{"id":6199,"date":"2016-08-19T11:32:49","date_gmt":"2016-08-19T18:32:49","guid":{"rendered":"http:\/\/hbt.48d.mywebsitetransfer.com\/?p=6199"},"modified":"2024-01-04T15:06:46","modified_gmt":"2024-01-04T23:06:46","slug":"%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%a7%e8%bb%a2%e8%81%b7%e3%83%bb%e8%b5%b7%e6%a5%ad%e3%80%81%e3%82%b9%e3%83%94%e3%83%b3%e3%82%a2%e3%82%a6%e3%83%88","status":"publish","type":"post","link":"https:\/\/www.japancorporate.com\/dev\/%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%a7%e8%bb%a2%e8%81%b7%e3%83%bb%e8%b5%b7%e6%a5%ad%e3%80%81%e3%82%b9%e3%83%94%e3%83%b3%e3%82%a2%e3%82%a6%e3%83%88\/","title":{"rendered":"\u30a2\u30e1\u30ea\u30ab\u3067\u8ee2\u8077\u30fb\u8d77\u696d\u3001\u30b9\u30d4\u30f3\u30a2\u30a6\u30c8"},"content":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306e\u5c31\u52b4\u306f\u666f\u6c17\u306e\u62e1\u5f35\u306b\u4f34\u3044\u69d8\u3005\u306a\u30b1\u30fc\u30b9\u304c\u5897\u3048\u3066\u3044\u307e\u3059\u3002<br \/>\n\u4f8b\u3048\u3070\u8d77\u696d\u3001\u73fe\u5730\u6cd5\u4eba\u30fb\u99d0\u5728\u54e1\u4e8b\u52d9\u6240\u3092\u8a2d\u7acb\u3001\u7c73\u56fd\u4e8b\u52d9\u6240\u8cc3\u8cb8\u3001\u8d74\u4efb\u8005\u30d3\u30b6\u53d6\u5f97\u3001\u81ea\u5206\u3067\u30d3\u30b6\u3092\u30b9\u30dd\u30f3\u30b5\u30fc\u3057\u3066\u7d4c\u55b6\u3001\u30d3\u30b6\u3067\u8ee2\u8077\u306a\u3069\u3002\u4e00\u822c\u7684\u306e\u96c7\u7528\u4ee5\u5916\u306b\u3082\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<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> \u99d0\u5728\u54e1\u3067\u6765\u305f\u304c\u3001\u72ec\u7acb\u3067\u304d\u306a\u3044\u304b\uff1f<\/a><ul><li><a href=\"#i-2\"><span class=\"toc_number toc_depth_2\">1.1<\/span> \u301c\u30d3\u30b6\u554f\u984c\u3001\u6c38\u4f4f\u6a29\u306e\u53d6\u5f97\u301c<\/a><\/li><li><a href=\"#_E\"><span class=\"toc_number toc_depth_2\">1.2<\/span> \u8ee2\u8077\u306e\u53ef\u80fd\u6027 ~E\u30d3\u30b6\u4f1a\u793e~<\/a><\/li><li><a href=\"#i-3\"><span class=\"toc_number toc_depth_2\">1.3<\/span> \u8ee2\u8077\u306f\u4fe1\u7528\uff0f\u5b9f\u7e3e\u304c\u5168\u3066<\/a><\/li><li><a href=\"#MBOMBI_MA\"><span class=\"toc_number toc_depth_2\">1.4<\/span> MBO\uff0fMBI\u3067\u8ee2\u8077\u3001\u8d77\u696d\nM&amp;A\u6848\u4ef6\u306e\u6d3b\u7528<\/a><\/li><\/ul><\/li><\/ul><\/div>\n<h2><span id=\"i\"><strong>\u99d0\u5728\u54e1\u3067\u6765\u305f\u304c\u3001\u72ec\u7acb\u3067\u304d\u306a\u3044\u304b\uff1f<\/strong><\/span><\/h2>\n<h3><span id=\"i-2\">\u301c\u30d3\u30b6\u554f\u984c\u3001\u6c38\u4f4f\u6a29\u306e\u53d6\u5f97\u301c<\/span><\/h3>\n<p>\u300e\u3053\u306e\u4e8b\u696d\u5185\u5bb9\u3001\u793e\u3067\u306e\u81ea\u5206\u306e\u5f79\u5272\u3067\u3042\u3063\u305f\u3089\u72ec\u308a\u7acb\u3061\u3067\u304d\u308b\u306e\u3067\u306f\uff1f\u300f<br \/>\n\u300e\u53d6\u5f15\u5148\u306b\u8ee2\u8077\u3082\u3067\u304d\u308b\u306e\u3067\u306f\uff1f\u300f<br \/>\n\u3068\u3001\u8003\u3048\u308b\u65b9\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u4eca\u306f\u826f\u304f\u3066\u3082\u5c31\u52b4\uff0f\u30d3\u30b6\uff0f\u5bb6\u65cf\u3000\u7b49\u3005\u3068\u8003\u3048\u308b\u3068\u6b62\u307e\u308b\u65b9\u304c\u6b86\u3069\u3067\u3059\u3002\u5224\u65ad\u306f\u81ea\u5206\u81ea\u8eab\u3060\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u30ea\u30b9\u30af\u306f\u5fc5\u305a\u4f34\u3044\u307e\u3059\u3002<\/p>\n<p>\u30d3\u30b6\u3092\u3082\u3063\u3066\u8ee2\u8077\u306f\u53ef\u80fd\u3067\u3059\u304c\u3001\u305d\u306e\u9593\u306b\u89e3\u96c7\u3092\u3055\u308c\u308c\u3070\u5143\u3082\u5b50\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306e\u4e8b\u696d\u306f\u5b9f\u7e3e\u304c\u5168\u3066\u3067\u3059\u306e\u3067\u3001\u7121\u304f\u306a\u308c\u3070\u4e0d\u8981\u306b\u306a\u308a\u307e\u3059\u3002<br \/>\n\u3057\u304b\u3057\u5922\u306f\u8c4a\u5bcc\u306b\u3042\u308b\u56fd\u3067\u3059\u306e\u3067\u6311\u6226\u306f\u5fc5\u305a\u5831\u308f\u308c\u307e\u3059\u300230\u301c50\u6b73\u4ee3\u306e\u65b9\u306b\u306f\u5c1a\u66f4\u3067\u3059\u3002<\/p>\n<p>\u4fe1\u7528\u304c\u3067\u304d\u308b\u65b9\u3068\u4f1a\u793e\u3092\u8d77\u3053\u3057\u3001\u5c31\u52b4\u30d3\u30b6\u3092\u79fb\u7c4d\u3002\u6295\u8cc7\uff0f\u8cbf\u6613\u3067\u3042\u308bE\u30d3\u30b6\u30ab\u30f3\u30d1\u30cb\u30fc\u306b\u5c31\u8077\u3001\u81ea\u8eab\u3067\u793e\u5185\u4e8b\u696d\u3092\u7acb\u3061\u4e0a\u3052\u3066\u5c31\u52b4\u3001\u6c38\u4f4f\u6a29\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<p>\u5f0a\u793e\u3067\u306fE\u30d3\u30b6\u4f1a\u793e\u306e\u7d39\u4ecb\uff0f\u53ef\u80fd\u6027\u3092\u652f\u63f4\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n<h3><span id=\"_E\">\u8ee2\u8077\u306e\u53ef\u80fd\u6027 ~E\u30d3\u30b6\u4f1a\u793e~<\/span><\/h3>\n<p>E\u30d3\u30b6\u306f\u6295\u8cc7\u3068\u8cbf\u6613\u306e\uff12\u3064\u306b\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n<p><strong>\u8cbf\u6613\u3067\u306e\u4f8b\uff1a<\/strong>\u65e2\u306b\u985e\u4f3c\u306e\u8cbf\u6613\u3067\u5b9f\u7e3e\u304c\u3042\u308b\u4f1a\u793e\u306b\u8ee2\u8077\u3002\u305d\u306e\u4f1a\u793e\u3067\u3054\u81ea\u8eab\u304c\u3084\u3089\u308c\u3066\u304d\u305f\u8cbf\u6613\u306e\u4e8b\u696d\u3092\u79fb\u8ee2\u3055\u305b\u3001\u5229\u76ca\u3092\u51fa\u3055\u305b\u308b\u3002<\/p>\n<p><strong>\u6295\u8cc7\u3067\u306e\u4f8b\uff1a<\/strong>\u65e2\u306b\u6295\u8cc7\uff08\u6a5f\u68b0\uff0f\u5de5\u5834\uff0f\u30b5\u30fc\u30d0\u30fc\uff0f\u5e97\u8217\uff0f\u96c7\u7528\uff08\u4eba\u6750\uff09\u3000\u6295\u8cc7\u3092\u3055\u308c\u3066\u3044\u308b\u4f1a\u793e\u3002\u985e\u4f3c\u306e\u4e8b\u696d\u3067\u3042\u308c\u3070\u305d\u306e\u8cac\u4efb\u8005\u3068\u3057\u3066\u53ce\u76ca\u3092\u51fa\u3059\u3053\u3068\u3092\u524d\u63d0\u306b\u5b9f\u7e3e\u306e\u3042\u308b\u4f1a\u793e\u306b\u8ee2\u8077\u3001\u30d3\u30b6\u306e\u53d6\u5f97\u3002<\/p>\n<p>\u5b9f\u7e3e\u304c\u7d9a\u304d\u3001\u5229\u76ca\uff0f\u96c7\u7528\uff08\u7a0e\u91d1\uff09\u7b49\u306b\u5b9f\u8cea\u7684\u306b\u8ca2\u732e\u304c\u3067\u304d\u308c\u3070\u3001\u6c38\u4f4f\u6a29\u306e\u53d6\u5f97\u3082\u7121\u7406\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<h3><span id=\"i-3\">\u8ee2\u8077\u306f\u4fe1\u7528\uff0f\u5b9f\u7e3e\u304c\u5168\u3066<\/span><\/h3>\n<p>\u65e5\u672c\u4eba\u540c\u58eb\u3067\u3042\u308b\u3068\u3001\u5373\u4fe1\u7528\u3057\u3001\u826f\u304d\u65b9\u5411\u306b\u7686\u69d8\u60f3\u50cf\u3057\u307e\u305b\u3093\u304b\uff1f\u5168\u3066\u5b9f\u7e3e\u3068\u7d4c\u9a13\u3001\u7d50\u679c\u304c\u51fa\u305b\u307e\u305b\u3093\u3068\u4f1a\u793e\u306f\u52ff\u8ad6\u3001\u5bb6\u65cf\u3082\u990a\u3048\u307e\u305b\u3093\u3002<\/p>\n<p>\u305d\u3046\u306f\u8a00\u3063\u3066\u3082\u4eba\u751f\u3067\u5927\u304d\u306a\u5909\u8c8c\u3092\u3064\u3052\u308b\u6642\u306f\u4f59\u88d5\u3082\u5fc5\u8981\u3067\u3059\u3002\u3067\u304d\u308c\u3070\u8cc7\u91d1\u529b\u304c\u3042\u308a\u3001\u4e2d\u671f\u7684\u306a\u30d3\u30b8\u30e7\u30f3\u3067\u304a\u4ed8\u304d\u5408\u3048\u308b\u4f1a\u793e\u304c\u7406\u60f3\u3067\u3059\u3002\u305f\u3060\u3001\u77ed\u671f\u3067\u306e\u76ee\u6a19\u3092\u9054\u6210\u3057\u305f\u7d50\u679c\u306e\u4e2d\u671f\u30d3\u30b8\u30e7\u30f3\u3067\u3059\u306e\u3067\u3001\u8aa4\u89e3\u304c\u306a\u3044\u3088\u3046\u306b\u3002<\/p>\n<p>\u3054\u81ea\u8eab\u306e\u5e74\u53ce\uff04\uff18\uff10\uff0c\uff10\uff10\uff10\u6700\u4f4e\u6761\u4ef6\u3067\u3042\u308c\u3070\u3001\u5229\u76ca\u3067\uff04\uff18\uff10\uff0c\uff10\uff10\uff10\u3092\u51fa\u3059\uff08\u58f2\u4e0a\u3067\u7d04\uff04\uff13\uff10\uff10\uff0c\uff10\uff10\uff10\u301c\uff04\uff15\uff10\uff10\uff0c\uff10\uff10\uff10\uff09\u3067\u3059\u3002\u4eca\u6570\u5024\u3092\u3044\u3064\u51fa\u305b\u3066\u3001\u305d\u306e\u671f\u9593\u3069\u306e\u7a0b\u5ea6\u306e\u30b3\u30b9\u30c8\u304c\u5fc5\u8981\u304b\u3067\u3059\u3002\u307e\u305f\u305d\u306e\u671f\u9593\u3069\u306e\u3088\u3046\u306a\u975e\u91d1\u92ad\u30ea\u30bf\u30fc\u30f3\u304c\u3042\u308b\u304b\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u8d77\u696d\u3068\u540c\u3058\u767a\u60f3\u3067\u3059\u3002\u8d77\u696d\/Entreprener\u7cbe\u795e\u3092\u3082\u3063\u3066\u72ec\u7acb\u3001\u8ee2\u8077\u3092\u8a08\u7b97\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3><span id=\"MBOMBI_MA\">MBO\uff0fMBI\u3067\u8ee2\u8077\u3001\u8d77\u696d<br \/>\nM&amp;A\u6848\u4ef6\u306e\u6d3b\u7528<\/span><\/h3>\n<p><strong>\u301c<\/strong>\uff15\u4e07\u30c9\u30eb\uff0f\uff12\uff10\u4e07\u30c9\u30eb\u306eM&amp;A\u3067\u958b\u3051\u308b\u53ef\u80fd\u6027\u301c<\/p>\n<p>\u30d3\u30b6\u53d6\u5f97\u306e\u969b\u3001\u6295\u8cc7\u3068\u3057\u3066\u9069\u3057\u3066\u3044\u308b\u306e\u306fM&amp;A\u3002\u898f\u6a21\u306f\u5c11\u984d\u304b\u3089\u6570\u5341\u5104\uff0f\u767e\u5104\u30c9\u30eb\u3068\u69d8\u3005\u3067\u3059\u3002<\/p>\n<p>\u58f2\u308a\u306b\u51fa\u3066\u3044\u308b\u4e8b\u696d\u3001\u5e97\u8217\u3001\u4f1a\u793e\u304c\u3042\u308a\u81ea\u5206\u304c\u5f15\u304d\u7d99\u3052\u3070\u5909\u8c8c\u3055\u305b\u3089\u308c\u308b\u3002\u305d\u3053\u306b\u306f\u591a\u5c11\u306e\u8cc7\u91d1\u304c\u5fc5\u8981\u3067\u3042\u308b\u4f8b\u306f\u3001MBI\uff08Management Buy In)\u3068\u3057\u3066\u8cb7\u53ce\u5f8c\u3001\u7d4c\u55b6\u304c\u53ef\u80fd\u3067\u3059\u3002\u81ea\u8eab\u304c\u52e4\u3081\u3066\u3044\u308b\u4f1a\u793e\u3067\u3001\u682a\u4e3b\uff08\u672c\u793e\uff09\u304b\u3089\u8cb7\u3044\u5165\u308c\u308b\u904e\u534a\u6570\u306e\u682a\u3092\uff08\u6295\u8cc7\u5bb6\u3068\uff09\u8cb7\u53d6\u308a\u3001\u81ea\u5206\u306e\u4f1a\u793e\u3068\u3057\u3066\u518d\u751f\u3055\u305b\u308bMBO(Management Buy Out)\u3082\u53ef\u80fd\u3067\u3059\u3002\u5168\u3066\u4ea4\u6e09\uff0f\u6761\u4ef6\u6b21\u7b2c\u3067\u306f\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u5c45\u629c\u304d\u306e\u5e97\u8217\u3092\u8cb7\u53ce\u3001\u98f2\u98df\u5e97\u7d4c\u55b6\u3002\u8cbf\u6613\u4f1a\u793e\u3092\u8cb7\u53ce\u3001\uff08\u5185\u5bb9\u6b21\u7b2c\u3067\u306f\uff09\u30d3\u30b6\u3092\u53d6\u5f97\u3082\u53ef\u80fd\u3002<\/p>\n<p>\u7279\u306b\u7c73\u56fd\u3067\u8ca9\u58f2\u3092\u691c\u8a0e\u3055\u308c\u308b\u4e8b\u696d\u306f\u3001\u8ca9\u58f2\u7db2\u306e\u5b9f\u7e3e\u3068\u7d4c\u9a13\u8005\u304c\u3044\u308b\u4f1a\u793e\u3092\u8cb7\u53ce\u3059\u308b\u3053\u3068\u3067\u3001\u521d\u5e74\u5ea6\u3088\u308a\u5229\u76ca\u3092\u4e0a\u3052\u3089\u308c\u308b\u30b1\u30fc\u30b9\u3082\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n<p>\u4f8b\uff1a\u81ea\u5df1\u8cc7\u91d13\u4e07\u301c10\u4e07\u30c9\u30eb\u3001\u6295\u8cc7\u5bb617\u4e07\u301c10\u4e07\u30c9\u30eb\u3001\u8a0820\u4e07\u30c9\u30eb\u4ee5\u4e0a\u306e\u5c0f\u6848\u4ef6\u3092\u8cb7\u53ce\u3001\u30d3\u30b6\u306e\u53d6\u5f97\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3001\u300e\u3069\u3053\u306b\u4fa1\u5024\u3092\u898b\u308b\u304b\u300f\u3067\u3059\u3002\u8ca1\u52d9\u8af8\u8868\u3084\u4e8b\u524d\u8abf\u67fb(Due Diligence)\u306b\u3053\u3060\u308f\u308a\u3059\u304e\u3066\u3001\u8cb7\u53ce\u5931\u6557\u306b\u7d42\u308f\u308b\u30b1\u30fc\u30b9\u3082\u591a\u3005\u3042\u308a\u307e\u3059\u3002\u52c7\u6c17\u3068\u52e2\u3044\u3082\u91cd\u8981\u3067\u3059\u3002\u5f0a\u793e\u3067\u306f\u30d3\u30b6\u3067\u304a\u56f0\u308a\u3067\u306a\u3044\u65b9\u3067\u3082\u3001 \u4e0a\u8a18\u306e\u3088\u3046\u306a\u6848\u4ef6\u3067\u8cb7\u53ce\u3057\u3001\u5229\u76ca\u3092\u51fa\u305b\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u65b9\u3088\u308a\u3054\u76f8\u8ac7\u3044\u305f\u3060\u304d\u3001 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