{"id":5838,"date":"2015-01-22T18:44:48","date_gmt":"2015-01-23T02:44:48","guid":{"rendered":"http:\/\/hbt.48d.mywebsitetransfer.com\/?p=5838"},"modified":"2024-01-04T15:06:47","modified_gmt":"2024-01-04T23:06:47","slug":"%e7%b1%b3%e5%9b%bd-ma-%e4%bc%81%e6%a5%ad%e8%b2%b7%e5%8f%8e%e3%81%a8%e5%90%88%e4%bd%b5","status":"publish","type":"post","link":"https:\/\/www.japancorporate.com\/dev\/%e7%b1%b3%e5%9b%bd-ma-%e4%bc%81%e6%a5%ad%e8%b2%b7%e5%8f%8e%e3%81%a8%e5%90%88%e4%bd%b5\/","title":{"rendered":"\u7c73\u56fd M&amp;A \u4f01\u696d\u8cb7\u53ce\u3068\u5408\u4f75"},"content":{"rendered":"<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">Contents<\/p><ul class=\"toc_list\"><li><a href=\"#i\"><span class=\"toc_number toc_depth_1\">1<\/span> \u8cb7\u53ce\u5f8c\u306e\u793e\u4f1a\u8ca2\u732e\u5ea6\u3068\u52b9\u7387\u5316<\/a><ul><li><a href=\"#_MA\"><span class=\"toc_number toc_depth_2\">1.1<\/span> \u53cb\u597d\u7684 M&amp;A\u3067\u3042\u308b\u3053\u3068<\/a><\/li><li><a href=\"#MA\"><span class=\"toc_number toc_depth_2\">1.2<\/span> M&amp;A\u306e\u7d50\u679c\u306f\u4f55\u3092\u6301\u3063\u3066\u6210\u529f\u304b\uff1f<\/a><\/li><li><a href=\"#MA-2\"><span class=\"toc_number toc_depth_2\">1.3<\/span> \uff1cM&amp;A\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\uff1e\u3000<\/a><\/li><\/ul><\/li><\/ul><\/div>\n<h2><span id=\"i\">\u8cb7\u53ce\u5f8c\u306e\u793e\u4f1a\u8ca2\u732e\u5ea6\u3068\u52b9\u7387\u5316<\/span><\/h2>\n<p>\u6642\u4ee3\u3068\u3068\u3082\u306bM&amp;A\u306e\u8003\u3048\u65b9\u3068\u305d\u306e\u624b\u6cd5\u304c\u5909\u8c8c\u3092\u3057\u3066\u304a\u308a\u307e\u3059\u3002<br \/>\n\u305d\u306e\u7d50\u679c\u3092\u5206\u6790\u3057\u3001\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u5148\u3005\u306e\u4f1a\u793e\u6d77\u5916\u6226\u7565\u306b\u7e4b\u304c\u308b\u6642\u4ee3\u3067\u3059\u3002\u55b6\u696d\u7cfb\u30fb\u6280\u8853\u7cfb\u3001\u6a29\u5229\u3001\u7dcf\u5408\u7684\u306a\u7d4c\u55b6\u306e\u52b9\u7387\u5316\u306a\u3069\u3001\u76ee\u7684\u306f\u69d8\u3005\u306aM&amp;A \/ \u5408\u5f01\u4e8b\u696d\u3002\u7acb\u3061\u4e0a\u3052\u306f\u7686\u697d\u89b3\u7684\u3067\u3059\u304c\u3001\u3044\u3056\u5177\u4f53\u7684\u306a\u8077\u52d9\u306b\u4ed8\u304f\u3068\u69d8\u3005\u306a\u30d0\u30ea\u30a2\u304c\u3042\u308b\u4e8b\u306b\u6c17\u3065\u304d\u307e\u3059\u3002<\/p>\n<h3><span id=\"_MA\">\u53cb\u597d\u7684 M&amp;A\u3067\u3042\u308b\u3053\u3068<\/span><\/h3>\n<p>70\u5e74\u4ee3\uff5e\uff19\uff10\u5e74\u4ee3\u521d\u982d\u307e\u3067\u4e3b\u6d41\u3067\u3042\u3063\u305f TOB (Takeover Bid)\u30fb\u682a\u5f0f\u5e02\u5834\u3067\u306e\u516c\u958b\u8cb7\u4ed8 \/ HTO (Hostile Takeover)\u30fb\u6575\u5bfe\u7684\u8cb7\u53ce\u306f\u3082\u306f\u3084\u6d41\u884c\u308a\u307e\u305b\u3093\u3002\u91d1\u92ad\u306e\u5229\u5bb3\u306f\u8a00\u3046\u307e\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u73fe\u4ee3\u793e\u4f1a\u3067\u306f\u305d\u306eM&amp;A\u304c\u3082\u305f\u3089\u3059\u793e\u54e1\uff0f\u793e\u4f1a\uff0f\u5730\u57df\u3078\u306e\u8ca2\u732e(NCV-Net Community Value)\u304c\u91cd\u8981\u8996\u3055\u308c\u307e\u3059\u3002\u898f\u6a21\u304c\u4e16\u754c\u30ec\u30d9\u30eb\u3067\u3001\u5be1\u5360\uff0f\u72ec\u5360\u3092\u3059\u308b\u3088\u3046\u306a\u884c\u70ba\u306f\u653f\u5e9c\u304c\u8a8d\u53ef\u3092\u3057\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u56fd\u9632\uff0f\u96fb\u6ce2\uff0f\u79d1\u5b66\uff0f\u5316\u5b66\u7cfb\uff0f\u65b0\u898f\u30d9\u30f3\u30c1\u30e3\u30fc\u7b49\u3001\u898f\u6a21\u306b\u9650\u3089\u305a\u56fd\u5bb6\u6a5f\u5bc6\u7684\u306a\u60c5\u5831\u306b\u767a\u5c55\u3057\u3046\u308b\u7523\u696d\uff0f\u4e8b\u696d\u306b\u306fPrivate Equity\u30fb\u672a\u516c\u958b\u682a\u3001Venture Capital\u30fb\u6295\u8cc7\u4f1a\u793e\u3001\u5730\u57df\u8b70\u54e1\u306e\u30ed\u30d3\u30fc\u6d3b\u52d5(\u9673\u60c5\u6d3b\u52d5)\u7b49\u304c\u904e\u53bb\u306b\u7121\u3044\u7a0b\u3001\u95a2\u308f\u308b\u6a5f\u4f1a\u3082\u898b\u53d7\u3051\u3089\u308c\u307e\u3059\u3002<br \/>\nM&amp;A\u3092\u4ea4\u6e09\u3059\u308b\u969b\u306e\u5e79\u90e8\u306f\u3001\u305d\u306e\u652f\u6255\u308f\u308c\u308b\u5bfe\u4fa1\u306b\u76ee\u3092\u5411\u3051\u3001\u305d\u306e\u5f8c\u306e\u4f1a\u793e\u30fb\u793e\u4f1a\u306e\u8ca2\u732e\u306b\u306f\u7121\u95a2\u5fc3\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u304f\u898b\u53d7\u3051\u3089\u308c\u307e\u3059\u3002<br \/>\n\u53cb\u597d\u7684\u3068\u306f\u4ea4\u6e09\u5148\u306e\u5e79\u90e8\u306b\u5bfe\u3057\u3066\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u5f8c\u306e\u91cd\u8981\u306a\u9375\u3068\u306a\u308b\u5e79\u90e8\u4e3b\u8981\u4eba\u54e1\u3084\u793e\u54e1\u3078\u306e\u914d\u616e\u3067\u3059\u3002 \u8cb7\u53ce\u8cc7\u91d1\u3092\u5f7c\u3089\u306b\u307e\u3067\u5c4a\u3051\u308b\u3053\u3068\u304c\u3001\u6570\u591a\u304f\u306e\u6848\u4ef6\u3067\u9375\u3068\u306a\u3063\u305f\u30b1\u30fc\u30b9\u3092\u898b\u3066\u307e\u3044\u308a\u307e\u3057\u305f\u3002 \u8cb7\u53ce\u8cc7\u91d1\u3092\u5f7c\u3089\u306b\uff13-\uff15\u5e74\u304b\u3051\u3066\u5831\u916c\u7684\u306a\u914d\u5206\u3092\u3059\u308bVesting\u30fb\u30d9\u30b9\u30c6\u30a3\u30f3\u30b0\u3068\u8a00\u3046\u624b\u6cd5\u3067\u3059\u3002\u300e\u304a\u91d1\u3067\u91e3\u308b\u300f\u3068\u8a00\u3046\u898b\u89e3\u3067\u306f\u306a\u304f\u3001\u300e\u304a\u91d1\u304c\u793e\u54e1\u3084\u793e\u4f1a\u3092\u6f64\u3057\u3066\u3044\u308b\u304b\uff1f\u300f\u304c\u6210\u529f\u306e\u9375\u3092\u63e1\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3><span id=\"MA\">M&amp;A\u306e\u7d50\u679c\u306f\u4f55\u3092\u6301\u3063\u3066\u6210\u529f\u304b\uff1f<\/span><\/h3>\n<p>M&amp;A\u3092\u3001\u4ea4\u6e09\u304b\u3089\u305d\u306e\u51fa\u53e3\u3001\u8ecc\u9053\u306b\u4e57\u308b\u307e\u3067\u62c5\u5f53\u3092\u3055\u308c\u305f\u65b9\u306f\u975e\u5e38\u306b\u6570\u5c11\u306a\u3044\u6628\u4eca\u3067\u3059\u3002M&amp;A\u306f\u904e\u53bb\u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u6cd5(CF\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7b49)\u3067\u306f\u5e73\u5747\u3067\uff15\u4ef6\u306b\uff11\u4ef6\u306e\u307f\u3057\u304b\u6210\u529f\u3057\u5f97\u306a\u3044\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6700\u5927\u306e\u7406\u7531\u306f\u65b0\u7d4c\u55b6\u8005\u306b\u3042\u308a\u3001\u8981\u306f\u6b8b\u3063\u305f\u793e\u54e1\u3068\u7406\u60f3\u306e\u793e\u54e1\u306e\u30de\u30cd\u30fc\u30b8\u30e1\u30f3\u30c8\u304c\u5927\u304d\u306a\u9375\u3067\u3059\u3002<br \/>\nNCV-Net Community Value\u3068\u3044\u3046\u8a00\u8449\u3092\u3054\u5b58\u77e5\u3067\u3057\u3087\u3046\u304b\uff1f<br \/>\n<strong><em>\u4e8b\u4f8b\uff11<\/em>\uff09<\/strong>\u65b0\u85ac\u3092\u76ee\u5f53\u3066\u306b\u8cb7\u53ce\uff08\u5927\u578b\u51fa\u8cc7\uff09\u3057\u305f\u7c73\u4f1a\u793e\u306e\u85ac\u304c\u65e5\u7c73\u3067\u8a8d\u53ef\u3055\u308c\u65e9\u3005\u306b\u8ca9\u58f2\u3055\u308c\u3001\u591a\u304f\u306e\u65b9\u306e\u75c5\u6c17\u3092\u5feb\u5fa9\u3055\u305b\u305f\u3002<br \/>\n<strong><em>\u4e8b\u4f8b\uff12<\/em>\uff09<\/strong>\u6642\u671f\u4e16\u4ee3\u306e\u6280\u8853\u30fb\u7279\u8a31\u4f01\u696d\u3092\u8cb7\u53ce\u3057\u65e5\u672c\u3067\u88fd\u54c1\u3092\u8ca9\u58f2\u3002\u65e5\u672c\u56fd\u5185\u3067\u306e\u6d41\u901a\u696d\u306e\u52b9\u7387\u5316\u3092\u6210\u529f\u3002\u4eba\u54e1\u3092\u524a\u6e1b\u3059\u308b\u3053\u3068\u306a\u304f\u5730\u65b9\u3067\u65b0\u898f\u96c7\u7528\u3092\u751f\u3093\u3060\u3002<br \/>\n<strong><em>\u4e8b\u4f8b\uff13<\/em>\uff09<\/strong>\u65e5\u672c\u306eK\u793e\u306f\uff12\uff10\uff11\uff12\u5e74\u306b\u7d04\uff15\uff18\u5104\u5186\u306e\u6295\u8cc7\u3067\u7c73\u56fd\u4f01\u696d\u306e\u5927\u682a\u4e3b\u3068\u306a\u308b\u3002\u591a\u304f\u306e\u8cc7\u91d1\u3092\u793e\u54e1\u306e\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306b\u5411\u3051\u308b\u3053\u3068\u3067\u540c\u610f\u3002\u793e\u54e1\u306f\u5831\u916c\u3092\u76ee\u5f53\u3066\u306b\u50cd\u304f\u751f\u304d\u304c\u3044\u3092\u611f\u3058\u3001\u305d\u306e\u7d50\u679c\u3001\u65b0\u88fd\u54c1\u306e\u958b\u767a\u307e\u3067\u306b\u8208\u5473\u3092\u62b1\u304f\u3088\u3046\u306b\u306a\u308b\u3002\u305d\u306e\u7d50\u679c\u306f\uff13\u793e\u5171\u306b\u8cb7\u53ce\u5148\u4f01\u696d\u4fa1\u5024\u3092\u7d50\u679c\u4e0a\u3052\u308b\u4e8b\u306b\u6210\u529f\u3057\u3001\u8cb7\u53ce\u5148\u306e\u5e02\uff0f\u7fa4\u3001\u5bb6\u65cf\u304c\u5e78\u305b\u3092\u611f\u3058\u308b\u3088\u3046\u306b\u5909\u8c8c\u3057\u305f\u3002<br \/>\n\u7c73\u56fd\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30fc\u30fb\u4eba\u7a2e\u30fb\u5c31\u52b4\u4fa1\u5024\u3092\u5fc3\u5e95\u307e\u3067\u8aad\u307f\u89e3\u304f\u4e8b\u304c\u6c42\u3081\u3089\u308c\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n<h3><span id=\"MA-2\">\uff1cM&amp;A\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\uff1e\u3000<\/span><\/h3>\n<p><b>\u8cb7\u53ce\u4ea4\u6e09\u3001\u5951\u7d04\u306e\u7de0\u7d50\u3001\u5f79\u54e1\uff0f\u682a\u4e3b\u7dcf\u4f1a\u4ee3\u884c\u53c2\u52a0\u3001M&amp;A\u5f8c\u306e\u5f79\u54e1\u53c2\u753b<\/b><br \/>\n\u307e\u305a\u306f\u304a\u6c17\u8efd\u306b\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<br \/>\n2015\u5e74 1\u670816\u65e5\u3000J-Weekly 1204\u53f7\u3000\u5e83\u544a\u3088\u308a<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contents1 \u8cb7\u53ce\u5f8c\u306e\u793e\u4f1a\u8ca2\u732e\u5ea6\u3068\u52b9\u7387\u53161.1 \u53cb\u597d\u7684 M&amp;A\u3067\u3042\u308b\u3053\u30681.2 M&amp;A\u306e\u7d50\u679c\u306f\u4f55\u3092\u6301\u3063\u3066\u6210\u529f\u304b\uff1f1.3 \uff1cM&amp;A\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\uff1e\u3000 \u8cb7\u53ce\u5f8c\u306e\u793e\u4f1a\u8ca2\u732e\u5ea6\u3068\u52b9\u7387\u5316 \u6642\u4ee3\u3068\u3068\u3082\u306bM&amp;A\u306e\u8003\u3048\u65b9\u3068\u305d\u306e\u624b\u6cd5\u304c\u5909\u8c8c\u3092\u3057\u3066\u304a\u308a\u307e\u3059\u3002 \u305d\u306e\u7d50\u679c\u3092\u5206\u6790\u3057\u3001\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u5148\u3005\u306e\u4f1a\u793e\u6d77\u5916\u6226\u7565\u306b\u7e4b\u304c\u308b\u6642\u4ee3\u3067\u3059\u3002\u55b6\u696d\u7cfb\u30fb\u6280\u8853\u7cfb\u3001\u6a29\u5229\u3001\u7dcf\u5408\u7684\u306a\u7d4c\u55b6\u306e\u52b9\u7387\u5316\u306a\u3069\u3001\u76ee\u7684\u306f\u69d8\u3005\u306aM&amp;A \/ \u5408\u5f01\u4e8b\u696d\u3002\u7acb\u3061\u4e0a\u3052\u306f\u7686\u697d\u89b3\u7684\u3067\u3059\u304c\u3001\u3044\u3056\u5177\u4f53\u7684\u306a\u8077\u52d9\u306b\u4ed8\u304f\u3068\u69d8\u3005\u306a\u30d0\u30ea\u30a2\u304c\u3042\u308b\u4e8b\u306b\u6c17\u3065\u304d\u307e\u3059\u3002 \u53cb\u597d\u7684 M&amp;A\u3067\u3042\u308b\u3053\u3068 70\u5e74\u4ee3\uff5e\uff19\uff10\u5e74\u4ee3\u521d\u982d\u307e\u3067\u4e3b\u6d41\u3067\u3042\u3063\u305f TOB (Takeover Bid)\u30fb\u682a\u5f0f\u5e02\u5834\u3067\u306e\u516c\u958b\u8cb7\u4ed8 \/ HTO (Hostile Takeover)\u30fb\u6575\u5bfe\u7684\u8cb7\u53ce\u306f\u3082\u306f\u3084\u6d41\u884c\u308a\u307e\u305b\u3093\u3002\u91d1\u92ad\u306e\u5229\u5bb3\u306f\u8a00\u3046\u307e\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u73fe\u4ee3\u793e\u4f1a\u3067\u306f\u305d\u306eM&amp;A\u304c\u3082\u305f\u3089\u3059\u793e\u54e1\uff0f\u793e\u4f1a\uff0f\u5730\u57df\u3078\u306e\u8ca2\u732e(NCV-Net Community Value)\u304c\u91cd\u8981\u8996\u3055\u308c\u307e\u3059\u3002\u898f\u6a21\u304c\u4e16\u754c\u30ec\u30d9\u30eb\u3067\u3001\u5be1\u5360\uff0f\u72ec\u5360\u3092\u3059\u308b\u3088\u3046\u306a\u884c\u70ba\u306f\u653f\u5e9c\u304c\u8a8d\u53ef\u3092\u3057\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u56fd\u9632\uff0f\u96fb\u6ce2\uff0f\u79d1\u5b66\uff0f\u5316\u5b66\u7cfb\uff0f\u65b0\u898f\u30d9\u30f3\u30c1\u30e3\u30fc\u7b49\u3001\u898f\u6a21\u306b\u9650\u3089\u305a\u56fd\u5bb6\u6a5f\u5bc6\u7684\u306a\u60c5\u5831\u306b\u767a\u5c55\u3057\u3046\u308b\u7523\u696d\uff0f\u4e8b\u696d\u306b\u306fPrivate Equity\u30fb\u672a\u516c\u958b\u682a\u3001Venture Capital\u30fb\u6295\u8cc7\u4f1a\u793e\u3001\u5730\u57df\u8b70\u54e1\u306e\u30ed\u30d3\u30fc\u6d3b\u52d5(\u9673\u60c5\u6d3b\u52d5)\u7b49\u304c\u904e\u53bb\u306b\u7121\u3044\u7a0b\u3001\u95a2\u308f\u308b\u6a5f\u4f1a\u3082\u898b\u53d7\u3051\u3089\u308c\u307e\u3059\u3002 M&amp;A\u3092\u4ea4\u6e09\u3059\u308b\u969b\u306e\u5e79\u90e8\u306f\u3001\u305d\u306e\u652f\u6255\u308f\u308c\u308b\u5bfe\u4fa1\u306b\u76ee\u3092\u5411\u3051\u3001\u305d\u306e\u5f8c\u306e\u4f1a\u793e\u30fb\u793e\u4f1a\u306e\u8ca2\u732e\u306b\u306f\u7121\u95a2\u5fc3\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u304f\u898b\u53d7\u3051\u3089\u308c\u307e\u3059\u3002 \u53cb\u597d\u7684\u3068\u306f\u4ea4\u6e09\u5148\u306e\u5e79\u90e8\u306b\u5bfe\u3057\u3066\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u5f8c\u306e\u91cd\u8981\u306a\u9375\u3068\u306a\u308b\u5e79\u90e8\u4e3b\u8981\u4eba\u54e1\u3084\u793e\u54e1\u3078\u306e\u914d\u616e\u3067\u3059\u3002 \u8cb7\u53ce\u8cc7\u91d1\u3092\u5f7c\u3089\u306b\u307e\u3067\u5c4a\u3051\u308b\u3053\u3068\u304c\u3001\u6570\u591a\u304f\u306e\u6848\u4ef6\u3067\u9375\u3068\u306a\u3063\u305f\u30b1\u30fc\u30b9\u3092\u898b\u3066\u307e\u3044\u308a\u307e\u3057\u305f\u3002 \u8cb7\u53ce\u8cc7\u91d1\u3092\u5f7c\u3089\u306b\uff13-\uff15\u5e74\u304b\u3051\u3066\u5831\u916c\u7684\u306a\u914d\u5206\u3092\u3059\u308bVesting\u30fb\u30d9\u30b9\u30c6\u30a3\u30f3\u30b0\u3068\u8a00\u3046\u624b\u6cd5\u3067\u3059\u3002\u300e\u304a\u91d1\u3067\u91e3\u308b\u300f\u3068\u8a00\u3046\u898b\u89e3\u3067\u306f\u306a\u304f\u3001\u300e\u304a\u91d1\u304c\u793e\u54e1\u3084\u793e\u4f1a\u3092\u6f64\u3057\u3066\u3044\u308b\u304b\uff1f\u300f\u304c\u6210\u529f\u306e\u9375\u3092\u63e1\u3063\u3066\u3044\u307e\u3059\u3002 M&amp;A\u306e\u7d50\u679c\u306f\u4f55\u3092\u6301\u3063\u3066\u6210\u529f\u304b\uff1f M&amp;A\u3092\u3001\u4ea4\u6e09\u304b\u3089\u305d\u306e\u51fa\u53e3\u3001\u8ecc\u9053\u306b\u4e57\u308b\u307e\u3067\u62c5\u5f53\u3092\u3055\u308c\u305f\u65b9\u306f\u975e\u5e38\u306b\u6570\u5c11\u306a\u3044\u6628\u4eca\u3067\u3059\u3002M&amp;A\u306f\u904e\u53bb\u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u6cd5(CF\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7b49)\u3067\u306f\u5e73\u5747\u3067\uff15\u4ef6\u306b\uff11\u4ef6\u306e\u307f\u3057\u304b\u6210\u529f\u3057\u5f97\u306a\u3044\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6700\u5927\u306e\u7406\u7531\u306f\u65b0\u7d4c\u55b6\u8005\u306b\u3042\u308a\u3001\u8981\u306f\u6b8b\u3063\u305f\u793e\u54e1\u3068\u7406\u60f3\u306e\u793e\u54e1\u306e\u30de\u30cd\u30fc\u30b8\u30e1\u30f3\u30c8\u304c\u5927\u304d\u306a\u9375\u3067\u3059\u3002 NCV-Net Community Value\u3068\u3044\u3046\u8a00\u8449\u3092\u3054\u5b58\u77e5\u3067\u3057\u3087\u3046\u304b\uff1f 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