong><\/span><\/strong><\/strong>

              \u5fc5\u305a\u3057\u3082\u305d\u3046\u306f\u306a\u308a\u307e\u305b\u3093\u3002EBITDA\u306f\u904b\u8ee2\u8cc7\u672c\u3084\u8a2d\u5099\u6295\u8cc7\u3092\u6620\u3055\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u624b\u5143\u306b\u6b8b\u308b\u73fe\u91d1\u3001\u3064\u307e\u308aFCF\u307e\u3067\u898b\u3066\u521d\u3081\u3066\u3001\u9069\u6b63\u306a\u4fa1\u683c\u306b\u8fd1\u3065\u304d\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

              \u4f1a\u793e\u58f2\u5374\u306b\u5411\u3051\u305f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u307e\u3068\u3081<\/h2>\n\n\n\n

              FCF\u306f\u3001\u4f1a\u793e\u304c\u81ea\u7531\u306b\u4f7f\u3048\u308b\u73fe\u91d1\u3092\u793a\u3057\u3001DCF\u6cd5\u3092\u901a\u3058\u3066\u8b72\u6e21\u4fa1\u683c\u306e\u571f\u53f0\u306b\u306a\u308b\u6570\u5b57\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u5f79\u54e1\u5831\u916c\u3084\u79c1\u7684\u7d4c\u8cbb\u306e\u88dc\u6b63\u3067\u5b9f\u614b\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u305f\u3081\u3001\u6c7a\u7b97\u66f8\u306e\u6570\u5b57\u3060\u3051\u3067\u81ea\u793e\u306e\u4fa1\u5024\u3092\u5224\u65ad\u3059\u308b\u306e\u306f\u7981\u7269\u3067\u3059\u3002\u4eca\u306e\u6570\u5b57\u306b\u81ea\u4fe1\u304c\u6301\u3066\u306a\u304f\u3066\u3082\u3001\u6539\u5584\u306e\u4f59\u5730\u306f\u5fc5\u305a\u6b8b\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              \u5f53\u793e\u306f\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7\u306eM&A\u4ef2\u4ecb\u4f1a\u793e\u3068\u3057\u3066\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3092\u6570\u591a\u304f\u652f\u63f4\u3057\u3066\u304d\u307e\u3057\u305f\u3002FCF\u306e\u6b63\u898f\u5316\u304b\u3089\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3001\u4fa1\u683c\u4ea4\u6e09\u307e\u3067\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u3067\u5bfe\u5fdc\u3067\u304d\u307e\u3059\u3002\u4f1a\u793e\u58f2\u5374\u3092\u8003\u3048\u59cb\u3081\u305f\u6bb5\u968e\u3067\u3001\u307e\u305a\u306f\u81ea\u793e\u306e\u73fe\u91d1\u3092\u7a3c\u3050\u529b\u3092\u4e00\u5ea6\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\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":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}]}}