{"id":8445,"date":"2021-06-17T03:32:53","date_gmt":"2021-06-16T18:32:53","guid":{"rendered":"http:\/\/hbt.48d.mywebsitetransfer.com\/?p=8445"},"modified":"2024-01-04T15:06:43","modified_gmt":"2024-01-04T23:06:43","slug":"blog_management_ma-20210611","status":"publish","type":"post","link":"https:\/\/www.japancorporate.com\/dev\/blog_management_ma-20210611\/","title":{"rendered":"M&#038;A\u3001\u4e8b\u696d\u58f2\u5374\u3001\u8cb7\u53ce\u3001\u5408\u4f75\u3067\u7c73\u56fd\u4e8b\u696d\u52b9\u7387\u5316"},"content":{"rendered":"<p><span style=\"color: #003300;\">M&amp;A (\u4e8b\u696d\u58f2\u5374\u3001\u8cb7\u53ce\u3001\u5408\u4f75) \u3067\u7c73\u56fd\u4e8b\u696d\u52b9\u7387\u5316<\/span><br \/>\n<span style=\"color: #003300;\"><strong>\u7c73\u56fd\u9032\u51fa\u3001\u8cb7\u53ce\u3001\u58f2\u5374\u3001\u5408\u5f01\u3067\u64a4\u9000\u3001\u5f15\u9000\u3001\u5b9a\u5e74<\/strong><\/span><\/p>\n<p>\u65e5\u672c\u3067\u3082\u4f1a\u793e\u3092\uff13\uff0d\uff15\u5e74\u3067\u9000\u8077\u3059\u308b\u6642\u4ee3\u3002\u5927\u624b\u3067\u3042\u308d\u3046\u3068\u5fc5\u7136\u3068\u6d6e\u304d\u6c88\u307f\u304c\u6fc0\u3057\u304f\u306a\u308b\u6642\u4ee3\u3002\u30b0\u30ed\u30fc\u30d0\u30eb\u7684\u306b\u30b9\u30d4\u30fc\u30c9\u7d4c\u55b6\u304c\u6c42\u3081\u3089\u308c\u3001M&amp;A\u306e\u624b\u6cd5\u3084\u8a55\u4fa1\u304c\u518d\u8a8d\u8b58\u3055\u308c\u308b\u6642\u4ee3\u3067\u3042\u308b\u3002\u4e8b\u696d\u306e\u58f2\u5374\u3001\u8cb7\u53ce\u306e\u7d50\u679c\u3092\u5206\u6790\u3057\u3001\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u3055\u3089\u306a\u308b\u5148\u3005\u306e\u4e8b\u696d\u6226\u7565\u306b\u7e4b\u304c\u308b\u6642\u4ee3\u3067\u3082\u3042\u308b\u3002\u305d\u3057\u3066\u30b3\u30ed\u30ca\u4e8b\u5909\u3067\u4eba\u6750\u3001\u4f1a\u793e\u3001\u8cc7\u7523\u3001\u8ca0\u50b5\u304c\u6df7\u4e71\u3059\u308b\u6642\u4ee3\u304c\u5230\u6765\u3057\u3066\u3044\u308b\u3002\u30ea\u30e2\u30fc\u30c8\u5e38\u8b58\u304b\u3089\u5f90\u3005\u306b\u89e3\u653e\u3055\u308c\u3066\u304d\u3066\u3044\u308b\u4e16\u306e\u4e2d\u306f\u3001\u4eba\u6750\u4e0d\u8db3\u306b\u5598\u304e\u3001\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u3092\u8d77\u3053\u3057\u59cb\u3081\u3066\u3044\u308b\u3002\u4eca\u5f8c\u91d1\u5229\u304c\u4e0a\u304c\u308a\u3001\u4f01\u696d\u878d\u8cc7\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u8cb7\u53ce\u3001\u4e0d\u52d5\u7523\u878d\u8cc7\u91d1\u5229\u3078\u3068\u5f71\u97ff\u3092\u53ca\u307c\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> \u8cb7\u53ce\u3092\u3057\u3066\u9032\u51fa\u30fb\u8d77\u696d<\/a><\/li><li><a href=\"#MA\"><span class=\"toc_number toc_depth_1\">2<\/span> M&amp;A\u306f\u53cb\u597d\u7684\u517c\u5947\u629c\u7684\u3067\u3042\u308b\u3053\u3068<\/a><\/li><li><a href=\"#MA-2\"><span class=\"toc_number toc_depth_1\">3<\/span> M&amp;A\u306e\u7d50\u679c\u306f\u4f55\u3092\u6301\u3063\u3066\u6210\u529f\u304b\uff1f<\/a><\/li><\/ul><\/div>\n<h2><span id=\"i\">\u8cb7\u53ce\u3092\u3057\u3066\u9032\u51fa\u30fb\u8d77\u696d<\/span><\/h2>\n<p>\u7c73\u56fd\u3067\u306e\u30d3\u30b8\u30cd\u30b9\u7d4c\u9a13\u304c\u306a\u3044\u65e5\u7cfb\u4f01\u696d\u306f\u3001\u8d74\u4efb\u8005\u3092\u9001\u308a\u3001\u5730\u76e4\u56fa\u3081\u3059\u308b\u3053\u3068\u304c\u5e38\u8b58\u3067\u3042\u308b\u3002\u679c\u305f\u3057\u3066\u305d\u308c\u3067\u6570\u5e74\u5f8c\u306b\u5229\u76ca\u3084\u76ee\u7684\u306f\u9054\u6210\u3059\u308b\u306e\u3067\u3042\u308d\u3046\u304b\uff1f<br \/>\n\u5229\u76ca\u3060\u3051\u3092\u307f\u308c\u3070\u3001\u81ea\u793e\u4e8b\u696d\u3092\u3059\u308b\u3088\u308a\u3082\u3001\u5229\u56de\u308a\u306e\u826f\u3044\u4e0d\u52d5\u7523\u3084\u3001\u914d\u5f53\u306e\u56fa\u3044\u4e8b\u696d\u8cb7\u53ce\u3092\u3057\u305f\u65b9\u304c\u52b9\u7387\u7684\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u8cb7\u53ce\u3092\u3057\u3066\u3082\u3001\u305d\u306e\u5927\u534a\u306f\u4e0a\u624b\u304f\u884c\u304b\u306a\u3044\u7d50\u679c\u306b\u81f3\u308b\u306e\u304c\u5b9f\u60c5\u3068\u306a\u308b\u3002\u305d\u306e\u539f\u56e0\u306f\u3001\u5404\u3005\u306eM\uff06A\u306e\u771f\u610f\u306b\u8d77\u56e0\u3059\u308b\u3002\u58f2\u5374\u3059\u308b\u682a\u4e3b\u3001\u305d\u306e\u4f1a\u793e\u306e\u5f37\u307f\u3001\u30e2\u30e9\u30eb\u3001\u8cc7\u7523\u3001\u3092\u898b\u6975\u3081\u308b\u3053\u3068\u3067\u3042\u308b\u3002\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u306e\u56fa\u5b9a\u3082\u91cd\u8981\u3060\u304c\u3001\u7121\u5f62\u8cc7\u7523\u3092\u6349\u3048\u308b\u4e8b\u3067\u3042\u308b\u3002M\uff06A\u306e\u76ee\u7684\u3092\u660e\u78ba\u306b\u6301\u3061\u3001\u5143\u6765\u306e\u81ea\u793e\u30fb\u81ea\u8eab\u306e\u5f37\u307f\u3092\u751f\u304b\u305b\u3089\u308c\u308b\u304b\u3001\u304c\u9375\u3092\u63e1\u308b\u3002\uff0410m\u4ee5\u4e0b\u306e\u5e74\u5546\u306e\u4f01\u696d\u3067\u3042\u308c\u3070\uff11\u5e74\u3001\uff0410m\u4ee5\u4e0a\u3067\u3042\u308c\u3070\uff12\u5e74\u5206\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4f59\u88d5\u3092\u6301\u3064\u4e8b\u306f\u3001M\uff06A\u3067\u306e\u639f\u3067\u3042\u308b\u3002<\/p>\n<h2><span id=\"MA\">M&amp;A\u306f\u53cb\u597d\u7684\u517c\u5947\u629c\u7684\u3067\u3042\u308b\u3053\u3068<\/span><\/h2>\n<p>70\u5e74\u4ee3\uff5e90\u5e74\u4ee3\u521d\u982d\u307e\u3067\u6d41\u884c\u3063\u305f\u3001TOB\uff08\u682a\u5f0f\u5e02\u5834\u3067\u306e\u516c\u958b\u8cb7\u4ed8\uff09\u3001HTO\uff08\u6575\u5bfe\u7684\u8cb7\u53ce\uff09\u3068\u3001\u53cb\u597d\u7684\u306aM\uff06A\u3068\u306e\u6df7\u5408\u306e\u624b\u6cd5\u304c\u3001\u6d41\u884c\u3057\u59cb\u3081\u3066\u3044\u308b\u3002\u793e\u4f1a\u3067\u306f\u3001\u305d\u306eM&amp;A\u304c\u3082\u305f\u3089\u3059\u793e\u54e1\u30fb\u793e\u4f1a\u30fb\u5730\u57df\u3078\u306e\u8ca2\u732e(NCV-Net Community Value)\u304c\u3001\u91cd\u8981\u8996\u3055\u308c\u308b\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\u3001\u653f\u5e9c\u304c\u8a8d\u53ef\u3092\u3057\u306a\u3044\u3002\u307e\u305f\u3001\u56fd\u9632\u30fb\u96fb\u6ce2\u30fb\u79d1\u5b66\u30fb\u5316\u5b66\u7cfb\u30fb\u65b0\u898fVenture\u7b49\u3001\u898f\u6a21\u306b\u9650\u3089\u305a\u3001\u56fd\u5bb6\u6a5f\u5bc6\u7684\u306a\u60c5\u5831\u306b\u767a\u5c55\u3057\u5f97\u308b\u7523\u696d\u30fb\u4e8b\u696d\u306b\u306f\u3001Private Equity\u3001Venture Capital\u3001\u5730\u57df\u8b70\u54e1(\u30ed\u30d3\u30fc\u6d3b\u52d5)\u7b49\u304c\u3001\u904e\u53bb\u306b\u7121\u3044\u7a0b\u95a2\u308f\u308b\u6a5f\u4f1a\u304c\u898b\u53d7\u3051\u3089\u308c\u308b\u3002<br \/>\n\u53cb\u597d\u7684\u3068\u306f\u3001\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\u30fb\u793e\u54e1\u3078\u306e\u914d\u616e\u3067\u3042\u308b\u3002\u8cb7\u53ce\u8cc7\u91d1\u3092\u58f2\u5374\u4e3b\u306b\u5c4a\u3051\u308b\u3053\u3068\u304c\u9375\u3068\u306a\u308b\u3002M&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\u3002Vesting\u3068\u8a00\u3046\u624b\u6cd5\u3067\u3001\u8cb7\u53ce\u8cc7\u91d1\u3092\u5f7c\u3089\u306b\uff13\uff0d\uff15\u5e74\u304b\u3051\u3066\u5831\u916c\u7684\u306a\u914d\u5206\u3092\u3059\u308b\u4e8b\u3060\u3002\u201c\u304a\u91d1\u3067\u91e3\u308b\u201d\u3068\u8a00\u3046\u898b\u89e3\u3067\u306f\u306a\u304f\u3001\u201c\u304a\u91d1\u304c\u793e\u54e1\u30fb\u793e\u4f1a\u3092\u6f64\u3057\u3066\u3044\u308b\u304b\uff1f\u201d\u304c\u6210\u529f\u306e\u9375\u3092\u63e1\u308b\u3002<\/p>\n<h2><span id=\"MA-2\">M&amp;A\u306e\u7d50\u679c\u306f\u4f55\u3092\u6301\u3063\u3066\u6210\u529f\u304b\uff1f<\/span><\/h2>\n<p>\u7c73\u56fd\u3067M&amp;A\u3092\u4ea4\u6e09\u304b\u3089\u305d\u306e\u51fa\u53e3\u30fb\u8ecc\u9053\u306b\u4e57\u308b\u307e\u3067\u62c5\u5f53\u3092\u3055\u308c\u305f\u65b9\u306f\u3001\u975e\u5e38\u306b\u5c11\u306a\u3044\u6628\u4eca\u3067\u3042\u308b\u3002M&amp;A\u306f\u3001\u904e\u53bb\u4ee3\u8868\u7684\u306a\u8a55\u4fa1\u6cd5\uff08CF\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7b49\uff09\u3067\u306f\u3001\u5e73\u5747\u3067\uff15\u4ef6\u306b\uff11\u4ef6\u306e\u307f\u3057\u304b\u6210\u529f\u3057\u5f97\u306a\u3044\u3002\u305d\u306e\u6700\u5927\u306e\u7406\u7531\u306f\u4e3b\u306b\u65b0\u7d4c\u55b6\u8005\u306b\u3042\u308b\u3002\u8981\u306f\u6b8b\u3063\u305f\u793e\u54e1\u3068\u3001\u7406\u60f3\u306e\u793e\u54e1\u306e\u30de\u30cd\u30fc\u30b8\u30e1\u30f3\u30c8\u306b\u3042\u308b\u3002\u7c73\u56fd\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30fc\u3001\u4eba\u7a2e\u3001\u5c31\u52b4\u4fa1\u5024\u3092\u3001\u5fc3\u5e95\u307e\u3067\u8aad\u307f\u89e3\u304f\u4e8b\u3001\u4e2d\u898f\u6a21\u4ee5\u4e0a\u306e\u4f01\u696d\u3067\u3042\u308c\u3070\uff15\uff0d\uff11\uff10\u5e74\u306e\u7d4c\u55b6\u3078\u306e\u53c2\u753b\u304c\u4e00\u4eba\u306b\u6c42\u3081\u3089\u308c\u308b\u3002<br 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\/>\n<p><span style=\"color: #008080;\"><strong>\uff1cM&amp;A\u3001\u5408\u5f01\u3001\u5171\u540c\u7814\u7a76\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\uff1e<\/strong><\/span><br \/>\n<strong><span style=\"color: #333333;\">\u8cb7\u53ce\u4ea4\u6e09\u3001\u6295\u8cc7\u3001\u51fa\u8cc7\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<\/span><\/strong><br \/>\n<strong><span style=\"color: #333333;\">\u65e5\u7c73\u6b27\u9593\u306eM&amp;A,\u3000\u6b27\u7c73\u4f01\u696d\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3001\u7c73\u56fd\/\u82f1\u56fd\/\u6b27\u5dde\u4e0a\u5834\u3084M&amp;A<\/span><\/strong><br \/>\n<span style=\"color: #333333;\">\u30b8\u30e3\u30d1\u30f3\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc<\/span><br \/>\n<span style=\"color: #333333;\">\u4ee3\u8868\uff1a\u5e73\u4e95 \u8061 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