{"id":1475,"date":"2025-10-06T17:32:58","date_gmt":"2025-10-06T08:32:58","guid":{"rendered":"https:\/\/biz.moneyforward.com\/ma\/basic\/?p=1475"},"modified":"2025-10-06T17:32:58","modified_gmt":"2025-10-06T08:32:58","slug":"ma%e3%81%a7%e5%80%9f%e5%85%a5%e9%87%91%e3%81%af%e3%81%a9%e3%81%86%e3%81%aa%e3%82%8b%ef%bc%9f%e4%bc%81%e6%a5%ad%e4%be%a1%e5%80%a4%e3%81%b8%e3%81%ae%e5%bd%b1%e9%9f%bf%e3%81%8b%e3%82%89%e8%b3%87","status":"publish","type":"post","link":"https:\/\/biz.moneyforward.com\/ma\/basic\/1475\/","title":{"rendered":"M&#038;A\u3067\u501f\u5165\u91d1\u306f\u3069\u3046\u306a\u308b\uff1f\u4f01\u696d\u4fa1\u5024\u3078\u306e\u5f71\u97ff\u304b\u3089\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u307e\u3067\u89e3\u8aac"},"content":{"rendered":"<p>\u4f1a\u793e\u306e\u8cb7\u53ce\u3084<a href=\"https:\/\/biz.moneyforward.com\/words\/2055\/\" data-internallinksmanager029f6b8e52c=\"364\" title=\"\u4e8b\u696d\u627f\u7d99\">\u4e8b\u696d\u627f\u7d99<\/a>\u3092\u691c\u8a0e\u3059\u308b\u969b\u3001\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u306a\u306e\u304c<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/45337\/\" data-internallinksmanager029f6b8e52c=\"454\" title=\"\u501f\u5165\u91d1\">\u501f\u5165\u91d1<\/a>\u306e\u5b58\u5728\u3067\u3059\u3002\u8fd4\u6e08\u304c\u6b8b\u308b\u878d\u8cc7\u3084\u5f79\u54e1\u304b\u3089\u306e\u8cb8\u4ed8\u304c\u3042\u308b\u5834\u5408\u3001M&amp;A\u5f8c\u306e\u7d4c\u55b6\u306b\u76f4\u63a5\u5f71\u97ff\u3092\u53ca\u307c\u3057\u304b\u306d\u307e\u305b\u3093\u3002<\/p>\n<p>\u7279\u306b\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001\u77ed\u671f\u30fb\u9577\u671f\u306e\u501f\u5165\u91d1\u3084\u7d4c\u55b6\u8005\u306e\u9023\u5e2f\u4fdd\u8a3c\u3084\u5f79\u54e1\u501f\u5165\u91d1\u304c\u8907\u96d1\u306b\u7d61\u307f\u5408\u3044\u3001\u77e5\u3089\u306a\u304b\u3063\u305f\u3067\u306f\u6e08\u307e\u3055\u308c\u306a\u3044\u30ea\u30b9\u30af\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306fM&amp;A\u306b\u304a\u3051\u308b\u501f\u5165\u91d1\u306e\u57fa\u672c\u7684\u306a\u8003\u3048\u65b9\u304b\u3089\u3001\u4f01\u696d\u4fa1\u5024\u3084\u8cb7\u53ce\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u3084\u5f79\u54e1\u501f\u5165\u91d1\u306e\u51e6\u7406\u65b9\u6cd5\u3001\u305d\u3057\u3066\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u78ba\u8a8d\u3059\u3079\u304d\u30dd\u30a4\u30f3\u30c8\u307e\u3067\u3092\u6574\u7406\u3057\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<div id=\"post-below-intro\"><\/div><h2>\u501f\u5165\u91d1\u3068\u306f\uff1f<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>\u501f\u5165\u91d1\u3068\u306f\u3001\u4f01\u696d\u304c\u9280\u884c\u3084\u5f79\u54e1\u306a\u3069\u304b\u3089\u8cc7\u91d1\u3092\u501f\u308a\u3066\u767a\u751f\u3059\u308b\u8ca0\u50b5\u306e\u3053\u3068\u3067\u3059\u3002<\/b><\/span>\u4f1a\u8a08\u4e0a\u306f\u8fd4\u6e08\u671f\u9650\u304c1\u5e74\u4ee5\u5185\u306a\u3089<a href=\"https:\/\/biz.moneyforward.com\/words\/1622\/\" data-internallinksmanager029f6b8e52c=\"218\" title=\"\u77ed\u671f\u501f\u5165\u91d1\">\u77ed\u671f\u501f\u5165\u91d1<\/a>\u30011\u5e74\u4ee5\u4e0a\u306a\u3089<a href=\"https:\/\/biz.moneyforward.com\/words\/1632\/\" data-internallinksmanager029f6b8e52c=\"217\" title=\"\u9577\u671f\u501f\u5165\u91d1\">\u9577\u671f\u501f\u5165\u91d1<\/a>\u306b\u5206\u3051\u3066\u7ba1\u7406\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>M&amp;A\u306e\u5834\u9762\u3067\u306f\u3001\u501f\u5165\u91d1\u306e\u6709\u7121\u3084\u6761\u4ef6\u304c\u4f01\u696d\u4fa1\u5024\u3084\u8cb7\u53ce\u4fa1\u683c\u306b\u76f4\u7d50\u3059\u308b\u305f\u3081\u3068\u3066\u3082\u91cd\u8981\u3067\u3059\u3002\u7279\u306b\u8fd4\u6e08\u7fa9\u52d9\u3092\u5f15\u304d\u7d99\u3050\u304b\u3069\u3046\u304b\u306f\u4ea4\u6e09\u306e\u7126\u70b9\u3068\u306a\u308a\u3001\u91d1\u5229\u3084\u8fd4\u6e08\u6761\u4ef6\u306f\u5c06\u6765\u306e<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/264\/\" data-internallinksmanager029f6b8e52c=\"449\" title=\"\u8cc7\u91d1\u7e70\u308a\">\u8cc7\u91d1\u7e70\u308a<\/a>\u3084\u7d4c\u55b6\u306e\u5b89\u5b9a\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3057\u307e\u3059\u3002<\/p>\n<p>\u501f\u5165\u91d1\u306f\u8ca0\u50b5\u3067\u3042\u308b\u3068\u540c\u6642\u306b\u3001\u4e8b\u696d\u62e1\u5927\u3084\u904b\u8ee2\u8cc7\u91d1\u3092\u652f\u3048\u308b\u91cd\u8981\u306a<a href=\"https:\/\/biz.moneyforward.com\/establish\/basic\/44\/\" data-internallinksmanager029f6b8e52c=\"491\" title=\"\u8cc7\u91d1\u8abf\u9054\">\u8cc7\u91d1\u8abf\u9054<\/a>\u624b\u6bb5\u3067\u3082\u3042\u308a\u3001\u4f01\u696d\u6210\u9577\u3092\u5f8c\u62bc\u3057\u3059\u308b\u5f79\u5272\u3082\u62c5\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>M&amp;A\u3067\u501f\u5165\u91d1\u306f\u3069\u3046\u306a\u308b\u304b<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>M&amp;A\u3067\u306f\u3001\u9078\u629e\u3059\u308b\u30b9\u30ad\u30fc\u30e0\u306b\u3088\u3063\u3066\u501f\u5165\u91d1\u3084\u8ca0\u50b5\u306e\u6271\u3044\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/b><\/span>\u627f\u7d99\u3055\u308c\u308b\u8cc7\u7523\u3084\u8ca0\u50b5\u306e\u7bc4\u56f2\u306f\u5b9f\u65bd\u5f62\u614b\u3054\u3068\u306b\u7570\u306a\u308b\u305f\u3081\u3001\u5951\u7d04\u3067\u660e\u78ba\u306b\u5b9a\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u6307\u6458\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>\u682a\u5f0f\u8b72\u6e21\u3067\u306f\u501f\u5165\u91d1\u306f\u627f\u7d99\u3055\u308c\u308b<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u682a\u5f0f\u8b72\u6e21\u306f\u3001\u4f1a\u793e\u306e\u682a\u3092\u8cb7\u3046\u3053\u3068\u3067\u7d4c\u55b6\u6a29\u3092\u5f15\u304d\u7d99\u3050\u53d6\u5f15\u3067\u3059\u3002<\/b><\/span>\u4f1a\u793e\u306f\u5b58\u7d9a\u3059\u308b\u305f\u3081\u3001\u501f\u5165\u91d1\u306a\u3069\u306e\u8ca0\u50b5\u3082\u4e00\u7dd2\u306b\u627f\u7d99\u3055\u308c\u307e\u3059\u3002\u4f1a\u793e\u81ea\u4f53\u306f\u5b58\u7d9a\u3059\u308b\u305f\u3081\u3001\u91d1\u878d\u6a5f\u95a2\u306e\u627f\u8a8d\u3092\u5fc5\u8981\u3068\u3057\u306a\u3044\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u5951\u7d04\u6761\u4ef6\u3084\u91d1\u878d\u6a5f\u95a2\u306e\u5224\u65ad\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u305f\u3081\u3001\u4e8b\u524d\u306b\u78ba\u8a8d\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u5e33\u7c3f\u306b\u8f09\u3063\u3066\u3044\u306a\u3044\u501f\u91d1\uff08\u7c3f\u5916\u50b5\u52d9\uff09\u3082\u3042\u308b\u305f\u3081\u3001\u4e8b\u524d\u306b\u8ca0\u50b5\u5185\u5bb9\u3092\u3057\u3063\u304b\u308a\u78ba\u8a8d\u3057\u3001\u5c06\u6765\u306e\u7d4c\u55b6\u306b\u5f71\u97ff\u304c\u51fa\u306a\u3044\u304b\u6ce8\u610f\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u4f1a\u793e\u5168\u4f53\u306e\u8ca1\u52d9\u72b6\u6cc1\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3>\u4e8b\u696d\u8b72\u6e21\u3067\u306f\u501f\u5165\u91d1\u306f\u539f\u5247\u58f2\u308a\u624b\u5074\u306b\u6b8b\u308b<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u4e8b\u696d\u8b72\u6e21\u306f\u3001\u4f1a\u793e\u306e\u7279\u5b9a\u306e\u4e8b\u696d\u3084\u8cc7\u7523\u3060\u3051\u3092\u8cb7\u3044\u624b\u306b\u8b72\u6e21\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/b><\/span>\u4e8b\u696d\u8b72\u6e21\u3067\u306f\u3001\u5bfe\u8c61\u306b\u542b\u3081\u308b\u8cc7\u7523\u30fb\u8ca0\u50b5\u3092\u5951\u7d04\u3067\u500b\u5225\u306b\u5b9a\u3081\u308b\u305f\u3081\u3001\u501f\u5165\u91d1\u306f\u8cb7\u3044\u624b\u306b\u627f\u7d99\u3055\u308c\u305a\u58f2\u308a\u624b\u306b\u6b8b\u308b\u30b1\u30fc\u30b9\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u5f53\u4e8b\u8005\u9593\u306e\u5408\u610f\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u5834\u5408\u304c\u3042\u308b\u305f\u3081\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002\u8ca0\u50b5\u3092\u627f\u7d99\u3059\u308b\u5834\u5408\u306f\u91d1\u878d\u6a5f\u95a2\u3084\u50b5\u6a29\u8005\u3068\u306e\u5951\u7d04\u8abf\u6574\u304c\u5fc5\u8981\u3067\u3001\u624b\u7d9a\u304d\u304c\u8907\u96d1\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e8b\u524d\u306b\u6761\u4ef6\u3092\u78ba\u8a8d\u3057\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u8abf\u6574\u3057\u3066\u5b89\u5168\u306b\u9032\u3081\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002\u4e8b\u696d\u5168\u4f53\u306e\u8ca0\u50b5\u72b6\u6cc1\u3082\u628a\u63e1\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3>\u4f1a\u793e\u5206\u5272\u3084\u5408\u4f75\u306e\u5834\u5408<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b><a href=\"https:\/\/biz.moneyforward.com\/words\/2019\/\" data-internallinksmanager029f6b8e52c=\"296\" title=\"\u4f1a\u793e\u5206\u5272\">\u4f1a\u793e\u5206\u5272<\/a>\u3084\u5408\u4f75\u3067\u306f\u3001<a href=\"https:\/\/biz.moneyforward.com\/establish\/basic\/252\/\" data-internallinksmanager029f6b8e52c=\"489\" title=\"\u4f1a\u793e\u6cd5\">\u4f1a\u793e\u6cd5<\/a>\u306b\u57fa\u3065\u304d\u4f1a\u793e\u306e\u8cc7\u7523\u3060\u3051\u3067\u306a\u304f\u501f\u5165\u91d1\u306a\u3069\u306e\u8ca0\u50b5\u3082\u307e\u3068\u3081\u3066\u5f15\u304d\u7d99\u304c\u308c\u307e\u3059\u3002<\/b><\/span>\u624b\u7d9a\u304d\u81ea\u4f53\u306f\u6cd5\u5b9a\u306b\u5f93\u3063\u3066\u9032\u3081\u3089\u308c\u308b\u305f\u3081\u6bd4\u8f03\u7684\u660e\u78ba\u3067\u3059\u304c\u3001\u4e0d\u8981\u306a\u8ca0\u50b5\u3082\u4e00\u7dd2\u306b\u627f\u7d99\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u4e8b\u524d\u306b\u5951\u7d04\u5185\u5bb9\u3084\u8ca0\u50b5\u306e\u72b6\u6cc1\u3092\u78ba\u8a8d\u3057\u3001\u627f\u7d99\u5f8c\u306b\u7d4c\u55b6\u306b\u5f71\u97ff\u304c\u51fa\u306a\u3044\u3088\u3046\u6ce8\u610f\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002\u4f1a\u793e\u5168\u4f53\u306e\u8ca1\u52d9\u72b6\u6cc1\u3082\u628a\u63e1\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2>M&amp;A\u306b\u304a\u3051\u308b\u77ed\u671f\u30fb\u9577\u671f\u306e\u501f\u5165\u91d1\u306e\u8a55\u4fa1\u3068\u5bfe\u5fdc<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>M&amp;A\u3067\u306f\u3001\u4f1a\u793e\u304c\u62b1\u3048\u308b\u501f\u5165\u91d1\u306f\u77ed\u671f\u30fb\u9577\u671f\u3092\u554f\u308f\u305a\u8fd4\u6e08\u7fa9\u52d9\u3092\u8ca0\u3046\u4ed6\u4eba\u8cc7\u672c\u3068\u3057\u3066\u6271\u308f\u308c\u307e\u3059\u3002<\/b><\/span>\u73fe\u9810\u91d1\u3068\u4ed6\u4eba\u8cc7\u672c\u3092\u76f8\u6bba\u3057\u3001\u9810\u91d1\u304c\u6b8b\u308b\u72b6\u614b\u3092\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u3001\u8ca0\u50b5\u304c\u6b8b\u308b\u72b6\u614b\u3092\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8\uff08\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p>\u8cb7\u53d6\u4fa1\u683c\u306f\u3001\u300c\u4f01\u696d\u4fa1\u5024\uff08Enterprise Value, EV\uff09\u00b1\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8\u300d\u3068\u3044\u3046\u8a08\u7b97\u5f0f\u3067\u51fa\u3055\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u501f\u5165\u91d1\u304c\u591a\u3044\u4f1a\u793e\u307b\u3069\u3001\u6700\u7d42\u7684\u306b\u682a\u4e3b\u304c\u53d7\u3051\u53d6\u308c\u308b\u58f2\u5374\u984d\uff08Equity Value\uff09\u306f\u5c11\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u58f2\u308a\u624b\u306f\u3001\u8fd4\u305b\u308b\u501f\u5165\u306f\u58f2\u5374\u524d\u306b\u3067\u304d\u308b\u3060\u3051\u6574\u7406\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3068\u3055\u308c\u307e\u3059\u3002\u6b8b\u308b\u501f\u5165\u306b\u3064\u3044\u3066\u306f\u3001\u8fd4\u6e08\u306e\u898b\u901a\u3057\u3084\u6295\u8cc7\u306b\u3088\u308b\u52b9\u679c\u3092\u6570\u5b57\u3067\u793a\u3059\u3053\u3068\u3067\u3001\u8cb7\u3044\u624b\u306b\u5b89\u5fc3\u611f\u3092\u4e0e\u3048\u3089\u308c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u501f\u5165\u91d1\u306f\u58f2\u5374\u984d\u3092\u76f4\u63a5\u5de6\u53f3\u3059\u308b\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u304c\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u6210\u9577\u306e\u305f\u3081\u306e\u6295\u8cc7\u3068\u3057\u3066\u524d\u5411\u304d\u306b\u8aac\u660e\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<h2>\u7d4c\u55b6\u8005\u306e\u9023\u5e2f\u4fdd\u8a3c\u306f\u3069\u3046\u306a\u308b\u304b<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>M&amp;A\u3067\u306f\u3001\u4f1a\u793e\u306e\u501f\u5165\u91d1\u3060\u3051\u3067\u306a\u304f\u3001\u7d4c\u55b6\u8005\u304c\u500b\u4eba\u3067\u8ca0\u3063\u3066\u3044\u308b\u9023\u5e2f\u4fdd\u8a3c\u3082\u554f\u984c\u306b\u306a\u308a\u307e\u3059\u3002<\/b><\/span>\u9023\u5e2f\u4fdd\u8a3c\u306f\u4f1a\u793e\u306e\u501f\u91d1\u3092\u8fd4\u305b\u306a\u3044\u3068\u304d\u306b\u7d4c\u55b6\u8005\u304c\u4ee3\u308f\u308a\u306b\u8fd4\u6e08\u3059\u308b\u7fa9\u52d9\u3067\u3001\u58f2\u5374\u5f8c\u306e\u7d4c\u55b6\u3084\u30ea\u30b9\u30af\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<\/p>\n<h3>\u682a\u5f0f\u8b72\u6e21\u6642\u306e\u9023\u5e2f\u4fdd\u8a3c\u306f\u539f\u5247\u58f2\u308a\u624b\u5074\u306b\u6b8b\u308b<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u682a\u5f0f\u8b72\u6e21\u3067\u306f\u3001\u4f1a\u793e\u306e\u682a\u3092\u8cb7\u3046\u3060\u3051\u3067\u4f1a\u793e\u81ea\u4f53\u306f\u5b58\u7d9a\u3057\u307e\u3059\u3002<\/b><\/span>\u305d\u306e\u305f\u3081\u3001\u501f\u5165\u91d1\u3068\u540c\u69d8\u306b\u7d4c\u55b6\u8005\u306e\u9023\u5e2f\u4fdd\u8a3c\u3082\u6b8b\u308b\u30b1\u30fc\u30b9\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u524d\u7d4c\u55b6\u8005\u306f\u5f15\u304d\u7d9a\u304d\u500b\u4eba\u3068\u3057\u3066\u8fd4\u6e08\u7fa9\u52d9\u306e\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u305f\u3081\u3001\u3053\u306e\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3057\u305f\u4e0a\u3067\u8cb7\u3044\u624b\u306b\u8aac\u660e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>\u8cb7\u3044\u624b\u5074\u306f\u3001\u4fdd\u8a3c\u306e\u6709\u7121\u3092\u78ba\u8a8d\u3057\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u5951\u7d04\u6761\u4ef6\u306b\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3067\u3059\u3002\u4f1a\u793e\u306e\u501f\u5165\u3084\u4fdd\u8a3c\u306e\u72b6\u6cc1\u3092\u4e8b\u524d\u306b\u6574\u7406\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u53d6\u5f15\u3092\u30b9\u30e0\u30fc\u30ba\u306b\u9032\u3081\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u7d4c\u55b6\u8005\u4fdd\u8a3c\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u306b\u3088\u308b\u8981\u4ef6\u3092\u6e80\u305f\u305b\u3070\u89e3\u9664\u3067\u304d\u308b<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u7d4c\u55b6\u8005\u4fdd\u8a3c\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3092\u5229\u7528\u3059\u308b\u3068\u3001\u4e00\u5b9a\u306e\u8981\u4ef6\u3092\u6e80\u305f\u3059\u3053\u3068\u3067\u91d1\u878d\u6a5f\u95a2\u306b\u4fdd\u8a3c\u89e3\u9664\u306e\u4ea4\u6e09\u304c\u53ef\u80fd\u3067\u3059\u3002<\/b><\/span>\u5143\u7d4c\u55b6\u8005\u306f\u500b\u4eba\u306e\u8fd4\u6e08\u7fa9\u52d9\u304b\u3089\u89e3\u653e\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u57fa\u6e96\u306f\u53b3\u683c\u3067\u3001\u5fc5\u305a\u89e3\u9664\u3067\u304d\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u89e3\u9664\u3092\u691c\u8a0e\u3059\u308b\u969b\u306f\u3001\u4e8b\u524d\u306b\u6761\u4ef6\u3084\u5fc5\u8981\u66f8\u985e\u3092\u6574\u7406\u3057\u3001\u91d1\u878d\u6a5f\u95a2\u3068\u8abf\u6574\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u307e\u305f\u3001\u89e3\u9664\u304c\u96e3\u3057\u3044\u5834\u5408\u3082\u3042\u308b\u305f\u3081\u3001\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u306e\u53cc\u65b9\u3067\u30ea\u30b9\u30af\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n<h2>\u5f79\u54e1\u501f\u5165\u91d1\u306e\u6271\u3044<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>\u5f79\u54e1\u501f\u5165\u91d1\u306f\u3001\u7d4c\u55b6\u8005\u3084\u5f79\u54e1\u304c\u4f1a\u793e\u306b\u8cb8\u3057\u4ed8\u3051\u305f\u8cc7\u91d1\u3067\u3059\u3002<\/b><\/span>M&amp;A\u3067\u306f\u3001\u51e6\u7406\u65b9\u6cd5\u306b\u3088\u3063\u3066\u8cb7\u53ce\u6761\u4ef6\u3084\u4f01\u696d\u4fa1\u5024\u30fb\u7a0e\u52d9\u3078\u306e\u5f71\u97ff\u304c\u5909\u308f\u308b\u305f\u3081\u3001\u4e8b\u524d\u306b\u6574\u7406\u3057\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u3067\u30ea\u30b9\u30af\u3092\u5171\u6709\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3>\u5f79\u54e1\u501f\u5165\u91d1\u3068\u306f\uff1f<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u5f79\u54e1\u501f\u5165\u91d1\u3068\u306f\u3001\u4f1a\u793e\u306e\u7d4c\u55b6\u8005\u3084\u5f79\u54e1\u304c\u81ea\u5206\u306e\u8cc7\u91d1\u3092\u4f1a\u793e\u306b\u8cb8\u3057\u4ed8\u3051\u305f\u3082\u306e\u3092\u6307\u3057\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u4f1a\u793e\u306b\u3068\u3063\u3066\u306f\u8ca0\u50b5\u3068\u3057\u3066\u8a08\u4e0a\u3055\u308c\u3001\u7d4c\u55b6\u8cc7\u91d1\u306e\u4e00\u90e8\u3068\u3057\u3066\u5229\u7528\u3055\u308c\u307e\u3059\u3002\u682a\u4e3b\u3084\u5f79\u54e1\u306b\u3068\u3063\u3066\u306f\u3001\u4f1a\u793e\u306e\u904b\u8ee2\u8cc7\u91d1\u3092\u652f\u3048\u308b\u624b\u6bb5\u3067\u3042\u308b\u4e00\u65b9\u3001\u8fd4\u6e08\u7fa9\u52d9\u304c\u6b8b\u308b\u305f\u3081M&amp;A\u6642\u306b\u306f\u6574\u7406\u306e\u5fc5\u8981\u304c\u3042\u308b\u91cd\u8981\u306a\u9805\u76ee\u3067\u3059\u3002<\/p>\n<p>M&amp;A\u306e\u4ea4\u6e09\u3067\u306f\u5f79\u54e1\u501f\u5165\u91d1\u304c\u3069\u306e\u7a0b\u5ea6\u3042\u308b\u304b\u3001\u3069\u306e\u3088\u3046\u306b\u51e6\u7406\u3055\u308c\u308b\u304b\u3092\u4e8b\u524d\u306b\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u3001\u8cb7\u3044\u624b\u30fb\u58f2\u308a\u624b\u53cc\u65b9\u306b\u3068\u3063\u3066\u5186\u6ed1\u306a\u53d6\u5f15\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n<h3>M&amp;A\u6642\u306e\u5f79\u54e1\u501f\u5165\u91d1\u306e\u51e6\u7406\u65b9\u6cd5<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>M&amp;A\u3067\u306f\u3001\u5f79\u54e1\u501f\u5165\u91d1\u306e\u51e6\u7406\u65b9\u6cd5\u3068\u3057\u3066\u73fe\u91d1\u8fd4\u6e08\u307e\u305f\u306f\u50b5\u52d9\u514d\u9664\u304c\u3042\u308a\u3001\u8fd4\u6e08\u306e\u5834\u5408\u306f\u4f1a\u793e\u304b\u3089\u5f79\u54e1\u306b\u304a\u91d1\u3092\u8fd4\u3059\u3053\u3068\u3067\u3001\u8ca0\u50b5\u304c\u6574\u7406\u3055\u308c\u308f\u304b\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u50b5\u52d9\u514d\u9664\u306e\u5834\u5408\u306f\u4f1a\u793e\u306e\u501f\u91d1\u304c\u306a\u304f\u306a\u308b\u4ee3\u308f\u308a\u306b\u50b5\u52d9\u514d\u9664\u76ca\u304c\u767a\u751f\u3057\u3001<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/65605\/\" data-internallinksmanager029f6b8e52c=\"472\" title=\"\u6cd5\u4eba\u7a0e\">\u6cd5\u4eba\u7a0e<\/a>\u304c\u5897\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3069\u3061\u3089\u306e\u65b9\u6cd5\u3082\u8cb7\u53ce\u4fa1\u683c\u3084\u6761\u4ef6\u306b\u5f71\u97ff\u3059\u308b\u305f\u3081\u3001\u30aa\u30fc\u30ca\u30fc\u3084\u682a\u4e3b\u306b\u4e0d\u5229\u306b\u306a\u3089\u306a\u3044\u3088\u3046\u614e\u91cd\u306a\u5224\u65ad\u304c\u5fc5\u8981\u3067\u3059\u3002\u7279\u306b\u50b5\u52d9\u514d\u9664\u306f\u7a0e\u52d9\u9762\u3067\u6ce8\u610f\u70b9\u304c\u591a\u3044\u305f\u3081\u3001\u5c02\u9580\u5bb6\u3068\u76f8\u8ac7\u3057\u306a\u304c\u3089\u6700\u9069\u306a\u65b9\u6cd5\u3092\u9078\u3076\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3>\u4f01\u696d\u4fa1\u5024\u3084\u8cb7\u53ce\u4fa1\u683c\u3078\u306e\u5f71\u97ff<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>M&amp;A\u306b\u304a\u3044\u3066\u5f79\u54e1\u501f\u5165\u91d1\u304c\u6b8b\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u306e\u6271\u3044\u306f\u4f01\u696d\u4fa1\u5024\u3084\u8cb7\u53ce\u4fa1\u683c\u306b\u5927\u304d\u304f\u5f71\u97ff\u3057\u307e\u3059\u3002<\/b><\/span>\u501f\u5165\u91d1\u304c\u51e6\u7406\u3055\u308c\u306a\u3044\u307e\u307e\u3067\u306f\u4ea4\u6e09\u304c\u9577\u5f15\u304d\u3084\u3059\u304f\u3001\u6761\u4ef6\u304c\u4e0d\u900f\u660e\u3060\u3068\u8cb7\u3044\u624b\u306f\u30ea\u30b9\u30af\u3092\u61f8\u5ff5\u3059\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u50b5\u52d9\u514d\u9664\u3092\u9078\u3093\u3060\u5834\u5408\u306b\u306f\u50b5\u52d9\u514d\u9664\u76ca\u304c\u5229\u76ca\u3068\u3057\u3066\u8a08\u4e0a\u3055\u308c\u3001\u305d\u306e\u5206\u6cd5\u4eba\u7a0e\u304c\u5897\u3048\u308b\u305f\u3081\u3001\u7a0e\u8ca0\u62c5\u304c\u8cb7\u53ce\u4fa1\u683c\u306b\u53cd\u6620\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u8cb7\u3044\u624b\u304c\u501f\u5165\u91d1\u3092\u5f15\u304d\u7d99\u3050\u5834\u5408\u306b\u306f\u3001\u8cb7\u53ce\u4fa1\u683c\u304c\u4e0b\u304c\u308a\u58f2\u308a\u624b\u306e\u53d7\u3051\u53d6\u308b\u91d1\u984d\u306f\u6e1b\u5c11\u3057\u307e\u3059\u304c\u3001\u305d\u306e\u4ee3\u308f\u308a\u306b\u8cb7\u3044\u624b\u306f\u8fd4\u6e08\u7fa9\u52d9\u3092\u8ca0\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3044\u305a\u308c\u306e\u5834\u5408\u3082\u3001\u4e8b\u524d\u306b\u6574\u7406\u3092\u884c\u3044\u6761\u4ef6\u3092\u660e\u78ba\u306b\u3057\u3066\u4ea4\u6e09\u306b\u81e8\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h2>\u8cb7\u3044\u624b\u5074\u304c\u6ce8\u610f\u3059\u3079\u304d3\u3064\u306e\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>\u8cb7\u3044\u624b\u306f\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306b\u304a\u3044\u3066\u501f\u5165\u6761\u4ef6\u3084\u7c3f\u5916\u50b5\u52d9\u3001\u91d1\u878d\u6a5f\u95a2\u3068\u306e\u627f\u7d99\u624b\u7d9a\u304d\u306a\u3069\u3092\u91cd\u70b9\u7684\u306b\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/b><\/span>\u3053\u308c\u3089\u3092\u6574\u7406\u3059\u308b\u3053\u3068\u3067\u3001\u8cb7\u53ce\u5f8c\u306e\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>\u2460 \u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u78ba\u8a8d\u3059\u3079\u304d\u501f\u5165\u6761\u4ef6<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u8cb7\u3044\u624b\u306fM&amp;A\u306e\u524d\u306b\u3001\u5bfe\u8c61\u4f01\u696d\u304c\u62b1\u3048\u308b\u501f\u5165\u91d1\u306e\u8a73\u7d30\u3092\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u91d1\u5229\u3084\u8fd4\u6e08\u671f\u9650\u3001\u62c5\u4fdd\u306e\u6709\u7121\u306a\u3069\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u8cb7\u53ce\u5f8c\u306b\u767a\u751f\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u8fd4\u6e08\u30ea\u30b9\u30af\u3092\u4e88\u6e2c\u3067\u304d\u307e\u3059\u3002\u7279\u306b\u77ed\u671f\u501f\u5165\u91d1\u306f\u3059\u3050\u306b\u8fd4\u6e08\u7fa9\u52d9\u304c\u767a\u751f\u3059\u308b\u305f\u3081\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u4e8b\u524d\u306b\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u4ea4\u6e09\u3067\u4e88\u671f\u305b\u306c\u8ca0\u62c5\u304c\u751f\u3058\u308b\u3053\u3068\u3092\u9632\u304e\u3001\u8cb7\u53ce\u5f8c\u306e\u8cc7\u91d1\u8a08\u753b\u3092\u7acb\u3066\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u5c02\u9580\u5bb6\u3068\u4e00\u7dd2\u306b\u66f8\u985e\u3084\u5951\u7d04\u5185\u5bb9\u3092\u30c1\u30a7\u30c3\u30af\u3059\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3>\u2461 \u7c3f\u5916\u50b5\u52d9\u3084\u4fdd\u8a3c\u50b5\u52d9\u306e\u6d17\u3044\u51fa\u3057<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u7c3f\u5916\u50b5\u52d9\u3068\u306f\u3001\u4f1a\u8a08\u4e0a\u306b\u306f\u8a18\u8f09\u3055\u308c\u3066\u3044\u306a\u3044\u304c\u3001\u5c06\u6765\u8fd4\u6e08\u7fa9\u52d9\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u8ca0\u50b5\u306e\u3053\u3068\u3067\u3059\u3002<\/b><\/span><\/p>\n<p>\u307e\u305f\u3001\u7d4c\u55b6\u8005\u4fdd\u8a3c\u3084\u62c5\u4fdd\u4ed8\u304d\u306e\u501f\u5165\u91d1\u3082\u4fdd\u8a3c\u50b5\u52d9\u306b\u542b\u307e\u308c\u307e\u3059\u3002\u8cb7\u53ce\u5f8c\u306b\u3053\u308c\u3089\u3092\u5f15\u304d\u7d99\u3050\u3068\u3001\u4e88\u671f\u305b\u306c\u8cbb\u7528\u3084\u30ea\u30b9\u30af\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u5951\u7d04\u66f8\u3084\u53d6\u5f15\u5c65\u6b74\u3092\u7cbe\u67fb\u3057\u3066\u3001\u76ee\u306b\u898b\u3048\u306a\u3044\u8ca0\u50b5\u3082\u542b\u3081\u3066\u6574\u7406\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u4e8b\u524d\u306b\u6d17\u3044\u51fa\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u8cb7\u53ce\u5f8c\u306e\u30c8\u30e9\u30d6\u30eb\u3092\u907f\u3051\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<h3>\u2462 \u91d1\u878d\u6a5f\u95a2\u306e\u540c\u610f\u30fb\u627f\u7d99\u624b\u7d9a\u304d<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u8cb7\u3044\u624b\u304c\u501f\u5165\u91d1\u3092\u5f15\u304d\u7d99\u3050\u5834\u5408\u3001\u91d1\u878d\u6a5f\u95a2\u306e\u627f\u8a8d\u304c\u5fc5\u8981\u3068\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u7279\u306b\u62c5\u4fdd\u4ed8\u304d\u878d\u8cc7\u3084\u4fdd\u8a3c\u4ed8\u304d\u878d\u8cc7\u306f\u3001\u5951\u7d04\u6761\u4ef6\u306e\u5909\u66f4\u3084\u627f\u7d99\u624b\u7d9a\u304d\u304c\u6c42\u3081\u3089\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u540c\u610f\u304c\u5f97\u3089\u308c\u306a\u3044\u5834\u5408\u3001\u8cb7\u53ce\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u304c\u9045\u308c\u305f\u308a\u3001\u8cb7\u53ce\u6761\u4ef6\u3092\u5909\u66f4\u305b\u3056\u308b\u3092\u5f97\u306a\u304f\u306a\u308b\u3053\u3068\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u8cb7\u3044\u624b\u306f\u4e8b\u524d\u306b\u91d1\u878d\u6a5f\u95a2\u3068\u4ea4\u6e09\u3057\u3001\u627f\u7d99\u624b\u7d9a\u304d\u306e\u53ef\u5426\u3084\u6761\u4ef6\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u3001\u5186\u6ed1\u306aM&amp;A\u5b9f\u884c\u306e\u305f\u3081\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h2>\u501f\u5165\u91d1\u304c\u58f2\u5374\u4fa1\u683c\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>M&amp;A\u3067\u501f\u5165\u91d1\u304c\u6b8b\u3063\u3066\u3044\u308b\u3068\u3001\u58f2\u5374\u4fa1\u683c\u306b\u76f4\u63a5\u5f71\u97ff\u3057\u307e\u3059\u3002<\/b><\/span>\u57fa\u672c\u7684\u306b\u8cb7\u53ce\u4fa1\u683c\u306f\u300c\u4f01\u696d\u4fa1\u5024\uff08Enterprise Value, EV\uff09\u00b1\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8\u300d\u3067\u7b97\u5b9a\u3055\u308c\u308b\u305f\u3081\u3001\u501f\u5165\u91d1\u304c\u591a\u3044\u307b\u3069\u682a\u4e3b\u306b\u5165\u308b\u91d1\u984d\u306f\u6e1b\u308a\u307e\u3059\u3002<\/p>\n<p>\u77ed\u671f\u30fb\u9577\u671f\u3092\u554f\u308f\u305a\u8ca0\u50b5\u3092\u6574\u7406\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u4ea4\u6e09\u3092\u30b9\u30e0\u30fc\u30ba\u306b\u3057\u3001\u7d0d\u5f97\u3067\u304d\u308b\u4fa1\u683c\u8a2d\u5b9a\u304c\u53ef\u80fd\u3067\u3059\u3002\u307e\u305f\u3001\u501f\u5165\u6761\u4ef6\u3084\u8fd4\u6e08\u8a08\u753b\u3092\u660e\u78ba\u306b\u3057\u3066\u8aac\u660e\u3059\u308b\u3053\u3068\u3067\u3001\u8cb7\u3044\u624b\u306e\u5b89\u5fc3\u611f\u3082\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n<h2>M&amp;A\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5<\/h2>\n<p><span style=\"background-color: 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