{"id":5372,"date":"2026-07-13T11:55:22","date_gmt":"2026-07-13T02:55:22","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=5372"},"modified":"2026-07-13T17:21:34","modified_gmt":"2026-07-13T08:21:34","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\u3068M&A\u8b72\u6e21\u4fa1\u683c\u306e\u76ee\u5b89"},"content":{"rendered":"\n

\u81ea\u793e\u306f\u3044\u304f\u3089\u3067\u58f2\u308c\u308b\u306e\u304b\u3002\u4e0a\u5834\u3057\u3066\u3044\u308b\u985e\u4f3c\u4f1a\u793e\u3084\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u3068\u6bd4\u3079\u3066\u4f01\u696d\u4fa1\u5024\u3092\u6e2c\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4e2d\u5c0f\u4f01\u696d\u306e\u682a\u4fa1\u7b97\u5b9a\u3067\u3082\u5b9f\u969b\u306b\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u30694\u624b\u6cd5\u306e\u8003\u3048\u65b9\u3001EV\/EBITDA\u500d\u7387\u3092\u4f7f\u3063\u305f\u7b97\u5b9a\u306e\u6d41\u308c\u3001\u975e\u4e0a\u5834\u3086\u3048\u306e\u5272\u5f15\u307e\u3067\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u62bc\u3055\u3048\u308b\u3079\u304d\u8ad6\u70b9\u3092\u5b9f\u52d9\u76ee\u7dda\u3067\u89e3\u8aac\u3057\u307e\u3059\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. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/a>
    1. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3051\u308b\u4f4d\u7f6e\u3065\u3051<\/a><\/li>
    2. \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u4f7f\u308f\u308c\u308b\u5834\u9762<\/a><\/li>
    3. \u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u3092\u5148\u306b\u62bc\u3055\u3048\u308b<\/a><\/li><\/ol><\/li>
    4. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e4\u3064\u306e\u7a2e\u985e<\/a>
      1. \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/a><\/li>
      2. \u5e02\u5834\u682a\u4fa1\u6cd5<\/a><\/li>
      3. \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/a><\/li>
      4. \u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f<\/a><\/li>
      5. 4\u3064\u306e\u624b\u6cd5\u306e\u4f7f\u3044\u5206\u3051<\/a><\/li><\/ol><\/li>
      6. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u65b9\u6cd5<\/a>
        1. \u30b9\u30c6\u30c3\u30d71 \u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u3092\u9078\u3076<\/a><\/li>
        2. \u30b9\u30c6\u30c3\u30d72 \u5404\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u3068\u5229\u76ca\u3092\u96c6\u3081\u308b<\/a><\/li>
        3. \u30b9\u30c6\u30c3\u30d73 \u500d\u7387\u306e\u4ee3\u8868\u5024\u3092\u6c7a\u3081\u308b<\/a><\/li>
        4. \u30b9\u30c6\u30c3\u30d74 \u5bfe\u8c61\u4f1a\u793e\u306e\u6570\u5024\u306b\u500d\u7387\u3092\u639b\u3051\u308b<\/a><\/li>
        5. \u30b9\u30c6\u30c3\u30d75 \u975e\u4e0a\u5834\u3086\u3048\u306e\u8abf\u6574\u3092\u5165\u308c\u308b<\/a><\/li><\/ol><\/li>
        6. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/a>
          1. \u30e1\u30ea\u30c3\u30c8\u304c\u52b9\u304f\u5834\u9762<\/a><\/li>
          2. \u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u51fa\u308b\u5834\u9762<\/a><\/li><\/ol><\/li>
          3. \u4e2d\u5c0f\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u304d\u306e3\u3064\u306e\u8abf\u6574<\/a>
            1. \u898f\u6a21\u306e\u9055\u3044\u3092\u88dc\u6b63\u3059\u308b<\/a><\/li>
            2. \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/a><\/li>
            3. \u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u5c11\u6570\u682a\u4e3b\u306e\u6271\u3044<\/a><\/li><\/ol><\/li>
            4. \u4ed6\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u4f75\u7528\u304c\u5b9f\u52d9\u306e\u6a19\u6e96<\/a>
              1. \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/a><\/li>
              2. \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/a><\/li>
              3. \u5dee\u984d\u304c\u306e\u308c\u3093\u3068\u3057\u3066\u8868\u306b\u51fa\u308b<\/a><\/li>
              4. \u4ef2\u4ecb\u4f1a\u793e\u304c\u793a\u3059\u4fa1\u683c\u3068\u5c02\u9580\u5bb6\u306e\u8a55\u4fa1\u66f8\u306f\u9055\u3046<\/a><\/li>
              5. 3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u6bd4\u8f03<\/a><\/li><\/ol><\/li>
              6. \u652f\u63f4\u73fe\u5834\u304b\u3089\u898b\u305f\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4f7f\u3044\u3069\u3053\u308d<\/a>
                1. \u533f\u540d\u4e8b\u4f8b \u30b7\u30b9\u30c6\u30e0\u53d7\u8a17\u958b\u767a\u4f1a\u793e\u306e\u682a\u5f0f\u4fa1\u5024\u7b97\u5b9a<\/a><\/li>
                2. \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4ea4\u6e09\u524d\u306b\u78ba\u8a8d\u3057\u305f\u3044\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8<\/a><\/li><\/ol><\/li>
                3. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
                4. \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4f1a\u793e\u58f2\u5374\u306e\u4fa1\u683c\u5224\u65ad\u306b\u751f\u304b\u3059<\/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

                  \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f<\/h2>\n\n\n\n

                  \u4f1a\u793e\u306e\u5024\u6bb5\u3092\u8003\u3048\u308b\u3068\u304d\u3001\u7d4c\u55b6\u8005\u304c\u307e\u305a\u77e5\u308a\u305f\u3044\u306e\u306f\u300c\u4f3c\u305f\u3088\u3046\u306a\u4f1a\u793e\u306f\u3044\u304f\u3089\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u306e\u304b\u300d\u3068\u3044\u3046\u4e00\u70b9\u3067\u3057\u3087\u3046\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u3053\u306e\u554f\u3044\u306b\u6b63\u9762\u304b\u3089\u7b54\u3048\u308b\u8a55\u4fa1\u624b\u6cd5\u3067\u3059\u3002\u4e0a\u5834\u3057\u3066\u3044\u308b\u985e\u4f3c\u4f1a\u793e\u306e\u682a\u4fa1\u3084\u3001\u904e\u53bb\u306eM&A\u53d6\u5f15\u4fa1\u683c\u3092\u7269\u5dee\u3057\u306b\u3057\u3066\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u76f8\u5bfe\u7684\u306b\u6e2c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3051\u308b\u4f4d\u7f6e\u3065\u3051<\/h3>\n\n\n\n

                  \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u306f\u5927\u304d\u304f3\u3064\u306e\u6d41\u6d3e\u304c\u3042\u308a\u307e\u3059\u3002\u5c06\u6765\u306e\u7a3c\u3050\u529b\u304b\u3089\u9006\u7b97\u3059\u308b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/a>\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u7d14\u8cc7\u7523\u3092\u57fa\u790e\u306b\u7f6e\u304f\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/a>\u3001\u305d\u3057\u3066\u5e02\u5834\u306e\u76f8\u5834\u3068\u6bd4\u3079\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u30023\u624b\u6cd5\u306e\u95a2\u4fc2\u3068\u4f7f\u3044\u5206\u3051\u306f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5168\u4f53\u50cf<\/a>\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u4f7f\u308f\u308c\u308b\u5834\u9762<\/h3>\n\n\n\n

                  \u975e\u4e0a\u5834\u306e\u4e2d\u5c0f\u4f01\u696d\u306b\u5e02\u5834\u682a\u4fa1\u306f\u5b58\u5728\u3057\u307e\u305b\u3093\u3002\u305d\u308c\u3067\u3082\u8b72\u53d7\u4f01\u696d\u306f\u3001\u63d0\u793a\u3055\u308c\u305f\u4fa1\u683c\u304c\u76f8\u5834\u3068\u6bd4\u3079\u3066\u5272\u9ad8\u3067\u306a\u3044\u304b\u3092\u793e\u5185\u7a1f\u8b70\u3067\u5fc5\u305a\u554f\u308f\u308c\u307e\u3059\u3002\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u5074\u306b\u3082\u540c\u3058\u7269\u5dee\u3057\u304c\u8981\u308b\u7406\u7531\u304c\u3001\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002\u4fa1\u683c\u304c\u5b9f\u969b\u306b\u3069\u3046\u6c7a\u307e\u3063\u3066\u3044\u304f\u304b\u306f\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u8b72\u6e21\u4fa1\u683c<\/a>\u3067\u6271\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u4f01\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306e\u9055\u3044\u3092\u5148\u306b\u62bc\u3055\u3048\u308b<\/h3>\n\n\n\n

                  \u500d\u7387\u3092\u639b\u3051\u3066\u51fa\u3066\u304f\u308b\u6570\u5b57\u306f\u3001\u591a\u304f\u306e\u5834\u5408\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3067\u3042\u3063\u3066\u3001\u30aa\u30fc\u30ca\u30fc\u306e\u624b\u5143\u306b\u6b8b\u308b\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u501f\u5165\u91d1\u3092\u5f15\u304d\u3001\u4f59\u5270\u73fe\u9810\u91d1\u3092\u8db3\u3057\u623b\u3059\u5de5\u7a0b\u304c\u6b8b\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u968e\u5c64\u95a2\u4fc2\u306fM&A\u306e\u4f01\u696d\u4fa1\u5024<\/a>\u3067\u56f3\u89e3\u3057\u307e\u3057\u305f\u3002\u3053\u3053\u3092\u98db\u3070\u3059\u3068\u3001\u4ea4\u6e09\u306e\u5f8c\u534a\u3067\u6570\u5104\u5186\u5358\u4f4d\u306e\u8a8d\u8b58\u9055\u3044\u304c\u8868\u9762\u5316\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                  \"\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\"<\/figure>\n\n\n\n

                  \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e4\u3064\u306e\u7a2e\u985e<\/h2>\n\n\n\n

                  \u3072\u3068\u304f\u3061\u306b\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u8a00\u3063\u3066\u3082\u3001\u4f55\u3068\u6bd4\u3079\u308b\u304b\u3067\u624b\u6cd5\u304c\u5206\u304b\u308c\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a\u3082\u306e\u306f4\u3064\u3002\u305f\u3060\u3057\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u4e3b\u5f79\u3092\u5f35\u308b\u306e\u306f\u3001\u305d\u306e\u3046\u30611\u3064\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/h3>\n\n\n\n

                  \u4e8b\u696d\u5185\u5bb9\u3084\u898f\u6a21\u304c\u8fd1\u3044\u4e0a\u5834\u4f1a\u793e\u3092\u8907\u6570\u9078\u3073\u3001\u305d\u306e\u682a\u4fa1\u3084\u8ca1\u52d9\u6307\u6a19\u304b\u3089\u500d\u7387\u3092\u53d6\u308a\u51fa\u3057\u3066\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u6570\u5024\u306b\u639b\u3051\u5408\u308f\u305b\u308b\u624b\u6cd5\u3002\u975e\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u7b97\u5b9a\u3067\u306f\u3001\u3053\u308c\u304c\u5b9f\u52d9\u306e\u4e2d\u5fc3\u306b\u306a\u308a\u307e\u3059\u3002\u9078\u3093\u3060\u985e\u4f3c\u4f1a\u793e\u306e\u9854\u3076\u308c\u6b21\u7b2c\u3067\u7d50\u8ad6\u304c\u52d5\u304f\u305f\u3081\u3001\u6063\u610f\u6027\u3092\u3069\u3046\u6291\u3048\u308b\u304b\u304c\u8155\u306e\u898b\u305b\u3069\u3053\u308d\u3002\u9032\u3081\u65b9\u306e\u8a73\u7d30\u306f\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306e\u5b9f\u52d9<\/a>\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u5b9f\u52d9\u3067\u4f7f\u3046\u4ee3\u8868\u7684\u306a\u500d\u7387<\/h4>\n\n\n\n

                  \u6700\u3082\u3088\u304f\u4f7f\u308f\u308c\u308b\u306e\u304cEV\/EBITDA\u500d\u7387\u3067\u3059\u3002\u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u5f71\u97ff\u3092\u9664\u304f\u305f\u3081\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u91cd\u3044\u4f1a\u793e\u3068\u8efd\u3044\u4f1a\u793e\u3092\u6a2a\u4e26\u3073\u3067\u6bd4\u3079\u3089\u308c\u307e\u3059\u3002\u5229\u76ca\u306e\u8cea\u3092\u898b\u308b\u4f1a\u793e\u58f2\u5374\u3067\u306eEBITDA<\/a>\u306e\u4f5c\u308a\u65b9\u3001\u696d\u7a2e\u3054\u3068\u306e\u6c34\u6e96\u611f\u306fEV\/EBITDA\u500d\u7387\u306e\u76ee\u5b89<\/a>\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u682a\u4e3b\u4fa1\u5024\u3092\u76f4\u63a5\u898b\u308bPER\u306e\u8a08\u7b97\u5f0f<\/a>\u3092\u4f75\u7528\u3059\u308b\u5834\u9762\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u6e1b\u4fa1\u511f\u5374\u306e\u6271\u3044\u304c\u500d\u7387\u3092\u5de6\u53f3\u3059\u308b<\/h5>\n\n\n\n

                  \u540c\u3058\u5229\u76ca\u6c34\u6e96\u306e\u4f1a\u793e\u3067\u3082\u3001\u511f\u5374\u65b9\u6cd5\u3084\u8010\u7528\u5e74\u6570\u306e\u8a2d\u5b9a\u304c\u9055\u3048\u3070\u55b6\u696d\u5229\u76ca\u306f\u5909\u308f\u308a\u307e\u3059\u3002EBITDA\u304c\u597d\u307e\u308c\u308b\u7406\u7531\u306f\u3053\u3053\u3002\u4f1a\u8a08\u65b9\u91dd\u306e\u5dee\u3092\u6d88\u3057\u3066\u304b\u3089\u6bd4\u3079\u308b\u3001\u3068\u3044\u3046\u767a\u60f3\u3067\u3059\u3002\u5f71\u97ff\u306e\u4e2d\u8eab\u306f\u6e1b\u4fa1\u511f\u5374\u3068\u4f01\u696d\u4fa1\u5024<\/a>\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u5e02\u5834\u682a\u4fa1\u6cd5<\/h3>\n\n\n\n

                  \u5bfe\u8c61\u4f1a\u793e\u81ea\u8eab\u306e\u5e02\u5834\u682a\u4fa1\u3001\u305f\u3068\u3048\u3070\u904e\u53bb1\u301c6\u304b\u6708\u306e\u5e73\u5747\u682a\u4fa1\u3092\u3082\u3068\u306b\u682a\u4e3b\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3002\u8ab0\u304c\u8a08\u7b97\u3057\u3066\u3082\u540c\u3058\u7b54\u3048\u306b\u306a\u308b\u518d\u73fe\u6027\u306e\u9ad8\u3055\u304c\u7279\u9577\u3067\u3059\u3002\u305f\u3060\u3057\u5bfe\u8c61\u304c\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308b\u3053\u3068\u304c\u524d\u63d0\u306e\u305f\u3081\u3001\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u73fe\u5834\u306b\u767b\u5834\u3059\u308b\u6a5f\u4f1a\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e0a\u5834\u4f01\u696d\u540c\u58eb\u306e\u5408\u4f75\u3084\u682a\u5f0f\u4ea4\u63db\u3067\u7528\u3044\u3089\u308c\u308b\u624b\u6cd5\u3001\u3068\u62bc\u3055\u3048\u3066\u304a\u3051\u3070\u8db3\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/h3>\n\n\n\n

                  \u904e\u53bb\u306b\u6210\u7acb\u3057\u305fM&A\u53d6\u5f15\u306e\u4fa1\u683c\u304b\u3089\u500d\u7387\u3092\u53d6\u308a\u51fa\u3059\u624b\u6cd5\u3067\u3059\u3002\u5b9f\u969b\u306e\u53d6\u5f15\u306b\u57fa\u3065\u304f\u305f\u3081\u3001\u7d4c\u55b6\u6a29\u306e\u79fb\u8ee2\u306b\u4f34\u3046\u652f\u914d\u6a29\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u7e54\u308a\u8fbc\u307e\u308c\u305f\u6c34\u6e96\u306b\u306a\u308a\u307e\u3059\u3002\u30b4\u30eb\u30d5\u5834\u3084\u30db\u30c6\u30eb\u306e\u3088\u3046\u306b\u53d6\u5f15\u4e8b\u4f8b\u304c\u84c4\u7a4d\u3057\u305f\u696d\u754c\u3067\u306f\u6709\u52b9\u3002\u4e00\u65b9\u3001\u5e02\u5834\u304c\u904e\u71b1\u3057\u305f\u6642\u671f\u306e\u4e8b\u4f8b\u3070\u304b\u308a\u3092\u62fe\u3046\u3068\u3001\u4fa1\u683c\u304c\u4e0a\u632f\u308c\u3057\u305f\u7d50\u679c\u3060\u3051\u3092\u898b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f<\/h3>\n\n\n\n

                  \u56fd\u7a0e\u5e81\u304c\u516c\u8868\u3059\u308b\u696d\u7a2e\u5225\u306e\u682a\u4fa1\u30c7\u30fc\u30bf\u3068\u6bd4\u3079\u30011\u682a\u5f53\u305f\u308a\u306e\u914d\u5f53\u30fb\u5229\u76ca\u30fb\u7d14\u8cc7\u7523\u306e3\u8981\u7d20\u304b\u3089\u682a\u4fa1\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3002\u76f8\u7d9a\u7a0e\u3084\u8d08\u4e0e\u7a0e\u306e\u8a08\u7b97\u306b\u7528\u3044\u3089\u308c\u3001\u8ab2\u7a0e\u306e\u516c\u5e73\u6027\u3092\u62c5\u4fdd\u3059\u308b\u4ed5\u7d44\u307f\u3068\u3057\u3066\u8a2d\u8a08\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u8a08\u7b97\u4f53\u7cfb\u306f\u56fd\u7a0e\u5e81\u306e\u30bf\u30c3\u30af\u30b9\u30a2\u30f3\u30b5\u30fcNo.4638 \u53d6\u5f15\u76f8\u5834\u306e\u306a\u3044\u682a\u5f0f\u306e\u8a55\u4fa1<\/mark><\/a>\u306b\u307e\u3068\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u7a0e\u52d9\u4e0a\u306e\u682a\u4fa1\u3068M&A\u306e\u8b72\u6e21\u4fa1\u683c\u306f\u5225\u7269<\/h4>\n\n\n\n

                  \u76f8\u8ac7\u306e\u5834\u3067\u3088\u304f\u6df7\u540c\u3055\u308c\u308b\u306e\u304c\u3001\u3053\u306e2\u3064\u3002\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f\u306f\u5c06\u6765\u306e\u53ce\u76ca\u529b\u3092\u7e54\u308a\u8fbc\u307e\u306a\u3044\u8a2d\u8a08\u306e\u305f\u3081\u3001\u305d\u3053\u3067\u51fa\u305f\u682a\u4fa1\u304c\u305d\u306e\u307e\u307eM&A\u306e\u8b72\u6e21\u4fa1\u683c\u306b\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u76f8\u7d9a\u5bfe\u7b56\u3067\u7b97\u5b9a\u3057\u305f\u682a\u4fa1\u3088\u308a\u3001\u5b9f\u969b\u306e\u8b72\u6e21\u4fa1\u683c\u304c\u5927\u304d\u304f\u4e0a\u56de\u308b\u30b1\u30fc\u30b9\u306f\u73cd\u3057\u304f\u306a\u3044\u306e\u304c\u5b9f\u60c5\u3067\u3059\u3002<\/p>\n\n\n\n

                  4\u3064\u306e\u624b\u6cd5\u306e\u4f7f\u3044\u5206\u3051<\/h3>\n\n\n\n

                  \u4e0b\u8868\u306b\u3001\u6bd4\u8f03\u306e\u57fa\u6e96\u3068\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u5b9f\u7528\u5ea6\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u8a55\u4fa1\u624b\u6cd5<\/th>\u6bd4\u8f03\u3059\u308b\u57fa\u6e96<\/th>\u4e3b\u306a\u4f7f\u3044\u3069\u3053\u308d<\/th>\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u5b9f\u7528\u5ea6<\/th><\/tr><\/thead>
                  \u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/strong><\/td>\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f1a\u793e\u306e\u682a\u4fa1\u3068\u8ca1\u52d9\u6307\u6a19<\/td>\u975e\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u7b97\u5b9a\u5168\u822c<\/td>\u9ad8\u3044\uff08\u5b9f\u52d9\u306e\u4e2d\u5fc3\uff09<\/td><\/tr>
                  \u5e02\u5834\u682a\u4fa1\u6cd5<\/strong><\/td>\u5bfe\u8c61\u4f1a\u793e\u81ea\u8eab\u306e\u5e02\u5834\u682a\u4fa1<\/td>\u4e0a\u5834\u4f01\u696d\u540c\u58eb\u306e\u5408\u4f75\u30fb\u682a\u5f0f\u4ea4\u63db<\/td>\u4f7f\u3048\u306a\u3044\uff08\u975e\u4e0a\u5834\u306e\u305f\u3081\uff09<\/td><\/tr>
                  \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/strong><\/td>\u904e\u53bb\u306eM&A\u53d6\u5f15\u4fa1\u683c<\/td>\u53d6\u5f15\u4e8b\u4f8b\u304c\u84c4\u7a4d\u3057\u305f\u696d\u754c<\/td>\u53c2\u8003\u7a0b\u5ea6\uff08\u4e8b\u4f8b\u6570\u306b\u4f9d\u5b58\uff09<\/td><\/tr>
                  \u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u65b9\u5f0f<\/strong><\/td>\u56fd\u7a0e\u5e81\u516c\u8868\u306e\u696d\u7a2e\u5225\u30c7\u30fc\u30bf<\/td>\u76f8\u7d9a\u7a0e\u30fb\u8d08\u4e0e\u7a0e\u306e\u682a\u4fa1\u8a55\u4fa1<\/td>\u7a0e\u52d9\u76ee\u7684\u306b\u9650\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n

                  \u96fb\u5353\u3092\u53e9\u304f\u524d\u306b\u3001\u4f5c\u696d\u306e\u9806\u756a\u3092\u982d\u306b\u5165\u308c\u3066\u304a\u304f\u3068\u8ff7\u3044\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u306f5\u3064\u306e\u5de5\u7a0b\u3067\u9032\u307f\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u5e74\u554615\u5104\u5186\u306e\u4f1a\u793e\u3092\u60f3\u5b9a\u3057\u305f\u4eee\u306e\u6570\u5024\u3067\u3001\u6d41\u308c\u3092\u8ffd\u3063\u3066\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u30b9\u30c6\u30c3\u30d71 \u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u3092\u9078\u3076<\/h3>\n\n\n\n

                  \u696d\u7a2e\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3001\u53ce\u76ca\u69cb\u9020\u3001\u6210\u9577\u30b9\u30c6\u30fc\u30b8\u304c\u8fd1\u3044\u4e0a\u5834\u4f1a\u793e\u30923\u301c10\u793e\u307b\u3069\u9078\u5b9a\u3057\u307e\u3059\u3002\u3053\u3053\u304c\u8a55\u4fa1\u306e\u571f\u53f0\u3002\u58f2\u4e0a\u898f\u6a21\u304c100\u500d\u9055\u3046\u4f1a\u793e\u3092\u4e26\u3079\u3066\u3082\u3001\u6bd4\u8f03\u306e\u610f\u5473\u306f\u8584\u308c\u307e\u3059\u3002\u4e8b\u696d\u30bb\u30b0\u30e1\u30f3\u30c8\u306e\u69cb\u6210\u304c\u8fd1\u3044\u304b\u3069\u3046\u304b\u307e\u3067\u898b\u308b\u306e\u304c\u5b9f\u52d9\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u30b9\u30c6\u30c3\u30d72 \u5404\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u3068\u5229\u76ca\u3092\u96c6\u3081\u308b<\/h3>\n\n\n\n

                  \u9078\u3093\u3060\u5404\u793e\u306b\u3064\u3044\u3066\u3001\u6642\u4fa1\u7dcf\u984d\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u3001\u73fe\u9810\u91d1\u3001EBITDA\u3092\u6c7a\u7b97\u66f8\u3068\u9069\u6642\u958b\u793a\u304b\u3089\u62fe\u3044\u307e\u3059\u3002\u4e8b\u696d\u4fa1\u5024\uff08EV\uff09\u306f\u3001\u6642\u4fa1\u7dcf\u984d\u306b\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u8db3\u3057\u3001\u305d\u3053\u304b\u3089\u73fe\u9810\u91d1\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u30b9\u30c6\u30c3\u30d73 \u500d\u7387\u306e\u4ee3\u8868\u5024\u3092\u6c7a\u3081\u308b<\/h3>\n\n\n\n

                  \u5404\u793e\u306eEV\/EBITDA\u500d\u7387\u3092\u8a08\u7b97\u3057\u3001\u5e73\u5747\u5024\u307e\u305f\u306f\u4e2d\u592e\u5024\u3092\u4ee3\u8868\u5024\u3068\u3057\u307e\u3059\u3002\u4e0b\u8868\u306f3\u793e\u3092\u9078\u3093\u3060\u5834\u5408\u306e\u8a08\u7b97\u30a4\u30e1\u30fc\u30b8\u3002\u6975\u7aef\u306a\u5916\u308c\u5024\u304c\u6df7\u3056\u3063\u305f\u3068\u304d\u306f\u3001\u4e2d\u592e\u5024\u3092\u63a1\u308b\u304b\u3001\u305d\u306e1\u793e\u3092\u9664\u5916\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u8ca1\u52d9\u9805\u76ee<\/th>\u985e\u4f3cA\u793e<\/th>\u985e\u4f3cB\u793e<\/th>\u985e\u4f3cC\u793e<\/th><\/tr><\/thead>
                  \u6642\u4fa1\u7dcf\u984d<\/strong><\/td>120\u5104\u5186<\/td>200\u5104\u5186<\/td>80\u5104\u5186<\/td><\/tr>
                  \u6709\u5229\u5b50\u8ca0\u50b5<\/strong><\/td>30\u5104\u5186<\/td>60\u5104\u5186<\/td>20\u5104\u5186<\/td><\/tr>
                  \u73fe\u9810\u91d1<\/strong><\/td>10\u5104\u5186<\/td>20\u5104\u5186<\/td>10\u5104\u5186<\/td><\/tr>
                  \u4e8b\u696d\u4fa1\u5024\uff08EV\uff09<\/strong><\/td>140\u5104\u5186<\/td>240\u5104\u5186<\/td>90\u5104\u5186<\/td><\/tr>
                  EBITDA<\/strong><\/td>20\u5104\u5186<\/td>30\u5104\u5186<\/td>15\u5104\u5186<\/td><\/tr>
                  EV\/EBITDA\u500d\u7387<\/strong><\/td>7.0\u500d<\/td>8.0\u500d<\/td>6.0\u500d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u30b9\u30c6\u30c3\u30d74 \u5bfe\u8c61\u4f1a\u793e\u306e\u6570\u5024\u306b\u500d\u7387\u3092\u639b\u3051\u308b<\/h3>\n\n\n\n

                  \u4ee3\u8868\u5024\u3068\u306a\u3063\u305f\u500d\u7387\u3092\u5bfe\u8c61\u4f1a\u793e\u306eEBITDA\u306b\u639b\u3051\u3066\u4e8b\u696d\u4fa1\u5024\u3092\u51fa\u3057\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5f15\u3044\u3066\u73fe\u9810\u91d1\u3092\u8db3\u3057\u623b\u3059\u3068\u682a\u5f0f\u4fa1\u5024\u306b\u306a\u308a\u307e\u3059\u3002\u4e0b\u8868\u304c\u305d\u306e\u8a08\u7b97\u904e\u7a0b\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u7b97\u5b9a\u9805\u76ee<\/th>\u91d1\u984d\u30fb\u500d\u7387<\/th>\u8a08\u7b97\u306e\u4e2d\u8eab<\/th><\/tr><\/thead>
                  EBITDA<\/strong><\/td>2.0\u5104\u5186<\/td>\u55b6\u696d\u5229\u76ca1.4\u5104\u5186\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb0.6\u5104\u5186<\/td><\/tr>
                  \u63a1\u7528\u3059\u308b\u500d\u7387<\/strong><\/td>7.0\u500d<\/td>\u985e\u4f3c3\u793e\u306e\u5e73\u5747EV\/EBITDA\u500d\u7387<\/td><\/tr>
                  \u4e8b\u696d\u4fa1\u5024\uff08EV\uff09<\/strong><\/td>14.0\u5104\u5186<\/td>2.0\u5104\u5186\u00d77.0\u500d<\/td><\/tr>
                  \u6709\u5229\u5b50\u8ca0\u50b5<\/strong><\/td>\u25b33.0\u5104\u5186<\/td>\u501f\u5165\u91d1\u306e\u6b8b\u9ad8\u3092\u63a7\u9664<\/td><\/tr>
                  \u73fe\u9810\u91d1<\/strong><\/td>\uff0b1.0\u5104\u5186<\/td>\u4f59\u5270\u8cc7\u91d1\u3092\u52a0\u7b97<\/td><\/tr>
                  \u682a\u5f0f\u4fa1\u5024<\/strong><\/td>12.0\u5104\u5186<\/td>14.0\u5104\u5186\uff0d3.0\u5104\u5186\uff0b1.0\u5104\u5186<\/td><\/tr>
                  \u8abf\u6574\u5f8c\u306e\u682a\u5f0f\u4fa1\u5024<\/strong><\/td>8.4\u5104\u5186<\/td>12.0\u5104\u5186\u00d7\uff081\uff0d30\uff05\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u30b9\u30c6\u30c3\u30d75 \u975e\u4e0a\u5834\u3086\u3048\u306e\u8abf\u6574\u3092\u5165\u308c\u308b<\/h3>\n\n\n\n

                  \u4e0a\u5834\u4f1a\u793e\u306e\u682a\u306f\u3044\u3064\u3067\u3082\u58f2\u308c\u307e\u3059\u304c\u3001\u4e2d\u5c0f\u4f01\u696d\u306e\u682a\u306f\u305d\u3046\u7c21\u5358\u306b\u63db\u91d1\u3067\u304d\u307e\u305b\u3093\u3002\u3053\u306e\u5dee\u3092\u7e54\u308a\u8fbc\u3080\u306e\u304c\u6700\u5f8c\u306e\u5de5\u7a0b\u3002\u5b9f\u52d9\u3067\u306f2\u301c3\u5272\u306e\u5272\u5f15\u3092\u5165\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3001\u3053\u308c\u306b\u898f\u6a21\u5dee\u3084\u652f\u914d\u6a29\u306e\u6709\u7121\u3082\u52a0\u5473\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                  \"\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u4f8b\"<\/figure>\n\n\n\n
                  \"\u500d\u7387\u8a08\u7b97\u8868\"<\/figure>\n\n\n\n
                  \"\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u8868\"<\/figure>\n\n\n\n

                  \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/h2>\n\n\n\n

                  \u5ba2\u89b3\u7684\u306a\u624b\u6cd5\u3060\u304b\u3089\u5b89\u5fc3\u3001\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u5f37\u307f\u3068\u5f31\u307f\u306f\u8868\u88cf\u4e00\u4f53\u3002\u4e0b\u8868\u3067\u89b3\u70b9\u3054\u3068\u306b\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u8a55\u4fa1\u306e\u89b3\u70b9<\/th>\u30e1\u30ea\u30c3\u30c8<\/th>\u30c7\u30e1\u30ea\u30c3\u30c8<\/th><\/tr><\/thead>
                  \u5ba2\u89b3\u6027<\/strong><\/td>\u5e02\u5834\u30c7\u30fc\u30bf\u304c\u57fa\u6e96\u3068\u306a\u308b\u305f\u3081\u3001\u8ab0\u304c\u8a08\u7b97\u3057\u3066\u3082\u8fd1\u3044\u6570\u5b57\u306b\u7740\u5730\u3059\u308b<\/td>\u3074\u3063\u305f\u308a\u91cd\u306a\u308b\u4e0a\u5834\u4f1a\u793e\u306f\u5b58\u5728\u305b\u305a\u3001\u9078\u5b9a\u306b\u4e3b\u89b3\u304c\u6b8b\u308b<\/td><\/tr>
                  \u624b\u9593\u3068\u30b3\u30b9\u30c8<\/strong><\/td>\u8a08\u7b97\u69cb\u9020\u304c\u5358\u7d14\u3067\u3001\u77ed\u671f\u9593\u30fb\u4f4e\u30b3\u30b9\u30c8\u3067\u6982\u7b97\u3067\u304d\u308b<\/td>\u7cbe\u5ea6\u304c\u985e\u4f3c\u4f1a\u793e\u306e\u9078\u3073\u65b9\u306b\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u308b<\/td><\/tr>
                  \u4ea4\u6e09\u3067\u306e\u7d0d\u5f97\u611f<\/strong><\/td>\u5b9f\u969b\u306e\u5e02\u5834\u4fa1\u683c\u306b\u57fa\u3065\u304f\u305f\u3081\u3001\u8b72\u53d7\u4f01\u696d\u3092\u8aac\u5f97\u3057\u3084\u3059\u3044<\/td>\u76f8\u5834\u5168\u4f53\u306e\u5909\u52d5\u306b\u8a55\u4fa1\u984d\u304c\u632f\u3089\u308c\u308b<\/td><\/tr>
                  \u5c06\u6765\u6027\u306e\u53cd\u6620<\/strong><\/td>\u73fe\u6642\u70b9\u306e\u76f8\u5834\u89b3\u3092\u7d20\u65e9\u304f\u3064\u304b\u3081\u308b<\/td>\u5c06\u6765\u306e\u6210\u9577\u3084\u30b7\u30ca\u30b8\u30fc\u3092\u76f4\u63a5\u306f\u7e54\u308a\u8fbc\u3081\u306a\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u30e1\u30ea\u30c3\u30c8\u304c\u52b9\u304f\u5834\u9762<\/h3>\n\n\n\n

                  \u300c\u3046\u3061\u306f\u3060\u3044\u305f\u3044\u3053\u306e\u304f\u3089\u3044\u304b\u300d\u3068\u3044\u3046\u5f53\u305f\u308a\u3092\u4ed8\u3051\u305f\u3044\u521d\u671f\u6bb5\u968e\u3067\u3001\u3053\u306e\u624b\u6cd5\u306e\u901f\u3055\u304c\u751f\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u77ed\u671f\u9593\u3067\u76f8\u5834\u89b3\u3092\u3064\u304b\u3081\u308b<\/h4>\n\n\n\n

                  \u516c\u958b\u60c5\u5831\u3060\u3051\u3067\u7d44\u307f\u7acb\u3066\u3089\u308c\u308b\u305f\u3081\u3001\u6c7a\u7b97\u66f8\u304c3\u671f\u5206\u305d\u308d\u3048\u3070\u6570\u65e5\u3067\u6982\u7b97\u30ec\u30f3\u30b8\u304c\u51fa\u307e\u3059\u3002\u672c\u683c\u7684\u306a\u691c\u8a0e\u306b\u5165\u308b\u524d\u306e\u5224\u65ad\u6750\u6599\u3068\u3057\u3066\u3001\u3053\u308c\u3067\u8db3\u308a\u308b\u5834\u9762\u306f\u591a\u3044\u3068\u3053\u308d\u3002<\/p>\n\n\n\n

                  \u8b72\u53d7\u4f01\u696d\u3078\u306e\u8aac\u660e\u304c\u3057\u3084\u3059\u3044<\/h4>\n\n\n\n

                  \u300c\u540c\u696d\u306e\u3053\u306e\u4f1a\u793e\u306f7\u500d\u3067\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u8aac\u660e\u306f\u3001\u793e\u5185\u7a1f\u8b70\u3092\u901a\u3059\u5074\u306b\u3068\u3063\u3066\u6271\u3044\u3084\u3059\u3044\u7406\u5c48\u306b\u306a\u308a\u307e\u3059\u3002\u76f8\u624b\u306e\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u3092\u52a9\u3051\u308b\u6570\u5b57\u3001\u3068\u8a00\u3044\u63db\u3048\u3066\u3082\u3088\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                  \u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u51fa\u308b\u5834\u9762<\/h3>\n\n\n\n

                  \u88cf\u3092\u8fd4\u305b\u3070\u3001\u6bd4\u8f03\u5bfe\u8c61\u304c\u898b\u3064\u304b\u3089\u306a\u3044\u4f1a\u793e\u307b\u3069\u3001\u3053\u306e\u624b\u6cd5\u306f\u983c\u308a\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u3074\u3063\u305f\u308a\u91cd\u306a\u308b\u4e0a\u5834\u4f1a\u793e\u306f\u5b58\u5728\u3057\u306a\u3044<\/h4>\n\n\n\n

                  \u7279\u6b8a\u306a\u6280\u8853\u3084\u30cb\u30c3\u30c1\u5e02\u5834\u3067\u6226\u3046\u4f1a\u793e\u307b\u3069\u3001\u985e\u4f3c\u4f1a\u793e\u306e\u9078\u5b9a\u306b\u82e6\u52b4\u3057\u307e\u3059\u3002\u7121\u7406\u306b\u696d\u7a2e\u3092\u5e83\u3052\u308b\u3068\u3001\u4eca\u5ea6\u306f\u500d\u7387\u306e\u8aac\u5f97\u529b\u304c\u843d\u3061\u308b\u3068\u3044\u3046\u677f\u631f\u307f\u3002<\/p>\n\n\n\n

                  \u76f8\u5834\u5909\u52d5\u306b\u8a55\u4fa1\u984d\u304c\u632f\u3089\u308c\u308b<\/h4>\n\n\n\n

                  \u682a\u5f0f\u5e02\u5834\u304c\u8abf\u6574\u5c40\u9762\u306b\u5165\u308c\u3070\u3001\u540c\u3058\u4f1a\u793e\u3067\u3082\u7b97\u5b9a\u984d\u306f\u4e0b\u304c\u308a\u307e\u3059\u3002\u5e02\u5834\u304c\u672c\u8cea\u7684\u306a\u4fa1\u5024\u3092\u5e38\u306b\u6b63\u3057\u304f\u6620\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3001\u3068\u3044\u3046\u524d\u63d0\u3092\u5fd8\u308c\u306a\u3044\u3067\u304a\u304d\u305f\u3044\u3068\u3053\u308d\u3002<\/p>\n\n\n\n

                  \u81ea\u793e\u306e\u5f37\u307f\u3084\u30b7\u30ca\u30b8\u30fc\u3092\u76f4\u63a5\u306f\u6620\u305b\u306a\u3044<\/h4>\n\n\n\n

                  \u9577\u5e74\u7bc9\u3044\u305f\u9867\u5ba2\u57fa\u76e4\u3084\u6280\u8853\u8005\u306e\u5c64\u306e\u539a\u3055\u306f\u3001\u500d\u7387\u306b\u306f\u8868\u308c\u307e\u305b\u3093\u3002\u4f55\u304c\u4fa1\u683c\u3092\u62bc\u3057\u4e0a\u3052\u308b\u306e\u304b\u306f\u4f1a\u793e\u58f2\u5374\u306e\u30d0\u30ea\u30e5\u30fc\u30c9\u30e9\u30a4\u30d0\u30fc<\/a>\u3001\u8b72\u53d7\u4f01\u696d\u5074\u306e\u671f\u5f85\u53ce\u76ca\u3078\u306e\u53cd\u6620\u306fM&A\u306e\u30b7\u30ca\u30b8\u30fc\u8a55\u4fa1<\/a>\u3067\u6271\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u4e2d\u5c0f\u4f01\u696d\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u304d\u306e3\u3064\u306e\u8abf\u6574<\/h2>\n\n\n\n

                  \u4e0a\u5834\u4f1a\u793e\u306e\u500d\u7387\u3092\u305d\u306e\u307e\u307e\u81ea\u793e\u306b\u5f53\u3066\u306f\u3081\u3001\u5b9f\u52e2\u3088\u308a\u9ad8\u3044\u682a\u4fa1\u3092\u6301\u3061\u6b69\u3044\u3066\u3057\u307e\u3046\u3002\u76f8\u8ac7\u306e\u521d\u671f\u306b\u3001\u610f\u5916\u3068\u591a\u3044\u843d\u3068\u3057\u7a74\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u3078\u9069\u7528\u3059\u308b\u306b\u306f\u30013\u3064\u306e\u8abf\u6574\u304c\u8981\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u898f\u6a21\u306e\u9055\u3044\u3092\u88dc\u6b63\u3059\u308b<\/h3>\n\n\n\n

                  \u58f2\u4e0a100\u5104\u5186\u306e\u4e0a\u5834\u4f1a\u793e\u3068\u5e74\u554615\u5104\u5186\u306e\u975e\u4e0a\u5834\u4f1a\u793e\u3068\u3067\u306f\u3001\u666f\u6c17\u5909\u52d5\u3078\u306e\u8010\u6027\u3082\u8cc7\u91d1\u8abf\u9054\u529b\u3082\u9055\u3044\u307e\u3059\u3002\u3053\u306e\u5dee\u3092\u500d\u7387\u306b\u53cd\u6620\u3055\u305b\u308b\u306e\u304c\u30b5\u30a4\u30ba\u8abf\u6574\u3002\u500d\u7387\u30921\u301c2\u5272\u4e0b\u3052\u308b\u3001\u3042\u308b\u3044\u306f\u985e\u4f3c\u4f1a\u793e\u306e\u9078\u5b9a\u3092\u5c0f\u578b\u682a\u306b\u5bc4\u305b\u308b\u3001\u3068\u3044\u3063\u305f\u5bfe\u5fdc\u3092\u53d6\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/h3>\n\n\n\n

                  \u975e\u4e0a\u5834\u682a\u306f\u8cb7\u3044\u624b\u3092\u63a2\u3059\u3068\u3053\u308d\u304b\u3089\u59cb\u3081\u306a\u3051\u308c\u3070\u306a\u3089\u305a\u3001\u63db\u91d1\u307e\u3067\u306b\u6642\u9593\u3082\u30b3\u30b9\u30c8\u3082\u304b\u304b\u308a\u307e\u3059\u3002\u305d\u306e\u5206\u3060\u3051\u4fa1\u5024\u3092\u5272\u308a\u5f15\u304f\u3001\u3068\u3044\u3046\u8003\u3048\u65b9\u3002\u88c1\u5224\u4f8b\u3067\u306e\u6271\u3044\u3084\u6c34\u6e96\u611f\u306f\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/a>\u3067\u53d6\u308a\u4e0a\u3052\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u5c11\u6570\u682a\u4e3b\u306e\u6271\u3044<\/h3>\n\n\n\n

                  \u682a\u5f0f\u3092100\uff05\u6e21\u3059M&A\u3067\u306f\u7d4c\u55b6\u6a29\u304c\u79fb\u308a\u307e\u3059\u3002\u5c11\u6570\u682a\u4e3b\u3068\u3057\u3066\u8cb7\u3046\u5834\u5408\u3068\u6bd4\u3079\u308c\u3070\u3001\u305d\u306e\u5206\u3060\u3051\u4fa1\u683c\u306f\u4e0a\u632f\u308c\u3059\u308b\u308f\u3051\u3067\u3059\u3002\u9006\u306b\u4e00\u90e8\u3060\u3051\u3092\u8b72\u6e21\u3059\u308b\u5c40\u9762\u3067\u306f\u4fa1\u5024\u304c\u5272\u308a\u5f15\u304b\u308c\u307e\u3059\u3002\u4ed5\u7d44\u307f\u306f\u30de\u30a4\u30ce\u30ea\u30c6\u30a3\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/a>\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

                  \u4ed6\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u4f75\u7528\u304c\u5b9f\u52d9\u306e\u6a19\u6e96<\/h2>\n\n\n\n

                  \u4e2d\u5c0f\u4f01\u696d\u5e81\u306e\u4e2d\u5c0fM&A\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3<\/mark><\/a>\uff08\u7b2c3\u7248\uff09\u3067\u306f\u3001\u4ef2\u4ecb\u8005\u3084FA\u304c\u63d0\u4f9b\u3059\u308b\u696d\u52d9\u3068\u3057\u3066\u3001\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u30fb\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u30fbDCF\u6cd5\u306a\u3069\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3088\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u5b9f\u65bd\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u30021\u3064\u306e\u624b\u6cd5\u306b\u983c\u3089\u306a\u3044\u3001\u3068\u3044\u3046\u524d\u63d0\u304c\u7f6e\u304b\u308c\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/h3>\n\n\n\n

                  \u4e8b\u696d\u8a08\u753b\u306b\u8aac\u5f97\u529b\u304c\u3042\u308b\u306a\u3089\u3001DCF\u6cd5\u3067\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1<\/a>\u304c\u4e0a\u632f\u308c\u4f59\u5730\u3092\u793a\u3057\u3066\u304f\u308c\u307e\u3059\u3002\u30de\u30eb\u30c1\u30d7\u30eb\u3067\u76f8\u5834\u89b3\u3092\u62bc\u3055\u3048\u3001DCF\u3067\u5c06\u6765\u6027\u3092\u8a9e\u308b\u3002\u3053\u306e\u4e8c\u6bb5\u69cb\u3048\u304c\u3001\u4ea4\u6e09\u306e\u5834\u3067\u306f\u52b9\u3044\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/h3>\n\n\n\n

                  \u4e2d\u5c0f\u4f01\u696dM&A\u3067\u6700\u3082\u591a\u3044\u306e\u306f\u3001\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u306e\u7b97\u5b9a<\/a>\u3092\u571f\u53f0\u306b\u3001\u55b6\u696d\u6a29\u3092\u4e0a\u4e57\u305b\u3059\u308b\u5f62\u3002\u3044\u308f\u3086\u308b\u5e74\u8cb7\u6cd5\u306e\u8003\u3048\u65b9<\/a>\u3067\u3059\u3002\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u7d50\u679c\u3068\u5927\u304d\u304f\u96e2\u308c\u308b\u3068\u304d\u306f\u3001\u3069\u3061\u3089\u304b\u306e\u524d\u63d0\u3092\u7591\u3063\u3066\u304b\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u5dee\u984d\u304c\u306e\u308c\u3093\u3068\u3057\u3066\u8868\u306b\u51fa\u308b<\/h3>\n\n\n\n

                  \u8b72\u6e21\u4fa1\u683c\u304c\u6642\u4fa1\u7d14\u8cc7\u7523\u3092\u4e0a\u56de\u308c\u3070\u3001\u305d\u306e\u5dee\u984d\u306f\u8b72\u53d7\u4f01\u696d\u306e\u5e33\u7c3f\u4e0a\u3067\u300c\u306e\u308c\u3093\u300d\u306b\u306a\u308a\u307e\u3059\u3002\u8cb7\u3044\u624b\u5074\u306e\u511f\u5374\u8ca0\u62c5\u304c\u4fa1\u683c\u4ea4\u6e09\u306b\u5f71\u97ff\u3059\u308b\u5834\u9762\u3082\u3042\u308a\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u3068\u3057\u3066\u3082\u69cb\u9020\u306f\u77e5\u3063\u3066\u304a\u304d\u305f\u3044\u3068\u3053\u308d\u3002\u4f1a\u8a08\u51e6\u7406\u306fM&A\u306e\u306e\u308c\u3093<\/a>\u306b\u307e\u3068\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u4ef2\u4ecb\u4f1a\u793e\u304c\u793a\u3059\u4fa1\u683c\u3068\u5c02\u9580\u5bb6\u306e\u8a55\u4fa1\u66f8\u306f\u9055\u3046<\/h3>\n\n\n\n

                  \u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u4e0a\u3001\u4ef2\u4ecb\u8005\u304c\u78ba\u5b9a\u7684\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3046\u3053\u3068\u306f\u3067\u304d\u305a\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u58eb\u696d\u7b49\u5c02\u9580\u5bb6\u306e\u610f\u898b\u3092\u6c42\u3081\u308b\u3053\u3068\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u304c\u6982\u7b97\u30ec\u30f3\u30b8\u3092\u63d0\u793a\u3057\u305f\u3046\u3048\u3067\u3001\u5c40\u9762\u306b\u5fdc\u3058\u3066\u516c\u8a8d\u4f1a\u8a08\u58eb\u30fb\u7a0e\u7406\u58eb\u306b\u3088\u308b\u8a55\u4fa1\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u306e\u306f\u3001\u3053\u306e\u7dda\u5f15\u304d\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

                  3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u6bd4\u8f03<\/h3>\n\n\n\n

                  \u4e0b\u8868\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u4fa1\u5024\u306e\u898b\u65b9\u3068\u4e2d\u5c0f\u4f01\u696dM&A\u306b\u304a\u3051\u308b\u5f79\u5272\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1<\/th>\u4fa1\u5024\u306e\u898b\u65b9<\/th>\u4ee3\u8868\u7684\u306a\u624b\u6cd5<\/th>\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u306e\u5f79\u5272<\/th><\/tr><\/thead>
                  \u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\u4ed6\u793e\u3068\u306e\u6bd4\u8f03\u306b\u3088\u308b\u76f8\u5bfe\u8a55\u4fa1<\/td>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3001\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/td>\u76f8\u5834\u89b3\u306e\u78ba\u8a8d\u3068\u4ea4\u6e09\u306e\u7269\u5dee\u3057<\/td><\/tr>
                  \u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\u5c06\u6765\u306e\u7a3c\u3050\u529b\u3067\u8a55\u4fa1<\/td>DCF\u6cd5\u3001\u53ce\u76ca\u9084\u5143\u6cd5<\/td>\u4e8b\u696d\u8a08\u753b\u306e\u8aac\u5f97\u529b\u3092\u4fa1\u683c\u306b\u5909\u63db<\/td><\/tr>
                  \u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\u4fdd\u6709\u3059\u308b\u7d14\u8cc7\u7523\u3067\u8a55\u4fa1<\/td>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3001\u5e74\u8cb7\u6cd5<\/td>\u4fa1\u683c\u306e\u4e0b\u9650\u3092\u62bc\u3055\u3048\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u652f\u63f4\u73fe\u5834\u304b\u3089\u898b\u305f\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4f7f\u3044\u3069\u3053\u308d<\/h2>\n\n\n\n

                  \u6570\u5b57\u306e\u4f5c\u308a\u65b9\u3088\u308a\u3001\u3069\u3046\u4f7f\u3046\u304b\u3002\u5f53\u793e\u304c\u95a2\u4e0e\u3057\u305f\u6848\u4ef6\u3092\u3001\u696d\u7a2e\u3068\u898f\u6a21\u304c\u5206\u304b\u308b\u7a0b\u5ea6\u306b\u533f\u540d\u5316\u3057\u3066\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u533f\u540d\u4e8b\u4f8b \u30b7\u30b9\u30c6\u30e0\u53d7\u8a17\u958b\u767a\u4f1a\u793e\u306e\u682a\u5f0f\u4fa1\u5024\u7b97\u5b9a<\/h3>\n\n\n\n

                  \u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3092\u5358\u72ec\u3067\u4f7f\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u4ed6\u306e\u624b\u6cd5\u306e\u691c\u8a3c\u5f79\u3068\u3057\u3066\u6a5f\u80fd\u3055\u305b\u305f\u6848\u4ef6\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u6848\u4ef6\u306e\u6982\u8981<\/h4>\n\n\n\n

                  \u8b72\u6e21\u4f01\u696d\u306f\u5e74\u554610\u5104\u5186\u306e\u30b7\u30b9\u30c6\u30e0\u53d7\u8a17\u958b\u767a\u4f1a\u793e\u3001\u8b72\u53d7\u4f01\u696d\u306f\u5e74\u554680\u5104\u5186\u306e\u4e2d\u5805IT\u30d9\u30f3\u30c0\u30fc\u3067\u3057\u305f\u3002\u8b72\u53d7\u4f01\u696d\u5074\u304b\u3089\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u682a\u5f0f\u4fa1\u5024\u7b97\u5b9a\u306e\u4f9d\u983c\u3092\u53d7\u3051\u305f\u6848\u4ef6\u3067\u3059\u3002\u8b72\u6e21\u4f01\u696d\u306e\u793e\u5185\u8cc7\u6599\u304c\u96fb\u5b50\u5316\u3055\u308c\u3066\u3044\u305f\u305f\u3081\u3001\u30ad\u30fc\u30de\u30f3\u3078\u306e\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3092\u542b\u3081\u3001\u3059\u3079\u3066\u30af\u30e9\u30a6\u30c9\u4e0a\u3067\u5b8c\u9042\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u63a1\u7528\u3057\u305f\u8a55\u4fa1\u624b\u6cd5<\/h4>\n\n\n\n

                  \u696d\u7a2e\u3068\u898f\u6a21\u304c\u8fd1\u3044\u4e0a\u5834\u4f1a\u793e\u306e\u30c7\u30fc\u30bf\u3092\u96c6\u3081\u3001DCF\u6cd5\u3092\u57fa\u8ef8\u306b\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3092\u4f75\u7528\u3057\u3066\u8a55\u4fa1\u306e\u4fe1\u983c\u6027\u3092\u78ba\u4fdd\u3057\u307e\u3057\u305f\u3002\u3042\u308f\u305b\u30661\u682a\u5f53\u305f\u308a\u5229\u76ca\u306e\u63a8\u79fb\u3092EPS\u306e\u8a08\u7b97\u5f0f<\/a>\u3067\u78ba\u8a8d\u3057\u3001\u500d\u7387\u306e\u59a5\u5f53\u6027\u3092\u591a\u89d2\u7684\u306b\u691c\u8a3c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4ea4\u6e09\u524d\u306b\u78ba\u8a8d\u3057\u305f\u3044\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8<\/h3>\n\n\n\n

                  \u5f53\u793e\u304c\u521d\u671f\u76f8\u8ac7\u3067\u5fc5\u305a\u78ba\u8a8d\u3059\u308b\u9805\u76ee\u3092\u4e26\u3079\u307e\u3059\u3002\u624b\u5143\u306b\u6c7a\u7b97\u66f8\u304c\u3042\u308c\u3070\u3001\u305d\u306e\u5834\u3067\u304a\u304a\u3088\u305d\u306e\u898b\u5f53\u306f\u3064\u304d\u307e\u3059\u3002<\/p>\n\n\n\n