{"id":5365,"date":"2025-10-01T14:00:34","date_gmt":"2025-10-01T05:00:34","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&#038;p=5365"},"modified":"2026-02-01T12:08:03","modified_gmt":"2026-02-01T03:08:03","slug":"cost-approach","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/cost-approach\/","title":{"rendered":"\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\uff1f\u7a2e\u985e\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fb\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8"},"content":{"rendered":"\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cc7\u7523\u30fb\u8ca0\u50b5\u306b\u7740\u76ee\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3067\u591a\u7528\u3055\u308c\u308b\u7406\u7531\u3084\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u30fb\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u30fb\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306a\u3069\u5404\u624b\u6cd5\u306e\u7279\u5fb4\u3001\u30e1\u30ea\u30c3\u30c8\u3084\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u5206\u304b\u308a\u6613\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div 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class=\"ark-block-toc\">\n\t\t<div class=\"ark-block-toc__title\">\u76ee\u6b21<\/div>\n\t\t<ol class=\"ark-block-toc__list\" data-level=\"2\"><li><a href=\"#arkb-toc-0\" class=\"ark-block-toc__link\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-1\" class=\"ark-block-toc__link\">\u6307\u6a19\u306e\u5ba2\u89b3\u6027\u304c\u9ad8\u304f\u3001\u5f53\u4e8b\u8005\u304c\u7406\u89e3\u3057\u3084\u3059\u3044<\/a><\/li><li><a href=\"#arkb-toc-2\" class=\"ark-block-toc__link\">\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3084\u76f8\u7d9a\u7a0e\u8a55\u4fa1\u3067\u591a\u7528\u3055\u308c\u308b\u80cc\u666f<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-3\" class=\"ark-block-toc__link\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7a2e\u985e<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-4\" class=\"ark-block-toc__link\">\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-5\" class=\"ark-block-toc__link\">\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-6\" class=\"ark-block-toc__link\">\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-7\" class=\"ark-block-toc__link\">\u5e74\u8cb7\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-8\" class=\"ark-block-toc__link\">\u305d\u306e\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-9\" class=\"ark-block-toc__link\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-10\" class=\"ark-block-toc__link\">\u30e1\u30ea\u30c3\u30c8<\/a><\/li><li><a href=\"#arkb-toc-11\" class=\"ark-block-toc__link\">\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-12\" class=\"ark-block-toc__link\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u5229\u7528\u3059\u308b\u969b\u306e\u6ce8\u610f\u70b9<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-13\" class=\"ark-block-toc__link\">\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\u3068\u306e\u4f75\u7528\u304c\u4e00\u822c\u7684<\/a><\/li><li><a href=\"#arkb-toc-14\" class=\"ark-block-toc__link\">\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306e\u95a2\u4fc2<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-15\" class=\"ark-block-toc__link\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n<p>\u300c\u3046\u3061\u306e\u4f1a\u793e\u3067\u3082\u58f2\u5374\u3067\u304d\u308b\u3060\u308d\u3046\u304b\u2026\u300d\u3001\u300c\u4f55\u304b\u3089\u59cb\u3081\u308c\u3070\u3044\u3044\u3093\u3060\u308d\u3046\u2026\u300d\u3002\u305d\u306e\u3088\u3046\u306a\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306e\u4e0d\u5b89\u306b\u3001\u4e2d\u5c0f\u4f01\u696d\u5411\u3051M&amp;A\u4ef2\u4ecb\u4f1a\u793e\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306f\u300120\u5e74\u9593\u30fb500\u4ef6\u4ee5\u4e0a\u306e\u652f\u63f4\u5b9f\u7e3e\u306b\u57fa\u3065\u304d\u3001\u304a\u5fdc\u3048\u3057\u307e\u3059\u3002\u672c\u683c\u691c\u8a0e\u524d\u306e\u60c5\u5831\u53ce\u96c6\u3068\u3057\u3066\u3001\u307e\u305a\u306f\u304a\u8a71\u3092\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-d35281866eb7869a178cb5f67e0a4496\"><a href=\"https:\/\/mitsukijapan.com\/ma\/contact\/\" data-type=\"link\" data-id=\"https:\/\/mitsukijapan.com\/ma\/contact\/\">\uff1e \u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306b\u7121\u6599\u76f8\u8ac7\u3059\u308b\uff5c\u7a0e\u7406\u58eb\u6cd5\u4eba\u30b0\u30eb\u30fc\u30d7<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-0\" class=\"wp-block-heading\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/strong><\/h2>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\u3001\u4f01\u696d\u306e\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u7126\u70b9\u3092\u5f53\u3066\u3001\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u5dee\u984d\u3067\u3042\u308b\u7d14\u8cc7\u7523\u306b\u57fa\u3065\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u300c\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3084\u300c\u30b9\u30c8\u30c3\u30af\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3001\u300c\u30cd\u30c3\u30c8\u30a2\u30bb\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3084\u5e74\u8cb7\u6cd5\u306a\u3069\u304c\u4ee3\u8868\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<p>M&amp;A\u3067\u306f\u300c\u4f01\u696d\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u4fa1\u5024\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u300d\u3092\u7b97\u5b9a\u3057\u3001\u305d\u308c\u3092\u8b72\u6e21\u4f01\u696d\uff08\u58f2\u4e3b\uff09\u3068\u8b72\u53d7\u4f01\u696d\uff08\u8cb7\u4e3b\uff09\u306e\u4ea4\u6e09\u306b\u5f79\u7acb\u3066\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u7c3f\u4fa1\u3068\u6642\u4fa1\u306e\u5927\u304d\u306a\u5dee\u3084\u3001\u8ca1\u52d9\u8af8\u8868\u304c\u5b9f\u614b\u3092\u5341\u5206\u306b\u53cd\u6620\u3057\u3066\u3044\u306a\u3044\u5834\u5408\u304c\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u305d\u3046\u3044\u3063\u305f\u554f\u984c\u3092\u6bd4\u8f03\u7684\u30b7\u30f3\u30d7\u30eb\u306b\u6574\u7406\u3067\u304d\u308b\u70b9\u304c\u91cd\u5b9d\u3055\u308c\u3001\u5b9f\u969b\u306e\u8b72\u6e21\u4fa1\u683c\u4ea4\u6e09\u3067\u5229\u7528\u3055\u308c\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u7a0e\u52d9\u4e0a\u306e\u81ea\u793e\u682a\u8a55\u4fa1\uff08\u76f8\u7d9a\u7a0e\u306e\u8ca1\u7523\u8a55\u4fa1\u306a\uff09\u3067\u3082\u5229\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-8c1063d97b501c4d93eb934ef02e4b6f\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/valuation\/\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u306f\uff1f\u6d41\u308c\u30fb\u8cbb\u7528\u30fb\u7b97\u5b9a\u65b9\u6cd5\u30fbM&amp;A\u5b9f\u52d9\u3067\u306e\u30dd\u30a4\u30f3\u30c8<\/a><\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306f\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u624b\u6cd5\u3067\u3042\u308b\u5e74\u500d\u6cd5\uff08\u7d14\u8cc7\u7523\uff0b\u306e\u308c\u3093\uff09\u65b9\u5f0f\u3092\u56f3\u5f0f\u5316\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"994\" height=\"702\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/cost-approach-fair-value-net-asset-method.jpg\" alt=\"\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\uff09\" class=\"wp-image-5781\" style=\"width:732px;height:auto\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/cost-approach-fair-value-net-asset-method.jpg 994w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/cost-approach-fair-value-net-asset-method-640x452.jpg 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/cost-approach-fair-value-net-asset-method-768x542.jpg 768w\" sizes=\"(max-width: 994px) 100vw, 994px\" \/><\/figure>\n<\/div>\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u5c06\u6765\u306e\u53ce\u76ca\u529b\u3084\u7121\u5f62\u8cc7\u7523\uff08\u306e\u308c\u3093\u306a\u3069\uff09\u3092\u8003\u616e\u3057\u306a\u3044\u624b\u6cd5\u3082\u591a\u304f\u3001\u300c\u73fe\u6642\u70b9\u306e\u4f1a\u793e\u306e\u7d14\u8cc7\u7523\u300d\u3092\u898b\u308b\u6027\u683c\u304c\u5f37\u3044\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4e0a\u56f3\u306e\u3088\u3046\u306b\u3001\u6642\u4fa1\u4fee\u6b63\u3084\u300c\u306e\u308c\u3093\u300d\u306e\u7b97\u5b9a\u624b\u9806\u3092\u52a0\u3048\u308b\u306a\u3069\u306e\u5de5\u592b\u306b\u3088\u3063\u3066\u3001\u5b9f\u614b\u306b\u8fd1\u3065\u3051\u308b\u305f\u3081\u306e\u65b9\u6cd5\uff08\u5f8c\u8ff0\u3059\u308b\u5e74\u500d\u6cd5\uff09\u304c\u5b9f\u52d9\u3067\u751f\u307e\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-1\" class=\"wp-block-heading\"><strong>\u6307\u6a19\u306e\u5ba2\u89b3\u6027\u304c\u9ad8\u304f\u3001\u5f53\u4e8b\u8005\u304c\u7406\u89e3\u3057\u3084\u3059\u3044<\/strong><\/h3>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u3092\u8d77\u70b9\u3068\u3059\u308b\u305f\u3081\u3001\u6570\u5b57\u306e\u6839\u62e0\u304c\u660e\u78ba\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u300c\u8cc7\u7523\u304c5\u5104\u5186\u3001\u8ca0\u50b5\u304c3\u5104\u5186\u3060\u304b\u3089\u3001\u7d14\u8cc7\u7523\u306f2\u5104\u5186\u300d\u3068\u3044\u3046\u5177\u5408\u306b\u8aac\u660e\u3057\u3084\u3059\u3044\u306e\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306e\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u3082\u300c\u81ea\u793e\u306e\u8cb8\u501f\u5bfe\u7167\u8868\u300d\u306b\u57fa\u3065\u3044\u3066\u8a71\u3092\u9032\u3081\u3089\u308c\u308b\u306e\u3067\u3001\u5f8c\u8ff0\u3059\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3084\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u6bd4\u3079\u3001\u7d0d\u5f97\u611f\u3092\u5f97\u3084\u3059\u3044\u70b9\u304c\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-2\" class=\"wp-block-heading\"><strong>\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3084\u76f8\u7d9a\u7a0e\u8a55\u4fa1\u3067\u591a\u7528\u3055\u308c\u308b\u80cc\u666f<\/strong><\/h3>\n\n\n\n<p>\u5b9f\u52d9\u7684\u306b\u306f\u3001\u76f8\u7d9a\u7a0e\u306e\u8a08\u7b97\u3067\u3082\u5c0f\u898f\u6a21\u4f01\u696d\u306e\u682a\u5f0f\u8a55\u4fa1\u306b\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u53d6\u308a\u5165\u308c\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u3044\u308f\u3086\u308b\u300c\u8ca1\u7523\u8a55\u4fa1\u57fa\u672c\u901a\u9054\u300d\u3067\u306f\u3001\u7d14\u8cc7\u7523\u4fa1\u984d\u3092\u7528\u3044\u305f\u682a\u5f0f\u8a55\u4fa1\u304c\u5b9a\u3081\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u65b0\u682a\u767a\u884c\u3084\u682a\u5f0f\u58f2\u8cb7\u304c\u983b\u7e41\u306b\u306f\u884c\u308f\u308c\u306a\u3044\u305f\u3081\u3001\u5e02\u5834\u4fa1\u683c\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u3092\u53c2\u7167\u3059\u308b\u3053\u3068\u304c\u96e3\u3057\u304f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u898b\u7a4d\u3082\u308b\u306e\u3082\u7c21\u5358\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001\u300c\u4f01\u696d\u306e\u8ca1\u7523\u3084\u8ca0\u50b5\u3092\u6d17\u3044\u51fa\u3059\u300d\u3068\u3044\u3046\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8003\u3048\u65b9\u304c\u91cd\u5b9d\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u53d6\u5f15\u3067\u3082\u3001\u300c\u58f2\u308a\u624b\u30fb\u8cb7\u3044\u624b\u304c\u5408\u610f\u3057\u3084\u3059\u3044\u8a55\u4fa1\u65b9\u6cd5\u300d\u3068\u3057\u3066\u3001\u307e\u305a\u306f\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u3068\u308a\u3042\u3048\u305a\u51fa\u3057\u3066\u307f\u3066\u3001\u305d\u3053\u304b\u3089\u5c06\u6765\u53ce\u76ca\u3084\u5e02\u5834\u6027\u3092\u30d7\u30e9\u30b9\u30a2\u30eb\u30d5\u30a1\u3067\u691c\u8a0e\u3057\u3088\u3046\u3001\u3068\u3044\u3046\u30b1\u30fc\u30b9\u304c\u898b\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-28dbd51ca6bd03821c58bd501450da81\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/enterprise-value\/\">\u4f01\u696d\u4fa1\u5024\u3068\u306f\uff5cEV\u30fb\u4e8b\u696d\u4fa1\u5024\u30fb\u682a\u5f0f\u4fa1\u5024\u3068\u306e\u9055\u3044\u3001\uff13\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-3\" class=\"wp-block-heading\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7a2e\u985e<\/strong><\/h2>\n\n\n\n<p>\u300c\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3068\u3044\u3046\u8a00\u8449\u3060\u3051\u3067\u306f\u66d6\u6627\u306a\u306e\u3067\u3001\u3082\u3046\u5c11\u3057\u7d30\u5206\u5316\u3057\u3066\u5177\u4f53\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002\u5b9f\u52d9\u3067\u306f\u300c\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u300d\u300c\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u300d\u300c\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u300d\u300c\u5e74\u8cb7\u6cd5\u300d\u300c\u6e05\u7b97\u4fa1\u5024\u6cd5\u300d\u300c\u518d\u8abf\u9054\u539f\u4fa1\u6cd5\u300d\u306a\u3069\u3001\u7d30\u304b\u306a\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u306e\u6982\u8981\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-4\" class=\"wp-block-heading\"><strong>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/h3>\n\n\n\n<p>\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u8a08\u4e0a\u3055\u308c\u3066\u3044\u308b\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u305d\u306e\u307e\u307e\u7528\u3044\u3066\u7d14\u8cc7\u7523\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u3044\u308f\u3070\u300c\u5e33\u7c3f\u4fa1\u984d\uff08\u7c3f\u4fa1\uff09\u3092\u51fa\u767a\u70b9\u300d\u306b\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u6e2c\u308a\u307e\u3059\u3002\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u306f\u3001\u57fa\u672c\u7684\u306b\u4e0b\u8a18\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol 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class=\"wp-block-heading\">\u5b9f\u52d9\u3067\u306f\u2026<\/h4>\n\n\n\n<p>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306f\u3001\u4e2d\u5c0f\u96f6\u7d30\u4f01\u696d\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u4f7f\u308f\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u305d\u306e\u307e\u307e\u306e\u5e33\u7c3f\u4fa1\u984d\u3067\u306f\u7c89\u98fe\u30fb\u8aa4\u8b2c\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08\u8ca1\u52d9\u30fb\u7a0e\u52d9\u8abf\u67fb\uff09\u3067\u9069\u5207\u306a\u7c3f\u4fa1\u3078\u4fee\u6b63\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u6e1b\u4fa1\u511f\u5374\u304c\u5341\u5206\u306b\u3055\u308c\u3066\u3044\u306a\u3044\u6a5f\u68b0\u88c5\u7f6e\u3092\u898b\u3064\u3051\u305f\u3089\u4fee\u6b63\u3057\u3001\u4e0d\u826f\u50b5\u6a29\u30fb\u9577\u671f\u6ede\u7559\u5728\u5eab\u306a\u3069\u3092\u6d17\u3044\u51fa\u3057\u3066\u9069\u6b63\u306a\u91d1\u984d\u306b\u76f4\u3059\u3068\u3044\u3063\u305f\u88dc\u6b63\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-5\" class=\"wp-block-heading\"><strong>\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/h3>\n\n\n\n<p>\u300c\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u300d\u306b\u542b\u307f\u640d\u76ca\u3092\u4e00\u90e8\u3060\u3051\u53d6\u308a\u8fbc\u3080\u624b\u6cd5\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u571f\u5730\u3084\u5efa\u7269\u3001\u4e0a\u5834\u682a\u5f0f\u306a\u3069\u542b\u307f\u640d\u76ca\u304c\u5927\u304d\u305d\u3046\u306a\u9805\u76ee\u3060\u3051\u3001\u7c3f\u4fa1\u304b\u3089\u6642\u4fa1\u306b\u7f6e\u304d\u63db\u3048\u308b\u306a\u3069\u306e\u4fee\u6b63\u3092\u884c\u3044\u3001\u3088\u308a\u5b9f\u614b\u306b\u8fd1\u3044\u7d14\u8cc7\u7523\u984d\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002\u3059\u3079\u3066\u3092\u53b3\u5bc6\u306b\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u307b\u3069\u306e\u30b3\u30b9\u30c8\u3084\u6642\u9593\u3092\u304b\u3051\u3089\u308c\u306a\u3044\u5834\u5408\u306b\u591a\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 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class=\"wp-block-heading\">\u5b9f\u52d9\u3067\u306f\u2026<\/h4>\n\n\n\n<p>\u4e2d\u5c0f\u4f01\u696d\u306e\u5834\u5408\u3001\u5e74\u8cb7\u6cd5\u3092\u4f7f\u3046\u3053\u3068\u3067\u3001\u7c3f\u4fa1\u3084\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306e\u7d50\u679c\u3060\u3051\u3067\u306f\u6b63\u3057\u304f\u8a55\u4fa1\u3055\u308c\u306b\u304f\u3044\u5c06\u6765\u53ce\u76ca\uff08\u306e\u308c\u3093\uff09\u3092\u8003\u616e\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4f55\u5e74\u5206\u3092\u639b\u3051\u308b\u304b\u306f\u696d\u754c\u6c34\u6e96\u3084\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u306a\u3069\u3092\u3082\u3068\u306b\u691c\u8a0e\u3057\u306a\u3044\u3068\u8aac\u5f97\u529b\u306b\u6b20\u3051\u308b\u6050\u308c\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f01\u696d\u306e\u5b9f\u614b\u8abf\u67fb\uff08\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff09\u3092\u8e0f\u307e\u3048\u3064\u3064\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\u3084\u5c02\u9580\u5bb6\u306e\u898b\u89e3\u3068\u3082\u3059\u308a\u5408\u308f\u305b\u3092\u884c\u3046\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-7480fd3a73149b2b0ead9b6181ec3879\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/whatistheannualpurchase\/\">\u5e74\u8cb7\u6cd5\u3068\u306f\uff1f\u5e74\u500d\u6cd5\u306e\u8a08\u7b97\u6cd5\u30fb\u306e\u308c\u3093\u306e\u9069\u6b63\u5e74\u6570\u3092\u8a73\u3057\u304f\u89e3\u8aac\uff01<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-8\" class=\"wp-block-heading\">\u305d\u306e\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5<\/h3>\n\n\n\n<p>\u4e0a\u8a18\u304c\u4ee3\u8868\u7684\u306a\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u624b\u6cd5\u3067\u3059\u304c\u3001\u4ed6\u306b\u3082\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u624b\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5b9f\u52d9\u3067\u7528\u3044\u3089\u308c\u308b\u3053\u3068\u306f\u5c11\u306a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u6e05\u7b97\u4fa1\u5024\u6cd5<\/strong><\/h4>\n\n\n\n<p>\u6e05\u7b97\u4fa1\u5024\u6cd5\u306f\u3001\u4f1a\u793e\u306e\u8cc7\u7523\u3092\u3059\u3079\u3066\u58f2\u5374\u3057\u3001\u8ca0\u50b5\u3092\u5b8c\u6e08\u3057\u305f\u3068\u304d\u306b\u6b8b\u308b\u91d1\u984d\u3092\u4f01\u696d\u4fa1\u5024\u3068\u307f\u306a\u3059\u624b\u6cd5\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u300c\u4e8b\u696d\u3092\u7d99\u7d9a\u305b\u305a\u6e05\u7b97\u3059\u308b\u300d\u3068\u3044\u3046\u524d\u63d0\u3067\u3001\u3059\u3079\u3066\u306e\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u6642\u4fa1\u30d9\u30fc\u30b9\u306b\u7f6e\u304d\u63db\u3048\u3001\u6e05\u7b97\u51e6\u5206\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306a\u3069\u3082\u8003\u616e\u3057\u3066\u7b97\u5b9a\u3057\u307e\u3059\u3002\u5c06\u6765\u7684\u306a\u53ce\u76ca\u529b\u3092\u91cd\u8996\u3059\u308b\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u300c\u73fe\u6642\u70b9\u3067\u58f2\u5374\u53ef\u80fd\u306a\u4fa1\u984d\u300d\u3092\u3082\u3068\u306b\u7d14\u8cc7\u7523\u3092\u6574\u7406\u3057\u3066\u3044\u304f\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u5229\u7528\u30b7\u30fc\u30f3<\/strong>\uff1a<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u3059\u3067\u306b\u4f1a\u793e\u3092\u89e3\u6563\u30fb\u5ec3\u696d\u3059\u308b\u65b9\u91dd\u3092\u56fa\u3081\u3066\u304a\u308a\u3001\u6700\u7d42\u7684\u306b\u6b8b\u308b\u91d1\u984d\u3092\u8a66\u7b97\u3057\u305f\u3044\u5834\u5408<\/li>\n\n\n\n<li>\u4e8b\u696d\u306e\u7d99\u7d9a\u3092\u5ff5\u982d\u306b\u7f6e\u304b\u306a\u3044M&amp;A\uff08\u4e8b\u696d\u8b72\u6e21\u5f8c\u306b\u4f1a\u793e\u3092\u6e05\u7b97\u3059\u308b\u30b1\u30fc\u30b9\u306a\u3069\uff09<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">\u5b9f\u52d9\u3067\u306f\uff1a<\/h5>\n\n\n\n<p>\u5b9f\u969b\u306b\u8cc7\u7523\u3092\u63db\u4fa1\u3059\u308b\u5834\u9762\u3067\u306f\u300c\u60f3\u5b9a\u3069\u304a\u308a\u306e\u4fa1\u683c\u3067\u58f2\u5374\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u300d\u304c\u554f\u984c\u306b\u306a\u308a\u307e\u3059\u3002\u4e0d\u52d5\u7523\u3084\u6a5f\u68b0\u88c5\u7f6e\u306a\u3069\u3092\u6025\u3044\u3067\u58f2\u308b\u3068\u3001\u5e02\u5834\u4fa1\u683c\u3088\u308a\u5b89\u304f\u306a\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002\u3055\u3089\u306b\u89e3\u6563\u30fb\u5ec3\u696d\u6642\u306b\u306f\u624b\u7d9a\u3084\u6cd5\u7684\u8cbb\u7528\u304c\u304b\u304b\u308b\u3046\u3048\u3001\u904a\u4f11\u8cc7\u7523\u3084\u6ede\u7559\u5728\u5eab\u3092\u51e6\u5206\u3059\u308b\u306b\u3082\u8cbb\u7528\u304c\u767a\u751f\u3057\u3046\u308b\u305f\u3081\u3001\u7d19\u306e\u4e0a\u3067\u8a08\u7b97\u3057\u305f\u6e05\u7b97\u4fa1\u5024\u3068\u6700\u7d42\u7684\u306a\u5b9f\u6b8b\u984d\u304c\u7570\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u518d\u8abf\u9054\u539f\u4fa1\u6cd5<\/strong><\/h4>\n\n\n\n<p>\u518d\u8abf\u9054\u539f\u4fa1\u6cd5\u306f\u3001\u4f01\u696d\u304c\u4fdd\u6709\u3059\u308b\u8cc7\u7523\u3084\u8ca0\u50b5\u3092\u300c\u3044\u307e\u65b0\u3057\u304f\u8abf\u9054\u3059\u308b\u3068\u3057\u305f\u3089\u3069\u306e\u304f\u3089\u3044\u306e\u8cbb\u7528\u304c\u304b\u304b\u308b\u304b\u300d\u3068\u3044\u3046\u8996\u70b9\u3067\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u500b\u3005\u306e\u8cc7\u7523\u306b\u5bfe\u3057\u3066\u518d\u88fd\u4f5c\u539f\u4fa1\u3084\u518d\u53d6\u5f97\u539f\u4fa1\u3092\u60f3\u5b9a\u3057\u3001\u305d\u3053\u304b\u3089\u7269\u7406\u7684\u30fb\u6a5f\u80fd\u7684\u306a\u6e1b\u4fa1\u3092\u5dee\u3057\u5f15\u304f\u3053\u3068\u3067\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u5229\u7528\u30b7\u30fc\u30f3<\/strong>\uff1a<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f01\u696d\u304c\u5c06\u6765\u7684\u306b\u540c\u3058\u8cc7\u7523\u3092\u8abf\u9054\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3057\u305f\u3044\u5834\u5408<\/li>\n\n\n\n<li>\u4e8b\u696d\u7d99\u7d9a\u3092\u524d\u63d0\u306b\u3001\u3042\u304f\u307e\u3067\u53c2\u8003\u5024\u3068\u3057\u3066\u300c\u3053\u306e\u4f01\u696d\u306b\u5fc5\u8981\u306a\u6295\u8cc7\u984d\u300d\u3092\u628a\u63e1\u3057\u305f\u3044\u5834\u5408<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">\u5b9f\u52d9\u3067\u306f\uff1a<\/h5>\n\n\n\n<p>\u5b9f\u969b\u306eM&amp;A\u3067\u3001\u8b72\u6e21\u4fa1\u683c\u3092\u3053\u306e\u307e\u307e\u30d9\u30fc\u30b9\u306b\u3059\u308b\u30b1\u30fc\u30b9\u306f\u4f59\u308a\u3042\u308a\u307e\u305b\u3093\u3002\u518d\u8abf\u9054\u539f\u4fa1\u6cd5\u306f\u4f01\u696d\u306e\u8a2d\u5099\u6295\u8cc7\u8a08\u753b\u3084\u7d4c\u55b6\u5224\u65ad\u306b\u5f79\u7acb\u3064\u4e00\u65b9\u3067\u3001\u8cb7\u53ce\u5e0c\u671b\u4f01\u696d\u304c\u300c\u4eca\u306e\u8cc7\u7523\u3092\u5168\u53d6\u308a\u63db\u3048\u3059\u308b\u300d\u524d\u63d0\u3092\u91cd\u8996\u3057\u306a\u3051\u308c\u3070\u3001\u305d\u306e\u307e\u307e\u306e\u8a55\u4fa1\u306f\u59a5\u5f53\u3057\u306a\u3044\u3053\u3068\u3082\u591a\u3044\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u306a\u304a\u3001\u3044\u305a\u308c\u306e\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u624b\u6cd5\u3092\u63a1\u7528\u3057\u305f\u5834\u5408\u3067\u3082\u3001\u7d14\u8cc7\u7523\u304c\u30d9\u30fc\u30b9\u3068\u306a\u308b\u305f\u3081\u3001\u7c3f\u5916\u50b5\u52d9\u306e\u691c\u8a0e\u304c\u4e0d\u53ef\u6b20\u306b\u306a\u308a\u307e\u3059\u3002\u7c3f\u5916\u50b5\u52d9\u304c\u3042\u308b\u3068\u304d\u306f\u3001\u305d\u306e\u5206\u3060\u3051\u7d14\u8cc7\u7523\u984d\u304c\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-96e56e86a4dfec87f6052a1f962f25c5\">\u25b7\u95a2\u9023<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/off-balance-sheet-debt\/\">\uff1a\u7c3f\u5916\u50b5\u52d9\u3068\u306f\uff1fM&amp;A\u306b\u6f5c\u3080\u7c89\u98fe\u4f8b\u30fb\u767a\u898b\u65b9\u6cd5\u3068\u4f01\u696d\u8cb7\u53ce\u30ea\u30b9\u30af<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-9\" class=\"wp-block-heading\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h2>\n\n\n\n<p>\u672c\u8a18\u4e8b\u306e\u524d\u534a\u3067\u3082\u89e6\u308c\u307e\u3057\u305f\u304c\u3001\u3082\u3046\u5c11\u3057\u8a73\u3057\u304f\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-10\" class=\"wp-block-heading\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u6570\u5b57\u306e\u5ba2\u89b3\u6027\u3084\u30a4\u30e1\u30fc\u30b8\u3057\u3084\u3059\u3055<\/strong><\/h4>\n\n\n\n<p>\u8cb8\u501f\u5bfe\u7167\u8868\u3092\u57fa\u672c\u3068\u3059\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u6574\u7406\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u304c\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002\u5c02\u9580\u5bb6\u3067\u306a\u304f\u3068\u3082\u3001\u7d4c\u55b6\u8005\u81ea\u8eab\u304c\u300c\u3053\u306e\u6a5f\u68b0\u3084\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u306f\u3069\u306e\u304f\u3089\u3044\u304b\u300d\u300c\u3053\u306e\u8ca0\u50b5\u306f\u3069\u306e\u7a0b\u5ea6\u304b\u300d\u3068\u3044\u3046\u76ee\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3084\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u3088\u3046\u306b\u9ad8\u5ea6\u306a\u4e88\u6e2c\u30e2\u30c7\u30eb\u3084\u5927\u91cf\u306e\u985e\u4f3c\u4e8b\u4f8b\u30c7\u30fc\u30bf\u304c\u63c3\u308f\u306a\u3044\u5834\u5408\u3082\u591a\u304f\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u5206\u304b\u308a\u3084\u3059\u3055\u306f\u5927\u304d\u306a\u5f37\u307f\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u76f8\u7d9a\u7a0e\u8a55\u4fa1\u3084\u5c0f\u898f\u6a21\u4f01\u696d\u306e\u682a\u5f0f\u8a55\u4fa1\u3067\u5b9f\u7e3e\u304c\u3042\u308b<\/strong><\/h4>\n\n\n\n<p>\u76f8\u7d9a\u7a0e\u306e\u8ca1\u7523\u8a55\u4fa1\u57fa\u672c\u901a\u9054\u306f\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4e0b\u6577\u304d\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306e\u7d4c\u55b6\u8005\u3084\u4f1a\u8a08\u4e8b\u52d9\u6240\u306b\u3068\u3063\u3066\u99b4\u67d3\u307f\u3084\u3059\u304f\u3001\u682a\u5f0f\u8b72\u6e21\u306e\u5834\u9762\u3067\u3082\u6839\u62e0\u3068\u3057\u3066\u63d0\u793a\u3057\u3084\u3059\u3044\u70b9\u304c\u9b45\u529b\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u306e\u308c\u3093\u3092\u52a0\u5473\u3059\u308b\u767a\u5c55\u5f62\u3082\u5b58\u5728\u3059\u308b<\/strong><\/h4>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3060\u3051\u3067\u306f\u300c\u306e\u308c\u3093\u300d\u304c\u53cd\u6620\u3055\u308c\u306b\u304f\u3044\u3068\u3044\u3046\u6307\u6458\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u624b\u6cd5\u306e\u4e00\u3064\u3068\u3057\u3066\u300c\u5e74\u500d\u6cd5\u300d\u306a\u3069\u3001\u4f01\u696d\u306e\u53ce\u76ca\u529b\u3092\u4e00\u5b9a\u7a0b\u5ea6\u7e54\u308a\u8fbc\u3081\u308b\u65b9\u6cd5\u3082\u5b58\u5728\u3057\u307e\u3059\u3002\u5358\u7d14\u306b\u8cb8\u501f\u5bfe\u7167\u8868\u3060\u3051\u3067\u5224\u65ad\u3059\u308b\u306e\u3067\u306a\u304f\u3001\u30d6\u30e9\u30f3\u30c9\u529b\u3084\u6280\u8853\u529b\u3001\u4eba\u7684\u8cc7\u6e90\u3068\u3044\u3063\u305f\u7121\u5f62\u8981\u7d20\u3082\u4e00\u5fdc\u306f\u52a0\u5473\u3067\u304d\u308b\u70b9\u306f\u5b9f\u52d9\u4e0a\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-5316a4d3d4f9aad946b48dd4c047651e\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-goodwill-ma-calculation-method-accounting-successful\/\">M&amp;A\u306e\u300c\u306e\u308c\u3093\u300d\u304c\u511f\u5374\u4e0d\u8981\u306b\u306a\u308b\uff1f\u8a08\u7b97\u65b9\u6cd5\u30fb\u4ed5\u8a33\u30fb\u511f\u5374\u671f\u9593\u3068\u306f<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-11\" class=\"wp-block-heading\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u3064\u3044\u3066\u3082\u89e6\u308c\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u53ce\u76ca\u529b\u306e\u8a55\u4fa1\u304c\u4e0d\u5341\u5206\u306b\u306a\u308a\u3084\u3059\u3044<\/strong><\/h4>\n\n\n\n<p>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u6bd4\u3079\u3066\u3001\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u52a0\u5473\u3057\u306a\u3044\uff08\u3042\u308b\u3044\u306f\u9650\u5b9a\u7684\u306b\u3057\u304b\u52a0\u5473\u3057\u306a\u3044\uff09\u305f\u3081\u3001\u300c\u3053\u308c\u304b\u3089\u4f38\u3073\u308b\u4f1a\u793e\u300d\u300c\u7279\u6b8a\u306a\u30ce\u30a6\u30cf\u30a6\u3067\u5229\u76ca\u7387\u3092\u9ad8\u3081\u3089\u308c\u308b\u4f1a\u793e\u300d\u306a\u3069\u306e\u9b45\u529b\u3092\u5341\u5206\u306b\u8a55\u4fa1\u3067\u304d\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u542b\u307f\u640d\u76ca\u306e\u8a55\u4fa1\u304c\u96e3\u3057\u304f\u3001\u8aa4\u5dee\u304c\u751f\u3058\u3084\u3059\u3044<\/strong><\/h4>\n\n\n\n<p>\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3084\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3092\u63a1\u7528\u3059\u308b\u969b\u3001\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u8a55\u4fa1\u66ff\u3048\u304c\u5fc5\u8981\u3067\u3059\u304c\u3001\u4e2d\u5c0f\u4f01\u696d\u306f\u7a0e\u52d9\u4e0a\u3084\u8cc7\u91d1\u8abf\u9054\u4e0a\u306e\u90fd\u5408\u3067\u8ca1\u52d9\u8af8\u8868\u3092\u6574\u3048\u3066\u3044\u308b\u5834\u5408\u304c\u591a\u304f\u3001\u5b9f\u969b\u306e\u6642\u4fa1\u3068\u4e56\u96e2\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u9000\u8077\u7d66\u4ed8\u5f15\u5f53\u91d1\u304c\u8db3\u308a\u306a\u3044\u307e\u307e\u3060\u3063\u305f\u308a\u3001\u5b9f\u306f\u56de\u53ce\u4e0d\u80fd\u306e\u58f2\u639b\u91d1\u304c\u305d\u306e\u307e\u307e\u8a08\u4e0a\u3055\u308c\u3066\u3044\u305f\u308a\u3001\u3042\u308b\u3044\u306f\u4e0d\u52d5\u7523\u306e\u8a55\u4fa1\u984d\u3092\u3069\u3046\u898b\u308b\u306e\u304b\u306a\u3069\u3001\u691c\u8a0e\u3059\u308b\u4e8b\u9805\u304c\u5897\u3048\u307e\u3059\u3002\u3053\u308c\u3092\u5341\u5206\u306b\u884c\u308f\u306a\u3044\u3068\u3001\u8a55\u4fa1\u984d\u304c\u904e\u5927\u307e\u305f\u306f\u904e\u5c0f\u306b\u306a\u308a\u304b\u306d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u7121\u5f62\u8cc7\u7523\u306e\u8a55\u4fa1\u306f\u30c6\u30af\u30cb\u30ab\u30eb\u3067\u3001\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b<\/strong><\/h4>\n\n\n\n<p>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3084\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u306f\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u7121\u5f62\u8cc7\u7523\uff08\u306e\u308c\u3093\u3084\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3001\u9867\u5ba2\u30ea\u30b9\u30c8\u306a\u3069\uff09\u3092\u30aa\u30f3\u30d0\u30e9\u30f3\u30b9\u5316\u3059\u308b\u3053\u3068\u3082\u691c\u8a0e\u3057\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u3001\u3053\u308c\u3089\u3092\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u306b\u306f\u5c02\u9580\u77e5\u8b58\u304c\u4e0d\u53ef\u6b20\u3067\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u516c\u8a8d\u4f1a\u8a08\u58eb\u3084\u4e0d\u52d5\u7523\u9451\u5b9a\u58eb\u306a\u3069\u8907\u6570\u306e\u30d7\u30ed\u304c\u95a2\u308f\u308b\u305f\u3081\u8cbb\u7528\u3082\u304b\u3055\u3093\u3067\u3057\u307e\u3044\u307e\u3059\u3002\u5927\u4f01\u696d\u306eM&amp;A\u306a\u3089PPA\uff08Purchase Price Allocation\uff09\u3067\u7121\u5f62\u8cc7\u7523\u3092\u8a73\u7d30\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u304c\u3001\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u305d\u3053\u307e\u3067\u4e88\u7b97\u3084\u6642\u9593\u3092\u304b\u3051\u3089\u308c\u306a\u3044\u5834\u5408\u304c\u591a\u3044\u306e\u3082\u5b9f\u60c5\u3067\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-12\" class=\"wp-block-heading\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u5229\u7528\u3059\u308b\u969b\u306e\u6ce8\u610f\u70b9<\/h2>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7528\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u969b\u306f\u3001\u4ee5\u4e0b\u306e\u70b9\u306b\u6ce8\u610f\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-13\" class=\"wp-block-heading\"><strong>\u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\u3068\u306e\u4f75\u7528\u304c\u4e00\u822c\u7684<\/strong><\/h3>\n\n\n\n<p>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3060\u3051\u3067\u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u5b9a\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u73fe\u5834\u3067\u306f\u300c\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3084\u300c\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3068\u5408\u308f\u305b\u3066\u8a55\u4fa1\u3059\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u3067\u3042\u3063\u3066\u3082\u3001\u696d\u7a2e\u306b\u3088\u3063\u3066\u306f\u985e\u4f3c\u4f1a\u793e\u306e\u4e0a\u5834\u30c7\u30fc\u30bf\u3092\u53c2\u8003\u306b\u3057\u305f\u308a\u3001DCF\u6cd5\u3067\u3042\u308b\u7a0b\u5ea6\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u898b\u7a4d\u3082\u3063\u305f\u308a\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\u3067\u3059\u3002\u6700\u7d42\u7684\u306b\u306f\u8907\u6570\u306e\u8a55\u4fa1\u624b\u6cd5\u3092\u6bd4\u8f03\u3057\u3001\u4ea4\u6e09\u6750\u6599\u3068\u3057\u3066\u3069\u306e\u3088\u3046\u306b\u4f7f\u3046\u304b\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/h4>\n\n\n\n<p>\u540c\u696d\u30fb\u540c\u898f\u6a21\u306e\u4f01\u696d\u304c\u3069\u306e\u304f\u3089\u3044\u306e\u682a\u4fa1\u3084\u6307\u6a19\uff08PER\u3001PBR\u306a\u3069\uff09\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u8abf\u3079\u3001\u5bfe\u8c61\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u308b\u65b9\u6cd5\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u975e\u4e0a\u5834\u4f01\u696d\u3067\u306f\u6bd4\u8f03\u5bfe\u8c61\u305d\u306e\u3082\u306e\u304c\u898b\u3064\u304b\u308a\u306b\u304f\u3044\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-6bb5d9027244f8c5cbe7b02208f187a0\">\u25b7\u95a2\u9023\uff1a<a 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class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/valuations\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-4.jpg\" alt=\"\" class=\"wp-image-3067\"\/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/mitsukijapan.com\/ma\/lp\/01\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"400\" height=\"300\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-3.jpg\" alt=\"\" class=\"wp-image-3068\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 id=\"arkb-toc-15\" 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