{"id":7820,"date":"2026-01-17T21:48:13","date_gmt":"2026-01-17T12:48:13","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=7820"},"modified":"2026-01-20T11:39:09","modified_gmt":"2026-01-20T02:39:09","slug":"non-liquidity-discount","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/non-liquidity-discount\/","title":{"rendered":"\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f\uff1fM&A\u306e\u58f2\u5374\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u3068\u5224\u4f8b\u3092\u89e3\u8aac"},"content":{"rendered":"\n

\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u304c\u300c\u63db\u91d1\u3057\u306b\u304f\u3044\u300d\u3053\u3068\u3092\u7406\u7531\u306b\u3001\u4f01\u696d\u4fa1\u5024\u304b\u3089\u4e00\u5b9a\u5272\u5408\u3092\u6e1b\u984d\u3059\u308b\u8003\u3048\u65b9\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u901a\u5e3830\uff05\u7a0b\u5ea6\u3068\u3055\u308c\u308b\u5272\u5f15\u7387\u306e\u6839\u62e0\u3001\u8a55\u4fa1\u624b\u6cd5\uff08DCF\u6cd5\u306a\u3069\uff09\u3068\u306e\u95a2\u4fc2\u3001\u305d\u3057\u3066\u6700\u9ad8\u88c1\u4ee4\u548c5\u5e74\u6c7a\u5b9a\u3092\u542b\u3080\u6700\u65b0\u306e\u5224\u4f8b\u57fa\u6e96\u306b\u3064\u3044\u3066\u3001M&A\u5c02\u9580\u5bb6\u304c\u5b9f\u52d9\u7684\u306a\u8996\u70b9\u3067\u5fb9\u5e95\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

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\u76ee\u6b21<\/div>\n\t\t
  1. \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08Non-Liquidity Discount\uff09\u3068\u306f<\/a><\/li>
  2. \u306a\u305c\u6e1b\u984d\u3055\u308c\u308b\u306e\u304b\uff1f\u4ed5\u7d44\u307f\u3068\u7406\u7531<\/a>
    1. \u5c02\u9580\u5bb6\u306e\u8996\u70b9\uff5c\u611f\u60c5\u7684\u306a\u5bfe\u7acb\u3092\u907f\u3051\u308b\u305f\u3081\u306b<\/a><\/li><\/ol><\/li>
    2. \u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u7387\u306f\u4f55\uff05\u304c\u59a5\u5f53\u304b\uff1f\uff08\u9069\u7528\u5272\u5408\u306e\u76f8\u5834\uff09<\/a>
      1. \u5b9f\u52d9\u4e0a\u306e\u76ee\u5b89\u3068\u3070\u3089\u3064\u304d<\/a><\/li>
      2. \u5c02\u9580\u5bb6\u306e\u8996\u70b9\uff5c\u4e00\u5f8b30\uff05\u3078\u306e\u8b66\u9418<\/a><\/li><\/ol><\/li>
      3. \u9069\u7528\u3055\u308c\u308b\u5834\u9762\u3068\u5224\u65ad\uff08\u6700\u9ad8\u88c1\u5224\u4f8b\u306e\u52d5\u5411\uff09<\/a>
        1. \u5c02\u9580\u5bb6\u306e\u8996\u70b9\uff5c\u76ee\u7684\u306b\u3088\u3063\u3066\u682a\u4fa1\u306f\u5909\u308f\u308b<\/a><\/li><\/ol><\/li>
        2. \u8a55\u4fa1\u624b\u6cd5\uff08DCF\u6cd5\uff09\u3068\u306e\u95a2\u4fc2\u3068\u300c\u4e8c\u91cd\u6e1b\u4fa1\u300d\u306e\u30ea\u30b9\u30af<\/a>
          1. \u6bd4\u8f03\u8868\uff5c3\u3064\u306e\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3051\u308b\u9069\u7528\u306e\u53ef\u5426<\/a><\/li>
          2. \u6700\u5927\u306e\u4e89\u70b9\u300cDCF\u6cd5\u300d\u3068\u6700\u9ad8\u88c1\u4ee4\u548c5\u5e74\u6c7a\u5b9a<\/a><\/li><\/ol><\/li>
          3. \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n

            \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&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

            \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

            \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08Non-Liquidity Discount\uff09\u3068\u306f<\/h2>\n\n\n\n

            M&A\u3084\u4e8b\u696d\u627f\u7d99\u306e\u73fe\u5834\u306b\u304a\u3044\u3066\u3001\u81ea\u793e\u682a\u306e\u8a55\u4fa1\u984d\u304c\u60f3\u5b9a\u3088\u308a\u3082\u4f4e\u304f\u63d0\u793a\u3055\u308c\u3001\u9a5a\u304b\u308c\u308b\u7d4c\u55b6\u8005\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u5927\u304d\u306a\u8981\u56e0\u306e\u4e00\u3064\u304c\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08Non-Liquidity Discount\uff09\u3067\u3059\u3002<\/p>\n\n\n\n

            \u3053\u308c\u306f\u3001\u300c\u975e\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u306f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u306e\u3088\u3046\u306b\u5e02\u5834\u3067\u5bb9\u6613\u306b\u58f2\u8cb7\uff08\u63db\u91d1\uff09\u3067\u304d\u306a\u3044\u300d\u3068\u3044\u3046\u300c\u6d41\u52d5\u6027\u306e\u4f4e\u3055\uff08\u975e\u6d41\u52d5\u6027\uff09\u300d\u3092\u8003\u616e\u3057\u3001\u672c\u6765\u306e\u4f01\u696d\u4fa1\u5024\u304b\u3089\u4e00\u5b9a\u5272\u5408\u3092\u5272\u308a\u5f15\u304f\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3059\u308b\uff09\u8a55\u4fa1\u6982\u5ff5\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n

            \u4e0a\u5834\u682a\u5f0f\u3067\u3042\u308c\u3070\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u3059\u3050\u306b\u73fe\u91d1\u5316\u3067\u304d\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306b\u306f\u305d\u306e\u3088\u3046\u306a\u5e02\u5834\u304c\u5b58\u5728\u3057\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u306f\u3001\u3053\u306e\u300c\u58f2\u308a\u306b\u304f\u3055\u300d\u3092\u4fa1\u683c\u306b\u53cd\u6620\u3055\u305b\u308b\u6e1b\u984d\u8abf\u6574\u304c\u884c\u308f\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n

            \u25b7\u95a2\u9023\uff1a\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3068\u306f\uff1f\u8a08\u7b97\u65b9\u6cd5\u30fbM&A\u3067\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u624b\u6cd5\u3092\u89e3\u8aac<\/a><\/p>\n\n\n\n

            \u306a\u305c\u6e1b\u984d\u3055\u308c\u308b\u306e\u304b\uff1f\u4ed5\u7d44\u307f\u3068\u7406\u7531<\/h2>\n\n\n\n

            \u8a55\u4fa1\u984d\u304c\u5272\u308a\u5f15\u304b\u308c\u308b\u80cc\u666f\u306b\u306f\u3001\u8cb7\u3044\u624b\u304c\u8ca0\u3046\u30ea\u30b9\u30af\u3068\u30b3\u30b9\u30c8\u306e\u554f\u984c\u304c\u3042\u308a\u307e\u3059\u3002\u4e0b\u8868\u306f\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1\u984d\u304c\u5272\u308a\u5f15\u304b\u308c\u308b\u4e3b\u306a\u7406\u7531\u3092\u307e\u3068\u3081\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

            \u5272\u5f15\u306e\u7406\u7531<\/strong><\/th>\u8a73\u7d30\u5185\u5bb9<\/strong><\/th><\/tr><\/thead>
            \u5e02\u5834\u6027\u306e\u6b20\u5982\u3068\u63db\u91d1\u306e\u56f0\u96e3\u3055<\/strong><\/td>\u975e\u4e0a\u5834\u682a\u5f0f\u306f\u3001\u53d6\u5f15\u6240\u3068\u3044\u3046\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u5b58\u5728\u3057\u306a\u3044\u305f\u3081\u3001\u58f2\u308a\u305f\u3044\u3068\u304d\u306b\u3059\u3050\u306b\u58f2\u308c\u306a\u3044\u3068\u3044\u3046\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u6295\u8cc7\u5bb6\uff08\u8cb7\u3044\u624b\uff09\u306f\u3053\u306e\u73fe\u91d1\u5316\u306e\u81ea\u7531\u304c\u5236\u7d04\u3055\u308c\u308b\u3053\u3068\u306b\u5bfe\u3059\u308b\u5bfe\u4fa1\u3068\u3057\u3066\u3001\u5b89\u304f\u8cb7\u3046\u3053\u3068\u3092\u8981\u6c42\u3057\u307e\u3059\u3002\u4e0a\u5834\u682a\u5f0f\u306e\u3088\u3046\u306b\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u5206\u3060\u3051\u8a55\u4fa1\u984d\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002<\/td><\/tr>
            \u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u767a\u751f<\/strong><\/td>\u4e0a\u5834\u682a\u306a\u3089\u30af\u30ea\u30c3\u30af\u4e00\u3064\u3067\u58f2\u8cb7\u3067\u304d\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u682a\u306e\u58f2\u8cb7\u306b\u306f\u3001\u8cb7\u3044\u624b\u3092\u898b\u3064\u3051\u308b\u305f\u3081\u306e\u30de\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\u3001\u4ea4\u6e09\u306b\u304b\u304b\u308b\u6642\u9593\u3001\u5f01\u8b77\u58eb\u3084M&A\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3078\u306e\u624b\u6570\u6599\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u8cbb\u7528\u306a\u3069\u3001\u591a\u984d\u306e\u8ffd\u52a0\u30b3\u30b9\u30c8\u3068\u624b\u9593\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u3053\u306e\u624b\u9593\u8cc3\u3084\u63a2\u7d22\u30b3\u30b9\u30c8\u304c\u3001\u682a\u4fa1\u306e\u6e1b\u984d\u8981\u56e0\u3068\u3057\u3066\u8003\u616e\u3055\u308c\u307e\u3059\u3002<\/td><\/tr>
            \u652f\u914d\u6a29\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306e\u95a2\u4fc2<\/strong><\/td>M&A\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306f\u3001\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u4ee5\u5916\u306b\u3082\u652f\u914d\u6a29\u3092\u6301\u3064\u3053\u3068\u306b\u3088\u308b\u4fa1\u5024\u306e\u4e0a\u4e57\u305b\u3084\u3001\u5c11\u6570\u682a\u4e3b\u3067\u3042\u308b\u3053\u3068\u306b\u3088\u308b\u6e1b\u984d\u304c\u691c\u8a0e\u3055\u308c\u307e\u3059\u3002\u7279\u306b\u5c11\u6570\u682a\u4e3b\u306e\u6301\u5206\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u4f1a\u793e\u3092\u81ea\u7531\u306b\u52d5\u304b\u305b\u306a\u3044\u4e0a\u306b\u58f2\u5374\u3082\u96e3\u3057\u3044\u305f\u3081\u3001\u8a55\u4fa1\u984d\u306f\u5927\u304d\u304f\u4e0b\u304c\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\uff08\u30de\u30a4\u30ce\u30ea\u30c6\u30a3\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff09\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u5c02\u9580\u5bb6\u306e\u8996\u70b9\uff5c\u611f\u60c5\u7684\u306a\u5bfe\u7acb\u3092\u907f\u3051\u308b\u305f\u3081\u306b<\/h3>\n\n\n\n

            \u58f2\u308a\u624b\uff08\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\uff09\u304b\u3089\u3059\u308b\u3068\u300c\u5b89\u304f\u8cb7\u3044\u53e9\u304b\u308c\u3066\u3044\u308b\u300d\u3068\u611f\u3058\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u304c\u3001\u8cb7\u3044\u624b\u304b\u3089\u3059\u308c\u3070\u300c\u5c06\u6765\u3001\u81ea\u5206\u304c\u305d\u306e\u682a\u3092\u58f2\u308d\u3046\u3068\u3057\u305f\u3068\u304d\u306e\u82e6\u52b4\u300d\u3092\u5148\u53d6\u308a\u3057\u3066\u8a08\u7b97\u3057\u3066\u3044\u308b\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u3053\u306e\u30ed\u30b8\u30c3\u30af\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u3001\u51b7\u9759\u306a\u4ea4\u6e09\u306e\u7b2c\u4e00\u6b69\u3067\u3059\u3002<\/p>\n\n\n\n

            \u25b7\u95a2\u9023\uff1a\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

            \u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u7387\u306f\u4f55\uff05\u304c\u59a5\u5f53\u304b\uff1f\uff08\u9069\u7528\u5272\u5408\u306e\u76f8\u5834\uff09<\/h2>\n\n\n\n

            \u3067\u306f\u3001\u5177\u4f53\u7684\u306b\u3069\u308c\u304f\u3089\u3044\u5272\u308a\u5f15\u304b\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u3001\u300c20\uff05\uff5e30\uff05\u300d\u306e\u7bc4\u56f2\u3067\u8a2d\u5b9a\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u5b9f\u52d9\u4e0a\u3082\u3063\u3068\u3082\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n

            \u5b9f\u52d9\u4e0a\u306e\u76ee\u5b89\u3068\u3070\u3089\u3064\u304d<\/h3>\n\n\n\n

            \u660e\u78ba\u306a\u6cd5\u7684\u57fa\u6e96\u3084\u8a08\u7b97\u5f0f\u304c\u3042\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u904e\u53bb\u306e\u5224\u4f8b\u3084\u5b9f\u52d9\u6163\u884c\u3001\u7c73\u56fd\u306e\u7814\u7a76\u30c7\u30fc\u30bf\u306a\u3069\u3092\u57fa\u306b\u3001\u4ee5\u4e0b\u306e\u6c34\u6e96\u304c\u76ee\u5b89\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

            \u9069\u7528\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u7387<\/th>\u72b6\u6cc1\u30fb\u6839\u62e0<\/th><\/tr><\/thead>
            20\uff05\uff5e30\uff05<\/strong><\/td>\u4e00\u822c\u7684\u306a\u76ee\u5b89\u3002\u7c73\u56fd\u306e\u6559\u79d1\u66f8\u3084\u5b9f\u52d9\u3067\u306e\u6a19\u6e96\u7684\u306a\u6570\u5024\u3002<\/td><\/tr>
            30\uff05<\/strong><\/td>\u65e5\u672c\u306e\u88c1\u5224\u4f8b\u3084\u7a0e\u52d9\u5b9f\u52d9\u3067\u983b\u7e41\u306b\u63a1\u7528\u3055\u308c\u308b\u6570\u5024\u3002<\/td><\/tr>
            \uff5e50\uff05<\/strong><\/td>\u500b\u5225\u306e\u4e8b\u60c5\u306b\u3088\u308a\u3001\u975e\u5e38\u306b\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u3068\u5224\u65ad\u3055\u308c\u308b\u5834\u5408\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u5c02\u9580\u5bb6\u306e\u8996\u70b9\uff5c\u4e00\u5f8b30\uff05\u3078\u306e\u8b66\u9418<\/h3>\n\n\n\n

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            \u25b7\u95a2\u9023\uff1a\u81ea\u793e\u682a\u5f0f\u3092\u8b72\u6e21\u3059\u308b\u3068\u304d\u306e\u4fa1\u683c\u306f\uff1f\u7a0e\u52d9\u4e0a\u306e\u6642\u4fa1\u3068M&A\u682a\u4fa1\u306e\u9055\u3044<\/a><\/p>\n\n\n\n

            \u9069\u7528\u3055\u308c\u308b\u5834\u9762\u3068\u5224\u65ad\uff08\u6700\u9ad8\u88c1\u5224\u4f8b\u306e\u52d5\u5411\uff09<\/h2>\n\n\n\n

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            \u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e<\/strong>\u9069\u7528\u306e\u53ef\u5426<\/strong><\/th>\u5834\u9762<\/strong><\/th>\u5177\u4f53\u7684\u306a\u72b6\u6cc1<\/strong><\/th>\u6839\u62e0\u30fb\u7406\u7531<\/strong><\/th><\/tr><\/thead>
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            \u5426\u5b9a\u3055\u308c\u308b\uff08\u4f8b\u5916\uff09<\/strong><\/td>\u53cd\u5bfe\u682a\u4e3b\u306e\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\uff08\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306a\u3069\uff09<\/td>\u5408\u4f75\u306a\u3069\u306b\u53cd\u5bfe\u3057\u305f\u682a\u4e3b\u304c\u3001\u4f1a\u793e\u306b\u5bfe\u3057\u3066\u682a\u5f0f\u306e\u8cb7\u53d6\u3092\u8acb\u6c42\u3059\u308b\u5834\u9762\u3067\u3059\u3002\u3053\u306e\u5834\u5408\u3001\u682a\u4e3b\u306f\u81ea\u3089\u306e\u610f\u601d\u3067\u306f\u306a\u304f\u3001\u4f1a\u793e\u5074\u306e\u4e8b\u60c5\u3067\u9000\u51fa\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u308b\u305f\u3081\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u3059\u3079\u304d\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u5224\u65ad\u304c\u5b9a\u7740\u3057\u3066\u3044\u307e\u3059\uff08\u4f8b\uff1a\u30ab\u30cd\u30dc\u30a6\u4e8b\u4ef6\u3001\u30bb\u30a4\u30b3\u30fc\u30d5\u30ec\u30c3\u30b7\u30e5\u30d5\u30fc\u30ba\u4e8b\u4ef6\u306a\u3069\uff09\u3002<\/td>\u4f1a\u793e\u304b\u3089\u8ffd\u3044\u51fa\u3055\u308c\u308b\u682a\u4e3b\u306b\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9069\u5207\u306b\u5206\u914d\u3059\u3079\u304d\u3067\u3042\u308a\u3001\u58f2\u5374\u30b3\u30b9\u30c8\u3092\u8ca0\u62c5\u3055\u305b\u308b\u306e\u306f\u4e0d\u516c\u5e73\u3060\u304b\u3089\u3067\u3059\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u5c02\u9580\u5bb6\u306e\u8996\u70b9\uff5c\u76ee\u7684\u306b\u3088\u3063\u3066\u682a\u4fa1\u306f\u5909\u308f\u308b<\/h3>\n\n\n\n

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            \u8a55\u4fa1\u624b\u6cd5\uff08DCF\u6cd5\uff09\u3068\u306e\u95a2\u4fc2\u3068\u300c\u4e8c\u91cd\u6e1b\u4fa1\u300d\u306e\u30ea\u30b9\u30af<\/h2>\n\n\n\n

            M&A\u306e\u73fe\u5834\u3067\u7528\u3044\u3089\u308c\u308b\u682a\u4fa1\u7b97\u5b9a\u624b\u6cd5\u306f\u3001\u5927\u304d\u304f3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u9069\u7528\u3059\u3079\u304d\u304b\u3069\u3046\u304b\u306f\u3001\u63a1\u7528\u3059\u308b\u624b\u6cd5\u306b\u3088\u3063\u3066\u3082\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u6bd4\u8f03\u8868\uff5c3\u3064\u306e\u8a55\u4fa1\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3051\u308b\u9069\u7528\u306e\u53ef\u5426<\/h3>\n\n\n\n

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            \u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u624b\u6cd5<\/th>\u5206\u985e<\/th>\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u9069\u7528\u306e\u6709\u7121<\/th>\u9069\u7528\u6709\u7121\u306e\u7406\u7531\u30fb\u6839\u62e0<\/th><\/tr><\/thead>
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            \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\u30cd\u30c3\u30c8\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\u9069\u7528\u3057\u306a\u3044<\/strong><\/td>\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u6bb5\u968e\u3067\u3001\u63db\u91d1\u6027\u3084\u51e6\u5206\u4fa1\u5024\u304c\u3059\u3067\u306b\u8003\u616e\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u6700\u5f8c\u306b\u91cd\u306d\u3066\u6e1b\u984d\u306f\u3057\u306a\u3044\u3002<\/td><\/tr>
            DCF\u6cd5<\/strong><\/td>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/td>\u30b1\u30fc\u30b9\u30d0\u30a4\u30b1\u30fc\u30b9<\/strong><\/td>\u7406\u8ad6\u4e0a\u306f\u300c\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u306b\u57fa\u3065\u304f\u305f\u3081\u8b70\u8ad6\u304c\u3042\u3063\u305f\u304c\u3001\u73fe\u5728\u306f\u6761\u4ef6\u4ed8\u304d\u3067\u9069\u7528\u53ef\u80fd\u3068\u3055\u308c\u308b\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u25b7\u95a2\u9023\uff1a\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3068\u306f\uff1f EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u5f0f<\/a><\/p>\n\n\n\n

            \u6700\u5927\u306e\u4e89\u70b9\u300cDCF\u6cd5\u300d\u3068\u6700\u9ad8\u88c1\u4ee4\u548c5\u5e74\u6c7a\u5b9a<\/h3>\n\n\n\n

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