{"id":5365,"date":"2026-07-13T11:23:49","date_gmt":"2026-07-13T02:23:49","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=5365"},"modified":"2026-07-13T17:16:09","modified_gmt":"2026-07-13T08:16:09","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\uff5c\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5"},"content":{"rendered":"\n

\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u6c7a\u7b97\u66f8\u306e\u7d14\u8cc7\u7523\u3092\u3082\u3068\u306b\u4f01\u696d\u4fa1\u5024\u3092\u6e2c\u308b\u8a55\u4fa1\u65b9\u6cd5\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306eM&A\u3067\u306f\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3084\u5e74\u8cb7\u6cd5\u3068\u3057\u3066\u4f7f\u308f\u308c\u3001\u8b72\u6e21\u4fa1\u683c\u306e\u571f\u53f0\u306b\u306a\u308a\u307e\u3059\u3002\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u306e\u9055\u3044\u3001\u542b\u307f\u640d\u76ca\u3084\u7c3f\u5916\u50b5\u52d9\u306e\u8abf\u6574\u3001\u306e\u308c\u3093\u5e74\u6570\u306e\u6c7a\u3081\u65b9\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3084\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u4f75\u7528\u307e\u3067\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u81ea\u793e\u306e\u5024\u6bb5\u3092\u8aad\u307f\u89e3\u304f\u305f\u3081\u306e\u5b9f\u52d9\u3092\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

\n
\n
\"M&A\u4ef2\u4ecb\u624b\u6570\u6599\u30fb\u6599\u91d1\u4f53\u7cfb\u3092\u898b\u308b\uff5c\u5b8c\u5168\u6210\u529f\u5831\u916c\u5236\u30fb\u7740\u624b\u91d1\u30fb\u4e2d\u9593\u91d10\u5186\"<\/a><\/figure>\n<\/div>\n\n\n\n
\n
\"\u4f01\u696d\u4fa1\u5024\u30921\u5206\u3067\u7c21\u6613\u8a66\u7b97\uff5c\u767b\u9332\u4e0d\u8981\u30fb\u7121\u6599\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n
\n\t\t
\u76ee\u6b21<\/div>\n\t\t
  1. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/a>
    1. \u7d14\u8cc7\u7523\u3092\u51fa\u767a\u70b9\u306b\u4f01\u696d\u4fa1\u5024\u3092\u6e2c\u308b\u8003\u3048\u65b9<\/a><\/li>
    2. \u30a2\u30bb\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3082\u547c\u3070\u308c\u308b\u7406\u7531<\/a><\/li>
    3. \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u591a\u7528\u3055\u308c\u308b\u80cc\u666f<\/a><\/li><\/ol><\/li>
    4. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7a2e\u985e\u3068\u8a08\u7b97\u65b9\u6cd5<\/a>
      1. \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li>
      2. \u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li>
      3. \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li>
      4. \u5e74\u8cb7\u6cd5\uff08\u5e74\u500d\u6cd5\uff09<\/a><\/li>
      5. \u5b9f\u52d9\u3067\u306e\u767b\u5834\u304c\u5c11\u306a\u3044\u624b\u6cd5<\/a><\/li><\/ol><\/li>
      6. \u8b72\u6e21\u4fa1\u683c\u306e\u4ea4\u6e09\u3067\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u679c\u305f\u3059\u5f79\u5272<\/a>
        1. \u4fa1\u683c\u306e\u4e0b\u9650\u3092\u5f62\u3065\u304f\u308b<\/a><\/li>
        2. \u4fa1\u683c\u5dee\u3092\u751f\u3080\u306e\u306f\u3001\u306e\u308c\u3093\u306e\u90e8\u5206<\/a><\/li>
        3. \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u81ea\u793e\u3067\u78ba\u8a8d\u3067\u304d\u308b\u7d14\u8cc7\u7523\u306e\u8abf\u6574\u9805\u76ee<\/a><\/li>
        4. \u652f\u63f4\u73fe\u5834\u3067\u898b\u305f\u8abf\u6574\u306e\u5b9f\u969b<\/a><\/li><\/ol><\/li>
        5. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/a>
          1. \u30e1\u30ea\u30c3\u30c8<\/a><\/li>
          2. \u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/li><\/ol><\/li>
          3. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4f7f\u3046\u3068\u304d\u306e\u6ce8\u610f\u70b9<\/a>
            1. \u4ed6\u306e\u8a55\u4fa1\u624b\u6cd5\u3068\u306e\u4f75\u7528\u304c\u524d\u63d0\u306b\u306a\u308b<\/a><\/li>
            2. \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306f\u539f\u5247\u3068\u3057\u3066\u9069\u7528\u3057\u306a\u3044<\/a><\/li>
            3. \u7c3f\u5916\u50b5\u52d9\u304c\u3042\u308c\u3070\u7d14\u8cc7\u7523\u306f\u305d\u306e\u5206\u6e1b\u308b<\/a><\/li><\/ol><\/li>
            4. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
            5. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u307e\u3068\u3081\uff5c\u7d14\u8cc7\u7523\u306b\u53ce\u76ca\u529b\u3092\u3069\u3046\u8db3\u3059\u304b<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n\n \n \n \n \n <\/figure>\n\n \n \n \n \u7d4c\u55b6\u8005\u9650\u5b9a\u30fb1\u793e1\u518a\u3092\u8d08\u5448\n <\/p>\n\n \n \u307e\u3060\u4f1a\u793e\u58f2\u5374\u3092\u6c7a\u3081\u3066\u3044\u306a\u3044\u7d4c\u55b6\u8005\u306e\u65b9\u3078\n <\/p>\n\n \n \u4e8b\u696d\u627f\u7d99 \u5b9f\u8df5\u30ac\u30a4\u30c9\u30d6\u30c3\u30af\n <\/p>\n\n \n \u516c\u8a8d\u4f1a\u8a08\u58eb\u30fb\u7a0e\u7406\u58eb \u795e\u9580 \u525b \u76e3\u4fee\uff0f\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u682a\u5f0f\u4f1a\u793e \u8457\n <\/p>\n\n \n \u89aa\u65cf\u5185\u627f\u7d99\u30fb\u5f93\u696d\u54e1\u627f\u7d99\u30fb\u7b2c\u4e09\u8005\u627f\u7d99\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306e\u5b9f\u52d9\u66f8\u3067\u3059\u3002\n <\/p>\n <\/div>\n\n \n \n \n \u66f8\u7c4d\u3092\u7533\u3057\u8fbc\u3080 \u203a\n <\/span>\n\n \n \u66f8\u7c4d\u4ee3\u30fb\u9001\u6599\u306f\u5f53\u793e\u8ca0\u62c5\n <\/p>\n <\/div>\n <\/aside>\n<\/a>\n\n\n\n

              \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/h2>\n\n\n\n

              \u6c7a\u7b97\u66f8\u306e\u7d14\u8cc7\u7523\u306e\u6b04\u3002\u3042\u306e\u6570\u5b57\u304c\u4f1a\u793e\u306e\u5024\u6bb5\u306e\u51fa\u767a\u70b9\u306b\u306a\u308b\u3068\u805e\u3044\u3066\u3001\u610f\u5916\u306b\u601d\u308f\u308c\u308b\u7d4c\u55b6\u8005\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u305d\u306e\u7d14\u8cc7\u7523\u3092\u57fa\u790e\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u8a55\u4fa1\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

              \u7d14\u8cc7\u7523\u3092\u51fa\u767a\u70b9\u306b\u4f01\u696d\u4fa1\u5024\u3092\u6e2c\u308b\u8003\u3048\u65b9<\/h3>\n\n\n\n

              \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cc7\u7523\u304b\u3089\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u7d14\u8cc7\u7523\u306b\u7740\u76ee\u3057\u307e\u3059\u3002\u5c06\u6765\u3044\u304f\u3089\u7a3c\u3050\u304b\u3067\u306f\u306a\u304f\u3001\u3044\u307e\u4f55\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u8a55\u4fa1\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5168\u4f53\u50cf<\/a>\u306e\u4e2d\u3067\u306f\u3001\u6700\u3082\u8db3\u5143\u306e\u8ca1\u7523\u306b\u8fd1\u3044\u4f4d\u7f6e\u3065\u3051\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30a2\u30bb\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3082\u547c\u3070\u308c\u308b\u7406\u7531<\/h3>\n\n\n\n

              \u540c\u3058\u624b\u6cd5\u304c\u3001\u30a2\u30bb\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30b9\u30c8\u30c3\u30af\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30cd\u30c3\u30c8\u30a2\u30bb\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u8cc7\u7523\uff08\u30a2\u30bb\u30c3\u30c8\uff09\u3084\u84c4\u7a4d\uff08\u30b9\u30c8\u30c3\u30af\uff09\u3092\u898b\u308b\u3068\u3044\u3046\u6027\u683c\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u540d\u79f0\u304c\u8868\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3001\u4e2d\u8eab\u306b\u5927\u304d\u306a\u9055\u3044\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

              \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u591a\u7528\u3055\u308c\u308b\u80cc\u666f<\/h3>\n\n\n\n

              \u4e0a\u5834\u4f01\u696d\u306a\u3089\u682a\u4fa1\u3068\u3044\u3046\u7269\u5dee\u3057\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u306e\u4e2d\u5c0f\u4f01\u696d\u306b\u306f\u305d\u308c\u304c\u306a\u3044\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u8ab0\u304c\u898b\u3066\u3082\u540c\u3058\u6570\u5b57\u306b\u306a\u308b\u7d14\u8cc7\u7523\u304c\u652f\u6301\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6c7a\u7b97\u66f8\u3060\u3051\u3067\u6982\u7b97\u304c\u51fa\u305b\u308b<\/h4>\n\n\n\n

              \u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u30c7\u30fc\u30bf\u3092\u96c6\u3081\u305f\u308a\u30015\u5e74\u5206\u306e\u4e8b\u696d\u8a08\u753b\u3092\u4f5c\u3063\u305f\u308a\u3057\u306a\u304f\u3066\u3082\u3001\u76f4\u8fd1\u306e\u6c7a\u7b97\u66f8\u304c\u3042\u308c\u3070\u6982\u7b97\u304c\u51fa\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u521d\u3081\u3066\u81ea\u793e\u306e\u4fa1\u5024\u3092\u77e5\u308a\u305f\u3044\u3068\u3044\u3046\u6bb5\u968e\u3067\u306f\u3001\u3053\u306e\u624b\u8efd\u3055\u304c\u52b9\u304d\u307e\u3059\u3002\u5b9f\u969b\u3001\u521d\u56de\u9762\u8ac7\u3067\u6700\u521d\u306b\u304a\u898b\u305b\u3059\u308b\u6570\u5b57\u306f\u3053\u3053\u304b\u3089\u59cb\u307e\u308b\u3053\u3068\u304c\u5927\u534a\u3067\u3059\u3002<\/p>\n\n\n\n

              \u76f8\u7d9a\u7a0e\u306e\u682a\u4fa1\u8a55\u4fa1\u3068\u5730\u7d9a\u304d\u306b\u306a\u3063\u3066\u3044\u308b<\/h4>\n\n\n\n

              \u76f8\u7d9a\u3084\u8d08\u4e0e\u3067\u975e\u4e0a\u5834\u682a\u5f0f\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u3082\u3001\u7d14\u8cc7\u7523\u4fa1\u984d\u65b9\u5f0f\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002\u56fd\u7a0e\u5e81\u306e\u8ca1\u7523\u8a55\u4fa1\u57fa\u672c\u901a\u9054185\u3067\u306f\u3001\u8ab2\u7a0e\u6642\u671f\u306e\u8cc7\u7523\u3092\u8a55\u4fa1\u3057\u305f\u5408\u8a08\u984d\u304b\u3089\u8ca0\u50b5\u3068\u6cd5\u4eba\u7a0e\u984d\u7b49\u76f8\u5f53\u984d\u3092\u63a7\u9664\u3057\u30661\u682a\u5f53\u305f\u308a\u306e\u7d14\u8cc7\u7523\u4fa1\u984d\u3092\u6c42\u3081\u308b\u3001\u3068\u5b9a\u3081\u3089\u308c\u3066\u3044\u307e\u3059\uff08\u56fd\u7a0e\u5e81\u300c\u8ca1\u7523\u8a55\u4fa1\u57fa\u672c\u901a\u9054 \u7b2c1\u7bc0 \u682a\u5f0f\u53ca\u3073\u51fa\u8cc7\u300d<\/mark><\/a>\uff09\u3002\u4f1a\u8a08\u4e8b\u52d9\u6240\u306b\u99b4\u67d3\u307f\u306e\u3042\u308b\u8003\u3048\u65b9\u304c\u3001\u305d\u306e\u307e\u307eM&A\u306e\u73fe\u5834\u3067\u3082\u901a\u7528\u3059\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

              \u4f1a\u793e\u306e\u5024\u6bb5\u306f\u7d14\u8cc7\u7523\u3060\u3051\u3067\u6c7a\u307e\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002EV\u3084\u4e8b\u696d\u4fa1\u5024\u3068\u306e\u95a2\u4fc2\u3092\u6574\u7406\u3057\u305fM&A\u306e\u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044<\/a>\u3082\u3001\u3042\u308f\u305b\u3066\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u4ea4\u6e09\u6642\u306e\u7406\u89e3\u304c\u65e9\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7a2e\u985e\u3068\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n

              \u3072\u3068\u304f\u3061\u306b\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u8a00\u3063\u3066\u3082\u3001\u4e2d\u8eab\u306f\u4e00\u679a\u5ca9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e0b\u8868\u306e\u3068\u304a\u308a\u3001\u7d14\u8cc7\u7523\u3092\u3069\u3053\u307e\u3067\u5b9f\u614b\u306b\u8fd1\u3065\u3051\u308b\u304b\u3001\u53ce\u76ca\u529b\u3092\u3069\u3053\u307e\u3067\u8db3\u3059\u304b\u3067\u624b\u6cd5\u304c\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u8a55\u4fa1\u624b\u6cd5<\/th>\u7d14\u8cc7\u7523\u306e\u6271\u3044<\/th>\u306e\u308c\u3093\u306e\u52a0\u7b97<\/th>\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u4f7f\u7528\u983b\u5ea6<\/th><\/tr><\/thead>
              \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\u5e33\u7c3f\u4fa1\u984d\u306e\u307e\u307e<\/td>\u306a\u3057<\/td>\u4f4e\u3044\uff08\u521d\u671f\u306e\u76ee\u5b89\u3068\u3057\u3066\u4f7f\u7528\uff09<\/td><\/tr>
              \u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\u5f71\u97ff\u306e\u5927\u304d\u3044\u8cc7\u7523\u306e\u307f\u6642\u4fa1<\/td>\u306a\u3057<\/td>\u4e2d\u7a0b\u5ea6<\/td><\/tr>
              \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u5168\u9762\u7684\u306b\u6642\u4fa1<\/td>\u306a\u3057\uff08\u5225\u9014\u691c\u8a0e\uff09<\/td>\u9ad8\u3044<\/td><\/tr>
              \u5e74\u8cb7\u6cd5\uff08\u5e74\u500d\u6cd5\uff09<\/strong><\/td>\u6642\u4fa1\u7d14\u8cc7\u7523<\/td>\u5229\u76ca\u306e\u6570\u5e74\u5206\u3092\u52a0\u7b97<\/td>\u6700\u3082\u9ad8\u3044<\/td><\/tr>
              \u6e05\u7b97\u4fa1\u5024\u6cd5<\/strong><\/td>\u51e6\u5206\u4fa1\u984d\u30d9\u30fc\u30b9<\/td>\u306a\u3057<\/td>\u4f4e\u3044\uff08\u5ec3\u696d\u6bd4\u8f03\u6642\uff09<\/td><\/tr>
              \u518d\u8abf\u9054\u539f\u4fa1\u6cd5<\/strong><\/td>\u518d\u53d6\u5f97\u4fa1\u984d\u30d9\u30fc\u30b9<\/td>\u306a\u3057<\/td>\u3054\u304f\u4f4e\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

              \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h3>\n\n\n\n

              \u5e33\u7c3f\u306b\u8f09\u3063\u3066\u3044\u308b\u6570\u5b57\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u3001\u6700\u3082\u30b7\u30f3\u30d7\u30eb\u306a\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

              \u7b97\u5b9a\u306e\u624b\u9806<\/h4>\n\n\n\n

              \u8cc7\u7523\u5408\u8a08\u3092\u78ba\u8a8d\u3057\u3001\u8ca0\u50b5\u5408\u8a08\u3092\u5dee\u3057\u5f15\u304d\u3001\u6b8b\u3063\u305f\u7d14\u8cc7\u7523\u3092\u682a\u5f0f\u4fa1\u5024\u3068\u307f\u306a\u3059\u3002\u3053\u306e3\u30b9\u30c6\u30c3\u30d7\u3060\u3051\u3002\u96fb\u5353\u3072\u3068\u3064\u3067\u5b8c\u7d50\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              \u305d\u306e\u307e\u307e\u3067\u306f\u4f7f\u3044\u306b\u304f\u3044\u7406\u7531<\/h4>\n\n\n\n

              \u3068\u3053\u308d\u304c\u3001\u3053\u306e\u624b\u8efd\u3055\u304c\u843d\u3068\u3057\u7a74\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306e\u6c7a\u7b97\u66f8\u306f\u7a0e\u52d9\u57fa\u6e96\u3067\u4f5c\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u511f\u5374\u4e0d\u8db3\u306e\u6a5f\u68b0\u3001\u56de\u53ce\u898b\u8fbc\u307f\u306e\u306a\u3044\u58f2\u639b\u91d1\u300110\u5e74\u524d\u304b\u3089\u52d5\u3044\u3066\u3044\u306a\u3044\u5728\u5eab\u304c\u3001\u5802\u3005\u3068\u8cc7\u7523\u8a08\u4e0a\u3055\u308c\u305f\u307e\u307e\u3002\u8b72\u53d7\u4f01\u696d\u306e\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08\u8ca1\u52d9\u30fb\u7a0e\u52d9\u8abf\u67fb\uff09\u3067\u3001\u3053\u308c\u3089\u306f\u5bb9\u8d66\u306a\u304f\u5f15\u304d\u76f4\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h3>\n\n\n\n

              \u3059\u3079\u3066\u3092\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u306e\u306f\u9aa8\u304c\u6298\u308c\u308b\u3002\u306a\u3089\u3070\u3001\u91d1\u984d\u30a4\u30f3\u30d1\u30af\u30c8\u306e\u5927\u304d\u3044\u9805\u76ee\u3060\u3051\u76f4\u305d\u3046\u3001\u3068\u3044\u3046\u767a\u60f3\u304c\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

              \u4fee\u6b63\u306e\u5bfe\u8c61\u306b\u306a\u308a\u3084\u3059\u3044\u9805\u76ee<\/h4>\n\n\n\n

              \u571f\u5730\u3001\u5efa\u7269\u3001\u4e0a\u5834\u682a\u5f0f\u3001\u30b4\u30eb\u30d5\u4f1a\u54e1\u6a29\u3001\u751f\u547d\u4fdd\u967a\u306e\u89e3\u7d04\u8fd4\u623b\u91d1\u3042\u305f\u308a\u304c\u5b9a\u756a\u3002\u9451\u5b9a\u8cbb\u7528\u3084\u4f5c\u696d\u6642\u9593\u3092\u6291\u3048\u3064\u3064\u3001\u5b9f\u614b\u306b\u4e00\u6b69\u8fd1\u3065\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u5f31\u70b9\u306f\u7dda\u5f15\u304d\u306e\u3070\u3089\u3064\u304d<\/h4>\n\n\n\n

              \u3069\u3053\u307e\u3067\u4fee\u6b63\u3057\u3066\u3069\u3053\u3067\u6b62\u3081\u308b\u304b\u3002\u3053\u3053\u306b\u5ba2\u89b3\u7684\u306a\u57fa\u6e96\u304c\u306a\u3044\u305f\u3081\u3001\u8a55\u4fa1\u8005\u306b\u3088\u3063\u3066\u91d1\u984d\u304c\u52d5\u304d\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u5074\u3068\u8b72\u53d7\u4f01\u696d\u5074\u3067\u4fee\u6b63\u7bc4\u56f2\u304c\u98df\u3044\u9055\u3044\u3001\u4fa1\u683c\u5354\u8b70\u304c\u9577\u5f15\u304f\u30b1\u30fc\u30b9\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

              \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h3>\n\n\n\n

              \u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u3059\u3079\u3066\u6642\u4fa1\u306b\u6d17\u3044\u66ff\u3048\u308b\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u672c\u547d\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u5b9f\u52d9\u3067\u306f\u3001\u3053\u306e\u6642\u4fa1\u7d14\u8cc7\u7523\u306b\u306e\u308c\u3093\u3092\u8db3\u3059\u5f62\u304c\u4e3b\u6d41\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6642\u4fa1\u306b\u6d17\u3044\u66ff\u3048\u308b\u4e3b\u306a\u9805\u76ee<\/h4>\n\n\n\n

              \u4e0d\u52d5\u7523\u306e\u542b\u307f\u640d\u76ca\u3001\u6709\u4fa1\u8a3c\u5238\u306e\u8a55\u4fa1\u66ff\u3048\u3001\u8cb8\u5012\u61f8\u5ff5\u50b5\u6a29\u306e\u5207\u308a\u4e0b\u3052\u3001\u6ede\u7559\u5728\u5eab\u306e\u8a55\u4fa1\u6e1b\u3001\u9000\u8077\u7d66\u4ed8\u306e\u672a\u8a08\u4e0a\u984d\u3001\u8cc7\u7523\u9664\u53bb\u50b5\u52d9\u3001\u305d\u3057\u3066\u5076\u767a\u50b5\u52d9\u3002\u9000\u8077\u91d1\u898f\u7a0b\u306f\u3042\u308b\u306e\u306b\u5f15\u5f53\u3092\u4e00\u5207\u3057\u3066\u3044\u306a\u3044\u4f1a\u793e\u306f\u3001\u4eca\u3082\u76f8\u5f53\u6570\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u624b\u9593\u3068\u30b3\u30b9\u30c8\u306f\u76f8\u5fdc\u306b\u304b\u304b\u308b<\/h4>\n\n\n\n

              \u4e0d\u52d5\u7523\u9451\u5b9a\u3084\u4fdd\u967a\u6570\u7406\u304c\u7d61\u3081\u3070\u3001\u5916\u90e8\u5c02\u9580\u5bb6\u306e\u8cbb\u7528\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u305d\u308c\u3067\u3082\u3001\u8b72\u6e21\u5f8c\u306b\u30c8\u30e9\u30d6\u30eb\u306e\u706b\u7a2e\u3092\u6b8b\u3059\u3088\u308a\u306f\u5b89\u3044\u6295\u8cc7\u3002\u8a08\u7b97\u306e\u8a73\u7d30\u306f\u6642\u4fa1\u7d14\u8cc7\u7523\u3068\u7c3f\u4fa1\u306e\u9055\u3044<\/a>\u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              \u5e74\u8cb7\u6cd5\uff08\u5e74\u500d\u6cd5\uff09<\/h3>\n\n\n\n

              \u7d14\u8cc7\u7523\u3060\u3051\u3067\u306f\u3001\u7a3c\u3050\u529b\u304c\u307e\u3063\u305f\u304f\u53cd\u6620\u3055\u308c\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u5b9f\u52d9\u304c\u7de8\u307f\u51fa\u3057\u305f\u306e\u304c\u3001\u6642\u4fa1\u7d14\u8cc7\u7523\u306b\u5229\u76ca\u306e\u6570\u5e74\u5206\u3092\u306e\u308c\u3093\u3068\u3057\u3066\u4e0a\u4e57\u305b\u3059\u308b\u5e74\u8cb7\u6cd5\u3067\u3059\u3002<\/p>\n\n\n

              \n
              \"\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\uff09\"<\/figure>\n<\/div>\n\n\n

              \u306e\u308c\u3093\u5e74\u6570\u306e\u6c7a\u307e\u308a\u65b9<\/h4>\n\n\n\n

              3\u5e74\u8cb7\u3044\u30015\u5e74\u8cb7\u3044\u3068\u3044\u3063\u305f\u8868\u73fe\u3092\u805e\u3044\u305f\u3053\u3068\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306f3\u5e74\u524d\u5f8c\u3092\u8ef8\u306b\u3001\u53ce\u76ca\u306e\u5b89\u5b9a\u6027\u3084\u53d6\u5f15\u5148\u306e\u96c6\u4e2d\u5ea6\u3001\u7d4c\u55b6\u8005\u3078\u306e\u4f9d\u5b58\u5ea6\u3092\u898b\u306a\u304c\u3089\u5897\u6e1b\u3055\u305b\u307e\u3059\u3002\u8a08\u7b97\u5f0f\u305d\u306e\u3082\u306e\u306f\u3001\u5e74\u8cb7\u6cd5\u306b\u304a\u3051\u308b\u306e\u308c\u3093\u306e\u9069\u6b63\u5e74\u6570<\/a>\u3067\u8a73\u3057\u304f\u6271\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6063\u610f\u6027\u3068\u3044\u3046\u5f31\u70b9<\/h4>\n\n\n\n

              \u5e74\u6570\u304c1\u5e74\u52d5\u3051\u3070\u3001\u4fa1\u683c\u306f\u5229\u76ca\u306e1\u5e74\u5206\u3060\u3051\u52d5\u304f\u3002\u5e74\u554610\u5104\u5186\u30af\u30e9\u30b9\u306e\u4f1a\u793e\u306a\u3089\u3001\u6570\u5343\u4e07\u5186\u304c\u4e0a\u4e0b\u3057\u307e\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u3053\u306e\u5e74\u6570\u306e\u6839\u62e0\u3092\u8aac\u660e\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u304c\u3001\u4ef2\u4ecb\u4f1a\u793e\u306e\u8155\u306e\u898b\u305b\u3069\u3053\u308d\u3002<\/p>\n\n\n\n

              \u5b9f\u52d9\u3067\u306e\u767b\u5834\u304c\u5c11\u306a\u3044\u624b\u6cd5<\/h3>\n\n\n\n

              \u6559\u79d1\u66f8\u306b\u306f\u8f09\u308b\u3082\u306e\u306e\u3001\u8b72\u6e21\u4fa1\u683c\u306e\u6839\u62e0\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b\u5834\u9762\u306f\u9650\u3089\u308c\u308b\u624b\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6e05\u7b97\u4fa1\u5024\u6cd5<\/h4>\n\n\n\n

              \u4e8b\u696d\u3092\u7d9a\u3051\u305a\u3001\u8cc7\u7523\u3092\u58f2\u5374\u3057\u3066\u8ca0\u50b5\u3092\u8fd4\u3057\u305f\u3089\u624b\u5143\u306b\u3044\u304f\u3089\u6b8b\u308b\u304b\u3002\u5ec3\u696d\u3068\u4f1a\u793e\u58f2\u5374\u3092\u5929\u79e4\u306b\u304b\u3051\u308b\u3068\u304d\u3001\u6bd4\u8f03\u306e\u7269\u5dee\u3057\u3068\u3057\u3066\u767b\u5834\u3057\u307e\u3059\u3002\u5b9f\u969b\u306e\u63db\u4fa1\u306f\u601d\u3063\u305f\u3088\u308a\u5b89\u304f\u306a\u308a\u304c\u3061\u3067\u3001\u6e05\u7b97\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5<\/a>\u3092\u77e5\u308b\u3068\u3001M&A\u3067\u8b72\u6e21\u3057\u305f\u307b\u3046\u304c\u624b\u53d6\u308a\u306f\u5927\u304d\u3044\u3068\u6c17\u3065\u304f\u7d4c\u55b6\u8005\u304c\u591a\u3044\u3068\u3053\u308d\u3067\u3059\u3002<\/p>\n\n\n\n

              \u518d\u8abf\u9054\u539f\u4fa1\u6cd5<\/h4>\n\n\n\n

              \u540c\u3058\u8cc7\u7523\u3092\u3044\u307e\u65b0\u3057\u304f\u8abf\u9054\u3057\u305f\u3089\u3001\u3044\u304f\u3089\u304b\u304b\u308b\u304b\u3002\u8a2d\u5099\u6295\u8cc7\u8a08\u753b\u306e\u691c\u8a0e\u306b\u306f\u5f79\u7acb\u3061\u307e\u3059\u304c\u3001\u8b72\u53d7\u4f01\u696d\u304c\u8cc7\u7523\u3092\u4e38\u3054\u3068\u5165\u308c\u66ff\u3048\u308b\u524d\u63d0\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u9650\u308a\u3001\u8b72\u6e21\u4fa1\u683c\u306e\u6839\u62e0\u306b\u306f\u306a\u308a\u306b\u304f\u3044\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

              \u8b72\u6e21\u4fa1\u683c\u306e\u4ea4\u6e09\u3067\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u679c\u305f\u3059\u5f79\u5272<\/h2>\n\n\n\n

              \u8a55\u4fa1\u65b9\u6cd5\u306e\u89e3\u8aac\u3092\u8aad\u3093\u3067\u3082\u3001\u809d\u5fc3\u306e\u300c\u3067\u3001\u3046\u3061\u306f\u3044\u304f\u3089\u3067\u58f2\u308c\u308b\u306e\u304b\u300d\u306b\u306f\u5c4a\u304d\u307e\u305b\u3093\u3002\u4ea4\u6e09\u306e\u5834\u3067\u3001\u3053\u306e\u624b\u6cd5\u304c\u3069\u3046\u6a5f\u80fd\u3057\u3066\u3044\u308b\u304b\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u4fa1\u683c\u306e\u4e0b\u9650\u3092\u5f62\u3065\u304f\u308b<\/h3>\n\n\n\n

              \u6642\u4fa1\u7d14\u8cc7\u7523\u306f\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u306e\u5fc3\u7406\u7684\u306a\u4e0b\u9650\u306b\u306a\u308a\u307e\u3059\u3002\u5b9f\u8cea\u7684\u306a\u8ca1\u7523\u304c2\u5104\u5186\u3042\u308b\u4f1a\u793e\u30921.5\u5104\u5186\u3067\u624b\u653e\u3059\u7406\u7531\u306f\u3001\u901a\u5e38\u3042\u308a\u307e\u305b\u3093\u3002\u8b72\u53d7\u4f01\u696d\u3082\u305d\u3053\u306f\u7406\u89e3\u3057\u3066\u304a\u308a\u3001\u7d14\u8cc7\u7523\u3092\u5272\u308a\u8fbc\u3080\u63d0\u793a\u306f\u8aac\u660e\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

              \u4fa1\u683c\u5dee\u3092\u751f\u3080\u306e\u306f\u3001\u306e\u308c\u3093\u306e\u90e8\u5206<\/h3>\n\n\n\n

              \u7d14\u8cc7\u7523\u306e\u91d1\u984d\u306f\u3001\u8abf\u6574\u304c\u6e08\u3081\u3070\u53cc\u65b9\u3067\u307b\u307c\u4e00\u81f4\u3057\u307e\u3059\u3002\u3082\u3081\u308b\u306e\u306f\u3001\u305d\u306e\u4e0a\u306b\u4f55\u5e74\u5206\u306e\u5229\u76ca\u3092\u7a4d\u3080\u304b\u3002\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u8b72\u6e21\u4fa1\u683c<\/a>\u304c\u6700\u7d42\u7684\u306b\u3069\u3053\u3067\u6c7a\u307e\u308b\u304b\u306f\u3001\u3053\u306e\u4e0a\u4e57\u305b\u5e45\u306e\u8b70\u8ad6\u306b\u96c6\u7d04\u3055\u308c\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u306e\u308c\u3093\u3092\u539a\u304f\u3059\u308b\u6750\u6599<\/h4>\n\n\n\n

              \u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u7d4c\u5e38\u53ce\u76ca\u3001\u8907\u6570\u5e74\u306e\u53d7\u6ce8\u6b8b\u3001\u793e\u9577\u304c\u73fe\u5834\u3092\u96e2\u308c\u3066\u3082\u56de\u308b\u7d44\u7e54\u3002\u9006\u306b\u3001\u58f2\u4e0a\u306e6\u5272\u304c1\u793e\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u3001\u793e\u9577\u306e\u4eba\u8108\u3067\u53d7\u6ce8\u304c\u6210\u308a\u7acb\u3063\u3066\u3044\u308b\u3001\u3068\u3044\u3063\u305f\u72b6\u6cc1\u306f\u5e74\u6570\u3092\u77ed\u304f\u3059\u308b\u65b9\u5411\u306b\u50cd\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u81ea\u793e\u3067\u78ba\u8a8d\u3067\u304d\u308b\u7d14\u8cc7\u7523\u306e\u8abf\u6574\u9805\u76ee<\/h3>\n\n\n\n

              \u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u6307\u6458\u3055\u308c\u308b\u524d\u306b\u3001\u81ea\u5206\u3067\u6d17\u3044\u51fa\u3057\u3066\u304a\u304f\u3068\u4ea4\u6e09\u304c\u6709\u5229\u306b\u306a\u308a\u307e\u3059\u3002\u652f\u63f4\u73fe\u5834\u3067\u5b9f\u969b\u306b\u4f7f\u3063\u3066\u3044\u308b\u78ba\u8a8d\u9805\u76ee\u3092\u6319\u3052\u307e\u3059\u3002<\/p>\n\n\n\n