{"id":2754,"date":"2026-05-18T16:33:47","date_gmt":"2026-05-18T07:33:47","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=2754"},"modified":"2026-06-05T16:39:10","modified_gmt":"2026-06-05T07:39:10","slug":"ma-irr-negotiation","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/ma-irr-negotiation\/","title":{"rendered":"M&A\u306eIRR\u306e\u76ee\u5b89\uff5c\u5185\u90e8\u53ce\u76ca\u7387\u306e\u8a08\u7b97\u3068\u4fa1\u683c\u4ea4\u6e09\u3092\u6709\u5229\u306b\u3059\u308b\u8996\u70b9"},"content":{"rendered":"\n

M&A\u3067\u306e\u8b72\u6e21\u4fa1\u683c\u306f\u3001\u8cb7\u3044\u624b\u306e\u6295\u8cc7\u5224\u65ad\u30ed\u30b8\u30c3\u30af\u3092\u77e5\u3063\u305f\u3046\u3048\u3067\u4ea4\u6e09\u3059\u308b\u3068\u7d50\u679c\u304c\u5909\u308f\u308a\u307e\u3059\u3002IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u306e\u610f\u5473\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fb\u8cb7\u3044\u624b\u306e\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u3092\u6574\u7406\u3057\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4fa1\u683c\u4ea4\u6e09\u3092\u6709\u5229\u306b\u3059\u308b\u8996\u70b9\u3092\u3001\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7\u306eM&A\u4ef2\u4ecb\u4f1a\u793e\u306e\u7acb\u5834\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\n
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\"\"<\/a><\/figure>\n<\/div>\n\n\n\n
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\"\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n
\n\t\t
\u76ee\u6b21<\/div>\n\t\t
  1. M&A\u306eIRR\u304c\u300c\u4fa1\u683c\u4ea4\u6e09\u306e\u7269\u5dee\u3057\u300d\u306b\u306a\u308b\u7406\u7531<\/a>
    1. IRR\u306f\u300c\u8cb7\u3044\u624b\u306e\u9632\u885b\u30e9\u30a4\u30f3\u300d\u3092\u6620\u3059\u6570\u5024<\/a><\/li>
    2. \u4f1a\u793e\u58f2\u5374\u306e\u691c\u8a0e\u6642\u70b9\u3067IRR\u3092\u610f\u8b58\u3059\u308b\u30e1\u30ea\u30c3\u30c8<\/a><\/li><\/ol><\/li>
    3. IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u306e\u57fa\u790e<\/a>
      1. IRR\u306e\u5b9a\u7fa9\uff5cNPV\u304c\u30bc\u30ed\u306b\u306a\u308b\u5272\u5f15\u7387<\/a><\/li>
      2. IRR\u3092\u300c\u5e74\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\u300d\u3068\u3057\u3066\u6349\u3048\u308b<\/a><\/li>
      3. IRR\u3068WACC\u30fb\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306e\u95a2\u4fc2<\/a><\/li><\/ol><\/li>
      4. IRR\u306e\u8a08\u7b97\u65b9\u6cd5\uff5cExcel\u3067\u5b9f\u52d9\u7684\u306b\u6c42\u3081\u308b<\/a>
        1. Excel\u306eIRR\u95a2\u6570\u306b\u3088\u308b\u8a08\u7b97\u624b\u9806<\/a><\/li><\/ol><\/li>
        2. \u8cb7\u3044\u624b\u306fIRR\u3092\u3069\u3046\u4f7f\u3063\u3066\u8cb7\u53ce\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u306e\u304b<\/a>
          1. \u8cb7\u3044\u624b\u306e\u8a08\u7b97\u30ed\u30b8\u30c3\u30af\uff5c\u5c06\u6765CF\u3068\u76ee\u6a19IRR\u304b\u3089\u4e0a\u9650\u4fa1\u683c\u3092\u9006\u7b97<\/a><\/li>
          2. \u696d\u7a2e\u5225\u30fb\u6295\u8cc7\u4e3b\u4f53\u5225\u306eIRR\u306e\u76ee\u5b89<\/a><\/li>
          3. \u521d\u671f\u6295\u8cc7\u306b\u542b\u307e\u308c\u308b\u8cbb\u7528\u306e\u7bc4\u56f2<\/a><\/li><\/ol><\/li>
          4. \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cIRR\u3092\u7406\u89e3\u3057\u3066\u4fa1\u683c\u4ea4\u6e09\u3092\u6709\u5229\u306b\u3059\u308b\u8996\u70b9<\/a>
            1. \u8996\u70b91\uff5c\u5c06\u6765CF\u306e\u300c\u4e0a\u632f\u308c\u4f59\u5730\u300d\u3092\u8ad6\u7406\u7684\u306b\u63d0\u793a\u3059\u308b<\/a><\/li>
            2. \u8996\u70b92\uff5c\u65e9\u671f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u539a\u307f\u3092\u898b\u305b\u308b<\/a><\/li>
            3. \u8996\u70b93\uff5c\u30ea\u30b9\u30af\u8981\u56e0\u3092\u300c\u5148\u306b\u6f70\u3059\u300d<\/a><\/li>
            4. \u8996\u70b94\uff5c\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u30fb\u5206\u5272\u6255\u3044\u3067IRR\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b<\/a><\/li><\/ol><\/li>
            5. IRR\u3068\u4ed6\u306e\u8a55\u4fa1\u6307\u6a19\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u8aad\u307f\u89e3\u304f<\/a>
              1. NPV\u3068\u306e\u4f75\u7528\uff5c\u300c\u7387\u300d\u3068\u300c\u984d\u300d\u3092\u4e21\u9762\u3067\u898b\u308b<\/a><\/li>
              2. DCF\u6cd5\u3068\u306e\u95a2\u4fc2<\/a><\/li>
              3. \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u306e\u7167\u5408<\/a><\/li><\/ol><\/li>
              4. \u4fa1\u683c\u4ea4\u6e09\u3067\u8cb7\u3044\u624b\u306eIRR\u3092\u8aad\u3080\uff5c\u5b9f\u52d9\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8<\/a>
                1. \u533f\u540d\u4e8b\u4f8b\uff5c\u98df\u54c1\u88fd\u9020\u696d\uff08\u5e74\u554615\u5104\u5186\uff09\u306e\u30b1\u30fc\u30b9<\/a><\/li><\/ol><\/li>
                2. IRR\u3092\u4f7f\u3063\u305f\u4ea4\u6e09\u3067\u3088\u304f\u3042\u308b\u8aa4\u89e3\u3068\u6ce8\u610f\u70b9<\/a>
                  1. \u8aa4\u89e31\uff5cIRR\u304c\u9ad8\u3044\u6848\u4ef6\u304c\u300c\u5e38\u306b\u826f\u3044\u300d\u3068\u306f\u9650\u3089\u306a\u3044<\/a><\/li>
                  2. \u8aa4\u89e32\uff5c\u5c06\u6765CF\u306e\u697d\u89b3\u4e88\u6e2c\u306f\u9006\u52b9\u679c<\/a><\/li>
                  3. \u8aa4\u89e33\uff5c\u4f1a\u8a08\u5229\u76ca\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6df7\u540c<\/a><\/li><\/ol><\/li>
                  4. \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u4fa1\u683c\u4ea4\u6e09\u3092\u6210\u529f\u3055\u305b\u308b\u305f\u3081\u306b<\/a><\/li>
                  5. M&A\u306b\u304a\u3051\u308bIRR\u3068\u4fa1\u683c\u4ea4\u6e09\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
                  6. M&A\u306eIRR\u3068\u4fa1\u683c\u4ea4\u6e09\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n

                    \u300c\u3046\u3061\u306e\u4f1a\u793e\u3067\u3082\u58f2\u5374\u3067\u304d\u308b\u3060\u308d\u3046\u304b\u2026\u300d\u3001\u300c\u4f55\u304b\u3089\u59cb\u3081\u308c\u3070\u3044\u3044\u3093\u3060\u308d\u3046\u2026\u300d\u3002\u305d\u306e\u3088\u3046\u306a\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306e\u4e0d\u5b89\u306b\u3001\u4e2d\u5c0f\u4f01\u696d\u5411\u3051M&A\u4ef2\u4ecb\u4f1a\u793e\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u300120\u5e74\u9593\u30fb500\u4ef6\u4ee5\u4e0a\u306e\u652f\u63f4\u5b9f\u7e3e\u306b\u57fa\u3065\u304d\u3001\u304a\u5fdc\u3048\u3057\u307e\u3059\u3002\u672c\u683c\u691c\u8a0e\u524d\u306e\u60c5\u5831\u53ce\u96c6\u3068\u3057\u3066\u3001\u307e\u305a\u306f\u304a\u8a71\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

                    \uff1e \u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306b\u7121\u6599\u76f8\u8ac7\u3059\u308b\uff5c\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7<\/a><\/p>\n\n\n\n

                    M&A\u306eIRR\u304c\u300c\u4fa1\u683c\u4ea4\u6e09\u306e\u7269\u5dee\u3057\u300d\u306b\u306a\u308b\u7406\u7531<\/h2>\n\n\n\n

                    \u300c\u3046\u3061\u306e\u4f1a\u793e\u306f\u3001\u3044\u304f\u3089\u3067\u58f2\u308c\u308b\u306e\u304b\u300d\u3002\u8b72\u6e21\u3092\u691c\u8a0e\u3059\u308b\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u304c\u6700\u521d\u306b\u76f4\u9762\u3059\u308b\u554f\u3044\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u8cb7\u3044\u624b\u306f\u305d\u306e\u6570\u5b57\u3092\u52d8\u3067\u306f\u3058\u304d\u51fa\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8cb7\u3044\u624b\u306e\u982d\u306e\u4e2d\u306b\u306f\u3001IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3068\u3044\u3046\u7269\u5dee\u3057\u304c\u7f6e\u304b\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002IRR\u306fInternal Rate of Return\u306e\u7565\u3067\u3001\u65e5\u672c\u8a9e\u3067\u306f\u300c\u5185\u90e8\u53ce\u76ca\u7387\u300d\u3068\u547c\u3073\u307e\u3059\u3002\u4e00\u8a00\u3067\u8a00\u3048\u3070\u300c\u3053\u306e\u8cb7\u53ce\u6848\u4ef6\u306f\u5e74\u7387\u4f55\uff05\u3067\u8cc7\u91d1\u3092\u56de\u53ce\u3067\u304d\u308b\u304b\u300d\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002\u8cb7\u3044\u624b\u306f\u3053\u306e\u6570\u5b57\u3092\u898b\u3066\u3001\u300c\u6255\u3048\u308b\u4e0a\u9650\u4fa1\u683c\u300d\u3092\u9006\u7b97\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cIRR\u306e\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3067\u3001\u4ea4\u6e09\u306e\u30c6\u30fc\u30d6\u30eb\u3067\u306e\u8aac\u5f97\u529b\u304c\u5909\u308f\u308a\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001IRR\u306e\u57fa\u672c\u304b\u3089\u8a08\u7b97\u65b9\u6cd5\u3001\u305d\u3057\u3066\u8cb7\u3044\u624b\u306eIRR\u76ee\u6a19\u3092\u8aad\u307f\u89e3\u3044\u3066\u4fa1\u683c\u4ea4\u6e09\u3092\u6709\u5229\u306b\u9032\u3081\u308b\u8996\u70b9\u307e\u3067\u3092\u3001\u73fe\u5834\u306e\u611f\u899a\u3092\u4ea4\u3048\u3066\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    IRR\u306f\u300c\u8cb7\u3044\u624b\u306e\u9632\u885b\u30e9\u30a4\u30f3\u300d\u3092\u6620\u3059\u6570\u5024<\/h3>\n\n\n\n

                    \u652f\u63f4\u73fe\u5834\u3067\u306f\u3001\u8cb7\u3044\u624b\u304c\u63d0\u793a\u3059\u308b\u4fa1\u683c\u306b\u300c\u3053\u308c\u4ee5\u4e0a\u306f\u51fa\u305b\u306a\u3044\u300d\u3068\u9811\u306a\u306b\u306a\u308b\u77ac\u9593\u304c\u5fc5\u305a\u8a2a\u308c\u307e\u3059\u3002\u305d\u306e\u80cc\u666f\u306b\u3042\u308b\u306e\u304c\u3001\u793e\u5185\u3067\u6c7a\u3081\u3089\u308c\u305f\u76ee\u6a19IRR\uff08\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\uff09\u3067\u3059\u3002\u8cb7\u3044\u624b\u306f\u76ee\u6a19IRR\u3092\u4e0b\u56de\u308b\u6295\u8cc7\u3092\u3001\u539f\u5247\u3068\u3057\u3066\u5b9f\u884c\u3067\u304d\u307e\u305b\u3093\u3002\u9006\u306b\u8a00\u3048\u3070\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u8cb7\u3044\u624b\u306e\u76ee\u6a19IRR\u3092\u63a8\u6e2c\u3067\u304d\u308c\u3070\u3001\u76f8\u624b\u306e\u9632\u885b\u30e9\u30a4\u30f3\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002\u3053\u308c\u304c\u3001IRR\u3092\u300c\u4fa1\u683c\u4ea4\u6e09\u306e\u7269\u5dee\u3057\u300d\u3068\u547c\u3076\u7406\u7531\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u4f1a\u793e\u58f2\u5374\u306e\u691c\u8a0e\u6642\u70b9\u3067IRR\u3092\u610f\u8b58\u3059\u308b\u30e1\u30ea\u30c3\u30c8<\/h3>\n\n\n\n

                    \u4f1a\u793e\u58f2\u5374\u3092\u691c\u8a0e\u3057\u59cb\u3081\u305f\u6bb5\u968e\u3067IRR\u306e\u8003\u3048\u65b9\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001\u8907\u6570\u306e\u8cb7\u3044\u624b\u5019\u88dc\u304b\u3089\u6761\u4ef6\u3092\u5f15\u304d\u51fa\u3059\u969b\u306b\u6709\u5229\u306b\u50cd\u304d\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u8cb7\u3044\u624bA\u793e\u306eIRR\u76ee\u6a19\u304c15\uff05\u3001B\u793e\u304c20\uff05\u3067\u3042\u308c\u3070\u3001\u540c\u3058\u4e8b\u696d\u8a08\u753b\u3067\u3082A\u793e\u306e\u65b9\u304c\u9ad8\u3044\u4fa1\u683c\u3092\u51fa\u3057\u3084\u3059\u3044\u69cb\u9020\u306b\u306a\u308a\u307e\u3059\u3002\u5019\u88dc\u5148\u306e\u30bf\u30a4\u30d7\uff08\u4e8b\u696d\u4f1a\u793e\u304b\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304b\u3001\u540c\u696d\u304b\u7570\u696d\u7a2e\u304b\uff09\u3092\u628a\u63e1\u3059\u308b\u3060\u3051\u3067\u3082\u3001\u4fa1\u683c\u30ec\u30f3\u30b8\u306e\u4e88\u6e2c\u7cbe\u5ea6\u306f\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u306e\u57fa\u790e<\/h2>\n\n\n\n

                    \u4fa1\u683c\u4ea4\u6e09\u306e\u8996\u70b9\u306b\u5165\u308b\u524d\u306b\u3001IRR\u305d\u306e\u3082\u306e\u306e\u5b9a\u7fa9\u3068\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u3092\u62bc\u3055\u3048\u307e\u3059\u3002\u5c02\u9580\u7528\u8a9e\u304c\u4e26\u3073\u307e\u3059\u304c\u3001\u7d30\u304b\u306a\u6570\u5f0f\u306e\u610f\u5473\u3088\u308a\u3082\u300c\u4f55\u3092\u6e2c\u3063\u3066\u3044\u308b\u6307\u6a19\u304b\u300d\u3092\u63b4\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

                    IRR\u306e\u5b9a\u7fa9\uff5cNPV\u304c\u30bc\u30ed\u306b\u306a\u308b\u5272\u5f15\u7387<\/h3>\n\n\n\n

                    IRR\u3092\u53b3\u5bc6\u306b\u8868\u73fe\u3059\u308b\u3068\u3001\u300cNPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u304c\u30bc\u30ed\u306b\u306a\u308b\u5272\u5f15\u7387\u300d\u3068\u306a\u308a\u307e\u3059\u3002NPV\u306f\u6295\u8cc7\u304c\u751f\u307f\u51fa\u3059\u4fa1\u5024\u3092\u91d1\u984d\u3067\u8868\u3057\u3001IRR\u306f\u540c\u3058\u4fa1\u5024\u3092\u5229\u56de\u308a\uff08\uff05\uff09\u3067\u8868\u73fe\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u4e21\u8005\u306f\u8868\u88cf\u4e00\u4f53\u306e\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3059\u3002\u8cb7\u53ce\u4fa1\u683c\u3068\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6c7a\u307e\u308c\u3070\u3001\u305d\u306e\u6848\u4ef6\u306eIRR\u304c\u4e00\u610f\u306b\u6c7a\u307e\u308b\u3001\u3068\u899a\u3048\u3066\u304a\u3051\u3070\u5341\u5206\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u25b7\u95a2\u9023\uff1aNPV\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<\/a><\/p>\n\n\n\n

                    IRR\u3092\u300c\u5e74\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\u300d\u3068\u3057\u3066\u6349\u3048\u308b<\/h3>\n\n\n\n

                    IRR\u306f\u8907\u5229\u30d9\u30fc\u30b9\u306e\u5e74\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\u3068\u8003\u3048\u308b\u3068\u76f4\u611f\u7684\u306b\u7406\u89e3\u3067\u304d\u307e\u3059\u3002IRR\u304c18\uff05\u306e\u6848\u4ef6\u306f\u3001\u300c\u6295\u3058\u305f\u8cc7\u91d1\u304c\u5e74\u738718\uff05\u306e\u8907\u5229\u3067\u5897\u3048\u3066\u3044\u304f\u300d\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002100\u4e07\u5186\u3092\u5e74\u738718\uff05\u306e\u8907\u5229\u30675\u5e74\u904b\u7528\u3059\u308b\u3068\u3001\u7d04229\u4e07\u5186\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u304cIRR\u306e\u793a\u3059\u4e16\u754c\u89b3\u3067\u3059\u3002<\/p>\n\n\n\n

                    IRR\u3068WACC\u30fb\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306fIRR\u3092\u5358\u72ec\u3067\u898b\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u81ea\u793e\u306eWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3084\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u3068\u6bd4\u8f03\u3057\u307e\u3059\u3002WACC\u306f\u300c\u4f1a\u793e\u304c\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3068\u304d\u306e\u5e73\u5747\u7684\u306a\u30b3\u30b9\u30c8\u300d\u3001\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306f\u300c\u6295\u8cc7\u306b\u6c42\u3081\u308b\u6700\u4f4e\u9650\u306e\u53ce\u76ca\u7387\u300d\u3067\u3059\u3002IRR > \u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8 \u3067\u3042\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u306f\u5b9f\u884c\u306b\u5024\u3059\u308b\u3001\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002M&A\u3067\u306f\u8cb7\u53ce\u5f8c\u306e\u7d71\u5408\u30ea\u30b9\u30af\u3092\u7e54\u308a\u8fbc\u3080\u305f\u3081\u3001\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306fWACC\u3088\u308a\u6570\uff05\u4e0a\u4e57\u305b\u3055\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u25b7\u95a2\u9023\uff1aWACC\u3068\u306f\uff1f\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u30fbM&A\u3067\u306e\u76ee\u5b89\u3092\u89e3\u8aac<\/a><\/p>\n\n\n\n

                    IRR\u306e\u8a08\u7b97\u65b9\u6cd5\uff5cExcel\u3067\u5b9f\u52d9\u7684\u306b\u6c42\u3081\u308b<\/h2>\n\n\n\n

                    \u6570\u5f0f\u4e0a\u306eIRR\u306f\u3001\u6b21\u306e\u5f0f\u3092\u6e80\u305f\u3059\u5272\u5f15\u7387r\u3068\u3057\u3066\u5b9a\u7fa9\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                    C\u2080 + C\u2081\/(1+r) + C\u2082\/(1+r)\u00b2 + \u30fb\u30fb\u30fb + C\u2099\/(1+r)\u207f = 0<\/p>\n\n\n\n

                    C\u2080\u306f\u521d\u671f\u6295\u8cc7\uff08\u30de\u30a4\u30ca\u30b9\u5024\uff09\u3001C\u2081\u301cC\u2099\u306f\u5404\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3059\u3002\u3053\u306e\u65b9\u7a0b\u5f0f\u306f\u624b\u8a08\u7b97\u3067\u306f\u89e3\u3051\u306a\u3044\u305f\u3081\u3001\u5b9f\u52d9\u3067\u306fExcel\u307e\u305f\u306fAI\u3067\u51e6\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    Excel\u306eIRR\u95a2\u6570\u306b\u3088\u308b\u8a08\u7b97\u624b\u9806<\/h3>\n\n\n\n

                    Excel\u306eIRR\u95a2\u6570\u3092\u4f7f\u3046\u624b\u9806\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002\u4e0b\u8868\u306b\u57fa\u672c\u7684\u306a\u5165\u529b\u4f8b\u3092\u307e\u3068\u3081\u307e\u3059\u3002\u8cb7\u53ce\u4fa1\u683c5\u5104\u5186\u3001\u5e74\u9593\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc1\u5104\u5186\u304c5\u5e74\u9593\u7d9a\u304d\u30015\u5e74\u5f8c\u306b8\u5104\u5186\u3067\u58f2\u5374\u3059\u308b\u60f3\u5b9a\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u7d4c\u904e\u5e74<\/th>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u5186\uff09<\/th>\u5099\u8003<\/th><\/tr><\/thead>
                    0\u5e74\u76ee<\/strong><\/td>-500,000,000<\/td>\u8cb7\u53ce\u4fa1\u683c\uff08\u30de\u30a4\u30ca\u30b9\u5165\u529b\uff09<\/td><\/tr>
                    1\u301c4\u5e74\u76ee<\/strong><\/td>\u5404100,000,000<\/td>\u5e74\u9593\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td><\/tr>
                    5\u5e74\u76ee<\/strong><\/td>900,000,000<\/td>\u55b6\u696dCF 1\u5104\u5186\uff0b\u58f2\u5374\u4fa1\u683c 8\u5104\u5186<\/td><\/tr>
                    IRR\u95a2\u6570\u306e\u5f0f<\/strong><\/td>=IRR(\u7bc4\u56f2)<\/td>\u7d50\u679c\u306f\u7d0427.0\uff05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                    \u30bb\u30eb\u306b\u300c=IRR(B1:B6)\u300d\u3068\u5165\u529b\u3059\u308b\u3060\u3051\u3067\u3001IRR\u304c\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u8a08\u7b97\u7d50\u679c\u304c\u30a8\u30e9\u30fc\u306b\u306a\u308b\u5834\u5408\u306f\u3001\u521d\u671f\u6295\u8cc7\u984d\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3001\u30d7\u30e9\u30b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5c11\u306a\u304f\u3068\u30821\u3064\u5b58\u5728\u3059\u308b\u304b\u3092\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

                    XIRR\u95a2\u6570\u3067\u4e0d\u898f\u5247\u306a\u65e5\u4ed8\u306b\u5bfe\u5fdc\u3059\u308b<\/h4>\n\n\n\n

                    \u5b9f\u969b\u306eM&A\u3067\u306f\u3001\u8cb7\u53ce\u65e5\u30fb\u914d\u5f53\u53d7\u9818\u65e5\u30fb\u58f2\u5374\u65e5\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u7b49\u9593\u9694\u306b\u306a\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u5834\u5408\u306f\u300c=XIRR(\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7bc4\u56f2, \u65e5\u4ed8\u7bc4\u56f2)\u300d\u3092\u4f7f\u3046\u3068\u3001\u5b9f\u969b\u306e\u65e5\u4ed8\u30d9\u30fc\u30b9\u3067\u6b63\u78ba\u306aIRR\u304c\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u30b4\u30fc\u30eb\u30b7\u30fc\u30af\u3067\u9006\u7b97\u3059\u308b\u65b9\u6cd5<\/h4>\n\n\n\n

                    IRR\u95a2\u6570\u304c\u53ce\u675f\u3057\u306a\u3044\u5834\u5408\u306f\u3001Excel\u306e\u300c\u30c7\u30fc\u30bf\u300d\u30bf\u30d6\u2192\u300cWhat-If\u5206\u6790\u300d\u2192\u300c\u30b4\u30fc\u30eb\u30b7\u30fc\u30af\u300d\u3067\u4ee3\u7528\u3067\u304d\u307e\u3059\u3002NPV\u3092\u8a08\u7b97\u3059\u308b\u30bb\u30eb\u3092\u4f5c\u308a\u3001\u305d\u306e\u5024\u304c0\u306b\u306a\u308b\u3088\u3046\u5272\u5f15\u7387\u30bb\u30eb\u3092\u5909\u52d5\u3055\u305b\u308b\u3068\u3001\u540c\u3058\u7d50\u679c\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                    \"Excel\u306eIRR\u95a2\u6570\u3092\u4f7f\u3063\u305f\u5185\u90e8\u53ce\u76ca\u7387\u306e\u8a08\u7b97\u624b\u9806\u306e\u56f3\u89e3\"<\/figure>\n\n\n\n

                    \u8cb7\u3044\u624b\u306fIRR\u3092\u3069\u3046\u4f7f\u3063\u3066\u8cb7\u53ce\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u306e\u304b<\/h2>\n\n\n\n

                    \u3053\u3053\u304b\u3089\u304c\u672c\u984c\u3067\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u77e5\u3063\u3066\u304a\u304f\u3079\u304d\u306f\u3001\u8cb7\u3044\u624b\u304cIRR\u3092\u300c\u4fa1\u683c\u306e\u4e0a\u9650\u5024\u3092\u9006\u7b97\u3059\u308b\u305f\u3081\u306e\u88c5\u7f6e\u300d\u3068\u3057\u3066\u4f7f\u3063\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u8a08\u7b97\u30ed\u30b8\u30c3\u30af\uff5c\u5c06\u6765CF\u3068\u76ee\u6a19IRR\u304b\u3089\u4e0a\u9650\u4fa1\u683c\u3092\u9006\u7b97<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u982d\u306e\u4e2d\u3067\u306f\u3001\u6b21\u306e\u3088\u3046\u306a\u9806\u5e8f\u3067\u4fa1\u683c\u304c\u7d44\u307f\u7acb\u3066\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u7b2c\u4e00\u306b\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u307e\u3059\u3002\u7b2c\u4e8c\u306b\u3001\u81ea\u793e\u306e\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\uff08\u76ee\u6a19IRR\uff09\u3092\u8a2d\u5b9a\u3057\u307e\u3059\u3002\u7b2c\u4e09\u306b\u3001\u305d\u306e\u76ee\u6a19IRR\u3092\u6e80\u305f\u3059\u3088\u3046\u306b\u3001\u73fe\u5728\u306e\u8cb7\u53ce\u4fa1\u683c\u3092\u9006\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u3064\u307e\u308a\u3001\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u306e\u300c\u6255\u3048\u308b\u4e0a\u9650\u300d\u306f\u3001\u5c06\u6765CF\u4e88\u6e2c\u3068\u76ee\u6a19IRR\u304b\u3089\u6a5f\u68b0\u7684\u306b\u6c7a\u307e\u308a\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4fa1\u683c\u3092\u5f15\u304d\u4e0a\u3052\u305f\u3051\u308c\u3070\u3001\u3053\u306e2\u3064\u306e\u30a4\u30f3\u30d7\u30c3\u30c8\u306b\u50cd\u304d\u304b\u3051\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u696d\u7a2e\u5225\u30fb\u6295\u8cc7\u4e3b\u4f53\u5225\u306eIRR\u306e\u76ee\u5b89<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u76ee\u6a19IRR\u306f\u3001\u696d\u7a2e\u3068\u6295\u8cc7\u4e3b\u4f53\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002\u4e0b\u8868\u306f\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u652f\u63f4\u73fe\u5834\u3067\u76ee\u306b\u3059\u308b\u5b9f\u52d9\u611f\u899a\u3067\u306e\u76ee\u7dda\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u6295\u8cc7\u4e3b\u4f53<\/th>IRR\u76ee\u7dda<\/th>\u7279\u5fb4<\/th><\/tr><\/thead>
                    \u4e8b\u696d\u4f1a\u793e\uff08\u540c\u696d\uff09<\/strong><\/td>\u81ea\u793eWACC\uff0b\u6570\uff05<\/td>\u30b7\u30ca\u30b8\u30fc\u524d\u63d0\u3001\u9577\u671f\u4fdd\u6709\u3001\u30cf\u30fc\u30c9\u30eb\u306f\u6bd4\u8f03\u7684\u4f4e\u3081<\/td><\/tr>
                    \u4e8b\u696d\u4f1a\u793e\uff08\u7570\u696d\u7a2e\uff09<\/strong><\/td>WACC\uff0b4\u301c6\uff05\u7a0b\u5ea6<\/td>\u672a\u77e5\u306e\u9818\u57df\u3078\u306e\u6295\u8cc7\u3086\u3048\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u4e0a\u4e57\u305b<\/td><\/tr>
                    \u4e2d\u5c0f\u4f01\u696dM&A\u30d5\u30a1\u30f3\u30c9<\/strong><\/td>15\u301c20\uff05\u7a0b\u5ea6<\/td>3\u301c5\u5e74\u306e\u4fdd\u6709\u671f\u9593\u3067\u30a8\u30b0\u30b8\u30c3\u30c8\u60f3\u5b9a<\/td><\/tr>
                    \u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\uff08LBO\uff09<\/strong><\/td>20\u301c25\uff05\u7a0b\u5ea6<\/td>\u30ec\u30d0\u30ec\u30c3\u30b8\u3067\u5229\u56de\u308a\u3092\u5f15\u304d\u4e0a\u3052\u308b<\/td><\/tr>
                    \u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30b0\u30ed\u30fc\u30b9\u6295\u8cc7<\/strong><\/td>30\u301c40\uff05\u7a0b\u5ea6<\/td>\u9ad8\u30ea\u30b9\u30af\u524d\u63d0\u3001\u5931\u6557\u78ba\u7387\u3092\u7e54\u308a\u8fbc\u3080<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                    \u3053\u306e\u76ee\u5b89\u3092\u8e0f\u307e\u3048\u308b\u3068\u3001\u300c\u540c\u696d\u306e\u4e8b\u696d\u4f1a\u793e\u300d\u304c\u8cb7\u3044\u624b\u306e\u65b9\u304c\u3001\u300c\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u300d\u3088\u308a\u9ad8\u3044\u4fa1\u683c\u3092\u63d0\u793a\u3057\u3084\u3059\u3044\u69cb\u9020\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002\u8cb7\u3044\u624b\u5019\u88dc\u3092\u9078\u3076\u6bb5\u968e\u304b\u3089\u3001\u4fa1\u683c\u6226\u7565\u306f\u59cb\u307e\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u521d\u671f\u6295\u8cc7\u306b\u542b\u307e\u308c\u308b\u8cbb\u7528\u306e\u7bc4\u56f2<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u304c\u8a08\u7b97\u3059\u308b\u300c\u521d\u671f\u6295\u8cc7\u300d\u306f\u3001\u682a\u5f0f\u53d6\u5f97\u5bfe\u4fa1\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002M&A\u4ef2\u4ecb\u624b\u6570\u6599\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u8cbb\u7528\u3001PMI\u95a2\u9023\u8cbb\u7528\u3001\u5fc5\u8981\u306a\u8ffd\u52a0\u8a2d\u5099\u6295\u8cc7\u307e\u3067\u542b\u307e\u308c\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304b\u3089\u898b\u308b\u3068\u610f\u5916\u306b\u5927\u304d\u306a\u91d1\u984d\u304c\u521d\u671f\u6295\u8cc7\u306b\u542b\u307e\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u8cb7\u3044\u624b\u306f\u8868\u9762\u306e\u8b72\u6e21\u5bfe\u4fa1\u3088\u308a2\u301c3\u5272\u591a\u3044\u8cc7\u91d1\u3092\u6295\u3058\u3066\u3044\u308b\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u304c\u3001\u63d0\u793a\u4fa1\u683c\u304c\u60f3\u5b9a\u3088\u308a\u4f4e\u304f\u611f\u3058\u3089\u308c\u308b\u4e00\u56e0\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u25b7\u95a2\u9023\uff1a\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u306f\uff1fM&A\u3067\u306e\u7a2e\u985e\u30fb\u8cbb\u7528\u30fb\u6d41\u308c\u3092\u5fb9\u5e95\u89e3\u8aac<\/a><\/p>\n\n\n\n

                    \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304cIRR\u3092\u7406\u89e3\u3057\u3066\u4fa1\u683c\u4ea4\u6e09\u3092\u6709\u5229\u306b\u3059\u308b\u8996\u70b9<\/h2>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u8a08\u7b97\u30ed\u30b8\u30c3\u30af\u304c\u898b\u3048\u308c\u3070\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u53d6\u308c\u308b\u6253\u3061\u624b\u3082\u5177\u4f53\u5316\u3057\u307e\u3059\u3002\u5f53\u793e\u306e\u652f\u63f4\u73fe\u5834\u3067\u306f\u3001\u6b21\u306e4\u3064\u306e\u8996\u70b9\u3067\u4ea4\u6e09\u8a2d\u8a08\u3092\u7d44\u307f\u7acb\u3066\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8996\u70b91\uff5c\u5c06\u6765CF\u306e\u300c\u4e0a\u632f\u308c\u4f59\u5730\u300d\u3092\u8ad6\u7406\u7684\u306b\u63d0\u793a\u3059\u308b<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306eIRR\u3092\u5f15\u304d\u4e0a\u3052\u308b\u6700\u3082\u52b9\u679c\u7684\u306a\u6253\u3061\u624b\u306f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e0a\u632f\u308c\u30b7\u30ca\u30ea\u30aa\u3092\u8ad6\u7406\u7684\u306b\u793a\u3059\u3053\u3068\u3067\u3059\u3002\u300c\u5358\u72ec\u6210\u9577\u306e\u9650\u754c\u306f\u3042\u308b\u304c\u3001\u5fa1\u793e\u306e\u8ca9\u58f2\u30c1\u30e3\u30cd\u30eb\u3068\u7d44\u307f\u5408\u308f\u305b\u308c\u3070\u58f2\u4e0a\u306f30\uff05\u4f38\u3070\u305b\u308b\u300d\u3068\u3044\u3063\u305f\u5177\u4f53\u6027\u304c\u3001\u8cb7\u3044\u624b\u306e\u4e8b\u696d\u8a08\u753b\u3092\u66f8\u304d\u63db\u3048\u3055\u305b\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u6ce8\u610f\u70b9\u306f\u3001\u6839\u62e0\u306a\u304d\u5f37\u6c17\u4e88\u6e2c\u306f\u9006\u52b9\u679c\u306b\u306a\u308b\u3053\u3068\u3067\u3059\u3002\u8cb7\u3044\u624b\u306e\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u5426\u5b9a\u3055\u308c\u308b\u3068\u3001\u4fe1\u983c\u3092\u5931\u3044\u307e\u3059\u3002\u300c\u904e\u53bb3\u5e74\u306e\u65b0\u898f\u9867\u5ba2\u6570\u306e\u63a8\u79fb\u300d\u300c\u65e2\u5b58\u9867\u5ba2\u3068\u306e\u53d6\u5f15\u6df1\u8015\u4f59\u5730\u300d\u306a\u3069\u3001\u4e8b\u5b9f\u30d9\u30fc\u30b9\u306e\u88cf\u4ed8\u3051\u3092\u6e96\u5099\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u4ea4\u6e09\u306e\u5b89\u5b9a\u5264\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8996\u70b92\uff5c\u65e9\u671f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u539a\u307f\u3092\u898b\u305b\u308b<\/h3>\n\n\n\n

                    IRR\u306f\u65e9\u671f\u306b\u56de\u53ce\u3067\u304d\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u307b\u3069\u9ad8\u304f\u306a\u308b\u6027\u8cea\u3092\u6301\u3061\u307e\u3059\u3002\u300c\u8cb7\u53ce\u5f8c1\u301c2\u5e74\u3067\u3001\u78ba\u5b9f\u306b\u3053\u308c\u3060\u3051\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u304c\u51fa\u307e\u3059\u300d\u3068\u793a\u305b\u308c\u3070\u3001\u8cb7\u3044\u624b\u306e\u76ee\u6a19IRR\u306b\u5230\u9054\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u652f\u63f4\u73fe\u5834\u3067\u52b9\u679c\u7684\u306a\u306e\u306f\u3001\u4e0d\u8981\u8cc7\u7523\u306e\u6574\u7406\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u6539\u5584\u4f59\u5730\u3001\u5373\u5b9f\u884c\u53ef\u80fd\u306a\u30b3\u30b9\u30c8\u524a\u6e1b\u65bd\u7b56\u306e\u30ea\u30b9\u30c8\u5316\u3067\u3059\u3002\u3053\u308c\u3089\u306f\u8cb7\u3044\u624b\u306e\u30af\u30a4\u30c3\u30af\u30a6\u30a3\u30f3\uff08\u65e9\u671f\u6210\u679c\uff09\u3068\u3057\u3066\u4fa1\u683c\u306b\u4e57\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8996\u70b93\uff5c\u30ea\u30b9\u30af\u8981\u56e0\u3092\u300c\u5148\u306b\u6f70\u3059\u300d<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306f\u30ea\u30b9\u30af\u3092\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306e\u4e0a\u4e57\u305b\u306b\u8ee2\u5ac1\u3057\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30ea\u30b9\u30af\u304c\u591a\u3044\u6848\u4ef6\u307b\u3069\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u304c\u9ad8\u304f\u306a\u308a\u3001\u8cb7\u53ce\u4fa1\u683c\u306f\u4e0b\u304c\u308b\u69cb\u9020\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u3053\u3053\u3067\u52b9\u304f\u306e\u304c\u3001\u8b72\u6e21\u524d\u306e\u30ea\u30b9\u30af\u4e8b\u524d\u89e3\u6d88\u3067\u3059\u3002\u7c3f\u5916\u50b5\u52d9\u306e\u6574\u7406\u3001\u672a\u6255\u6b8b\u696d\u4ee3\u306e\u7cbe\u7b97\u3001\u4fc2\u4e89\u4e2d\u6848\u4ef6\u306e\u6c7a\u7740\u3001\u682a\u4e3b\u69cb\u6210\u306e\u30af\u30ea\u30fc\u30f3\u5316\u306a\u3069\u3001\u8cb7\u3044\u624b\u306e\u4e0d\u5b89\u6750\u6599\u3092\u4e00\u3064\u305a\u3064\u6d88\u3057\u3066\u3044\u304f\u3068\u3001\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u3092\u5f15\u304d\u4e0b\u3052\u308b\u4ea4\u6e09\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8996\u70b94\uff5c\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u30fb\u5206\u5272\u6255\u3044\u3067IRR\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u76ee\u6a19IRR\u3068\u58f2\u308a\u624b\u306e\u5e0c\u671b\u4fa1\u683c\u306b\u4e56\u96e2\u304c\u3042\u308b\u5834\u5408\u3001\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u6761\u9805\u3084\u5206\u5272\u652f\u6255\u304c\u6a4b\u6e21\u3057\u306b\u306a\u308a\u307e\u3059\u3002\u57fa\u672c\u5bfe\u4fa1\u3092\u6291\u3048\u308b\u4ee3\u308f\u308a\u306b\u3001\u696d\u7e3e\u9054\u6210\u6642\u306b\u8ffd\u52a0\u5bfe\u4fa1\u3092\u652f\u6255\u3046\u8a2d\u8a08\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u306f\u521d\u671f\u6295\u8cc7\u304c\u6e1b\u3063\u3066IRR\u304c\u5411\u4e0a\u3057\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u306f\u696d\u7e3e\u5411\u4e0a\u6642\u306e\u8ffd\u52a0\u53ce\u5165\u304c\u671f\u5f85\u3067\u304d\u307e\u3059\u3002Win-Win\u306e\u69cb\u9020\u3067\u3059\u304c\u3001KPI\u8a2d\u5b9a\u3068\u691c\u8a3c\u65b9\u6cd5\u306e\u5408\u610f\u304c\u809d\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u25b7\u95a2\u9023\uff1a\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\uff08\u6761\u9805\uff09\u3068\u306f\uff1fM&A\u3067\u306e\u6c7a\u3081\u65b9\u30fb\u4f1a\u8a08\u30fb\u7a0e\u52d9\u51e6\u7406<\/a><\/p>\n\n\n\n

                    IRR\u3068\u4ed6\u306e\u8a55\u4fa1\u6307\u6a19\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u8aad\u307f\u89e3\u304f<\/h2>\n\n\n\n

                    IRR\u306f\u4e07\u80fd\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4fa1\u683c\u4ea4\u6e09\u306e\u5834\u9762\u3067\u3082\u3001\u4ed6\u306e\u6307\u6a19\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u521d\u3081\u3066\u5168\u4f53\u50cf\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    NPV\u3068\u306e\u4f75\u7528\uff5c\u300c\u7387\u300d\u3068\u300c\u984d\u300d\u3092\u4e21\u9762\u3067\u898b\u308b<\/h3>\n\n\n\n

                    IRR\u306f\u6295\u8cc7\u898f\u6a21\u3092\u53cd\u6620\u3057\u307e\u305b\u3093\u30021\u5104\u5186\u6295\u8cc7\u3067IRR25\uff05\u306e\u6848\u4ef6\u3068\u300110\u5104\u5186\u6295\u8cc7\u3067IRR18\uff05\u306e\u6848\u4ef6\u3067\u306f\u3001\u7d76\u5bfe\u984d\u306e\u5229\u76ca\u306f\u304a\u305d\u3089\u304f\u5f8c\u8005\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u8cb7\u3044\u624b\u306e\u793e\u5185\u8b70\u8ad6\u3067\u306f\u3001IRR\u304c\u76ee\u6a19\u3092\u8d85\u3048\u3066\u3044\u308b\u3060\u3051\u3067\u306a\u304f\u3001NPV\u306e\u7d76\u5bfe\u984d\u3082\u5927\u304d\u3044\u6848\u4ef6\u304c\u597d\u307e\u308c\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4e8b\u696d\u898f\u6a21\u3092\u30a2\u30d4\u30fc\u30eb\u3059\u308b\u969b\u306f\u3001IRR\u306e\u7387\u3060\u3051\u3067\u306a\u304f\u300c\u5e74\u9593\u3069\u308c\u3060\u3051\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u751f\u3080\u304b\u300d\u306e\u7d76\u5bfe\u984d\u3082\u6574\u7406\u3057\u3066\u304a\u304f\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n

                    DCF\u6cd5\u3068\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

                    \u8cb7\u3044\u624b\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306f\u3001\u591a\u304f\u306e\u5834\u5408DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c6\u30c3\u30c9\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u3067\u7d44\u307f\u7acb\u3066\u3089\u308c\u307e\u3059\u3002DCF\u6cd5\u3067\u7b97\u51fa\u3057\u305f\u4f01\u696d\u4fa1\u5024\u3068\u3001\u305d\u308c\u304c\u76ee\u6a19IRR\u3092\u6e80\u305f\u3059\u304b\u3092\u8cb7\u3044\u624b\u306f\u540c\u6642\u306b\u691c\u7b97\u3057\u3066\u3044\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

                    \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u306e\u7167\u5408<\/h3>\n\n\n\n

                    \u5b9f\u52d9\u3067\u306f\u3001IRR\u30fbDCF\u3068\u4e26\u884c\u3057\u3066\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\uff09\u3067\u76f8\u5834\u611f\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u300c\u540c\u696d\u306e\u53d6\u5f15\u306fEBITDA\u500d\u73875\u301c7\u500d\u300d\u3068\u3044\u3063\u305f\u76f8\u5834\u3068\u3001IRR\u304b\u3089\u9006\u7b97\u3057\u305f\u4fa1\u683c\u30ec\u30f3\u30b8\u304c\u91cd\u306a\u308b\u5e2f\u304c\u3001\u6700\u7d42\u7684\u306a\u4ea4\u6e09\u30ec\u30f3\u30b8\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u25b7\u95a2\u9023\uff1aEV\/EBITDA\u500d\u7387\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u30fb\u696d\u754c\u5e73\u5747\u30fb\u5272\u9ad8\u5272\u5b89\u306e\u76ee\u5b89<\/a><\/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

                    \u4fa1\u683c\u4ea4\u6e09\u3067\u8cb7\u3044\u624b\u306eIRR\u3092\u8aad\u3080\uff5c\u5b9f\u52d9\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8<\/h2>\n\n\n\n

                    \u652f\u63f4\u73fe\u5834\u3067\u4f7f\u7528\u3057\u3066\u3044\u308b\u3001\u8cb7\u3044\u624b\u306e\u76ee\u6a19IRR\u3092\u63a8\u6e2c\u3057\u306a\u304c\u3089\u4ea4\u6e09\u6761\u4ef6\u3092\u6574\u7406\u3059\u308b\u72ec\u81ea\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u3092\u5171\u6709\u3057\u307e\u3059\u3002\u30c8\u30c3\u30d7\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u9762\u8ac7\u3084IM\uff08\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30e1\u30e2\u30e9\u30f3\u30c0\u30e0\uff09\u958b\u793a\u524d\u5f8c\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u3068\u4e00\u7dd2\u306b\u78ba\u8a8d\u3057\u3066\u3044\u308b\u9805\u76ee\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u78ba\u8a8d\u9805\u76ee<\/th>\u898b\u308b\u30dd\u30a4\u30f3\u30c8<\/th>\u4ea4\u6e09\u3078\u306e\u542b\u610f<\/th><\/tr><\/thead>
                    \u8cb7\u3044\u624b\u306e\u696d\u614b<\/strong><\/td>\u540c\u696d\uff0f\u7570\u696d\u7a2e\uff0f\u30d5\u30a1\u30f3\u30c9<\/td>\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u306e\u9ad8\u4f4e\u3092\u63a8\u6e2c<\/td><\/tr>
                    \u904e\u53bb\u306e\u8cb7\u53ce\u4e8b\u4f8b<\/strong><\/td>\u516c\u8868M&A\u306e\u500d\u7387\u30fb\u898f\u6a21<\/td>\u904e\u53bb\u306eIRR\u6c34\u6e96\u3092\u9006\u7b97\u53ef\u80fd<\/td><\/tr>
                    \u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5<\/strong><\/td>\u81ea\u5df1\u8cc7\u91d1\uff0f\u501f\u5165\uff0f\u30d5\u30a1\u30f3\u30c9\u51fa\u8cc7<\/td>\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u6709\u7121\u3067IRR\u76ee\u7dda\u304c\u5909\u52d5<\/td><\/tr>
                    \u4fdd\u6709\u60f3\u5b9a\u671f\u9593<\/strong><\/td>\u9577\u671f\u4fdd\u6709\uff0f3\u301c5\u5e74\u30a8\u30b0\u30b8\u30c3\u30c8<\/td>\u30d5\u30a1\u30f3\u30c9\u306f\u51fa\u53e3\u6226\u7565\u3092\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u3080<\/td><\/tr>
                    \u30b7\u30ca\u30b8\u30fc\u60f3\u5b9a<\/strong><\/td>\u58f2\u4e0a\uff0f\u30b3\u30b9\u30c8\uff0f\u7a0e\u52d9<\/td>\u30b7\u30ca\u30b8\u30fc\u524d\u63d0\u306a\u3089\u9ad8\u3044\u4fa1\u683c\u3092\u51fa\u3057\u3084\u3059\u3044<\/td><\/tr>
                    DD\u5f8c\u306e\u6307\u6458\u4e8b\u9805<\/strong><\/td>\u7c3f\u5916\u50b5\u52d9\u30fb\u4eba\u6750\u30ea\u30b9\u30af\u306a\u3069<\/td>\u6307\u6458\u304c\u591a\u3044\u307b\u3069\u4fa1\u683c\u306b\u4e0b\u65b9\u5727\u529b<\/td><\/tr>
                    \u7af6\u5408\u4ed6\u793e\u306e\u6253\u8a3a\u72b6\u6cc1<\/strong><\/td>\u72ec\u5360\u4ea4\u6e09\u304b\u7af6\u5408\u63d0\u6848\u304b<\/td>\u7af6\u5408\u304c\u3042\u308c\u3070\u8cb7\u3044\u624b\u306e\u30cf\u30fc\u30c9\u30eb\u306f\u4e0b\u304c\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                    \u533f\u540d\u4e8b\u4f8b\uff5c\u98df\u54c1\u88fd\u9020\u696d\uff08\u5e74\u554615\u5104\u5186\uff09\u306e\u30b1\u30fc\u30b9<\/h3>\n\n\n\n

                    \u652f\u63f4\u3057\u305f\u4e2d\u5c0f\u98df\u54c1\u88fd\u9020\u696d\u306e\u8b72\u6e21\u4e8b\u4f8b\uff08\u6570\u5b57\u306f\u5b88\u79d8\u914d\u616e\u306e\u305f\u3081\u4eee\u4f8b\u3068\u3057\u3066\u8abf\u6574\uff09\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306f70\u4ee3\u306e\u5275\u696d\u8005\u3001\u5e74\u554615\u5104\u5186\u3001\u55b6\u696d\u5229\u76ca1.2\u5104\u5186\u306e\u98df\u54c1\u88fd\u9020\u696d\u3067\u3057\u305f\u3002\u521d\u671f\u306b\u6253\u8a3a\u3057\u305f\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u76ee\u6a19IRR20\uff05\u304b\u3089\u9006\u7b97\u3057\u3066\u8cb7\u53ce\u4fa1\u683c5.5\u5104\u5186\u3092\u63d0\u793a\u3057\u307e\u3057\u305f\u3002\u4e00\u65b9\u3001\u540c\u696d\u306e\u4e2d\u5805\u98df\u54c1\u30e1\u30fc\u30ab\u30fc\u306f\u3001\u81ea\u793e\u8ca9\u58f2\u30c1\u30e3\u30cd\u30eb\u3068\u306e\u30b7\u30ca\u30b8\u30fc\uff08\u58f2\u4e0a15\uff05\u5897\u3001\u539f\u6750\u6599\u8cbb5\uff05\u6e1b\uff09\u3092\u7e54\u308a\u8fbc\u307f\u3001\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c812\uff05\u304b\u3089\u9006\u7b97\u3057\u30667.2\u5104\u5186\u306e\u4fa1\u683c\u3092\u63d0\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                    \u6700\u7d42\u7684\u306b\u540c\u696d\u306e\u4e8b\u696d\u4f1a\u793e\u3068\u306e\u6210\u7d04\u3068\u306a\u308a\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306f\u5f53\u521d\u60f3\u5b9a\u3088\u308a\u7d042\u5104\u5186\u9ad8\u3044\u624b\u53d6\u308a\u3092\u5b9f\u73fe\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u5dee\u3092\u751f\u3093\u3060\u306e\u306f\u3001\u300c\u8cb7\u3044\u624b\u306eIRR\u76ee\u6a19\u3068\u5c06\u6765CF\u60f3\u5b9a\u306e\u9055\u3044\u300d\u3092\u4e8b\u524d\u306b\u628a\u63e1\u3057\u3001\u30b7\u30ca\u30b8\u30fc\u4f59\u5730\u3092\u6574\u7406\u3057\u305f\u8cc7\u6599\u3092\u63d0\u793a\u3067\u304d\u305f\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n

                    \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

                    IRR\u3092\u4f7f\u3063\u305f\u4ea4\u6e09\u3067\u3088\u304f\u3042\u308b\u8aa4\u89e3\u3068\u6ce8\u610f\u70b9<\/h2>\n\n\n\n

                    \u3053\u3053\u307e\u3067IRR\u306e\u6d3b\u7528\u8996\u70b9\u3092\u6574\u7406\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u73fe\u5834\u3067\u8d77\u304d\u304c\u3061\u306a\u8aa4\u89e3\u306b\u3082\u89e6\u308c\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8aa4\u89e31\uff5cIRR\u304c\u9ad8\u3044\u6848\u4ef6\u304c\u300c\u5e38\u306b\u826f\u3044\u300d\u3068\u306f\u9650\u3089\u306a\u3044<\/h3>\n\n\n\n

                    IRR\u3060\u3051\u898b\u3066\u300c20\uff05\u3092\u8d85\u3048\u305f\u3001\u7d76\u5bfe\u3084\u308b\u3079\u304d\u300d\u3068\u5224\u65ad\u3059\u308b\u8cb7\u3044\u624b\u3082\u3044\u307e\u3059\u304c\u3001\u898f\u6a21\u304c\u5c0f\u3055\u3051\u308c\u3070\u7d76\u5bfe\u984d\u306e\u5229\u76ca\u306f\u9650\u5b9a\u7684\u3067\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u5074\u3082\u3001\u8cb7\u3044\u624b\u306eIRR\u76ee\u7dda\u3060\u3051\u3067\u4ea4\u6e09\u6761\u4ef6\u3092\u4f5c\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u7d76\u5bfe\u984d\u306e\u9b45\u529b\uff08\u5e74\u9593CF\u306e\u539a\u307f\uff09\u3092\u4e26\u884c\u3057\u3066\u793a\u3059\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u8aa4\u89e32\uff5c\u5c06\u6765CF\u306e\u697d\u89b3\u4e88\u6e2c\u306f\u9006\u52b9\u679c<\/h3>\n\n\n\n

                    \u300c\u5f37\u6c17\u306e\u4e8b\u696d\u8a08\u753b\u3092\u898b\u305b\u308c\u3070IRR\u304c\u4e0a\u304c\u308b\u300d\u3068\u8003\u3048\u3001\u6839\u62e0\u306e\u8584\u3044\u9ad8\u6210\u9577\u4e88\u6e2c\u3092\u63d0\u793a\u3059\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u8cb7\u3044\u624b\u306fDD\u3067\u3053\u308c\u3092\u5fc5\u305a\u691c\u8a3c\u3057\u307e\u3059\u3002\u524d\u63d0\u6761\u4ef6\u306e\u3059\u308a\u5408\u308f\u305b\u6bb5\u968e\u3067\u8a08\u753b\u306e\u4fe1\u983c\u6027\u304c\u5d29\u308c\u308b\u3068\u3001\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u304c\u9006\u306b\u5f15\u304d\u4e0a\u3052\u3089\u308c\u3001\u4fa1\u683c\u306f\u4e0b\u304c\u308a\u307e\u3059\u3002
                    \u652f\u63f4\u73fe\u5834\u3067\u306f\u3001\u300c\u904e\u53bb\u5b9f\u7e3e\u306e\u5ef6\u9577\u3067\u8aac\u660e\u3067\u304d\u308b\u6210\u9577\u30b7\u30ca\u30ea\u30aa\u300d\u3068\u300c\u30b7\u30ca\u30b8\u30fc\u3067\u5b9f\u73fe\u3067\u304d\u308b\u4e0a\u632f\u308c\u30b7\u30ca\u30ea\u30aa\u300d\u3092\u5206\u3051\u3066\u63d0\u793a\u3059\u308b\u3053\u3068\u3092\u57fa\u672c\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u8aa4\u89e33\uff5c\u4f1a\u8a08\u5229\u76ca\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6df7\u540c<\/h3>\n\n\n\n

                    IRR\u8a08\u7b97\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d9\u30fc\u30b9\u3067\u884c\u3044\u307e\u3059\u3002\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u640d\u76ca\u306b\u51fa\u308b\u304c\u73fe\u91d1\u6d41\u51fa\u3092\u4f34\u308f\u306a\u3044\u3001\u672a\u6255\u91d1\u306f\u640d\u76ca\u306b\u51fa\u308b\u304c\u671f\u672b\u307e\u3067\u73fe\u91d1\u306f\u51fa\u306a\u3044\u3001\u3068\u3044\u3063\u305f\u8abf\u6574\u304c\u5fc5\u8981\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u8ca1\u52d9\u8cc7\u6599\u304c\u4f1a\u8a08\u5229\u76ca\u30d9\u30fc\u30b9\u3067\u6574\u7406\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u8cb7\u3044\u624b\u304b\u3089\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30d9\u30fc\u30b9\u306e\u6570\u5024\u3092\u51fa\u3057\u3066\u307b\u3057\u3044\u300d\u3068\u4f9d\u983c\u3055\u308c\u3066\u304b\u3089\u614c\u3066\u308b\u30b1\u30fc\u30b9\u3092\u3088\u304f\u898b\u307e\u3059\u3002\u65e9\u671f\u306b\u9867\u554f\u7a0e\u7406\u58eb\u3084\u5c02\u9580\u5bb6\u3068\u9023\u643a\u3057\u3066\u3001CF\u8868\u3092\u6574\u3048\u308b\u6e96\u5099\u304c\u4ea4\u6e09\u306e\u30b9\u30e0\u30fc\u30ba\u306a\u9032\u884c\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u25b7\u95a2\u9023\uff1a\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

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                    M&A\u306b\u304a\u3051\u308bIRR\u3068\u4fa1\u683c\u4ea4\u6e09\u306b\u95a2\u3059\u308bFAQ<\/h2>\n\n\n\n

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                    Q\uff1a\u58f2\u308a\u624b\u5074\u3067\u3082IRR\u3092\u8a66\u7b97\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304b<\/span><\/strong>

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                    Q\uff1a\u8cb7\u3044\u624b\u306e\u76ee\u6a19IRR\u3092\u76f4\u63a5\u805e\u3044\u3066\u3082\u3088\u3044\u3067\u3059\u304b<\/span><\/strong>

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                    Q\uff1a\u4e8b\u696d\u8a08\u753b\u306f\u3069\u3053\u307e\u3067\u5f37\u6c17\u306b\u51fa\u305b\u3070\u3088\u3044\u3067\u3059\u304b<\/span><\/strong>

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                    Q\uff1a\u501f\u5165\u3067\u8cb7\u53ce\u3059\u308b\u8cb7\u3044\u624b\u306fIRR\u3092\u9ad8\u304f\u8a2d\u5b9a\u3057\u307e\u3059\u304b<\/span><\/strong>

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                    \n
                    \n
                    \"\"<\/a><\/figure>\n<\/div>\n\n\n\n
                    \n
                    \"\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n

                    M&A\u306eIRR\u3068\u4fa1\u683c\u4ea4\u6e09\u306e\u307e\u3068\u3081<\/h2>\n\n\n\n

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                    \n
                    \n
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                    \n
                    \n
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