{"id":5367,"date":"2026-07-17T11:50:05","date_gmt":"2026-07-17T02:50:05","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=5367"},"modified":"2026-07-17T16:53:46","modified_gmt":"2026-07-17T07:53:46","slug":"income-approach","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/income-approach\/","title":{"rendered":"\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\uff1fM&A\u3067\u4f7f\u3046\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u8a08\u7b97\u65b9\u6cd5"},"content":{"rendered":"\n

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\n
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\n
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\n\t\t
\u76ee\u6b21<\/div>\n\t\t
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            DCF\u6cd5<\/h3>\n\n\n\n

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            \u53ce\u76ca\u9084\u5143\u6cd5<\/h3>\n\n\n\n

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            \u5c06\u6765\u306e\u914d\u5f53\u3092\u3082\u3068\u306b\u682a\u5f0f\u4fa1\u5024\u3092\u6e2c\u308b\u8003\u3048\u65b9\u3067\u3059\u3002\u914d\u5f53\u65b9\u91dd\u304c\u5b9a\u307e\u3063\u305f\u4f1a\u793e\u306b\u5411\u304d\u307e\u3059\u3002\u4f1a\u793e\u58f2\u5374\u306e\u5c40\u9762\u3067\u306f\u3001\u58f2\u5374\u524d\u306b\u914d\u5f53\u3092\u51fa\u3059\u662f\u975e\u3082\u8ad6\u70b9\u306b\u306a\u308a\u3001\u7a0e\u52d9\u306e\u6271\u3044\u306f\u58f2\u5374\u524d\u306e\u914d\u5f53\u3068\u307f\u306a\u3057\u914d\u5f53\u8ab2\u7a0e<\/a>\u3067\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

            \u6295\u8cc7\u5224\u65ad\u306b\u4f7f\u3046NPV\u3068IRR<\/h3>\n\n\n\n

            \u4fa1\u5024\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u6295\u8cc7\u306b\u898b\u5408\u3046\u304b\u3092\u6e2c\u308b\u6307\u6a19\u3082\u6b20\u304b\u305b\u307e\u305b\u3093\u3002\u8cb7\u3044\u624b\u306fIRR\u306e\u76ee\u5b89<\/a>\u3067\u5229\u56de\u308a\u3092\u3001NPV\u306b\u3088\u308b\u4fa1\u5024\u5224\u65ad<\/a>\u3067\u63a1\u7b97\u3092\u898b\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u5074\u3082\u3001\u76f8\u624b\u304c\u3069\u3053\u3067\u7dda\u3092\u5f15\u304f\u304b\u3092\u77e5\u308b\u3068\u4ea4\u6e09\u306e\u898b\u901a\u3057\u304c\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n

            \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n

            \u3053\u3053\u3067\u306fDCF\u6cd5\u3092\u8ef8\u306b\u3001\u4fa1\u5024\u7b97\u5b9a\u306e\u6d41\u308c\u3092\u8ffd\u3044\u307e\u3059\u3002\u4e0b\u8868\u306e5\u6bb5\u968e\u304c\u9aa8\u683c\u3067\u3059\u3002<\/p>\n\n\n\n

            \u30b9\u30c6\u30c3\u30d7<\/th>\u3084\u308b\u3053\u3068<\/th><\/tr><\/thead>
            1 \u5c06\u6765\u306eFCF\u3092\u4e88\u6e2c<\/strong><\/td>\u4e8b\u696d\u8a08\u753b\u3092\u3082\u3068\u306b\u3001\u5404\u5e74\u5ea6\u306b\u81ea\u7531\u306b\u4f7f\u3048\u308b\u73fe\u91d1\u3092\u898b\u7a4d\u3082\u308b<\/td><\/tr>
            2 \u5272\u5f15\u7387\u3092\u8a2d\u5b9a<\/strong><\/td>WACC\u306a\u3069\u3067\u30ea\u30b9\u30af\u3068\u8cc7\u672c\u69cb\u6210\u3092\u53cd\u6620\u3055\u305b\u308b<\/td><\/tr>
            3 \u7d99\u7d9a\u4fa1\u5024\u3092\u7b97\u51fa<\/strong><\/td>\u4e88\u6e2c\u671f\u9593\u306e\u5148\u306e\u4fa1\u5024\u3092\u3001\u307e\u3068\u3081\u3066\u8a55\u4fa1\u3059\u308b<\/td><\/tr>
            4 \u73fe\u5728\u4fa1\u5024\u3092\u5408\u8a08<\/strong><\/td>\u5404\u5e74\u5ea6\u3068\u7d99\u7d9a\u4fa1\u5024\u3092\u5272\u308a\u5f15\u304d\u3001\u8db3\u3057\u5408\u308f\u305b\u308b<\/td><\/tr>
            5 \u682a\u4e3b\u4fa1\u5024\u3092\u7b97\u51fa<\/strong><\/td>\u4f01\u696d\u4fa1\u5024\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u304f<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u898b\u7a4d\u3082\u308b<\/h3>\n\n\n\n

            \u51fa\u767a\u70b9\u306f\u3001\u5404\u5e74\u5ea6\u306b\u4f1a\u793e\u304c\u81ea\u7531\u306b\u4f7f\u3048\u308b\u73fe\u91d1\u306e\u4e88\u6e2c\u3067\u3059\u3002\u904e\u53bb\u5b9f\u7e3e\u3068\u4e8b\u696d\u8a08\u753b\u3092\u7a81\u304d\u5408\u308f\u305b\u3066\u7f6e\u304d\u307e\u3059\u3002\u3053\u3053\u304c\u7518\u3044\u3068\u3001\u5f8c\u6bb5\u306e\u6570\u5b57\u304c\u3059\u3079\u3066\u63fa\u3089\u304e\u304b\u306d\u307e\u305b\u3093\u3002\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6c42\u3081\u65b9<\/a>\u306b\u8a08\u7b97\u5f0f\u3092\u307e\u3068\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

            \u5272\u5f15\u7387\uff08WACC\uff09\u3092\u6c7a\u3081\u308b<\/h3>\n\n\n\n

            \u4e88\u6e2c\u3057\u305f\u73fe\u91d1\u3092\u73fe\u5728\u4fa1\u5024\u3078\u5f15\u304d\u76f4\u3059\u7387\u304c\u5272\u5f15\u7387\u3067\u3001\u901a\u5e38\u306fWACC\u3092\u4f7f\u3044\u307e\u3059\u3002\u682a\u4e3b\u8cc7\u672c\u3068\u8ca0\u50b5\u306e\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f\u5024\u3067\u3059\u3002\u8a2d\u5b9a\u306e\u8003\u3048\u65b9\u306f\u5272\u5f15\u7387\u3068\u306a\u308bWACC<\/a>\u3001\u8cb7\u3044\u624b\u304c\u6700\u4f4e\u9650\u6c42\u3081\u308b\u6c34\u6e96\u306f\u8cb7\u3044\u624b\u304c\u6c42\u3081\u308b\u671f\u5f85\u53ce\u76ca\u7387<\/a>\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            \u7d99\u7d9a\u4fa1\u5024\u3068\u682a\u4e3b\u4fa1\u5024\u3092\u51fa\u3059<\/h3>\n\n\n\n

            \u4e88\u6e2c\u671f\u9593\u306e\u5148\u306f\u3001\u7d99\u7d9a\u4fa1\u5024\u3068\u3057\u3066\u307e\u3068\u3081\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u5404\u5e74\u5ea6\u306e\u73fe\u5728\u4fa1\u5024\u3068\u7d99\u7d9a\u4fa1\u5024\u3092\u5408\u7b97\u3059\u308c\u3070\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3002\u305d\u3053\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u6b8b\u308a\u304c\u3001\u30aa\u30fc\u30ca\u30fc\u306e\u624b\u5143\u306b\u6b8b\u308b\u682a\u4e3b\u4fa1\u5024\u3067\u3059\u3002<\/p>\n\n\n\n

            \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/h2>\n\n\n\n

            \u5c06\u6765\u6027\u3092\u6620\u305b\u308b\u5f37\u307f\u306e\u88cf\u3067\u3001\u4e3b\u89b3\u304c\u5165\u308a\u3084\u3059\u3044\u5f31\u70b9\u3082\u62b1\u3048\u307e\u3059\u3002\u4e0b\u8868\u3067\u4e21\u9762\u3092\u4e26\u3079\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            \u8a55\u4fa1<\/th>\u4e2d\u8eab<\/th><\/tr><\/thead>
            \u30e1\u30ea\u30c3\u30c8\uff1a\u5c06\u6765\u6027\u3092\u53cd\u6620<\/strong><\/td>\u8db3\u5143\u306e\u5229\u76ca\u304c\u5c0f\u3055\u304f\u3066\u3082\u3001\u6210\u9577\u6027\u3092\u4fa1\u5024\u306b\u6620\u305b\u308b<\/td><\/tr>
            \u30e1\u30ea\u30c3\u30c8\uff1a\u56fa\u6709\u306e\u5f37\u307f\u3092\u8a55\u4fa1<\/strong><\/td>\u6280\u8853\u529b\u3084\u30b7\u30ca\u30b8\u30fc\u3001\u7121\u5f62\u8cc7\u7523\u3092\u7e54\u308a\u8fbc\u3081\u308b<\/td><\/tr>
            \u30c7\u30e1\u30ea\u30c3\u30c8\uff1a\u4e3b\u89b3\u304c\u5165\u308a\u3084\u3059\u3044<\/strong><\/td>\u4e88\u6e2c\u3084\u5272\u5f15\u7387\u3057\u3060\u3044\u3067\u91d1\u984d\u304c\u5927\u304d\u304f\u3076\u308c\u308b<\/td><\/tr>
            \u30c7\u30e1\u30ea\u30c3\u30c8\uff1a\u7d99\u7d9a\u304c\u524d\u63d0<\/strong><\/td>\u6e05\u7b97\u3084\u5927\u5e45\u7e2e\u5c0f\u304c\u898b\u8fbc\u307e\u308c\u308b\u4f1a\u793e\u306b\u306f\u4e0d\u5411\u304d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u5c06\u6765\u306e\u30b7\u30ca\u30b8\u30fc\u3084\u306e\u308c\u3093\u30fb\u7121\u5f62\u8cc7\u7523\u306e\u4fa1\u5024<\/a>\u3092\u7e54\u308a\u8fbc\u3081\u308b\u70b9\u306f\u3001\u8b72\u6e21\u4fa1\u683c\u3092\u62bc\u3057\u4e0a\u3052\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3001\u4e8b\u696d\u8a08\u753b\u304c\u73fe\u5b9f\u96e2\u308c\u3057\u3066\u3044\u308c\u3070\u3001\u306f\u3058\u304d\u51fa\u3055\u308c\u305f\u91d1\u984d\u306e\u4fe1\u983c\u3082\u540c\u6642\u306b\u63fa\u3089\u304e\u307e\u3059\u3002<\/p>\n\n\n\n

            \u8b72\u6e21\u4fa1\u683c\u306e\u4ea4\u6e09\u3067\u3069\u3046\u6d3b\u304b\u3059\u304b<\/h2>\n\n\n\n

            \u8a55\u4fa1\u66f8\u306e\u6570\u5b57\u306f\u3001\u4ea4\u6e09\u306e\u51fa\u767a\u70b9\u3067\u3042\u3063\u3066\u30b4\u30fc\u30eb\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u652f\u63f4\u73fe\u5834\u3067\u306f\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e1\u672c\u5024\u3092\u305d\u306e\u307e\u307e\u9d5c\u5451\u307f\u306b\u305b\u305a\u3001\u4ed6\u306e\u624b\u6cd5\u3068\u7a81\u304d\u5408\u308f\u305b\u3066\u843d\u3068\u3057\u3069\u3053\u308d\u3092\u63a2\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u73fe\u5834\u3067\u78ba\u8a8d\u3059\u308b4\u3064\u306e\u52d8\u6240<\/h3>\n\n\n\n

            \u5f53\u793e\u304c\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306e\u8a66\u7b97\u3092\u898b\u76f4\u3059\u3068\u304d\u3001\u307e\u305a\u76ee\u3092\u901a\u3059\u306e\u304c\u6b21\u306e4\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n