{"id":5372,"date":"2025-10-01T13:28:30","date_gmt":"2025-10-01T04:28:30","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&#038;p=5372"},"modified":"2025-10-01T13:28:31","modified_gmt":"2025-10-01T04:28:31","slug":"market-approach","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/market-approach\/","title":{"rendered":"\u30de\u30fc\u30b1\u30c3\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 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height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-20-3.jpg\" alt=\"\" class=\"wp-image-4081\"\/><\/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=\"450\" height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/Frame-19-2.jpg\" alt=\"\" class=\"wp-image-4082\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n<div 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\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/a><\/li><li><a href=\"#arkb-toc-1\" class=\"ark-block-toc__link\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7a2e\u985e<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-2\" class=\"ark-block-toc__link\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-3\" class=\"ark-block-toc__link\">\u5e02\u5834\u682a\u4fa1\u6cd5<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-4\" class=\"ark-block-toc__link\">\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/a><\/li><li><a href=\"#arkb-toc-5\" class=\"ark-block-toc__link\">\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-6\" class=\"ark-block-toc__link\">\u30de\u30fc\u30b1\u30c3\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-7\" class=\"ark-block-toc__link\">\u30e1\u30ea\u30c3\u30c8<\/a><\/li><li><a href=\"#arkb-toc-8\" class=\"ark-block-toc__link\">\u30c7\u30e1\u30ea\u30c3\u30c8<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-9\" class=\"ark-block-toc__link\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e8b\u4f8b\u3092\u7d39\u4ecb<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-10\" class=\"ark-block-toc__link\">M&amp;A\u6848\u4ef6\u306e\u6982\u8981<\/a><\/li><li><a href=\"#arkb-toc-11\" class=\"ark-block-toc__link\">\u63a1\u7528\u3057\u305f\u8a55\u4fa1\u624b\u6cd5<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-12\" class=\"ark-block-toc__link\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n<p class=\"wp-block-paragraph\">\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 wp-block-paragraph\"><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>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b3\u3064\u306e\u4e3b\u8981\u306a\u65b9\u6cd5\u306e\u3046\u3061\u306e1\u3064\u3067\u3059\u3002\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f01\u696d\u3084\u904e\u53bb\u306eM&amp;A\u53d6\u5f15\u306a\u3069\u3068\u6bd4\u8f03\u3057\u3066\u3001\u81ea\u793e\u306e\u4f01\u696d\u4fa1\u5024\u3092\u76f8\u5bfe\u7684\u306b\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-8c1063d97b501c4d93eb934ef02e4b6f wp-block-paragraph\">\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 class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306f\u3001\u305d\u306e\u4e2d\u3067\u3082\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u3067\u3042\u308b\u300cEBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u300d\u3092\u56f3\u89e3\u3082\u306e\u306b\u306a\u308a\u307e\u3059\u3002\u8a08\u7b97\u306e\u8a73\u7d30\u306f\u5f8c\u8ff0\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"972\" height=\"402\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/business-valuation-using-the-market-approach.jpg\" alt=\"\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\" class=\"wp-image-5775\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/business-valuation-using-the-market-approach.jpg 972w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/business-valuation-using-the-market-approach-640x265.jpg 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/business-valuation-using-the-market-approach-768x318.jpg 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ed6\u306b\u4ee3\u8868\u7684\u306a\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u65b9\u6cd5\u3068\u3057\u3066\u306f\u3001\u4f1a\u793e\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u304b\u3089\u7d14\u8cc7\u7523\u3092\u7b97\u51fa\u3057\u3066\u8a55\u4fa1\u3059\u308b\u300c\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u3084\u3001\u5c06\u6765\u306e\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u57fa\u306b\u4f01\u696d\u4fa1\u5024\u3092\u898b\u7a4d\u3082\u308b\u300c\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u304c\u3042\u308a\u307e\u3059\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7279\u5fb4\u306f\u3001\u4ed6\u793e\u3068\u6bd4\u8f03\u3057\u3066\u76f8\u5834\u3092\u57fa\u306b\u3057\u305f\u8a55\u4fa1\u304c\u3067\u304d\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u5c06\u6765\u306e\u53ce\u76ca\u529b\u3092\u91cd\u8996\u3059\u308b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3088\u308a\u3082\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u3044\u8a55\u4fa1\u3092\u884c\u3044\u3084\u3059\u3044\u53cd\u9762\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306b\u4f3c\u305f\u4ed6\u793e\u3084\u53d6\u5f15\u4e8b\u4f8b\u304c\u898b\u3064\u304b\u3089\u306a\u3044\u5834\u5408\u306b\u306f\u9069\u7528\u304c\u96e3\u3057\u3044\u3068\u3044\u3046\u5074\u9762\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-1de8898454c4af7a1f1a2d04ce926304 wp-block-paragraph\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/cost-approach\/\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u898b\u308b\u4e2d\u5c0f\u4f01\u696dM&amp;A\u306e\u4fa1\u5024\u8a55\u4fa1\uff5c\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u307b\u304b<\/a><\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-b4d8dcc78f8406e85af1c097256ca684 wp-block-paragraph\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/income-approach\/\">\u30a4\u30f3\u30ab\u30e0\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<\/a><\/p>\n\n\n\n<h2 id=\"arkb-toc-1\" class=\"wp-block-heading\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7a2e\u985e<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u30014\u3064\u306e\u4ee3\u8868\u7684\u306a\u65b9\u6cd5\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-2\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\uff09\u306f\u3001\u8a55\u4fa1\u5bfe\u8c61\u3068\u306a\u308b\u4f01\u696d\u3068\u4e8b\u696d\u5185\u5bb9\u3084\u898f\u6a21\u304c\u4f3c\u3066\u3044\u308b\u4e0a\u5834\u4f1a\u793e\u3092\u8907\u6570\u9078\u3073\u3001\u305d\u308c\u3089\u306e\u4f01\u696d\u306e\u58f2\u4e0a\u9ad8\u3084\u5229\u76ca\u3001EBITDA\uff08\u5229\u6255\u3044\u524d\u30fb\u7a0e\u5f15\u304d\u524d\u30fb\u6e1b\u4fa1\u511f\u5374\u524d\u5229\u76ca\uff09\u3068\u3044\u3063\u305f\u6307\u6a19\u3092\u57fa\u306b\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u65b9\u6cd5\u3067\u306f\u3001\u6b21\u306e\u3088\u3046\u306a\u624b\u9806\u3067\u8a55\u4fa1\u304c\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5177\u4f53\u7684\u306a\u7b97\u5b9a\u4f8b<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u3068\u6bd4\u8f03\u3059\u308b\u4f01\u696d\uff08A\u793e\u3001B\u793e\u3001C\u793e\uff09\u306e\u8ca1\u52d9\u6307\u6a19\u304c\u6b21\u306e\u901a\u308a\u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u5728\u6307\u6a19\u306b\u4f55\u3092\u63a1\u7528\u3059\u308b\u304b\u306f\u30b1\u30fc\u30b9\u30d0\u30a4\u30b1\u30fc\u30b9\u3067\u3059\u304c\u3001EBITDA\u306f\u4ee3\u8868\u7684\u306a\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"204\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/calculation-example-of-the-market-approach.jpg\" alt=\"\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u4f8b\" class=\"wp-image-5776\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/calculation-example-of-the-market-approach.jpg 1000w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/calculation-example-of-the-market-approach-640x131.jpg 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/calculation-example-of-the-market-approach-768x157.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-76b6fa39b9ae375e825b3c561a617148 wp-block-paragraph\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/ma-ebitda-utilization-merit-method-calculation-ebit-difference\/\">EBITDA\u3068\u306f\uff1f\u8aad\u307f\u65b9\u30fb\u610f\u5473\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fbEBIT\u3068\u306e\u9055\u3044\u3092\u89e3\u8aac<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305a\u3001\u5404\u793e\u306e\u300cEBITDA\u500d\u7387\u300d\u304a\u3088\u3073\u300c\u7d14\u8cc7\u7523\u500d\u7387\u300d\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002EV\/EBITDA\u500d\u7387\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7d4c\u5e38\u7684\u306a\u53ce\u76ca\u529b\u3067\u8a55\u4fa1\u3059\u308b\u969b\u306b\u5e83\u304f\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\u3067\u3042\u308a\u3001\u5168\u696d\u7a2e\u306e\u4e2d\u592e\u5024\u3068\u3057\u30667.5\u500d\u7a0b\u5ea6\u304c\u76ee\u5b89\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"152\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/multiples-calculation-table.jpg\" alt=\"\u500d\u7387\u8a08\u7b97\u8868\" class=\"wp-image-5777\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/multiples-calculation-table.jpg 1000w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/multiples-calculation-table-640x97.jpg 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/multiples-calculation-table-768x117.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-cce7c6f953ecc3793594a480a916bc86 wp-block-paragraph\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-ev-ebitda-multiple\/\">EV\/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<p class=\"wp-block-paragraph\">\u6b21\u306b\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u8ca1\u52d9\u6570\u5024\u306b\u3053\u308c\u3089\u306e\u5e73\u5747\u500d\u7387\u3092\u304b\u3051\u3066\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"203\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/enterprise-value-calculation-table.jpg\" alt=\"\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u8868\" class=\"wp-image-5778\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/enterprise-value-calculation-table.jpg 1000w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/enterprise-value-calculation-table-640x130.jpg 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/enterprise-value-calculation-table-768x156.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7d50\u679c\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\uff08\u682a\u5f0f\u4fa1\u5024\uff09\u306f\u304a\u304a\u3088\u305d17\u5104\u5186\u3068\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u304c\u975e\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308b\u5834\u5408\u306f\u3001\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u305f\u3081\u3001\u3053\u3053\u304b\u30891\u5272\u301c3\u5272\u7a0b\u5ea6\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3057\u3066\u8a55\u4fa1\u3059\u308b\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-c2329c6eb0d4a5d0f751e3b50b4c46f3 wp-block-paragraph\">\u25b7\u95a2\u9023\uff1a<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/comparablecompaniescomparison\/\">\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<h2 id=\"arkb-toc-3\" class=\"wp-block-heading\"><strong>\u5e02\u5834\u682a\u4fa1\u6cd5<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u682a\u4fa1\u6cd5\u306f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u3092\u57fa\u6e96\u3068\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u904e\u53bb1\u301c6\u30f6\u6708\u7a0b\u5ea6\u306e\u5e73\u5747\u682a\u4fa1\u3092\u3082\u3068\u306b\u3001\u682a\u4e3b\u4fa1\u5024\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u65b9\u6cd5\u306e\u6700\u5927\u306e\u7279\u9577\u306f\u3001\u682a\u4fa1\u3068\u3044\u3046\u5ba2\u89b3\u7684\u306a\u6307\u6a19\u3092\u7528\u3044\u308b\u305f\u3081\u3001\u8a55\u4fa1\u306e\u518d\u73fe\u6027\u304c\u9ad8\u304f\u3001\u8ab0\u304c\u884c\u3063\u3066\u3082\u540c\u3058\u7d50\u679c\u304c\u5f97\u3089\u308c\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u51fa\u6765\u9ad8\u304c\u5c11\u306a\u3044\u9298\u67c4\u3084\u3001\u682a\u4fa1\u304c\u7279\u5b9a\u306e\u8981\u56e0\u3067\u7570\u5e38\u306b\u5909\u52d5\u3057\u3066\u3044\u308b\u5834\u5408\u306b\u306f\u3001\u3053\u306e\u65b9\u6cd5\u306b\u3088\u308b\u8a55\u4fa1\u304c\u59a5\u5f53\u3068\u306f\u8a00\u3048\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u5e02\u5834\u682a\u4fa1\u6cd5\u306f\u3001\u4e3b\u306b\u4e0a\u5834\u4f01\u696d\u540c\u58eb\u304c\u5408\u4f75\u3084\u682a\u5f0f\u4ea4\u63db\u3092\u884c\u3046\u969b\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-4\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5\u306f\u3001\u904e\u53bb\u306b\u884c\u308f\u308c\u305f\u985e\u4f3c\u3057\u305fM&amp;A\u306e\u53d6\u5f15\u4fa1\u683c\u3092\u57fa\u6e96\u306b\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u3053\u3053\u3067\u3082\u58f2\u4e0a\u9ad8\u3084\u55b6\u696d\u5229\u76ca\u3001EBITDA\u306a\u3069\u306e\u6307\u6a19\u3092\u4f7f\u7528\u3057\u307e\u3059\u304c\u3001\u305d\u306e\u500d\u7387\u306f\u5b9f\u969b\u306eM&amp;A\u306e\u53d6\u5f15\u4fa1\u683c\u3092\u3082\u3068\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u624b\u6cd5\u306f\u3001\u7279\u5b9a\u306e\u696d\u754c\u3001\u4f8b\u3048\u3070\u30b4\u30eb\u30d5\u5834\u3084\u30db\u30c6\u30eb\u696d\u306a\u3069\u3001\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u304c\u591a\u304f\u3001\u4e00\u5b9a\u306e\u8a55\u4fa1\u57fa\u6e96\u304c\u78ba\u7acb\u3055\u308c\u3066\u3044\u308b\u696d\u754c\u3067\u7279\u306b\u6709\u52b9\u3067\u3059\u3002\u4e00\u65b9\u3001M&amp;A\u5e02\u5834\u304c\u6d3b\u6cc1\u306a\u3068\u304d\u306f\u3001\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u904e\u5927\u306b\u53cd\u6620\u3055\u308c\u305f\u4e8b\u4f8b\u304c\u591a\u304f\u306a\u308a\u3001\u8a55\u4fa1\u306e\u9069\u6b63\u6027\u304c\u4e0b\u304c\u308b\u6050\u308c\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u7d50\u679c\u306b\u5bfe\u3059\u308b\u614e\u91cd\u306a\u89e3\u91c8\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-5\" class=\"wp-block-heading\"><strong>\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f\u306f\u3001\u56fd\u7a0e\u5e81\u304c\u516c\u8868\u3059\u308b\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304d\u3001\u540c\u696d\u7a2e\u306b\u5c5e\u3059\u308b\u4f01\u696d\u306e\u5e73\u5747\u7684\u306a\u6307\u6a19\u3092\u4f7f\u3063\u3066\u682a\u4e3b\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u65b9\u6cd5\u306f\u3001\u76f8\u7d9a\u7a0e\u3084\u8d08\u4e0e\u7a0e\u306a\u3069\u306e\u8a08\u7b97\u306b\u304a\u3051\u308b\u516c\u5e73\u6027\u3092\u62c5\u4fdd\u3059\u308b\u305f\u3081\u306b\u3001\u56fd\u7a0e\u5e81\u304c\u63a1\u7528\u3057\u3066\u3044\u308b\u5ba2\u89b3\u6027\u306e\u9ad8\u3044\u624b\u6cd5\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u3042\u304f\u307e\u3067\u3082\u7a0e\u52d9\u76ee\u7684\u306e\u624b\u6cd5\u3067\u3042\u308b\u305f\u3081\u3001\u4f01\u696d\u304c\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u3069\u308c\u3060\u3051\u306e\u5229\u76ca\u3092\u751f\u307f\u51fa\u305b\u308b\u304b\u3068\u3044\u3063\u305f\u89b3\u70b9\u306f\u542b\u307e\u308c\u3066\u304a\u3089\u305a\u3001M&amp;A\u306b\u304a\u3051\u308b\u5b9f\u52d9\u7684\u306a\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u306f\u9069\u3055\u306a\u3044\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-arkb-anchor-color has-text-color has-link-color wp-elements-28dbd51ca6bd03821c58bd501450da81 wp-block-paragraph\">\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-6\" class=\"wp-block-heading\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3001\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u624b\u6cd5\u3068\u306f\u7570\u306a\u308b\u7279\u6709\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002\u4ee5\u4e0b\u3001\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-7\" class=\"wp-block-heading\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u4e3b\u306b\u4ee5\u4e0b\u306e\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u5e02\u5834\u306e\u53d6\u5f15\u74b0\u5883\u3092\u53cd\u6620\u3067\u304d\u308b<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u3067\u5b9f\u969b\u306b\u6210\u7acb\u3057\u3066\u3044\u308b\u53d6\u5f15\u3084\u682a\u4fa1\u3092\u8a55\u4fa1\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u6642\u70b9\u306b\u304a\u3051\u308b\u5e02\u5834\u306e\u72b6\u6cc1\u3084\u666f\u6c17\u52d5\u5411\u3092\u4f01\u696d\u4fa1\u5024\u306b\u53cd\u6620\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u8a55\u4fa1\u304c\u7c21\u4fbf<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u696d\u4ed6\u793e\u306e\u682a\u4fa1\u3084\u696d\u754c\u306e\u53d6\u5f15\u4fa1\u683c\u306a\u3069\u306f\u3001\u5e02\u5834\u3067\u516c\u958b\u3055\u308c\u3066\u3044\u308b\u60c5\u5831\u3092\u3082\u3068\u306b\u96c6\u3081\u3066\u5206\u6790\u3059\u308b\u3060\u3051\u3067\u3001\u304a\u304a\u3088\u305d\u306e\u8a55\u4fa1\u984d\u3092\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u8a55\u4fa1\u306b\u304b\u304b\u308b\u6642\u9593\u304c\u77ed\u304f\u3001\u30b3\u30b9\u30c8\u3082\u4f4e\u304f\u6291\u3048\u3089\u308c\u308b\u5834\u5408\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u5ba2\u89b3\u6027\u304c\u9ad8\u3044<\/h4>\n\n\n\n<p 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href=\"https:\/\/mitsukijapan.com\/ma\/column\/what-is-depreciation\/\">\u6e1b\u4fa1\u511f\u5374\u3068\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff5cDCF\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u3078\u306e\u5f71\u97ff\u3068M&amp;A<\/a><\/p>\n\n\n\n<h3 id=\"arkb-toc-8\" class=\"wp-block-heading\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u682a\u5f0f\u5e02\u5834\u306e\u6b6a\u307f\u306b\u3088\u308a\u3001\u6642\u4fa1\u7dcf\u984d\u3092\u4f7f\u7528\u3067\u304d\u306a\u3044\u53ef\u80fd\u6027<\/h4>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u4e0a\u5834\u4f01\u696d\u3067\u3042\u3063\u3066\u3082\u51fa\u6765\u9ad8\u304c\u5c11\u306a\u3044\u9298\u67c4\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u53d6\u5f15\u304c\u6210\u7acb\u3057\u306b\u304f\u3044\u305f\u3081\u3001\u5e02\u5834\u4fa1\u683c\u81ea\u4f53\u304c\u53c2\u8003\u306b\u306a\u3089\u306a\u3044\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u304c\u5b58\u5728\u3057\u306a\u3044\u53ef\u80fd\u6027<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u304c\u7279\u6b8a\u306a\u696d\u7a2e\u3084\u6210\u9577\u30b9\u30c6\u30fc\u30b8\u306b\u3042\u308b\u5834\u5408\u306b\u306f\u3001\u9069\u5207\u306a\u6bd4\u8f03\u5bfe\u8c61\u4f01\u696d\u3084\u53d6\u5f15\u4e8b\u4f8b\u304c\u5b58\u5728\u3057\u306a\u3044\u53ef\u80fd\u6027\u3082\u3042\u308a\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u9069\u7528\u304c\u96e3\u3057\u3044\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-9\" class=\"wp-block-heading\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e8b\u4f8b\u3092\u7d39\u4ecb<\/strong><\/h2>\n\n\n\n<p 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