{"id":7823,"date":"2026-06-15T14:48:17","date_gmt":"2026-06-15T05:48:17","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&#038;p=7823"},"modified":"2026-06-15T19:29:14","modified_gmt":"2026-06-15T10:29:14","slug":"minority-discount-ma","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/minority-discount-ma\/","title":{"rendered":"\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068M&amp;A\u306e\u5b9f\u52d9\uff5c\u5c11\u6570\u6301\u5206\u306e\u8b72\u6e21\u4fa1\u984d\u3092\u89e3\u8aac"},"content":{"rendered":"\n<p 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class=\"ark-block-toc__list\" data-level=\"2\"><li><a href=\"#arkb-toc-0\" class=\"ark-block-toc__link\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304cM&amp;A\u306e\u8b72\u6e21\u4fa1\u984d\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-1\" class=\"ark-block-toc__link\">\u5c11\u6570\u6301\u5206\u306f\u5272\u308a\u5f15\u304b\u308c\u3066\u8a55\u4fa1\u3055\u308c\u308b<\/a><\/li><li><a href=\"#arkb-toc-2\" class=\"ark-block-toc__link\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4fa1\u984d\u306e\u6839\u62e0\u3092\u77e5\u308b\u3079\u304d\u7406\u7531<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-3\" class=\"ark-block-toc__link\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f\u4f55\u304b<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-4\" class=\"ark-block-toc__link\">\u652f\u914d\u6a29\u306e\u6709\u7121\u304c\u4fa1\u5024\u3092\u5206\u3051\u308b<\/a><\/li><li><a href=\"#arkb-toc-5\" class=\"ark-block-toc__link\">\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306e\u8868\u88cf\u4e00\u4f53<\/a><\/li><li><a href=\"#arkb-toc-6\" class=\"ark-block-toc__link\">\u5272\u5f15\u7387\u306e\u76ee\u5b89\u3068\u9006\u7b97\u306e\u8003\u3048\u65b9<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-7\" class=\"ark-block-toc__link\">\u8a55\u4fa1\u624b\u6cd5\u306b\u3088\u3063\u3066\u9069\u7528\u304c\u5909\u308f\u308b<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-8\" class=\"ark-block-toc__link\">DCF\u6cd5\u3067\u306e\u843d\u3068\u3057\u7a74<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-9\" class=\"ark-block-toc__link\">\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306e\u9055\u3044\u3068\u4f75\u7528<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-10\" class=\"ark-block-toc__link\">\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f<\/a><\/li><li><a href=\"#arkb-toc-11\" class=\"ark-block-toc__link\">2\u3064\u306e\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u9055\u3044<\/a><\/li><li><a href=\"#arkb-toc-12\" class=\"ark-block-toc__link\">\u30c0\u30d6\u30eb\u3067\u8a55\u4fa1\u984d\u304c\u4e0b\u304c\u308b\u3057\u304f\u307f<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-13\" class=\"ark-block-toc__link\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068\u8cb7\u53d6\u4fa1\u683c\u306e\u5408\u7406\u6027<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-14\" class=\"ark-block-toc__link\">\u5168\u682a\u53d6\u5f97\u3068\u5c11\u6570\u682a\u4e3b\u306e\u6574\u7406<\/a><\/li><li><a href=\"#arkb-toc-15\" class=\"ark-block-toc__link\">\u8cb7\u53d6\u4fa1\u683c\u6c7a\u5b9a\u306e\u7533\u7acb\u3066\u3068\u3044\u3046\u30ea\u30b9\u30af<\/a><\/li><li><a href=\"#arkb-toc-16\" class=\"ark-block-toc__link\">\u53cd\u5bfe\u682a\u4e3b\u306e\u8cb7\u53d6\u8acb\u6c42\u3067\u306f\u5272\u5f15\u304c\u5426\u5b9a\u3055\u308c\u3084\u3059\u3044<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-17\" class=\"ark-block-toc__link\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u5c11\u6570\u6301\u5206\u306e\u8a55\u4fa1\u3067\u62bc\u3055\u3048\u308b\u70b9<\/a><ol class=\"ark-block-toc__list\" data-level=\"3\"><li><a href=\"#arkb-toc-18\" class=\"ark-block-toc__link\">\u3069\u306e\u571f\u4ff5\u3067\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u304b\u3092\u898b\u6975\u3081\u308b<\/a><\/li><li><a href=\"#arkb-toc-19\" class=\"ark-block-toc__link\">\u652f\u63f4\u73fe\u5834\u3067\u78ba\u8a8d\u3057\u3066\u3044\u308b\u8ad6\u70b9<\/a><\/li><li><a href=\"#arkb-toc-20\" class=\"ark-block-toc__link\">\u9069\u7528\u3055\u308c\u308b\u4e3b\u306a\u5834\u9762<\/a><\/li><\/ol><\/li><li><a href=\"#arkb-toc-21\" class=\"ark-block-toc__link\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306b\u95a2\u3059\u308bFAQ<\/a><\/li><li><a href=\"#arkb-toc-22\" class=\"ark-block-toc__link\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u4f1a\u793e\u58f2\u5374\u306e\u307e\u3068\u3081<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n<!-- \u4e8b\u696d\u627f\u7d99\u30ac\u30a4\u30c9\u30d6\u30c3\u30afCTA\uff1a\u30b3\u30e9\u30e0\u5171\u901a -->\n<a\n  href=\"https:\/\/mitsukijapan.com\/ma\/business-succession-guide\/\"\n  data-cta-id=\"business-succession-guide\"\n  data-cta-pos=\"column_bottom\"\n  aria-label=\"\u4e8b\u696d\u627f\u7d99 \u5b9f\u8df5\u30ac\u30a4\u30c9\u30d6\u30c3\u30af\u306e\u7533\u8fbc\u30da\u30fc\u30b8\u3078\"\n  style=\"\n    display:block;\n    width:100%;\n    max-width:100%;\n    margin:24px 0;\n    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\u5b9f\u8df5\u30ac\u30a4\u30c9\u30d6\u30c3\u30af\u300f\u8868\u7d19\"\n        loading=\"lazy\"\n        decoding=\"async\"\n        style=\"\n          display:block;\n          width:88px;\n          height:auto;\n          border:1px solid #d6dad3;\n        \"\n      >\n    <\/figure>\n\n    <!-- \u66f8\u7c4d\u60c5\u5831 -->\n    <div\n      style=\"\n        box-sizing:border-box;\n        flex:1 1 390px;\n        min-width:0;\n      \"\n    >\n      <p\n        style=\"\n          display:inline-block;\n          margin:0 0 5px;\n          padding:3px 9px;\n          border-radius:3px;\n          background:#eaf3e6;\n          color:#0f4a08;\n          font-size:16px;\n          font-weight:700;\n          line-height:1.5;\n        \"\n      >\n        \u7d4c\u55b6\u8005\u9650\u5b9a\u30fb1\u793e1\u518a\u3092\u8d08\u5448\n      <\/p>\n\n      <p\n        style=\"\n          margin:0 0 3px;\n          color:#575757;\n          font-size:16px;\n          font-weight:600;\n          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style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u624b\u6cd5<\/mark><\/a>\u3084<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/enterprise-value-sale\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">M&amp;A\u306e\u4f01\u696d\u4fa1\u5024<\/mark><\/a>\u306e\u8003\u3048\u65b9\u3082\u3001\u3042\u308f\u305b\u3066\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3068\u7406\u89e3\u304c\u65e9\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-1\" class=\"wp-block-heading\">\u5c11\u6570\u6301\u5206\u306f\u5272\u308a\u5f15\u304b\u308c\u3066\u8a55\u4fa1\u3055\u308c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f\u3001\u652f\u914d\u6a29\u3092\u6301\u305f\u306a\u3044\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u3001\u652f\u914d\u6a29\u8fbc\u307f\u306e\u4fa1\u5024\u304b\u3089\u5dee\u3057\u5f15\u304f\u8003\u3048\u65b9\u3092\u3044\u3044\u307e\u3059\u3002\u540c\u30581\u682a\u3067\u3082\u3001\u4f1a\u793e\u306e\u8235\u3092\u63e1\u308b1\u682a\u3068\u3001\u305f\u3060\u4e57\u3063\u3066\u3044\u308b\u3060\u3051\u306e1\u682a\u3067\u306f\u3001\u7d4c\u6e08\u7684\u306a\u5024\u6253\u3061\u304c\u9055\u3046\u3068\u898b\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u672c\u4eba\u306f7\u301c8\u5272\u3092\u63e1\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044\u8ad6\u70b9\u306b\u898b\u3048\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u914d\u5076\u8005\u3084\u5b50\u3001\u9000\u8077\u5f79\u54e1\u304c\u63e1\u308b\u5c11\u6570\u682a\u3092\u6574\u7406\u3059\u308b\u6bb5\u306b\u306a\u308b\u3068\u3001\u6025\u306b\u81ea\u5206\u3054\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-2\" class=\"wp-block-heading\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u4fa1\u984d\u306e\u6839\u62e0\u3092\u77e5\u308b\u3079\u304d\u7406\u7531<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u63d0\u793a\u3055\u308c\u305f\u682a\u4fa1\u304c\u9069\u6b63\u304b\u3001\u305d\u308c\u3068\u3082\u5b89\u304f\u8cb7\u3044\u53e9\u304b\u308c\u3066\u3044\u308b\u306e\u304b\u3002\u5224\u65ad\u3059\u308b\u306b\u306f\u3001\u3069\u306e\u7406\u5c48\u3067\u5272\u5f15\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u304b\u3092\u77e5\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u6839\u62e0\u3092\u7406\u89e3\u3057\u306a\u3044\u307e\u307e\u7f72\u540d\u3059\u308b\u3068\u3001\u5f8c\u304b\u3089\u300c\u3082\u3063\u3068\u53d6\u308c\u305f\u306f\u305a\u300d\u3068\u6094\u3084\u3080\u3053\u3068\u306b\u306a\u308a\u304b\u306d\u307e\u305b\u3093\u3002\u5b89\u3044\u3068\u611f\u3058\u305f\u3089\u3001\u307e\u305a\u7b97\u5b9a\u306e\u624b\u6cd5\u3092\u78ba\u304b\u3081\u308b\u3068\u3053\u308d\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-3\" class=\"wp-block-heading\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f\u4f55\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a00\u8449\u306e\u5b9a\u7fa9\u306b\u7acb\u3061\u8fd4\u308a\u307e\u3059\u3002\u306a\u305c\u6301\u3061\u682a\u304c\u5c11\u306a\u3044\u3068\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u306e\u304b\u3002\u305d\u306e\u80cc\u666f\u306b\u306f\u3001\u4f1a\u793e\u6cd5\u304c\u5b9a\u3081\u308b\u610f\u601d\u6c7a\u5b9a\u306e\u3057\u304f\u307f\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-4\" class=\"wp-block-heading\">\u652f\u914d\u6a29\u306e\u6709\u7121\u304c\u4fa1\u5024\u3092\u5206\u3051\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u5f0f\u4f1a\u793e\u306e\u610f\u601d\u6c7a\u5b9a\u306f\u3001\u539f\u5247\u3068\u3057\u3066\u682a\u4e3b\u7dcf\u4f1a\u306e\u591a\u6570\u6c7a\u3067\u52d5\u304d\u307e\u3059\u3002\u904e\u534a\u6570\u30843\u5206\u306e2\u3092\u63e1\u308b\u652f\u914d\u682a\u4e3b\u3068\u3001\u305d\u308c\u306b\u5c4a\u304b\u306a\u3044\u5c11\u6570\u682a\u4e3b\u3067\u306f\u3001\u4f1a\u793e\u3078\u306e\u5f71\u97ff\u529b\u306b\u5929\u3068\u5730\u307b\u3069\u306e\u958b\u304d\u304c\u751f\u307e\u308c\u307e\u3059\u3002\u3053\u306e\u5f71\u97ff\u529b\u306e\u5dee\u3092\u4fa1\u683c\u306b\u6620\u3057\u305f\u3082\u306e\u304c\u3001\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u5358\u72ec\u3067\u306f\u884c\u4f7f\u3067\u304d\u306a\u3044\u682a\u4e3b\u306e\u6a29\u5229<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c11\u6570\u682a\u4e3b\u304c\u5358\u72ec\u3067\u52d5\u304b\u305b\u306a\u3044\u4ee3\u8868\u7684\u306a\u4e8b\u9805\u3092\u3001\u4e0b\u8868\u306b\u307e\u3068\u3081\u307e\u3057\u305f\u3002\u3053\u308c\u3089\u3092\u6c7a\u3081\u3089\u308c\u306a\u3044\u7acb\u5834\u306b\u3042\u308b\u3053\u3068\u304c\u3001\u8a55\u4fa1\u6e1b\u306e\u7406\u7531\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter is-style-stripes\"><table><thead><tr><th>\u6c7a\u3081\u3089\u308c\u306a\u3044\u4e8b\u9805<\/th><th>\u5c11\u6570\u682a\u4e3b\u3078\u306e\u5f71\u97ff<\/th><\/tr><\/thead><tbody><tr><td><strong>\u53d6\u7de0\u5f79\u306e\u9078\u4efb\u30fb\u89e3\u4efb<\/strong><\/td><td>\u7d4c\u55b6\u9663\u3092\u8ab0\u306b\u3059\u308b\u304b\u95a2\u4e0e\u3067\u304d\u306a\u3044<\/td><\/tr><tr><td><strong>\u5408\u4f75\u30fb\u4e8b\u696d\u8b72\u6e21\u306e\u6c7a\u5b9a<\/strong><\/td><td>\u91cd\u8981\u306a\u518d\u7de8\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u52a0\u308f\u308c\u306a\u3044<\/td><\/tr><tr><td><strong>\u914d\u5f53\u653f\u7b56\u306e\u6c7a\u5b9a<\/strong><\/td><td>\u6295\u8cc7\u3078\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u81ea\u5206\u3067\u6c7a\u3081\u3089\u308c\u306a\u3044<\/td><\/tr><tr><td><strong>\u5f79\u54e1\u5831\u916c\u306e\u6c7a\u5b9a<\/strong><\/td><td>\u4f1a\u793e\u304b\u3089\u306e\u8cc7\u91d1\u306e\u51fa\u65b9\u3092\u5de6\u53f3\u3067\u304d\u306a\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u652f\u914d\u682a\u4e3b\u306e\u6c7a\u5b9a\u306b\u5f93\u308f\u3056\u308b\u3092\u5f97\u306a\u3044\u3001\u3053\u306e\u7aae\u5c48\u3055\u3068\u30ea\u30b9\u30af\u3002\u305d\u308c\u3092\u5024\u6bb5\u306b\u7e54\u308a\u8fbc\u3093\u3060\u306e\u304c\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u672c\u8cea\u3067\u3059\u3002\u5acc\u304c\u3089\u305b\u3067\u4e0b\u3052\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u5e02\u5834\u306e\u7406\u5c48\u3068\u3057\u3066\u81ea\u7136\u306b\u751f\u3058\u308b\u5dee\u3060\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-5\" class=\"wp-block-heading\">\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306e\u8868\u88cf\u4e00\u4f53<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306f\u3001\u652f\u914d\u6a29\u306e\u4fa1\u5024\u3067\u3042\u308b<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/ma-acquisition-premium\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0<\/mark><\/a>\u3068\u88cf\u8868\u306e\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3059\u3002\u652f\u914d\u6a29\u3092\u53d6\u308a\u306b\u3044\u304f\u3068\u304d\u306f\u4e0a\u4e57\u305b\u3001\u652f\u914d\u6a29\u304c\u306a\u3044\u3068\u304d\u306f\u5dee\u3057\u5f15\u304d\u3002\u540c\u3058\u30b3\u30a4\u30f3\u306e\u4e21\u9762\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u9006\u6570\u3068\u3057\u3066\u6349\u3048\u308b<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u5f0f\u3067\u66f8\u304f\u3068\u3001\u5c11\u6570\u682a\u4e3b\u4fa1\u5024\uff1d\u652f\u914d\u682a\u4e3b\u4fa1\u5024\u00d7\uff081\uff0d\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u7387\uff09\u3068\u306a\u308a\u307e\u3059\u3002\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u9006\u6570\u3068\u3057\u3066\u6c42\u3081\u308b\u306e\u304c\u4e00\u822c\u7684\u306a\u6271\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u88cf\u8868\u3060\u3068\u77e5\u3063\u3066\u304a\u304f\u3068\u4ea4\u6e09\u3067\u8ff7\u3044\u307e\u305b\u3093\u3002\u8cb7\u3044\u624b\u304c\u300c\u7d4c\u55b6\u306b\u95a2\u4e0e\u3067\u304d\u306a\u3044\u5206\u3092\u5f15\u304f\u300d\u3068\u8a00\u3046\u306a\u3089\u3001\u305d\u308c\u306f\u652f\u914d\u6a29\u306b\u4fa1\u5024\u304c\u3042\u308b\u3068\u8a8d\u3081\u3066\u3044\u308b\u306e\u3068\u540c\u3058\u3053\u3068\u3002\u8ad6\u70b9\u306e\u7f6e\u304d\u5834\u6240\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-6\" class=\"wp-block-heading\">\u5272\u5f15\u7387\u306e\u76ee\u5b89\u3068\u9006\u7b97\u306e\u8003\u3048\u65b9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u306f\u3001\u3069\u306e\u304f\u3089\u3044\u5f15\u304b\u308c\u308b\u306e\u304b\u3002\u6cd5\u7684\u306a\u57fa\u6e96\u306f\u306a\u304f\u3001\u6848\u4ef6\u3054\u3068\u306b\u4e8b\u60c5\u3092\u7dcf\u5408\u3057\u3066\u6c7a\u307e\u308a\u307e\u3059\u3002\u5b9f\u52d9\u3067\u53c2\u7167\u3055\u308c\u308b\u5e45\u306f\u304a\u304a\u3080\u306d10\u301c30\uff05\u7a0b\u5ea6\u3002\u4fdd\u6709\u5272\u5408\u3084\u4f1a\u793e\u306e\u72b6\u6cc1\u3067\u5927\u304d\u304f\u52d5\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">TOB\u30d7\u30ec\u30df\u30a2\u30e0\u304b\u3089\u306e\u9006\u7b97<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u5834\u4f1a\u793e\u306eTOB\u3067\u3064\u304f\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u624b\u304c\u304b\u308a\u306b\u9006\u7b97\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002\u30d7\u30ec\u30df\u30a2\u30e0\u304c30\uff05\u306a\u3089\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u7387\u306f30\uff05\u00f7\uff08100\uff05\uff0b30\uff05\uff09\u3067\u304a\u3088\u305d23\uff05\u3002\u652f\u914d\u6a29\u306b30\uff05\u4e0a\u4e57\u305b\u3055\u308c\u308b\u306a\u3089\u3001\u5c11\u6570\u6301\u5206\u306f\u7d0423\uff05\u5f15\u304b\u308c\u308b\u3001\u3068\u3044\u3046\u5bfe\u79f0\u306e\u8ad6\u7406\u3067\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-7\" class=\"wp-block-heading\">\u8a55\u4fa1\u624b\u6cd5\u306b\u3088\u3063\u3066\u9069\u7528\u304c\u5909\u308f\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u306a\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u3069\u306e\u7b97\u5b9a\u624b\u6cd5\u3092\u4f7f\u3063\u305f\u304b\u3067\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u304b\u3051\u308b\u3079\u304d\u304b\u5426\u304b\u304c\u5909\u308f\u308b\u306e\u3067\u3059\u3002\u4e0b\u8868\u3067\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter is-style-stripes\"><table><thead><tr><th>\u8a55\u4fa1\u624b\u6cd5<\/th><th>\u9069\u7528\u306e\u8981\u5426<\/th><th>\u7406\u7531<\/th><\/tr><\/thead><tbody><tr><td><strong>DCF\u6cd5<\/strong><\/td><td>\u9069\u7528\u3059\u308b<\/td><td>\u4e8b\u696d\u8a08\u753b\u306f\u73fe\u7d4c\u55b6\u9663\u306e\u610f\u601d\u3067\u4f5c\u3089\u308c\u308b\u305f\u3081\u3001\u7b97\u51fa\u5024\u306b\u306f\u652f\u914d\u6a29\u306e\u4fa1\u5024\u304c\u542b\u307e\u308c\u308b\u3002\u5c11\u6570\u6301\u5206\u3092\u51fa\u3059\u306a\u3089\u6e1b\u984d\u8abf\u6574\u304c\u8981\u308b<\/td><\/tr><tr><td><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/strong><\/td><td>\u9069\u7528\u3057\u306a\u3044<\/td><td>\u53c2\u7167\u3059\u308b\u4e0a\u5834\u682a\u4fa1\u306f\u5c11\u6570\u682a\u4e3b\u540c\u58eb\u306e\u5e02\u5834\u53d6\u5f15\u4fa1\u683c\u3067\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304c\u7e54\u308a\u8fbc\u307f\u6e08\u307f\u3002\u4e8c\u91cd\u8a08\u4e0a\u3092\u907f\u3051\u308b<\/td><\/tr><tr><td><strong>\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td><td>\u9069\u7528\u3059\u308b<\/td><td>\u8cc7\u7523\u306e\u51e6\u5206\u30fb\u6d3b\u7528\u3092\u6c7a\u3081\u308b\u306e\u306f\u652f\u914d\u682a\u4e3b\u3002\u51fa\u3066\u304f\u308b\u4fa1\u5024\u306f\u652f\u914d\u682a\u4e3b\u4fa1\u5024\u3068\u307f\u306a\u3055\u308c\u3001\u5c11\u6570\u8a55\u4fa1\u3067\u306f\u6e1b\u984d\u5bfe\u8c61\u306b\u306a\u308a\u3046\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"arkb-toc-8\" class=\"wp-block-heading\">DCF\u6cd5\u3067\u306e\u843d\u3068\u3057\u7a74<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/mitsukijapan.com\/ma\/column\/dcf-ma-value\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">DCF\u6cd5<\/mark><\/a>\u3067\u51fa\u3057\u305f\u682a\u4fa1\u3092\u305d\u306e\u307e\u307e\u5c11\u6570\u682a\u4e3b\u306e\u8cb7\u53d6\u4fa1\u683c\u306b\u6301\u3061\u51fa\u3059\u3068\u3001\u8b72\u53d7\u4f01\u696d\u304b\u3089\u300c\u305d\u308c\u306f\u652f\u914d\u6a29\u8fbc\u307f\u306e\u4fa1\u683c\u3067\u3059\u3088\u306d\u300d\u3068\u5207\u308a\u8fd4\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u304cM&amp;A\u306e\u5e38\u8b58\u3067\u3059\u3002\u4e00\u65b9\u3001<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/comparable-ma-value\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/mark><\/a>\u3084<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/net-asset-ma\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u7d14\u8cc7\u7523\u6cd5<\/mark><\/a>\u3067\u306f\u6271\u3044\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u3069\u306e\u624b\u6cd5\u304c\u571f\u53f0\u304b\u3092\u898b\u6975\u3081\u308b\u3053\u3068\u304c\u3001\u9069\u6b63\u4fa1\u683c\u3092\u77e5\u308b\u7b2c\u4e00\u6b69\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-9\" class=\"wp-block-heading\">\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306e\u9055\u3044\u3068\u4f75\u7528<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u6df7\u540c\u3055\u308c\u3084\u3059\u3044\u306e\u304c\u3001\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3067\u3059\u3002\u540d\u524d\u306f\u4f3c\u3066\u3044\u3066\u3082\u7740\u773c\u70b9\u306f\u307e\u308b\u3067\u5225\u7269\u3067\u3001\u5b9f\u52d9\u3067\u306f\u4e21\u65b9\u304c\u540c\u6642\u306b\u304b\u304b\u308b\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-10\" class=\"wp-block-heading\">\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u306f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u975e\u4e0a\u5834\u682a\u5f0f\u306f\u5e02\u5834\u3067\u3059\u3050\u58f2\u308c\u305a\u3001\u8cb7\u3044\u624b\u3092\u81ea\u5206\u3067\u63a2\u3059\u624b\u9593\u3068\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3059\u3002\u3053\u306e\u63db\u91d1\u3057\u306b\u304f\u3055\u3092\u4fa1\u5024\u306e\u6e1b\u984d\u306b\u6620\u3057\u305f\u306e\u304c<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/non-liquidity-discount\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/mark><\/a>\u3067\u3059\u3002\u652f\u914d\u6a29\u3067\u306f\u306a\u304f\u3001\u58f2\u308a\u3084\u3059\u3055\u306b\u7740\u76ee\u3057\u3066\u3044\u308b\u70b9\u304c\u9055\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-11\" class=\"wp-block-heading\">2\u3064\u306e\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u9055\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e21\u8005\u306e\u9055\u3044\u3092\u4e0b\u8868\u3067\u5bfe\u6bd4\u3057\u307e\u3059\u3002\u7740\u773c\u70b9\u3068\u5bfe\u8c61\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u5225\u3005\u306b\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6bd4\u8f03\u9805\u76ee<\/th><th>\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/th><th>\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/th><\/tr><\/thead><tbody><tr><td><strong>\u7740\u773c\u70b9<\/strong><\/td><td>\u652f\u914d\u6a29\u306e\u6709\u7121<\/td><td>\u63db\u91d1\u6027\u306e\u6709\u7121<\/td><\/tr><tr><td><strong>\u5bfe\u8c61<\/strong><\/td><td>\u904e\u534a\u6570\u306b\u5c4a\u304b\u306a\u3044\u5c11\u6570\u682a\u4e3b<\/td><td>\u975e\u4e0a\u5834\u682a\u5f0f\u5168\u822c\uff08\u652f\u914d\u682a\u4e3b\u3082\u542b\u3080\uff09<\/td><\/tr><tr><td><strong>\u5f15\u304b\u308c\u308b\u7406\u7531<\/strong><\/td><td>\u7d4c\u55b6\u306b\u95a2\u4e0e\u3067\u304d\u306a\u3044\u4e0d\u5229\u76ca<\/td><td>\u8cb7\u3044\u624b\u63a2\u3057\u3068\u63db\u91d1\u306b\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"arkb-toc-12\" class=\"wp-block-heading\">\u30c0\u30d6\u30eb\u3067\u8a55\u4fa1\u984d\u304c\u4e0b\u304c\u308b\u3057\u304f\u307f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u975e\u4e0a\u5834\u306e\u5c11\u6570\u682a\u5f0f\u3067\u306f\u3001\u3053\u306e2\u3064\u304c\u91cd\u306d\u3066\u304b\u304b\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002DCF\u6cd5\u3067\u51fa\u3057\u305f\u4fa1\u5024\u306b\u307e\u305a\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3001\u305d\u3053\u304b\u3089\u3055\u3089\u306b\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3001\u3068\u3044\u3046\u9806\u5e8f\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter is-style-stripes\"><table><thead><tr><th>\u8a08\u7b97\u30b9\u30c6\u30c3\u30d7<\/th><th class=\"has-text-align-right\" data-align=\"right\">\u91d1\u984d<\/th><\/tr><\/thead><tbody><tr><td><strong>\u672c\u6765\u306e1\u682a\u4fa1\u5024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">10,000\u5186<\/td><\/tr><tr><td><strong>\u5c11\u6570\u682a\u4e3b\u5206\uff0830\uff05\u6e1b\uff09<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,000\u5186<\/td><\/tr><tr><td><strong>\u975e\u6d41\u52d5\u6027\u5206\uff08\u3055\u3089\u306b30\uff05\u6e1b\uff09<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,900\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2\u3064\u304c\u91cd\u306a\u308b\u3068\u3001\u7406\u8ad6\u4e0a\u306e\u4fa1\u5024\u304c\u534a\u5024\u4ee5\u4e0b\u306b\u6c88\u3080\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u975e\u4e0a\u5834\u306e\u5c11\u6570\u682a\u5f0f\u306e\u58f2\u5374\u304c\u96e3\u3057\u3044\u3068\u8a00\u308f\u308c\u308b\u3001\u91d1\u92ad\u9762\u306e\u7406\u7531\u306e\u3072\u3068\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-13\" class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068\u8cb7\u53d6\u4fa1\u683c\u306e\u5408\u7406\u6027<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304b\u3089\u304cM&amp;A\u5b9f\u52d9\u306e\u6838\u5fc3\u3067\u3059\u3002\u4f1a\u793e\u3092100\uff05\u5b50\u4f1a\u793e\u5316\u3059\u308b\u5c40\u9762\u3067\u306f\u3001\u6700\u5f8c\u306b\u6b8b\u3063\u305f\u5c11\u6570\u682a\u4e3b\u3092\u3069\u3046\u6574\u7406\u3059\u308b\u304b\u304c\u554f\u984c\u306b\u306a\u308a\u307e\u3059\u3002\u4fa1\u683c\u306e\u7d44\u307f\u7acb\u3066\u3092\u8aa4\u308b\u3068\u3001\u5f8c\u3067\u5927\u304d\u306a\u3057\u3053\u308a\u3092\u6b8b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-14\" class=\"wp-block-heading\">\u5168\u682a\u53d6\u5f97\u3068\u5c11\u6570\u682a\u4e3b\u306e\u6574\u7406<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u8b70\u6c7a\u6a29\u306e10\u5206\u306e9\u4ee5\u4e0a\u3092\u6301\u3064\u7279\u5225\u652f\u914d\u682a\u4e3b\u306f\u3001\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u306b\u3088\u3063\u3066\u6b8b\u308a\u306e\u682a\u5f0f\u3092\u5f37\u5236\u7684\u306b\u53d6\u5f97\u3067\u304d\u307e\u3059\uff08\u4f1a\u793e\u6cd5179\u6761\u4ee5\u4e0b\uff09\u3002\u682a\u5f0f\u4f75\u5408\u3092\u4f7f\u3046\u9053\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u4e00\u9023\u306e\u52d5\u304d\u304c<a href=\"https:\/\/mitsukijapan.com\/ma\/column\/squeeze-out-sale\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/mark><\/a>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">9\u5272\u3068\u3044\u3046\u7dda\u5f15\u304d\u306f\u3001\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3067\u3082\u5b9f\u969b\u306b\u51fa\u3066\u304d\u307e\u3059\u3002\u5275\u696d\u5bb6\u4ee5\u5916\u306b\u6563\u3089\u3070\u3063\u305f\u682a\u3092\u8cb7\u3044\u624b\u304c\u5acc\u3044\u3001\u6574\u7406\u3092\u6761\u4ef6\u306b\u3059\u308b\u6848\u4ef6\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-15\" class=\"wp-block-heading\">\u8cb7\u53d6\u4fa1\u683c\u6c7a\u5b9a\u306e\u7533\u7acb\u3066\u3068\u3044\u3046\u30ea\u30b9\u30af<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6574\u7406\u3055\u308c\u308b\u5074\u306e\u5c11\u6570\u682a\u4e3b\u306f\u3001\u63d0\u793a\u4fa1\u683c\u306b\u4e0d\u670d\u304c\u3042\u308c\u3070\u3001\u88c1\u5224\u6240\u3078\u58f2\u8cb7\u4fa1\u683c\u306e\u6c7a\u5b9a\u3092\u7533\u3057\u7acb\u3066\u3089\u308c\u307e\u3059\uff08\u4f1a\u793e\u6cd5<a href=\"https:\/\/laws.e-gov.go.jp\/law\/417AC0000000086\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">179\u6761\u306e8<\/mark><\/a>\uff09\u3002\u7533\u7acb\u3066\u304c\u3067\u304d\u308b\u306e\u306f\u53d6\u5f97\u65e5\u306e20\u65e5\u524d\u304b\u3089\u524d\u65e5\u307e\u3067\u3002\u4fa1\u683c\u304c\u5b89\u3059\u304e\u308b\u3068\u5224\u65ad\u3055\u308c\u308c\u3070\u3001\u5f15\u304d\u4e0a\u3052\u3092\u547d\u3058\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3060\u304b\u3089\u3053\u305d\u3001\u88c1\u5224\u6240\u304c\u5ba2\u89b3\u7684\u306b\u3069\u3046\u898b\u308b\u304b\u3092\u610f\u8b58\u3057\u305f\u4fa1\u683c\u8a2d\u5b9a\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002\u7b2c\u4e09\u8005\u7b97\u5b9a\u6a5f\u95a2\u306e\u95a2\u4e0e\u3084\u958b\u793a\u66f8\u9762\u306e\u6574\u5099\u3082\u3001\u4fa1\u683c\u306e\u5408\u7406\u6027\u3092\u652f\u3048\u308b\u571f\u53f0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-16\" class=\"wp-block-heading\">\u53cd\u5bfe\u682a\u4e3b\u306e\u8cb7\u53d6\u8acb\u6c42\u3067\u306f\u5272\u5f15\u304c\u5426\u5b9a\u3055\u308c\u3084\u3059\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u3058\u8a55\u4fa1\u3067\u3082\u3001\u5c40\u9762\u304c\u5909\u308f\u308b\u3068\u7d50\u8ad6\u304c\u5272\u308c\u307e\u3059\u3002\u4f1a\u793e\u5074\u306e\u90fd\u5408\uff08\u5408\u4f75\u3084\u682a\u5f0f\u4ea4\u63db\uff09\u3067\u610f\u306b\u53cd\u3057\u3066\u9000\u51fa\u3055\u305b\u3089\u308c\u308b\u53cd\u5bfe\u682a\u4e3b\u306e\u8cb7\u53d6\u8acb\u6c42\u3067\u306f\u3001\u5c11\u6570\u682a\u4e3b\u3084\u975e\u6d41\u52d5\u6027\u306e\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u884c\u3046\u3079\u304d\u3067\u306a\u3044\u3068\u3055\u308c\u308b\u50be\u5411\u304c\u5f37\u3044\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u682a\u4e3b\u304c\u81ea\u3089\u8b72\u6e21\u3092\u671b\u3080\u8b72\u6e21\u627f\u8a8d\u8acb\u6c42\u306e\u5834\u9762\u3067\u306f\u3001\u53d6\u5f15\u306e\u73fe\u5b9f\u6027\u3092\u8e0f\u307e\u3048\u3066\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304c\u8a31\u5bb9\u3055\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u3069\u306e\u571f\u4ff5\u3067\u4fa1\u683c\u3092\u4e89\u3063\u3066\u3044\u308b\u304b\u3002\u3053\u3053\u3092\u53d6\u308a\u9055\u3048\u308b\u3068\u4ea4\u6e09\u306e\u524d\u63d0\u304c\u5d29\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h2 id=\"arkb-toc-17\" class=\"wp-block-heading\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u5c11\u6570\u6301\u5206\u306e\u8a55\u4fa1\u3067\u62bc\u3055\u3048\u308b\u70b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u3058\u4f1a\u793e\u306e\u682a\u3067\u3082\u3001\u8ab0\u304c\u4f55\u5272\u6301\u3064\u304b\u3067\u5024\u6bb5\u304c\u5909\u308f\u308b\u3002M&amp;A\u306e\u4e16\u754c\u3067\u306f\u3001\u3053\u306e\u4e00\u7269\u591a\u4fa1\u304c\u5f53\u305f\u308a\u524d\u3067\u3059\u3002\u5272\u308a\u5207\u308c\u306a\u3044\u611f\u899a\u3092\u3001\u4ea4\u6e09\u529b\u306b\u5909\u3048\u308b\u8996\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-18\" class=\"wp-block-heading\">\u3069\u306e\u571f\u4ff5\u3067\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u304b\u3092\u898b\u6975\u3081\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u300c\u5224\u4f8b\u3067\u306f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304c\u8a8d\u3081\u3089\u308c\u306a\u3044\u30b1\u30fc\u30b9\u3082\u3042\u308b\u300d\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u3001\u5f37\u3044\u4ea4\u6e09\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002\u8cb7\u3044\u624b\u306f\u300c\u8b72\u6e21\u627f\u8a8d\u306e\u30b1\u30fc\u30b9\u3060\u300d\u3068\u5f15\u304d\u306b\u304b\u304b\u308b\u3002\u7acb\u3063\u3066\u3044\u308b\u571f\u4ff5\u3092\u898b\u5b9a\u3081\u308b\u3053\u3068\u304c\u3001\u4e3b\u5f35\u306e\u51fa\u767a\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-19\" class=\"wp-block-heading\">\u652f\u63f4\u73fe\u5834\u3067\u78ba\u8a8d\u3057\u3066\u3044\u308b\u8ad6\u70b9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u793e\u304c\u5c11\u6570\u6301\u5206\u306e\u8b72\u6e21\u306b\u95a2\u308f\u308b\u3068\u304d\u3001\u4fa1\u984d\u306e\u59a5\u5f53\u6027\u3092\u898b\u308b\u305f\u3081\u306b\u6700\u521d\u306b\u78ba\u304b\u3081\u308b\u9805\u76ee\u3092\u6319\u3052\u307e\u3059\u3002\u6559\u79d1\u66f8\u306b\u306f\u8f09\u3089\u306a\u3044\u3001\u73fe\u5834\u306e\u52d8\u6240\u3060\u3068\u601d\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7b97\u5b9a\u306e\u571f\u53f0\u304cDCF\u6cd5\u30fb\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u30fb\u7d14\u8cc7\u7523\u6cd5\u306e\u3069\u308c\u304b<\/li>\n\n\n\n<li>\u5b89\u5b9a\u914d\u5f53\u306e\u5b9f\u7e3e\u304c\u3042\u308a\u3001\u5c11\u6570\u682a\u4e3b\u306e\u4e0d\u5229\u76ca\u304c\u5c0f\u3055\u3044\u3068\u4e3b\u5f35\u3067\u304d\u308b\u304b<\/li>\n\n\n\n<li>\u53d6\u5f15\u304c\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u578b\u304b\u3001\u5408\u610f\u30d9\u30fc\u30b9\u306e\u76f8\u5bfe\u53d6\u5f15\u304b<\/li>\n\n\n\n<li>\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u4e8c\u91cd\u306b\u4e57\u305b\u3089\u308c\u3066\u3044\u306a\u3044\u304b<\/li>\n\n\n\n<li><a href=\"https:\/\/mitsukijapan.com\/ma\/column\/unlisted-share-value-ma\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-arkb-anchor-color\">\u975e\u4e0a\u5834\u682a\u5f0f\u306e\u8a55\u4fa1<\/mark><\/a>\u3067\u7a0e\u52d9\u4e0a\u306e\u6642\u4fa1\u3068M&amp;A\u682a\u4fa1\u306e\u5dee\u3092\u8e0f\u307e\u3048\u3066\u3044\u308b\u304b<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b89\u5b9a\u914d\u5f53\u3092\u51fa\u3057\u3066\u3044\u308b\u4f1a\u793e\u306a\u3089\u3001\u5c11\u6570\u682a\u4e3b\u306e\u4e0d\u5229\u76ca\u306f\u9650\u5b9a\u7684\u3060\u3068\u3057\u3066\u5272\u5f15\u5e45\u3092\u7e2e\u3081\u308b\u4ea4\u6e09\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u4f1a\u793e\u56fa\u6709\u306e\u4e8b\u60c5\u3092\u6570\u5b57\u306e\u6839\u62e0\u306b\u4e57\u305b\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u3002\u305d\u3053\u3067\u7d50\u679c\u304c\u5909\u308f\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"arkb-toc-20\" class=\"wp-block-heading\">\u9069\u7528\u3055\u308c\u308b\u4e3b\u306a\u5834\u9762<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304c\u53d6\u5f15\u4fa1\u683c\u3092\u5de6\u53f3\u3059\u308b\u4ee3\u8868\u7684\u306a\u5834\u9762\u3092\u3001\u4e0b\u8868\u3067\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th>\u5834\u9762<\/th><th>\u72b6\u6cc1<\/th><th>\u4fa1\u683c\u3078\u306e\u5f71\u97ff<\/th><\/tr><\/thead><tbody><tr><td><strong>\u5c11\u6570\u6301\u5206\u306e\u8cb7\u53d6<\/strong><\/td><td>\u8cb7\u3044\u624b\u304c\u904e\u534a\u6570\u3092\u63e1\u308a\u3001\u6b8b\u308a\u682a\u3092\u96c6\u3081\u308b<\/td><td>\u652f\u914d\u6a29\u306e\u306a\u3044\u682a\u3068\u3057\u3066\u6e1b\u984d\u3055\u308c\u3084\u3059\u3044<\/td><\/tr><tr><td><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/strong><\/td><td>MBO\u7b49\u3067\u9000\u51fa\u3059\u308b\u5c11\u6570\u682a\u4e3b\u3092\u8a55\u4fa1<\/td><td>\u5272\u5f15\u306e\u662f\u975e\u304c\u4e89\u70b9\u3002\u4f1a\u793e\u90fd\u5408\u306e\u9000\u51fa\u3067\u306f\u5426\u5b9a\u3055\u308c\u308b\u5224\u4f8b\u3082\u3042\u308b<\/td><\/tr><tr><td><strong>\u89aa\u65cf\u5916\u3078\u306e\u627f\u7d99<\/strong><\/td><td>\u5f8c\u7d99\u8005\u304c\u652f\u914d\u6a29\u3092\u4f34\u308f\u306a\u3044\u4e00\u90e8\u3092\u8cb7\u53d6<\/td><td>\u4f4e\u3044\u8a55\u4fa1\u3067\u306e\u8b72\u6e21\u304c\u8a8d\u3081\u3089\u308c\u308b\u5834\u5408\u304c\u3042\u308b\u3002\u7a0e\u52d9\u4e0a\u306f\u5225\u9014\u691c\u8a0e\u304c\u8981\u308b<\/td><\/tr><tr><td><strong>\u540c\u65cf\u682a\u4e3b\u9593\u306e\u58f2\u8cb7<\/strong><\/td><td>\u7d4c\u55b6\u6a29\u306e\u306a\u3044\u89aa\u65cf\u304c\u682a\u3092\u624b\u653e\u3059<\/td><td>\u8a55\u4fa1\u984d\u3092\u3081\u3050\u308a\u3082\u3081\u3084\u3059\u304f\u3001\u614e\u91cd\u306a\u5bfe\u5fdc\u304c\u8981\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 id=\"arkb-toc-21\" class=\"wp-block-heading\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306b\u95a2\u3059\u308bFAQ<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u58f2\u308a\u624b\u30fb\u8cb7\u3044\u624b\u306e\u53cc\u65b9\u304b\u3089\u5bc4\u305b\u3089\u308c\u308b\u8cea\u554f\u306e\u3046\u3061\u3001\u672c\u6587\u3067\u89e6\u308c\u304d\u308c\u306a\u304b\u3063\u305f\u70b9\u306b\u7b54\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1757052482106\"><strong class=\"schema-faq-question\"><strong><span class=\"arkb-fz arkb-fz-l\">Q\uff1a<strong>\u5272\u5f15\u7387\u306f\u5177\u4f53\u7684\u306b\u4f55\uff05\u304f\u3089\u3044\u3067\u3059\u304b\uff1f<\/strong><\/span><\/strong><\/strong> <p class=\"schema-faq-answer\">\u6cd5\u7684\u306a\u57fa\u6e96\u306f\u306a\u304f\u3001\u4e00\u822c\u306b\u306f10\u301c30\uff05\u7a0b\u5ea6\u304c\u76ee\u5b89\u3068\u3055\u308c\u307e\u3059\u3002\u5e45\u306f\u696d\u7a2e\u3084\u53ce\u76ca\u6027\u3001\u5b9a\u6b3e\u306e\u8b72\u6e21\u5236\u9650\u306e\u6709\u7121\u3057\u3060\u3044\u3002TOB\u30d7\u30ec\u30df\u30a2\u30e0\u304b\u3089\u306e\u9006\u7b97\u306723\uff05\u524d\u5f8c\u304c\u53c2\u7167\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u6700\u7d42\u7684\u306b\u306f\u500b\u5225\u306e\u4fa1\u5024\u8a55\u4fa1\u3067\u8a70\u3081\u308b\u306e\u304c\u73fe\u5834\u306e\u9032\u3081\u65b9\u3067\u3059\u3002<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757052520593\"><strong class=\"schema-faq-question\"><strong><span class=\"arkb-fz arkb-fz-l\">Q\uff1a<strong>\u3069\u306e\u8a55\u4fa1\u624b\u6cd5\u3092\u4f7f\u3046\u3068\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304c\u5fc5\u8981\u3067\u3059\u304b\uff1f<\/strong><\/span><\/strong><\/strong> <p class=\"schema-faq-answer\">\u4e3b\u306bDCF\u6cd5\u3068\u7d14\u8cc7\u7523\u6cd5\u3092\u4f7f\u3063\u305f\u5834\u5408\u306b\u691c\u8a0e\u3057\u307e\u3059\u3002\u3044\u305a\u308c\u3082\u652f\u914d\u6a29\u3092\u6301\u3064\u524d\u63d0\u3067\u4fa1\u5024\u3092\u51fa\u3059\u305f\u3081\u3001\u5c11\u6570\u6301\u5206\u306a\u3089\u652f\u914d\u6a29\u5206\u3092\u5dee\u3057\u5f15\u304f\u7406\u5c48\u306b\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u682a\u4fa1\u3092\u571f\u53f0\u306b\u3059\u308b\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3067\u306f\u3001\u901a\u5e38\u306f\u91cd\u306d\u3066\u304b\u3051\u307e\u305b\u3093\u3002<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757052539177\"><strong class=\"schema-faq-question\"><strong><span class=\"arkb-fz arkb-fz-l\">Q\uff1a<strong>\u975e\u4e0a\u5834\u306e\u5c11\u6570\u682a\u5f0f\u306f\u5fc5\u305a\u5272\u308a\u5f15\u304b\u308c\u307e\u3059\u304b\uff1f<\/strong><\/span><\/strong><\/strong> <p class=\"schema-faq-answer\">\u4ea4\u6e09\u6b21\u7b2c\u3067\u3059\u304c\u3001\u5b9f\u52d9\u3067\u306f\u5c11\u6570\u682a\u4e3b\u3068\u975e\u6d41\u52d5\u6027\u306e\u4e21\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u8e0f\u307e\u3048\u305f\u4fa1\u683c\u63d0\u793a\u304c\u5927\u534a\u3067\u3059\u3002\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u7d4c\u55b6\u6a29\u306e\u306a\u3044\u975e\u4e0a\u5834\u682a\u306f\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u305f\u3081\u3067\u3059\u3002\u305f\u3060\u3057\u53cd\u5bfe\u682a\u4e3b\u306e\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u306e\u3088\u3046\u306a\u7279\u5b9a\u306e\u5c40\u9762\u3067\u306f\u3001\u5272\u5f15\u306a\u3057\u306e\u8a55\u4fa1\u304c\u88c1\u5224\u3067\u8a8d\u3081\u3089\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757052586682\"><strong class=\"schema-faq-question\"><strong><span class=\"arkb-fz arkb-fz-l\">Q\uff1a<strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u5b89\u304f\u8cb7\u308f\u308c\u305d\u3046\u306a\u5834\u5408\u306f\u3069\u3046\u306a\u308a\u307e\u3059\u304b\uff1f<\/strong><\/span><\/strong><\/strong> <p class=\"schema-faq-answer\">\u53d6\u5f97\u65e5\u306e20\u65e5\u524d\u304b\u3089\u524d\u65e5\u307e\u3067\u306e\u9593\u306a\u3089\u3001\u88c1\u5224\u6240\u3078\u58f2\u8cb7\u4fa1\u683c\u6c7a\u5b9a\u306e\u7533\u7acb\u3066\u304c\u53ef\u80fd\u3067\u3059\u3002\u4e0d\u5f53\u306b\u4f4e\u3044\u3068\u5224\u65ad\u3055\u308c\u308c\u3070\u5f15\u304d\u4e0a\u3052\u3002\u8cb7\u3044\u624b\u5074\u3082\u3053\u306e\u88c1\u5224\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3059\u308b\u305f\u3081\u3001\u73fe\u5834\u3067\u306f\u307e\u305a\u7b97\u5b9a\u6839\u62e0\u306e\u958b\u793a\u3092\u6c42\u3081\u307e\u3059\u3002<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1781484029630\"><strong class=\"schema-faq-question\"><strong><span class=\"arkb-fz arkb-fz-l\">Q\uff1a<strong>\u652f\u914d\u682a\u4e3b\u3068\u3057\u3066\u9ad8\u304f\u58f2\u308b\u306b\u306f\u3069\u3046\u3059\u308c\u3070\u3088\u3044\u3067\u3059\u304b\uff1f<\/strong><\/span><\/strong><\/strong> <p class=\"schema-faq-answer\">\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u304c\u904e\u534a\u6570\u3092\u4e00\u62ec\u3067\u624b\u653e\u3059\u682a\u5f0f\u8b72\u6e21\u306a\u3089\u3001\u652f\u914d\u6a29\u8fbc\u307f\u3067\u8a55\u4fa1\u3055\u308c\u308b\u305f\u3081\u5272\u5f15\u306e\u8a71\u306f\u57fa\u672c\u7684\u306b\u4e57\u308a\u307e\u305b\u3093\u3002\u3080\u3057\u308d\u8cb7\u3044\u624b\u306e\u4e8b\u696d\u8a08\u753b\u3068\u76f8\u6027\u304c\u826f\u3044\u307b\u3069\u4fa1\u683c\u306f\u4f38\u3073\u307e\u3059\u3002\u5c11\u6570\u682a\u3092\u5206\u6563\u3055\u305b\u305f\u307e\u307e\u58f2\u308b\u3088\u308a\u3001\u6574\u7406\u3057\u3066\u304b\u3089\u4e00\u672c\u3067\u6e21\u3059\u307b\u3046\u304c\u624b\u53d6\u308a\u306f\u5927\u304d\u304f\u306a\u308a\u304c\u3061\u3067\u3059\u3002<\/p> <\/div> <\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\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\/feature\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"1000\" height=\"250\" src=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/ma-intermediary-tax-accounting-expertise-banner.webp.webp\" alt=\"\u7a0e\u7406\u58eb\u6cd5\u4eba\u3092\u6bcd\u4f53\u3068\u3059\u308bM&amp;A\u4ef2\u4ecb\u4f1a\u793e\uff5c\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u304c\u9078\u3070\u308c\u308b\u7406\u7531\" class=\"wp-image-12182\" srcset=\"https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/ma-intermediary-tax-accounting-expertise-banner.webp.webp 1000w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/ma-intermediary-tax-accounting-expertise-banner.webp-640x160.webp 640w, https:\/\/mitsukijapan.com\/ma\/wp-content\/uploads\/ma-intermediary-tax-accounting-expertise-banner.webp-768x192.webp 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 id=\"arkb-toc-22\" class=\"wp-block-heading\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u4f1a\u793e\u58f2\u5374\u306e\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c11\u6570\u682a\u4e3b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306f\u3001\u652f\u914d\u6a29\u3092\u6301\u305f\u306a\u3044\u4e0d\u5229\u76ca\u3092\u682a\u4fa1\u306b\u6620\u3059\u6e1b\u984d\u8abf\u6574\u3067\u3059\u3002\u8a55\u4fa1\u624b\u6cd5\u306b\u3088\u3063\u3066\u9069\u7528\u304c\u5909\u308f\u308a\u3001\u975e\u4e0a\u5834\u3067\u306f\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3082\u91cd\u306a\u3063\u3066\u4fa1\u5024\u304c\u5927\u304d\u304f\u4e0b\u304c\u308a\u307e\u3059\u3002\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u306f\u8cb7\u53d6\u4fa1\u683c\u306e\u5408\u7406\u6027\u304c\u4e89\u70b9\u306b\u306a\u308a\u3001\u63d0\u793a\u984d\u304c\u9069\u6b63\u304b\u3069\u3046\u304b\u306f\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u5207\u5b9f\u306a\u554f\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p 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