{"id":154679,"date":"2024-05-27T15:59:00","date_gmt":"2024-05-27T06:59:00","guid":{"rendered":"https:\/\/www.kotora.jp/c\/?p=154679"},"modified":"2026-05-27T16:00:34","modified_gmt":"2026-05-27T07:00:34","slug":"154679-2","status":"publish","type":"post","link":"https:\/\/www.kotora.jp/c\/154679-2\/","title":{"rendered":"\u3010\u6700\u65b0\u5e02\u5834\u5206\u6790\u3011\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u9818\u57df\u306e\u30cf\u30a4\u30af\u30e9\u30b9\u8ee2\u8077\u5b8c\u5168\u30ac\u30a4\u30c9\uff1a\u4f01\u696d\u4fa1\u5024\u6700\u5927\u5316\u3092\u727d\u5f15\u3059\u308b\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u306e\u8981\u4ef6"},"content":{"rendered":"\n<p>\u73fe\u5728\u3001\u65e5\u672c\u306e\u30d3\u30b8\u30cd\u30b9\u754c\u306f\u5927\u304d\u306a\u8ee2\u63db\u671f\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u3002\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u3088\u308b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u306e\u8981\u8acb\u300d\u3092\u76ae\u5207\u308a\u306b\u3001PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u306e\u6539\u5584\u3001ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u7d4c\u55b6\u306e\u5c0e\u5165\u3001\u4eba\u7684\u8cc7\u672c\u7d4c\u55b6\u3078\u306e\u5bfe\u5fdc\u306a\u3069\u3001\u4f01\u696d\u306f\u304b\u3064\u3066\u306a\u3044\u307b\u3069\u300c\u8cc7\u672c\u52b9\u7387\u306e\u9ad8\u5ea6\u5316\u300d\u3068\u300c\u4f01\u696d\u4fa1\u5024\u306e\u6700\u5927\u5316\u300d\u3092\u8feb\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u306e\u6025\u5148\u92d2\u306b\u7acb\u3064\u306e\u304c\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08\u4f01\u696d\u8ca1\u52d9\u30fb\u6295\u8cc7\u9280\u884c\u696d\u52d9\u30fb\u8ca1\u52d9\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\uff09\u306e\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u305f\u3061\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u30cf\u30a4\u30af\u30e9\u30b9\u8ee2\u8077\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u300c\u30b3\u30c8\u30e9\uff08KOTORA\uff09\u300d\u306e\u6700\u65b0\u6c42\u4eba\u52d5\u5411\u3092\u5206\u6790\u3059\u308b\u3068\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u4eba\u6750\u306e\u9700\u8981\u306f\u4e00\u6642\u7684\u306a\u903c\u8feb\uff08\u3072\u3063\u3071\u304f\uff09\u3092\u8d85\u3048\u3001\u4f01\u696d\u306e\u6b7b\u6d3b\u3092\u5236\u3059\u308b\u300c\u6226\u7565\u7684\u30dd\u30b8\u30b7\u30e7\u30f3\u300d\u3078\u3068\u6607\u83ef\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u30b3\u30c8\u30e9\u306e\u5b9f\u969b\u306e\u6c42\u4eba\u30e9\u30a4\u30f3\u30ca\u30c3\u30d7\uff08\u30ab\u30d0\u30ec\u30c3\u30b8\u3001\u878d\u8cc7\u3001IPO\u3001\u4e8b\u696d\u4f1a\u793e\u8ca1\u52d9\u3001FAS\u7b49\uff09\u3092\u5fb9\u5e95\u7684\u306b\u5206\u6790\u3057\u3001\u30b3\u30c8\u30e9\u30b8\u30e3\u30fc\u30ca\u30eb\u306e\u77e5\u898b\u3082\u4ea4\u3048\u306a\u304c\u3089\u3001\u73fe\u5728\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u8ee2\u8077\u5e02\u5834\u306e\u5168\u8c8c\u3001\u6c42\u3081\u3089\u308c\u308b\u30b9\u30ad\u30eb\u3001\u305d\u3057\u3066\u672a\u7d4c\u9a13\u30fb\u96a3\u63a5\u696d\u754c\u304b\u3089\u53c2\u5165\u3059\u308b\u305f\u3081\u306e\u5177\u4f53\u7684\u306a\u30ad\u30e3\u30ea\u30a2\u30d1\u30b9\u3092\u5fb9\u5e95\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c1\u7ae0\uff1a\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u672c\u8cea\u3068\u73fe\u4ee3\u7684\u610f\u7fa9<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1.1 \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u306f\u4f55\u304b<\/h3>\n\n\n\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08Corporate Finance\uff09\u3068\u306f\u3001\u4f01\u696d\u304c\u4e8b\u696d\u6d3b\u52d5\u3092\u7dad\u6301\u30fb\u6210\u9577\u3055\u305b\u308b\u305f\u3081\u306b\u300c\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u300d\u300c\u6700\u9069\u306b\u6295\u8cc7\uff08\u904b\u7528\uff09\u3057\u300d\u300c\u5f97\u3089\u308c\u305f\u5229\u76ca\u3092\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u306b\u9084\u5143\u3059\u308b\u300d\u4e00\u9023\u306e\u8ca1\u52d9\u6d3b\u52d5\u3001\u304a\u3088\u3073\u305d\u308c\u3092\u652f\u3048\u308b\u610f\u601d\u6c7a\u5b9a\u7406\u8ad6\u30fb\u5b9f\u52d9\u306e\u7dcf\u79f0\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u6839\u5e95\u306b\u3042\u308b\u552f\u4e00\u7d76\u5bfe\u306e\u76ee\u7684\u306f\u3001\u300c\u4f01\u696d\u4fa1\u5024\u306e\u6700\u5927\u5316\uff08Maximizing Corporate Value\uff09\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u3001\u5358\u306a\u308b\u300c\u65e5\u3005\u306e\u73fe\u9810\u91d1\u7ba1\u7406\u300d\u3084\u300c\u904e\u53bb\u306e\u53d6\u5f15\u3092\u8a18\u9332\u3059\u308b\u6c7a\u7b97\uff08\u30a2\u30ab\u30a6\u30f3\u30c6\u30a3\u30f3\u30b0\uff09\u300d\u3068\u306f\u660e\u78ba\u306b\u7570\u306a\u308a\u307e\u3059\u3002\u30a2\u30ab\u30a6\u30f3\u30c6\u30a3\u30f3\u30b0\u304c\u300c\u904e\u53bb\u306e\u6570\u5b57\u300d\u3092\u6271\u3046\u306e\u306b\u5bfe\u3057\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u5e38\u306b\u300c\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u3068\u300c\u30ea\u30b9\u30af\uff08\u4e0d\u78ba\u5b9f\u6027\uff09\u300d\u3092\u6271\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1.2 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\u2514\u2500\uff08\u914d\u5f53\u30fb\u81ea\u5df1\u682a\u8cb7\u3044\u306e\u6c7a\u5b9a \/ \u5185\u90e8\u7559\u4fdd\u306b\u3088\u308b\u518d\u6295\u8cc7\u3078\uff09\n<\/code><\/pre>\n\n\n\n<h4 class=\"wp-block-heading\">\u2460 \u8cc7\u91d1\u8abf\u9054\u306e\u610f\u601d\u6c7a\u5b9a\uff08Financing Decision\uff09<\/h4>\n\n\n\n<p>\u4e8b\u696d\u306b\u5fc5\u8981\u306a\u5143\u624b\u3092\u3069\u306e\u3088\u3046\u306b\u96c6\u3081\u308b\u304b\u3068\u3044\u3046\u6226\u7565\u3067\u3059\u3002\u9280\u884c\u878d\u8cc7\u3084\u793e\u50b5\u767a\u884c\u306b\u3088\u308b\u300c\u30c7\u30c3\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08\u8ca0\u50b5\u91d1\u878d\uff09\u300d<strong>\u3068\u3001\u65b0\u682a\u767a\u884c\uff08IPO\u3084\u516c\u52df\u5897\u8cc7\uff09\u306b\u3088\u308b<\/strong>\u300c\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08\u682a\u4e3b\u8cc7\u672c\u91d1\u878d\uff09\u300d\u306b\u5927\u5225\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5f8c\u8ff0\u3059\u308b\u300c\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u300d\u3092\u6700\u5c0f\u5316\u3057\u3001\u4f01\u696d\u306e\u6700\u9069\u306a\u8cc7\u672c\u69cb\u6210\uff08\u30c7\u30c3\u30c8\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u6bd4\u7387\uff09\u3092\u8a2d\u8a08\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2461 \u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\uff08Investment Decision\uff09<\/h4>\n\n\n\n<p>\u8abf\u9054\u3057\u305f\u9650\u3089\u308c\u305f\u8cc7\u672c\u3092\u3001\u3069\u306e\u4e8b\u696d\u3001\u3069\u306e\u8a2d\u5099\u3001\u3042\u308b\u3044\u306f\u3069\u306eM&amp;A\u6848\u4ef6\u306b\u6295\u4e0b\u3059\u3079\u304d\u304b\u3092\u8a55\u4fa1\u30fb\u6c7a\u5b9a\u3057\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u3001\u5c06\u6765\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u300cDCF\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u6cd5\u300d\u3084\u3001<strong>NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u6cd5<\/strong>\u3001<strong>IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u6cd5<\/strong>\u3068\u3044\u3063\u305f\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u304c\u30d5\u30eb\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2462 \u9084\u5143\u306e\u610f\u601d\u6c7a\u5b9a\uff08Payout Decision\uff09<\/h4>\n\n\n\n<p>\u4e8b\u696d\u306b\u3088\u3063\u3066\u5275\u51fa\u3055\u308c\u305f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u3001\u682a\u4e3b\u3078\u306e\u914d\u5f53\u3084\u81ea\u5df1\u682a\u8cb7\u3044\u3068\u3057\u3066\u300c\u9084\u5143\u300d\u3059\u308b\u306e\u304b\u3001\u3042\u308b\u3044\u306f\u6210\u9577\u306e\u305f\u3081\u306e\u300c\u5185\u90e8\u7559\u4fdd\u300d\u3068\u3057\u3066\u6b21\u306e\u6295\u8cc7\u30b5\u30a4\u30af\u30eb\u306b\u56de\u3059\u306e\u304b\u3092\u5224\u65ad\u3057\u307e\u3059\u3002\u682a\u4e3b\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u4e0a\u56de\u308b\u6295\u8cc7\u6a5f\u4f1a\u304c\u306a\u3044\u5834\u5408\u306f\u3001\u7a4d\u6975\u7684\u306b\u9084\u5143\u3092\u884c\u3046\u3053\u3068\u304c\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u7e4b\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1.3 \u4ed6\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u624b\u6cd5\u3068\u306e\u6c7a\u5b9a\u7684\u306a\u9055\u3044<\/h3>\n\n\n\n<p>\u8ee2\u8077\u5e02\u5834\u306b\u304a\u3044\u3066\u300c\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u300d\u3068\u3044\u3046\u8a00\u8449\u306f\u591a\u7fa9\u7684\u3067\u3059\u3002\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7406\u89e3\u3092\u6df1\u3081\u308b\u305f\u3081\u3001\u4ed6\u306e\u4e3b\u8981\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u624b\u6cd5\u3068\u306e\u9055\u3044\u3092\u660e\u78ba\u306b\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7a2e\u5225<\/strong><\/td><td><strong>\u4e3b\u306a\u8fd4\u6e08\u539f\u8cc7\uff08\u62c5\u4fdd\uff09<\/strong><\/td><td><strong>\u7279\u5fb4\u30fb\u4e3b\u306a\u4f7f\u9014<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/strong><\/td><td><strong>\u4f01\u696d\u5168\u4f53\u306e\u53ce\u76ca\u529b\u30fb\u5168\u8cc7\u7523<\/strong><\/td><td>\u4f01\u696d\u5168\u4f53\u306e\u6210\u9577\u6226\u7565\u3001M&amp;A\u3001\u5168\u793e\u7684\u8cc7\u672c\u653f\u7b56\u306b\u7d10\u3065\u304f\u8abf\u9054\u30fb\u6295\u8cc7\u3002<\/td><\/tr><tr><td><strong>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/strong><\/td><td><strong>\u7279\u5b9a\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u5275\u51fa\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u8cc7\u7523<\/strong><\/td><td>\u767a\u96fb\u6240\u5efa\u8a2d\u3001\u30a4\u30f3\u30d5\u30e9\u958b\u767a\u3001\u8cc7\u6e90\u958b\u767a\u306a\u3069\u3001\u5358\u4e00\u306e\u5de8\u5927\u4e8b\u696d\u5411\u3051\u3002\u6bcd\u4f53\u4f01\u696d\uff08\u30b9\u30dd\u30f3\u30b5\u30fc\uff09\u3078\u306e\u9061\u53ca\u304c\u9650\u5b9a\u7684\uff08\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\uff09\u3002<\/td><\/tr><tr><td><strong>\u30a2\u30bb\u30c3\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/strong><\/td><td><strong>\u7279\u5b9a\u306e\u7279\u5b9a\u306e\u8cc7\u7523\uff08\u4e0d\u52d5\u7523\u30fb\u50b5\u6a29\u306a\u3069\uff09\u306e\u4fa1\u5024<\/strong><\/td><td>\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\uff08REIT\u7b49\uff09\u3084\u58f2\u639b\u50b5\u6a29\u6d41\u52d5\u5316\u306a\u3069\u3001\u8cc7\u7523\u305d\u306e\u3082\u306e\u306e\u73fe\u91d1\u5316\u30fb\u6d41\u52d5\u5316\u3092\u76ee\u7684\u3068\u3059\u308b\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u3001\u4f01\u696d\u306e\u300cB\/S\uff08\u8cb8\u501f\u5bfe\u7167\u8868\uff09\u5168\u4f53\u300d\u304a\u3088\u3073\u300c\u5c06\u6765\u306e\u7dcf\u5408\u7684\u306a\u7a3c\u3050\u529b\u300d\u3092\u5bfe\u8c61\u3068\u3059\u308b\u305f\u3081\u3001\u6700\u3082\u7d4c\u55b6\u306e\u30b3\u30a2\u306b\u8fd1\u304f\u3001\u30d3\u30b8\u30cd\u30b9\u5168\u4f53\u3092\u4fef\u77b0\u3059\u308b\u8996\u70b9\u304c\u6c42\u3081\u3089\u308c\u308b\u9818\u57df\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c2\u7ae0\uff1a\u30b3\u30c8\u30e9\uff08KOTORA\uff09\u306e\u6c42\u4eba\u304b\u3089\u8aad\u307f\u89e3\u304f\u6700\u65b0\u30c8\u30ec\u30f3\u30c9<\/h2>\n\n\n\n<p>\u30cf\u30a4\u30af\u30e9\u30b9\u8ee2\u8077\u30b5\u30a4\u30c8\u300c\u30b3\u30c8\u30e9\u300d\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u95a2\u9023\u306e\u6c42\u4eba\uff08\u30c1\u30e3\u30cd\u30eb5\u3001\u305d\u306e\u4ed6\u95a2\u9023\u30ab\u30c6\u30b4\u30ea\u30fc\uff09\u3092\u7cbe\u7dfb\u306b\u5206\u6790\u3059\u308b\u3068\u3001\u6c42\u4eba\u306e\u767a\u751f\u6e90\u306f\u4e3b\u306b\u300c\u6295\u8cc7\u9280\u884c\u30fb\u8a3c\u5238\u4f1a\u793e\u300d\u300cFAS\uff08\u8ca1\u52d9\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\uff09\u30fb\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30d5\u30a1\u30fc\u30e0\u300d\u300c\u5546\u696d\u9280\u884c\u300d\u300c\u4e8b\u696d\u4f1a\u793e\uff08\u7d4c\u55b6\u4f01\u753b\u30fb\u8ca1\u52d9\u30fbCFO\u5019\u88dc\uff09\u300d\u306e5\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u306e\u9818\u57df\u306b\u304a\u3051\u308b\u6700\u65b0\u306e\u6c42\u4eba\u30c8\u30ec\u30f3\u30c9\u3068\u3001\u5e02\u5834\u304c\u6c42\u3081\u3066\u3044\u308b\u4eba\u6750\u50cf\u3092\u7d10\u89e3\u3044\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2.1 \u6295\u8cc7\u9280\u884c\u30fb\u8a3c\u5238\uff08\u30ab\u30d0\u30ec\u30c3\u30b8\u3001M&amp;A\u3001IPO\u30d7\u30ed\u30c0\u30af\u30c8\uff09<\/h3>\n\n\n\n<p>\u6295\u8cc7\u9280\u884c\u696d\u52d9\uff08\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\u30fb\u30d0\u30f3\u30ad\u30f3\u30b0\uff09\u306f\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u6700\u9ad8\u5cf0\u3068\u3082\u8a00\u3048\u308b\u9818\u57df\u3067\u3059\u3002\u30b3\u30c8\u30e9\u306e\u6c42\u4eba\u3067\u306f\u3001\u4e3b\u306b\u4ee5\u4e0b\u306e3\u3064\u306e\u8077\u7a2e\u3067\u52df\u96c6\u304c\u6d3b\u767a\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30ab\u30d0\u30ec\u30c3\u30b8\u30d0\u30f3\u30ab\u30fc\uff08RM\uff09<\/h4>\n\n\n\n<p>\u5927\u624b\u4f01\u696d\u3084\u6709\u529b\u30d9\u30f3\u30c1\u30e3\u30fc\u306a\u3069\u306e\u30af\u30e9\u30a4\u30a2\u30f3\u30c8\uff08\u4e8b\u696d\u6cd5\u4eba\uff09\u306e\u62c5\u5f53\u7a93\u53e3\u3068\u306a\u308a\u3001\u7d4c\u55b6\u8ab2\u984c\u3092\u30d2\u30a2\u30ea\u30f3\u30b0\u3057\u305f\u4e0a\u3067\u3001M&amp;A\u3084\u8cc7\u91d1\u8abf\u9054\uff08\u30a8\u30af\u30a4\u30c6\u30a3\/\u30c7\u30c3\u30c8\uff09\u306e\u63d0\u6848\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5358\u306a\u308b\u55b6\u696d\u8077\u3067\u306f\u306a\u304f\u3001\u9867\u5ba2\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\u3092\u5206\u6790\u3057\u3001\u300cPBR\u6539\u5584\u306e\u305f\u3081\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3068\u65b0\u4e8b\u696d\u6295\u8cc7\u306e\u7d44\u307f\u5408\u308f\u305b\u300d\u3068\u3044\u3063\u305f\u9ad8\u5ea6\u306a\u8ca1\u52d9\u6226\u7565\u3092\u81ea\u3089\u7d44\u307f\u7acb\u3066\u3066\u30a2\u30d7\u30ed\u30fc\u30c1\u3059\u308b\u80fd\u529b\uff08\u8ca1\u52d9\u77e5\u8b58\u00d7\u63d0\u6848\u529b\uff09\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">M&amp;A\u30a8\u30b0\u30bc\u30ad\u30e5\u30fc\u30b7\u30e7\u30f3\uff08\u30d7\u30ed\u30c0\u30af\u30c8\uff09<\/h4>\n\n\n\n<p>\u30ab\u30d0\u30ec\u30c3\u30b8\u304c\u7372\u5f97\u3057\u3066\u304d\u305fM&amp;A\u6848\u4ef6\u306e\u300c\u5b9f\u52d9\uff08\u57f7\u884c\uff09\u300d\u3092\u62c5\u5f53\u3057\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff09\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08DD\uff09\u306e\u7d71\u62ec\u3001\u5951\u7d04\u66f8\u306e\u4f5c\u6210\u30fb\u4ea4\u6e09\u3001\u30b9\u30ad\u30fc\u30e0\u306e\u69cb\u7bc9\u306a\u3069\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e0d\u7720\u4e0d\u4f11\u306e\u30cf\u30fc\u30c9\u30ef\u30fc\u30af\u306b\u8010\u3048\u3046\u308b\u30bf\u30d5\u3055\u3068\u3001\u9ad8\u5ea6\u306a\u6570\u7406\u7684\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u77e5\u8b58\u3001\u6cd5\u52d9\u30fb\u7a0e\u52d9\u3078\u306e\u7406\u89e3\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">IPO\uff08\u521d\u671f\u516c\u958b\uff09\u652f\u63f4\u30fb\u5f15\u53d7\u696d\u52d9<\/h4>\n\n\n\n<p>\u672a\u516c\u958b\u4f01\u696d\u304c\u682a\u5f0f\u4e0a\u5834\u3092\u679c\u305f\u3059\u305f\u3081\u306e\u8ca1\u52d9\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u4f53\u5236\u306e\u69cb\u7bc9\u3092\u652f\u63f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u8fd1\u5e74\u3001\u6771\u8a3c\u306e\u5e02\u5834\u518d\u7de8\u306b\u4f34\u3044\u4e0a\u5834\u5be9\u67fb\u304c\u53b3\u683c\u5316\u3057\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3001\u8a3c\u5238\u4f1a\u793e\u306eIPO\u5be9\u67fb\u30fb\u5f15\u53d7\u90e8\u9580\u3001\u3042\u308b\u3044\u306fIPO\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u306e\u6c42\u4eba\u306f\u975e\u5e38\u306b\u9ad8\u6c34\u6e96\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2.2 FAS\uff08\u8ca1\u52d9\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\uff09\u304a\u3088\u3073\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30d5\u30a1\u30fc\u30e0<\/h3>\n\n\n\n<p>BIG4\uff08Deloitte\u3001PwC\u3001EY\u3001KPMG\uff09\u306b\u4ee3\u8868\u3055\u308c\u308bFAS\uff08Financial Advisory Services\uff09\u3084\u3001\u8ca1\u52d9\u7279\u5316\u578b\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30d5\u30a1\u30fc\u30e0\u3067\u306e\u6c42\u4eba\u3082\u975e\u5e38\u306b\u8c4a\u5bcc\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08Valuation\uff09\u90e8\u9580\uff1a<\/strong> M&amp;A\u3084\u7d44\u7e54\u518d\u7de8\u306b\u304a\u3051\u308b\u3001DCF\u6cd5\u3084\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09\u3092\u7528\u3044\u305f\u53b3\u5bc6\u306a\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5b9f\u65bd\u3002<\/li>\n\n\n\n<li><strong>\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08Financial DD\uff09\u90e8\u9580\uff1a<\/strong> \u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306e\u904e\u53bb\u306e\u8ca1\u52d9\u8af8\u8868\u3092\u7cbe\u67fb\u3057\u3001\u7c3f\u5916\u50b5\u52d9\u306e\u30ea\u30b9\u30af\u3084\u3001\u771f\u306e\u53ce\u76ca\u529b\uff08Normalised EBITDA\uff09\u3092\u7b97\u51fa\u3059\u308b\u696d\u52d9\u3002\u516c\u8a8d\u4f1a\u8a08\u58eb\u306e\u8ee2\u8077\u5148\u3068\u3057\u3066\u6975\u3081\u3066\u4eba\u6c17\u306e\u9ad8\u3044\u9818\u57df\u3067\u3059\u3002<\/li>\n\n\n\n<li><strong>\u8ca1\u52d9\u6226\u7565\u30fb\u8cc7\u672c\u653f\u7b56\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\uff1a<\/strong> \u8fd1\u5e74\u306e\u30c8\u30ec\u30f3\u30c9\u3068\u3057\u3066\u3001\u300cPBR\u6539\u5584\u300d\u3084\u300cROIC\u9006\u30c4\u30ea\u30fc\u306e\u69cb\u7bc9\u30fb\u73fe\u5834\u3078\u306e\u6d78\u900f\u300d\u3092\u30c6\u30fc\u30de\u3068\u3057\u305f\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u6848\u4ef6\u304c\u6025\u5897\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2.3 \u5546\u696d\u9280\u884c\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30fb\u878d\u8cc7\u30fb\u5be9\u67fb\uff09<\/h3>\n\n\n\n<p>\u30e1\u30ac\u30d0\u30f3\u30af\u3084\u4e3b\u8981\u5730\u65b9\u9280\u884c\u3001\u5916\u8cc7\u7cfb\u9280\u884c\u306b\u304a\u3051\u308b\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08\u878d\u8cc7\u696d\u52d9\uff09\u306e\u6c42\u4eba\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5f93\u6765\u306e\u300c\u62c5\u4fdd\u30fb\u4fdd\u8a3c\u4eba\u306b\u4f9d\u5b58\u3059\u308b\u878d\u8cc7\u300d\u304b\u3089\u3001\u9867\u5ba2\u4f01\u696d\u306e\u300c\u4e8b\u696d\u6027\u8a55\u4fa1\u300d\u3084\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5275\u51fa\u529b\u300d\u3092\u30d9\u30fc\u30b9\u306b\u3057\u305f\u878d\u8cc7\uff08\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3084\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09\u30ed\u30fc\u30f3\u306a\u3069\uff09\u3078\u306e\u30b7\u30d5\u30c8\u304c\u9855\u8457\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u6c42\u4eba\u7968\u3067\u306f\u3001\u5358\u306b\u878d\u8cc7\u3092\u5b9f\u884c\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u30af\u30e9\u30a4\u30a2\u30f3\u30c8\u306e\u8cc7\u672c\u52b9\u7387\u5411\u4e0a\u306b\u5411\u3051\u305f\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u63d0\u6848\uff08\u4e8b\u696d\u518d\u7de8\u3084\u30c7\u30c3\u30c8\u306e\u6d41\u52d5\u5316\u7b49\uff09\u300d\u304c\u3067\u304d\u308b\u3001\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30de\u30a4\u30f3\u30c9\u3092\u6301\u3063\u305f\u30d0\u30f3\u30ab\u30fc\u304c\u5f37\u304f\u6c42\u3081\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2.4 \u4e8b\u696d\u4f1a\u793e\uff08\u7d4c\u55b6\u4f01\u753b\u30fb\u8ca1\u52d9\u30fbCFO\u30fbIPO\u6e96\u5099\u5ba4\uff09<\/h3>\n\n\n\n<p>\u30b3\u30c8\u30e9\u306e\u6c42\u4eba\u306e\u4e2d\u3067\u3001\u7279\u306b\u8fd1\u5e74\u30d1\u30a4\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u306e\u304c\u300c\u4e8b\u696d\u4f1a\u793e\u306e\u8ca1\u52d9\u30fb\u7d4c\u55b6\u4f01\u753b\u90e8\u9580\u300d\u3067\u3059\u3002\u5916\u8cc7\u7cfb\u6295\u8cc7\u9280\u884c\u3084FAS\u306e\u51fa\u8eab\u8005\u304c\u3001\u30dd\u30b9\u30c8\u30b3\u30f3\u30b5\u30eb\u30fb\u30dd\u30b9\u30c8\u30d0\u30f3\u30ab\u30fc\u306e\u30ad\u30e3\u30ea\u30a2\u3068\u3057\u3066\u4e8b\u696d\u4f1a\u793e\u3078\u79fb\u308b\u30b1\u30fc\u30b9\u304c\u6025\u5897\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FP&amp;A\uff08Financial Planning &amp; Analysis\uff1a\u7ba1\u7406\u4f1a\u8a08\u30fb\u8ca1\u52d9\u5206\u6790\uff09\uff1a<\/strong> \u6b27\u7c73\u578b\u7d4c\u55b6\u3092\u53d6\u308a\u5165\u308c\u308b\u5927\u624b\u30fb\u5148\u9032\u7684\u30d9\u30f3\u30c1\u30e3\u30fc\u3067\u5c0e\u5165\u304c\u9032\u3080\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u3059\u3002\u5358\u306a\u308b\u4e88\u7b97\u7ba1\u7406\u3067\u306f\u306a\u304f\u3001\u5404\u4e8b\u696d\u90e8\u9580\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u8ca1\u52d9KPI\uff08ROIC\u7b49\uff09\u3067\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3057\u3001\u7d4c\u55b6\u9663\u306b\u610f\u601d\u6c7a\u5b9a\u3092\u4fc3\u3059\u300c\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30c8\u30ca\u30fc\u300d\u3068\u3057\u3066\u306e\u5f79\u5272\u3092\u62c5\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>M&amp;A\u30fb\u63a8\u9032\u5ba4\uff08\u4e8b\u696d\u958b\u767a\uff09\uff1a<\/strong> \u5916\u90e8\u306eFAS\u3084\u6295\u8cc7\u9280\u884c\u306b\u4e38\u6295\u3052\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u81ea\u793e\u5185\u3067M&amp;A\u306e\u30bd\u30fc\u30b7\u30f3\u30b0\u304b\u3089\u30a8\u30b0\u30bc\u30ad\u30e5\u30fc\u30b7\u30e7\u30f3\u3001\u305d\u3057\u3066\u8cb7\u53ce\u5f8c\u306e\u7d71\u5408\u30d7\u30ed\u30bb\u30b9\uff08PMI\uff09\u307e\u3067\u3092\u4e00\u6c17\u901a\u8cab\u3067\u5185\u88fd\u5316\u3059\u308b\u52d5\u304d\u304c\u5f37\u307e\u3063\u3066\u304a\u308a\u3001\u305d\u306e\u30a4\u30f3\u30cf\u30a6\u30b9\u30b9\u30da\u30b7\u30e3\u30ea\u30b9\u30c8\u306e\u5f15\u304d\u5408\u3044\u304c\u5f37\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>CFO\uff08\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff09\u5019\u88dc \/ IPO\u6e96\u5099\u5ba4\u9577\uff1a<\/strong> \u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3084\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306b\u304a\u3051\u308b\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u30b9\u30c8\u30fc\u30ea\u30fc\u306e\u69cb\u7bc9\u3001VC\uff08\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff09\u304b\u3089\u306e\u8cc7\u91d1\u8abf\u9054\u3001\u4e3b\u5e79\u4e8b\u8a3c\u5238\u30fb\u76e3\u67fb\u6cd5\u4eba\u3068\u306e\u6298\u885d\u3092\u4e00\u624b\u306b\u5f15\u304d\u53d7\u3051\u308b\u30ea\u30fc\u30c0\u30fc\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c3\u7ae0\uff1a\u30b3\u30c8\u30e9\u30b8\u30e3\u30fc\u30ca\u30eb\u304b\u3089\u5c0e\u304f\u300c\u6c42\u3081\u3089\u308c\u308b\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u306e\u8981\u4ef6\u300d<\/h2>\n\n\n\n<p>\u30b3\u30c8\u30e9\u304c\u767a\u4fe1\u3059\u308b\u30ad\u30e3\u30ea\u30a2\u30e1\u30c7\u30a3\u30a2\u300c\u30b3\u30c8\u30e9\u30b8\u30e3\u30fc\u30ca\u30eb\u300d\u306e\u904e\u53bb\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3084\u5206\u6790\u8a18\u4e8b\u3092\u53c2\u7167\u3059\u308b\u3068\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u9818\u57df\u3067\u5e02\u5834\u4fa1\u5024\u304c\u9ad8\u304f\u3001\u30cf\u30a4\u30af\u30e9\u30b9\uff08\u5e74\u53ce1,000\u4e07\u5186\u301c2,500\u4e07\u5186\u8d85\uff09\u3067\u8fce\u3048\u3089\u308c\u308b\u4eba\u6750\u306b\u306f\u3001\u5171\u901a\u3059\u308b\u300c3\u3064\u306e\u30b3\u30a2\u30b9\u30ad\u30eb\u300d\u3068\u300c\u30de\u30a4\u30f3\u30c9\u30bb\u30c3\u30c8\u300d\u304c\u5b58\u5728\u3059\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3.1 3\u3064\u306e\u30b3\u30a2\u30b9\u30ad\u30eb<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">\u2460 \u9ad8\u5ea6\u306a\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u6570\u7406\u7684\u30b9\u30ad\u30eb\uff09<\/h4>\n\n\n\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u30d7\u30ed\u3067\u3042\u308b\u4ee5\u4e0a\u3001Excel\u3092\u7528\u3044\u305f\u8ca1\u52d93\u8868\uff08P\/L\u3001B\/S\u3001C\/F\uff09\u306e\u9023\u52d5\u30e2\u30c7\u30eb\uff08\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\uff09\u3092\u81ea\u529b\u3067\u69cb\u7bc9\u3067\u304d\u308b\u3053\u3068\u306f\u300c\u524d\u63d0\u6761\u4ef6\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5c06\u6765\u306e\u4e8b\u696d\u8a08\u753b\u3092\u30d9\u30fc\u30b9\u306b\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u5909\u6570\u3084\u696d\u754c\u56fa\u6709\u306eKPI\u3092\u7d44\u307f\u8fbc\u307f\u3001\u611f\u5ea6\u5206\u6790\uff08\u30b7\u30ca\u30ea\u30aa\u5206\u6790\uff09\u3092\u884c\u3044\u306a\u304c\u3089\u3001DCF\u6cd5\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u30b9\u30ad\u30eb\u306f\u3001\u6295\u8cc7\u9280\u884c\u3001FAS\u3001\u4e8b\u696d\u4f1a\u793e\u6295\u8cc7\u90e8\u9580\u306e\u3044\u305a\u308c\u3067\u3082\u5fc5\u9808\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2461 \u8cc7\u672c\u30b3\u30b9\u30c8\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u3078\u306e\u6df1\u3044\u6d1e\u5bdf\uff08\u7406\u8ad6\u7684\u30b9\u30ad\u30eb\uff09<\/h4>\n\n\n\n<p>\u73fe\u4ee3\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u4eba\u6750\u306f\u3001\u5358\u306b\u300c\u304a\u91d1\u3092\u96c6\u3081\u3066\u304f\u308b\u300d\u3060\u3051\u3067\u306f\u8db3\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p>\u300c\u81ea\u793e\u306eWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306f\u4f55%\u304b\uff1f\u300d\u300c\u305d\u308c\u3092\u4e0b\u56de\u308bROIC\u306e\u4e8b\u696d\u3092\u3069\u3046\u518d\u7de8\u3059\u3079\u304d\u304b\uff1f\u300d\u300c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08CAPM\u7406\u8ad6\u306b\u57fa\u3065\u304f\uff09\u3092\u4f4e\u6e1b\u3055\u305b\u308b\u305f\u3081\u306e\u3001IR\uff08\u6295\u8cc7\u5bb6\u5411\u3051\u5e83\u5831\uff09\u6226\u7565\u3084ESG\u60c5\u5831\u306e\u958b\u793a\u306f\u3069\u3046\u3042\u308b\u3079\u304d\u304b\uff1f\u300d\u3068\u3044\u3063\u305f\u3001\u30e2\u30c0\u30f3\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u7406\u8ad6\u3092\u5b9f\u52d9\u306b\u843d\u3068\u3057\u8fbc\u3081\u308b\u7d4c\u55b6\u8996\u70b9\u304c\u554f\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2462 \u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u3068\u306e\u4ea4\u6e09\u529b\u3068\u300c\u30a8\u30af\u30a4\u30c6\u30a3\u30b9\u30c8\u30fc\u30ea\u30fc\u300d\u306e\u8a00\u8a9e\u5316\uff08\u5bfe\u4eba\u30fb\u8a00\u8a9e\u5316\u30b9\u30ad\u30eb\uff09<\/h4>\n\n\n\n<p>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u6570\u5b57\u306e\u30ed\u30b8\u30c3\u30af\u3067\u3059\u304c\u3001\u305d\u308c\u3092\u52d5\u304b\u3059\u306e\u306f\u300c\u4eba\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p>M&amp;A\u3067\u3042\u308c\u3070\u3001\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u306e\u4fa1\u683c\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b\u4ea4\u6e09\u529b\u3002IPO\u3084\u8cc7\u91d1\u8abf\u9054\u3067\u3042\u308c\u3070\u3001\u56fd\u5185\u5916\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u5bfe\u3057\u3066\u300c\u306a\u305c\u3053\u306e\u4f01\u696d\u306b\u6295\u8cc7\u3059\u3079\u304d\u306a\u306e\u304b\u300d\u3092\u9b45\u529b\u7684\u304b\u3064\u8ad6\u7406\u7684\u306b\u8aac\u660e\u3059\u308b\u300c\u30a8\u30af\u30a4\u30c6\u30a3\u30b9\u30c8\u30fc\u30ea\u30fc\uff08\u6295\u8cc7\u7269\u8a9e\uff09\u300d\u306e\u69cb\u7bc9\u529b\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u7279\u306b\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u5bb6\u3092\u76f8\u624b\u306b\u3059\u308b\u30b1\u30fc\u30b9\u304c\u5897\u3048\u3066\u3044\u308b\u305f\u3081\u3001\u9ad8\u5ea6\u306a\u82f1\u8a9e\u529b\uff08\u30d3\u30b8\u30cd\u30b9\u4ea4\u6e09\u30ec\u30d9\u30eb\uff09\u3092\u639b\u3051\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u5e02\u5834\u4fa1\u5024\u306f\u7206\u767a\u7684\u306b\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3.2 \u5fc5\u9808\u3068\u306a\u308b\u30c6\u30af\u30cb\u30ab\u30eb\u30ad\u30fc\u30ef\u30fc\u30c9\u30fb\u6570\u5f0f\u89e3\u8aac<\/h3>\n\n\n\n<p>\u5b9f\u52d9\u304a\u3088\u3073\u9762\u63a5\u3067\u983b\u51fa\u3059\u308b\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u91cd\u8981\u6307\u6a19\u3068\u305d\u306e\u672c\u8cea\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff1aWeighted Average Cost of Capital\uff09<\/h4>\n\n\n\n<p>\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u969b\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u5024\u3067\u3042\u308a\u3001\u6295\u8cc7\u5224\u65ad\u306e\u969b\u306e\u300c\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\uff08\u6700\u4f4e\u9650\u8d85\u3048\u308b\u3079\u304d\u5229\u56de\u308a\uff09\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>$$WACC = \\frac{D}{D+E} \\cdot r_d \\cdot (1 &#8211; t) + \\frac{E}{D+E} \\cdot r_e$$<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>$D$: \u8ca0\u50b5\uff08\u30c7\u30c3\u30c8\uff09\u306e\u984d<\/li>\n\n\n\n<li>$E$: \u682a\u4e3b\u8cc7\u672c\uff08\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u306e\u984d<\/li>\n\n\n\n<li>$r_d$: \u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u501f\u5165\u91d1\u5229\u306a\u3069\uff09<\/li>\n\n\n\n<li>$r_e$: \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff09<\/li>\n\n\n\n<li>$t$: \u5b9f\u52b9\u7a0e\u7387\uff08\u8ca0\u50b5\u306e\u5229\u606f\u306f\u7a0e\u52b9\u679c\u306b\u3088\u3063\u3066\u7bc0\u7a0e\u306b\u306a\u308b\u305f\u3081 $(1-t)$ \u3092\u304b\u3051\u308b\uff09<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u5b9f\u52d9\u4e0a\u306e\u30dd\u30a4\u30f3\u30c8\uff1a<\/strong> \u30c7\u30c3\u30c8\u30b3\u30b9\u30c8 $r_d$ \u306f\u660e\u793a\u7684\uff08\u91d1\u5229\uff09\u3067\u3059\u304c\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8 $r_e$ \u306f\u76ee\u306b\u898b\u3048\u307e\u305b\u3093\u3002\u4e00\u822c\u306bCAPM\uff08\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u3092\u7528\u3044\u3066\u7b97\u51fa\u3055\u308c\u307e\u3059\u304c\u3001\u682a\u4e3b\u304b\u3089\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u3092\u7406\u89e3\u3057\u3001\u3053\u306eWACC\u3092\u3044\u304b\u306b\u4f4e\u304f\u6291\u3048\u3064\u3064\u3001\u305d\u308c\u3092\u4e0a\u56de\u308b\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u3059\u304b\u304c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u547d\u984c\u3067\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading\">ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff1aReturn on Invested Capital\uff09<\/h4>\n\n\n\n<p>\u8abf\u9054\u3057\u305f\u8cc7\u672c\uff08\u30c7\u30c3\u30c8\uff0b\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u3060\u3051\u306e\u52b9\u7387\u3067\u672c\u696d\u306e\u5229\u76ca\uff08\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff09\u3092\u751f\u307f\u51fa\u3057\u305f\u304b\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<p>$$ROIC = \\frac{\\text{NOPAT\uff08\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff09}}{\\text{\u6295\u4e0b\u8cc7\u672c\uff08\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523 \uff0b \u904b\u8ee2\u8cc7\u672c\uff09}}$$<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u73fe\u4ee3\u306e\u30c8\u30ec\u30f3\u30c9\uff1a<\/strong> \u5f93\u6765\u306e\u300c\u58f2\u4e0a\u9ad8\u5229\u76ca\u7387\u300d\u3084\u300cROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u3067\u64cd\u4f5c\u53ef\u80fd\uff09\u300d\u306b\u4ee3\u308f\u308a\u3001\u4e8b\u696d\u305d\u306e\u3082\u306e\u306e\u7a3c\u3050\u529b\u3092\u6e2c\u308b\u6307\u6a19\u3068\u3057\u3066\u6700\u91cd\u8996\u3055\u308c\u3066\u3044\u307e\u3059\u3002**\u300cROIC \uff1e WACC\u300d**\u306e\u72b6\u614b\u3092\u4f5c\u308b\u3053\u3068\u304c\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5275\u9020\uff08EVA: \u7d4c\u6e08\u7684\u4ed8\u52a0\u4fa1\u5024\u306e\u5275\u51fa\uff09\u3057\u3066\u3044\u308b\u8a3c\u62e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading\">DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u3068NPV\uff08\u6b63\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09<\/h4>\n\n\n\n<p>\u5c06\u6765\u4f01\u696d\u304c\u5275\u51fa\u3059\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u3001\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u5272\u5f15\u7387\uff08\u901a\u5e38\u306fWACC\uff09\u3067\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u3053\u3068\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3084\u6295\u8cc7\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>$$NPV = \\sum_{t=1}^{n} \\frac{FCF_t}{(1 + WACC)^t} &#8211; \\text{\u521d\u671f\u6295\u8cc7\u984d}$$<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u5b9f\u52d9\u4e0a\u306e\u30dd\u30a4\u30f3\u30c8\uff1a<\/strong> NPV\u304c0\u3088\u308a\u3082\u5927\u304d\u3051\u308c\u3070\uff08$NPV &gt; 0$\uff09\u3001\u305d\u306e\u6295\u8cc7\u306f\u300c\u4f01\u696d\u4fa1\u5024\u3092\u30d7\u30e9\u30b9\u306b\u3059\u308b\u300d\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\u3002\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u8077\u306f\u3001\u4e8b\u696d\u90e8\u9580\u304b\u3089\u4e0a\u304c\u3063\u3066\u304d\u305f\u6295\u8cc7\u8a08\u753b\u306e\u524d\u63d0\u6761\u4ef6\uff08\u6210\u9577\u7387\u3084\u7c97\u5229\u7387\u306e\u4e88\u6e2c\uff09\u304c\u59a5\u5f53\u304b\u3069\u3046\u304b\u3092\u53b3\u3057\u304f\u898b\u6975\u3081\u308b\u5f79\u5272\uff08\u30b2\u30fc\u30c8\u30ad\u30fc\u30d1\u30fc\uff09\u3092\u62c5\u3044\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c4\u7ae0\uff1a\u6709\u5229\u306b\u50cd\u304f\u5c02\u9580\u8cc7\u683c\u3068\u305d\u306e\u5e02\u5834\u4fa1\u5024<\/h2>\n\n\n\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u9818\u57df\u3078\u306e\u8ee2\u8077\u3001\u7279\u306b\u300c\u672a\u7d4c\u9a13\u304b\u3089\u306e\u6311\u6226\u300d\u3084\u300c\u30ad\u30e3\u30ea\u30a2\u306e\u30b8\u30e3\u30f3\u30d7\u30a2\u30c3\u30d7\u300d\u3092\u72d9\u3046\u5834\u5408\u3001\u96e3\u95a2\u8cc7\u683c\u306e\u53d6\u5f97\u306f\u975e\u5e38\u306b\u5f37\u529b\u306a\u6b66\u5668\u3068\u306a\u308a\u307e\u3059\u3002\u30b3\u30c8\u30e9\u306e\u6c42\u4eba\u7968\u3067\u3082\u300c\u6b53\u8fce\u8981\u4ef6\u300d\u3084\u300c\u5fc5\u9808\u8981\u4ef6\u300d\u3068\u3057\u3066\u660e\u8a18\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3001\u4e3b\u8981\u306a3\u3064\u306e\u8cc7\u683c\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4.1 CFA\uff08Chartered Financial Analyst\uff1a\u7c73\u56fd\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\uff09<\/h3>\n\n\n\n<p>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u91d1\u878d\u754c\u306b\u304a\u3044\u3066\u3001\u6700\u3082\u6a29\u5a01\u306e\u3042\u308b\u6700\u9ad8\u5cf0\u306e\u8cc7\u683c\u306e\u4e00\u3064\u3067\u3059\u3002Level 1\u304b\u3089Level 3\u307e\u3067\u306e\u82f1\u8a9e\u3067\u306e\u8a66\u9a13\u3092\u7a81\u7834\u3057\u3001\u5b9f\u52d9\u7d4c\u9a13\u3092\u7a4d\u3080\u3053\u3068\u3067\u8a8d\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5e02\u5834\u3067\u306e\u8a55\u4fa1\uff1a<\/strong> \u5916\u8cc7\u7cfb\u6295\u8cc7\u9280\u884c\u3001\u30a2\u30bb\u30c3\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\uff08\u8cc7\u7523\u904b\u7528\uff09\u3001\u653f\u5e9c\u7cfb\u91d1\u878d\u6a5f\u95a2\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u4f01\u696d\u306e\u8ca1\u52d9\u90e8\u9580\u306b\u304a\u3044\u3066\u3001CFA\u306e\u4fdd\u6709\u306f\u300c\u4e16\u754c\u57fa\u6e96\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u77e5\u8b58\u3068\u82f1\u8a9e\u529b\u3001\u305d\u3057\u3066\u9ad8\u3044\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\uff08\u52aa\u529b\u306e\u7d99\u7d9a\u529b\uff09\u306e\u8a3c\u660e\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u8ee2\u8077\u5e02\u5834\u3067\u306e\u30a4\u30f3\u30d1\u30af\u30c8\uff1a<\/strong> \u66f8\u985e\u9078\u8003\u306e\u901a\u904e\u7387\u304c\u5287\u7684\u306b\u5411\u4e0a\u3057\u307e\u3059\u3002\u7279\u306b30\u4ee3\u524d\u5f8c\u3067CFA\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u5b9f\u52d9\u7d4c\u9a13\u304c\u591a\u5c11\u4e0d\u8db3\u3057\u3066\u3044\u3066\u3082\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u30fb\u30cf\u30a4\u30af\u30e9\u30b9\u67a0\u3067\u306e\u63a1\u7528\u78ba\u7387\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4.2 \u65e5\u672c\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u5354\u4f1a\u8a8d\u5b9a\u30a2\u30ca\u30ea\u30b9\u30c8\uff08CMA\uff09<\/h3>\n\n\n\n<p>\u56fd\u5185\u306e\u91d1\u878d\u6a5f\u95a2\u3084\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30d5\u30a1\u30fc\u30e0\u306b\u304a\u3044\u3066\u3001\u6700\u3082\u30dd\u30d4\u30e5\u30e9\u30fc\u304b\u3064\u5b9f\u7528\u7684\u306a\u8cc7\u683c\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5e02\u5834\u3067\u306e\u8a55\u4fa1\uff1a<\/strong> \u8a3c\u5238\u4f1a\u793e\u306e\u30ea\u30b5\u30fc\u30c1\u90e8\u9580\u3001\u6295\u8cc7\u9280\u884c\u90e8\u9580\u3001\u9280\u884c\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u55b6\u696d\u3001FAS\u306a\u3069\u3067\u5e83\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3001\u8ca1\u52d9\u5206\u6790\u3001\u7d4c\u6e08\u5b66\u3001\u7d71\u8a08\u5b66\u3092\u4f53\u7cfb\u7684\u306b\u5b66\u3076\u3053\u3068\u304c\u3067\u304d\u308b\u305f\u3081\u3001\u91d1\u878d\u696d\u754c\u3078\u306e\u8ee2\u8077\u3092\u76ee\u6307\u305920\u4ee3\u5f8c\u534a\u301c30\u4ee3\u524d\u534a\u306e\u300c\u57fa\u790e\u4f53\u529b\u306e\u8a3c\u660e\u300d\u3068\u3057\u3066\u6700\u9069\u3067\u3059\u3002<\/li>\n\n\n\n<li><strong>\u5b9f\u52d9\u3078\u306e\u76f4\u7d50\u5ea6\uff1a<\/strong> \u56fd\u5185\u306e\u4f1a\u8a08\u57fa\u6e96\u3084\u7a0e\u5236\u3001\u5e02\u5834\u74b0\u5883\u306b\u5373\u3057\u305f\u77e5\u8b58\u304c\u5f97\u3089\u308c\u308b\u305f\u3081\u3001\u5373\u6226\u529b\u3068\u3057\u3066\u306e\u5b9f\u52d9\u5bfe\u5fdc\u529b\u3092\u30a2\u30d4\u30fc\u30eb\u3067\u304d\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4.3 \u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30ebCFO\u691c\u5b9a\uff08\u65e5\u672cCFO\u5354\u4f1a\uff09<\/h3>\n\n\n\n<p>\u4e3b\u306b\u300c\u4e8b\u696d\u4f1a\u793e\u306e\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO\uff09\u300d\u3084\u300c\u7d4c\u55b6\u4f01\u753b\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u300d\u3092\u76ee\u6307\u3059\u65b9\u306b\u7279\u5316\u3057\u305f\u5b9f\u8df5\u7684\u306a\u691c\u5b9a\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5e02\u5834\u3067\u306e\u8a55\u4fa1\uff1a<\/strong> \u6295\u8cc7\u9280\u884c\u7684\u306a\u300c\u30c7\u30a3\u30fc\u30eb\uff08\u53d6\u5f15\uff09\u300d\u306e\u77e5\u8b58\u3060\u3051\u3067\u306a\u304f\u3001\u4e8b\u696d\u4f1a\u793e\u306b\u304a\u3051\u308b\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u300d\u300c\u30ea\u30b9\u30af\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u300d\u300c\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\uff08IR\uff09\u300d\u300c\u5185\u90e8\u7d71\u5236\u300d\u306a\u3069\u3001\u4f01\u696d\u5185\u90e8\u304b\u3089\u8ca1\u52d9\u6226\u7565\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3059\u308b\u305f\u3081\u306e\u5177\u4f53\u7684\u306a\u5b9f\u52d9\u80fd\u529b\u304c\u554f\u308f\u308c\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u8ee2\u8077\u5e02\u5834\u3067\u306e\u30a4\u30f3\u30d1\u30af\u30c8\uff1a<\/strong> \u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306eCFO\u5019\u88dc\u3084\u3001\u6771\u8a3c\u4e0a\u5834\u4f01\u696d\u306e\u8ca1\u52d9\u8ab2\u9577\u30fb\u90e8\u9577\u30af\u30e9\u30b9\u3092\u76ee\u6307\u3059\u969b\u3001\u5b9f\u52d9\u7d4c\u9a13\u306e\u88cf\u4ed8\u3051\u3068\u3057\u3066\u30a2\u30d4\u30fc\u30eb\u3059\u308b\u306e\u306b\u975e\u5e38\u306b\u6709\u52b9\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c5\u7ae0\uff1a\u30bf\u30fc\u30b2\u30c3\u30c8\u5225\u30fb\u30ad\u30e3\u30ea\u30a2\u30d1\u30b9\u69cb\u7bc9\u6226\u7565\uff08\u4e8b\u4f8b\u4ed8\uff09<\/h2>\n\n\n\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u9818\u57df\u3078\u306e\u8ee2\u8077\u6210\u529f\u3092\u63b4\u3080\u305f\u3081\u306e\u5177\u4f53\u7684\u306a\u6226\u7565\u3092\u3001\u73fe\u8077\uff08\u30d0\u30c3\u30af\u30b0\u30e9\u30a6\u30f3\u30c9\uff09\u5225\u306b\u30b9\u30c6\u30c3\u30d7\u30fb\u30d0\u30a4\u30fb\u30b9\u30c6\u30c3\u30d7\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002\u30b3\u30c8\u30e9\u30b8\u30e3\u30fc\u30ca\u30eb\u306b\u63b2\u8f09\u3055\u308c\u3066\u3044\u308b\u6210\u529f\u4e8b\u4f8b\u306e\u30d1\u30bf\u30fc\u30f3\u3092\u30e2\u30c7\u30eb\u5316\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5.1 \u3010\u30d1\u30bf\u30fc\u30f3A\u3011\u516c\u8a8d\u4f1a\u8a08\u58eb\u30fb\u76e3\u67fb\u6cd5\u4eba\u51fa\u8eab\u8005 \u2794 FAS or \u6295\u8cc7\u9280\u884c<\/h3>\n\n\n\n<p>\u76e3\u67fb\u6cd5\u4eba\u3067\u306e\u300c\u4f1a\u8a08\u76e3\u67fb\u300d\u306e\u7d4c\u9a13\u306f\u3001\u8ca1\u52d9\u8af8\u8868\u3092\u8aad\u3080\u30d7\u30ed\u3068\u3057\u3066\u306e\u5727\u5012\u7684\u306a\u30a2\u30c9\u30d0\u30f3\u30c6\u30fc\u30b8\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u300c\u904e\u53bb\u306e\u6570\u5b57\u306e\u691c\u8a3c\uff08\u76e3\u67fb\uff09\u300d\u304b\u3089\u300c\u672a\u6765\u306e\u6570\u5b57\u306e\u5275\u9020\u30fb\u63d0\u6848\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff09\u300d\u3078\u306e\u30de\u30a4\u30f3\u30c9\u30c1\u30a7\u30f3\u30b8\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;\u76e3\u67fb\u6cd5\u4eba\uff08\u4f1a\u8a08\u76e3\u67fb\uff09]\n       \u2502 (\u8ca1\u52d93\u8868\u306e\u8aad\u89e3\u529b\u3001\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u610f\u8b58\u3001DD\u57fa\u790e)\n       \u25bc\n&#91;BIG4\u7b49\u306eFAS\uff08\u8ca1\u52d9\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc \/ \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09]\n       \u2502 (\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3001\u30c7\u30a3\u30fc\u30eb\u30d7\u30ed\u30bb\u30b9\u306e\u7fd2\u5f97)\n       \u25bc\n&#91;\u6295\u8cc7\u9280\u884c\uff08M&amp;A\u30a8\u30b0\u30bc\u30ad\u30e5\u30fc\u30b7\u30e7\u30f3\uff09 or \u5927\u624b\u4e8b\u696d\u4f1a\u793eM&amp;A\u63a8\u9032\u5ba4]\n<\/code><\/pre>\n\n\n\n<h4 class=\"wp-block-heading\">\u8ee2\u8077\u6210\u529f\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/h4>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>\u30b9\u30c6\u30c3\u30d71\uff1a<\/strong> \u76e3\u67fb\u6cd5\u4eba\u3067\u306e\u5b9f\u52d9\u306e\u508d\u3089\u3001Excel\u3067\u306e\u8ca1\u52d9\u30e2\u30c7\u30ea\u30f3\u30b0\uff08\u4e8b\u696d\u8a08\u753b\u304b\u3089\u8ca1\u52d93\u8868\u3092\u81ea\u7acb\u9023\u52d5\u3055\u305b\u308b\u30b9\u30ad\u30eb\uff09\u3092\u81ea\u4e3b\u5b66\u7fd2\u3001\u307e\u305f\u306f\u5916\u90e8\u8b1b\u5ea7\u3067\u7fd2\u5f97\u3059\u308b\u3002<\/li>\n\n\n\n<li><strong>\u30b9\u30c6\u30c3\u30d72\uff1a<\/strong> FAS\u306e\u300c\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08\u8ca1\u52d9DD\uff09\u300d\u3084\u300c\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u300d\u90e8\u9580\u306b\u8ee2\u8077\u3002\u3053\u3053\u3067\u3001M&amp;A\u306e\u5b9f\u52d9\u30d7\u30ed\u30bb\u30b9\uff08\u30c7\u30a3\u30fc\u30eb\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\uff09\u3092\u7d4c\u9a13\u3059\u308b\u3002<\/li>\n\n\n\n<li><strong>\u30b9\u30c6\u30c3\u30d73\uff1a<\/strong> FAS\u30672\u301c4\u5e74\u306e\u5b9f\u7e3e\u3092\u7a4d\u3093\u3060\u5f8c\u3001\u6295\u8cc7\u9280\u884c\u306e\u30d5\u30ed\u30f3\u30c8\uff08M&amp;A\u30a8\u30b0\u30bc\u30ad\u30e5\u30fc\u30b7\u30e7\u30f3\uff09\u3078\u8ee2\u8eab\u3059\u308b\u304b\u3001\u4e8b\u696d\u4f1a\u793e\u306e\u7d4c\u55b6\u4f01\u753b\u30fbM&amp;A\u62c5\u5f53\u3068\u3057\u3066\u3001\u7d4c\u55b6\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u76f4\u63a5\u95a2\u4e0e\u3059\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u72d9\u3046\u3002<\/li>\n<\/ol>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u5fd7\u671b\u52d5\u6a5f\u306e\u30dd\u30a4\u30f3\u30c8\uff1a<\/strong> \u300c\u904e\u53bb\u306e\u4f1a\u8a08\u51e6\u7406\u304c\u9069\u6b63\u304b\u3069\u3046\u304b\u3092\u691c\u8a3c\u3059\u308b\u76e3\u67fb\u696d\u52d9\u3092\u901a\u3058\u3066\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u57fa\u76e4\u306e\u672c\u8cea\u3092\u898b\u6975\u3081\u308b\u76ee\u3092\u990a\u3044\u307e\u3057\u305f\u3002\u4eca\u5f8c\u306f\u3001\u305d\u306e\u5f37\u307f\u3092\u6d3b\u304b\u3057\u3001\u30af\u30e9\u30a4\u30a2\u30f3\u30c8\u4f01\u696d\u306e\u5c06\u6765\u306e\u6210\u9577\u6226\u7565\u3084M&amp;A\u3068\u3044\u3046\u300e\u653b\u3081\u306e\u610f\u601d\u6c7a\u5b9a\u300f\u3092\u8ca1\u52d9\u5074\u9762\u304b\u3089\u652f\u3048\u308b\u5074\u306b\u56de\u308a\u305f\u3044\u3068\u8003\u3048\u3001FAS\/\u6295\u8cc7\u9280\u884c\u3092\u5fd7\u671b\u3057\u307e\u3059\u3002\u300d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">5.2 \u3010\u30d1\u30bf\u30fc\u30f3B\u3011\u6226\u7565\u30fb\u696d\u52d9\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8 \u2794 \u4e8b\u696d\u4f1a\u793e\u8ca1\u52d9 or \u6295\u8cc7\u9280\u884c\uff08\u30ab\u30d0\u30ec\u30c3\u30b8\uff09<\/h3>\n\n\n\n<p>\u6226\u7565\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30d5\u30a1\u30fc\u30e0\u3067\u300c\u4e8b\u696d\u6226\u7565\u306e\u7acb\u6848\u300d\u300c\u8ad6\u7406\u7684\u601d\u8003\u529b\u300d\u300c\u8cc7\u6599\u4f5c\u6210\u30fb\u30d7\u30ec\u30bc\u30f3\u80fd\u529b\u300d\u3092\u935b\u3048\u4e0a\u3052\u305f\u4eba\u6750\u306f\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u4e16\u754c\u3067\u3082\u975e\u5e38\u306b\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u4e0d\u8db3\u3057\u3066\u3044\u308b\u306e\u306f\u300c\u6570\u7406\u7684\u306a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u300d\u3068\u300c\u30c7\u30a3\u30fc\u30eb\u5b9f\u52d9\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;\u6226\u7565\u30fb\u696d\u52d9\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8]\n       \u2502 (\u8ad6\u7406\u7684\u601d\u8003\u3001\u4e8b\u696d\u7acb\u6848\u3001\u30c9\u30ad\u30e5\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3001\u7d4c\u55b6\u9663\u5bfe\u8a71\u529b)\n       \u25bc\n&#91;\u6295\u8cc7\u9280\u884c\uff08\u30ab\u30d0\u30ec\u30c3\u30b8\u30d0\u30f3\u30ab\u30fc\uff09 or \u4e8b\u696d\u4f1a\u793e\uff08FP&amp;A \/ \u7d4c\u55b6\u4f01\u753b\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\uff09]\n<\/code><\/pre>\n\n\n\n<h4 class=\"wp-block-heading\">\u8ee2\u8077\u6210\u529f\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/h4>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>\u30b9\u30c6\u30c3\u30d71\uff1a<\/strong> CMA\uff08\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\uff09\u306e\u7b2c1\u6b21\u8a66\u9a13\u30ec\u30d9\u30eb\u306e\u77e5\u8b58\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3001\u8ca1\u52d9\u5206\u6790\uff09\u3092\u30a4\u30f3\u30d7\u30c3\u30c8\u3057\u3001\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306e\u30ed\u30b8\u30c3\u30af\u306b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3084\u300c\u4f01\u696d\u4fa1\u5024\u300d\u306e\u8996\u70b9\u3092\u7d44\u307f\u8fbc\u3080\u3002<\/li>\n\n\n\n<li><strong>\u30b9\u30c6\u30c3\u30d72\uff1a<\/strong> \u6295\u8cc7\u9280\u884c\u306e\u30ab\u30d0\u30ec\u30c3\u30b8\u90e8\u9580\uff08\u4e8b\u696d\u6cd5\u4eba\u62c5\u5f53\uff09\u3078\u8ee2\u8077\u3002\u30b3\u30f3\u30b5\u30eb\u6642\u4ee3\u306b\u57f9\u3063\u305f\u300c\u9867\u5ba2\u306e\u7d4c\u55b6\u8ab2\u984c\u3092\u767a\u6398\u3057\u3001\u63d0\u6848\u3059\u308b\u529b\u300d\u3092\u6b66\u5668\u306b\u3001M&amp;A\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u63d0\u6848\u66f8\uff08\u30d4\u30c3\u30c1\u30d6\u30c3\u30af\uff09\u3092\u4f5c\u6210\u3002<\/li>\n\n\n\n<li><strong>\u30b9\u30c6\u30c3\u30d73\uff1a<\/strong> \u307e\u305f\u306f\u3001\u4e8b\u696d\u4f1a\u793e\u306e\u300cFP&amp;A\uff08\u8ca1\u52d9\u5206\u6790\u30fb\u7ba1\u7406\u4f1a\u8a08\uff09\u300d\u3084\u300c\u7d4c\u55b6\u4f01\u753b\u300d\u306e\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3068\u3057\u3066\u8ee2\u8077\u3002\u4e8b\u696d\u306e\u73fe\u5834\u304c\u7406\u89e3\u3067\u304d\u308b\u30b3\u30f3\u30b5\u30eb\u306a\u3089\u3067\u306f\u306e\u5f37\u307f\u3092\u6d3b\u304b\u3057\u3001\u8ca1\u52d9KPI\u3092\u7528\u3044\u305f\u4e8b\u696d\u306e\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3068\u30c6\u30b3\u5165\u308c\u3092\u5b9f\u884c\u3059\u308b\u3002<\/li>\n<\/ol>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u5fd7\u671b\u52d5\u6a5f\u306e\u30dd\u30a4\u30f3\u30c8\uff1a<\/strong> \u300c\u6226\u7565\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u3068\u3057\u3066\u591a\u304f\u306e\u4f01\u696d\u306e\u4e8b\u696d\u6210\u9577\u6226\u7565\u306b\u643a\u308f\u308b\u4e2d\u3067\u3001\u3044\u304b\u306b\u512a\u308c\u305f\u4e8b\u696d\u6226\u7565\u3067\u3042\u3063\u3066\u3082\u3001\u9069\u5207\u306a\u8cc7\u672c\u653f\u7b56\u3084\u8cc7\u91d1\u88cf\u4ed8\u3051\u3001\u305d\u3057\u3066\u8cc7\u672c\u52b9\u7387\uff08ROIC\u7b49\uff09\u306e\u8996\u70b9\u304c\u6b20\u843d\u3057\u3066\u3044\u308b\u3068\u3001\u5e02\u5834\uff08\u682a\u4e3b\uff09\u304b\u3089\u8a55\u4fa1\u3055\u308c\u305a\u4f01\u696d\u4fa1\u5024\u6700\u5927\u5316\u306b\u7e4b\u304c\u3089\u306a\u3044\u3053\u3068\u3092\u75db\u611f\u3057\u307e\u3057\u305f\u3002\u79c1\u306e\u5f37\u307f\u3067\u3042\u308b\u4e8b\u696d\u5206\u6790\u529b\u306b\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u6226\u7565\u3092\u639b\u3051\u5408\u308f\u305b\u3001\u7d4c\u55b6\u9663\u306e\u6700\u9069\u306a\u610f\u601d\u6c7a\u5b9a\u3092\u30b5\u30dd\u30fc\u30c8\u3057\u305f\u304f\u3001\u672c\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u5fd7\u671b\u3057\u307e\u3059\u3002\u300d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">5.3 \u3010\u30d1\u30bf\u30fc\u30f3C\u3011\u30e1\u30ac\u30d0\u30f3\u30af\u30fb\u5730\u9280\u306eRM\uff08\u55b6\u696d\uff09 \u2794 \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08\u878d\u8cc7\u30fbLBO\u30fb\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\uff09<\/h3>\n\n\n\n<p>\u9280\u884c\u306e\u6cd5\u4eba\u55b6\u696d\uff08RM\uff09\u3068\u3057\u3066\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u7e70\u308a\u3084\u878d\u8cc7\u63d0\u6848\u3092\u884c\u3063\u3066\u304d\u305f\u7d4c\u9a13\u306f\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u5f37\u529b\u306a\u571f\u53f0\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u30cf\u30a4\u30af\u30e9\u30b9\u8ee2\u8077\u3092\u679c\u305f\u3059\u305f\u3081\u306b\u306f\u3001\u300c\u4e00\u822c\u7684\u306a\u904b\u8ee2\u8cc7\u91d1\u306e\u8cb8\u51fa\u300d\u304b\u3089\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08LBO\u30ed\u30fc\u30f3\uff09\u300d\u3084\u300c\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u300d\u300c\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u300d\u3068\u3044\u3063\u305f\u9ad8\u5ea6\u306a\u4ed5\u7d44\u307f\u91d1\u878d\uff08\u69cb\u9020\u5316\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff09\u3078\u306e\u8131\u76ae\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;\u9280\u884c\u6cd5\u4eba\u55b6\u696d\uff08RM\uff09]\n       \u2502 (\u4e0e\u4fe1\u5be9\u67fb\u306e\u57fa\u790e\u3001\u9867\u5ba2\u958b\u62d3\u529b\u3001\u4e2d\u5805\u30fb\u5927\u624b\u4f01\u696d\u7d4c\u55b6\u9663\u3068\u306e\u95a2\u4fc2\u6027)\n       \u25bc\n&#91;\u672c\u5e97\u30fb\u5c02\u9580\u90e8\u7f72\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08LBO \/ \u69cb\u9020\u5316\u878d\u8cc7\uff09]\n       \u2502 \u3082\u3057\u304f\u306f\n       \u25bc\n&#91;\u72ec\u7acb\u7cfbM&amp;A\u4ef2\u4ecb\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc or \u4e2d\u5805\u4e8b\u696d\u4f1a\u793e\u8ca1\u52d9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc]\n<\/code><\/pre>\n\n\n\n<h4 class=\"wp-block-heading\">\u8ee2\u8077\u6210\u529f\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/h4>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>\u30b9\u30c6\u30c3\u30d71\uff1a<\/strong> \u65e5\u5e38\u306e\u878d\u8cc7\u5b9f\u52d9\u306b\u304a\u3044\u3066\u3001\u9867\u5ba2\u4f01\u696d\u306e\u6c7a\u7b97\u66f8\u3092\u305f\u3060\u773a\u3081\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u306b\u57fa\u3065\u304f\u300c\u4e8b\u696d\u6027\u8a55\u4fa1\u300d\u306e\u30b3\u30f3\u30da\u30c6\u30a3\u30b7\u30e7\u30f3\u3084\u63d0\u6848\u3092\u7a4d\u6975\u7684\u306b\u884c\u3044\u3001\u5b9f\u7e3e\u3092\u4f5c\u308b\u3002<\/li>\n\n\n\n<li><strong>\u30b9\u30c6\u30c3\u30d72\uff1a<\/strong> \u30e1\u30ac\u30d0\u30f3\u30af\u306e\u672c\u5e97\u5c02\u9580\u90e8\u7f72\uff08LBO\u3001\u8cb7\u53ce\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3001\u30b7\u30f3\u30b8\u30b1\u30fc\u30c8\u30ed\u30fc\u30f3\uff09\u3078\u306e\u793e\u5185\u7570\u52d5\u3001\u307e\u305f\u306f\u30b3\u30c8\u30e9\u7b49\u306e\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u3092\u901a\u3058\u3066\u3001\u4ed6\u884c\u306e\u5c02\u9580\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u90e8\u7f72\u3078\u306e\u8ee2\u8077\u3092\u679c\u305f\u3059\u3002<\/li>\n\n\n\n<li><strong>\u30b9\u30c6\u30c3\u30d73\uff1a<\/strong> PE\u30d5\u30a1\u30f3\u30c9\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u304c\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u969b\u306eLBO\u30ed\u30fc\u30f3\u306e\u7d44\u6210\u5b9f\u52d9\u306a\u3069\u3092\u7d4c\u9a13\u3057\u3001\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u80fd\u529b\u3092\u6975\u3081\u308b\u3002\u305d\u306e\u5f8c\u3001PE\u30d5\u30a1\u30f3\u30c9\u81ea\u4f53\u3078\u306e\u8ee2\u8eab\u3084\u3001\u6295\u8cc7\u9280\u884c\u3078\u306e\u9053\u304c\u958b\u3051\u308b\u3002<\/li>\n<\/ol>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u5fd7\u671b\u52d5\u6a5f\u306e\u30dd\u30a4\u30f3\u30c8\uff1a<\/strong> 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