{"id":7661,"date":"2021-09-21T09:00:14","date_gmt":"2021-09-21T00:00:14","guid":{"rendered":"https:\/\/process.uchida-it.co.jp\/itnavi\/?post_type=column&p=7661"},"modified":"2023-10-25T11:08:51","modified_gmt":"2023-10-25T02:08:51","slug":"20210920","status":"publish","type":"column","link":"https:\/\/process.uchida-it.co.jp\/itnavi\/column\/20210920\/","title":{"rendered":"M&A\u306b\u304a\u3051\u308b\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u2461"},"content":{"rendered":"

\"\"<\/p>\n

\u306f\u3058\u3081\u306b<\/h2>\n

\u3000\u8fd1\u5e74\u3001\u4eba\u6750\u96e3\u3084\u591a\u89d2\u5316\u306a\u3069\u306e\u4f01\u696d\u8ab2\u984c\u306e\u89e3\u6c7a\u624b\u6bb5\u3068\u3057\u3066\u307e\u3059\u307e\u3059\u91cd\u8981\u6027\u304c\u9ad8\u307e\u3063\u3066\u3044\u308bM&A\u306b\u95a2\u9023\u3057\u3066\u3001\u524d\u56de\u306f\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u76ee\u7684\u3084\u5b9f\u65bd\u30d7\u30ed\u30bb\u30b9\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3057\u305f\u3002\u4eca\u56de\u306f\u3001M&A\u306e\u4fa1\u683c\u4ea4\u6e09\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\uff1d\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff09\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n

\u3000M&A\u306b\u304a\u3044\u3066\u306f\u3001\u4fa1\u683c\u4ea4\u6e09\u3060\u3051\u3067\u306a\u304f\u3001\u793e\u5185\u7684\u306a\u627f\u8a8d\u30d7\u30ed\u30bb\u30b9\u3092\u7d4c\u305f\u308a\u3001\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u306b\u5bfe\u3059\u308b\u8aac\u660e\u8cac\u4efb\u3092\u679c\u305f\u3057\u305f\u308a\u3059\u308b\u305f\u3081\u306b\u3082\u4fa1\u683c\u6c7a\u5b9a\u306e\u6839\u62e0\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306b\u3069\u306e\u3088\u3046\u306a\u624b\u6cd5\u304c\u5b58\u5728\u3057\u3001\u3069\u306e\u3088\u3046\u306a\u30d7\u30ed\u30bb\u30b9\u3067\u8a55\u4fa1\u3055\u308c\u308b\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u306f\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n

<\/div>\n

3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1<\/h2>\n

\u3000\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u624b\u6cd5\u306b\u3064\u3044\u3066\u306f\u65e5\u672c\u306b\u304a\u3044\u3066\u3082\u6d77\u5916\u306b\u304a\u3044\u3066\u3082\u5fc5\u305a\u3053\u308c\u3092\u4f7f\u7528\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3001\u3068\u3044\u3063\u305f\u57fa\u6e96\u3084\u898f\u5b9a\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3060\u305f\u3053\u308c\u307e\u3067\u306e\u5b9f\u52d9\u304b\u3089\u7a4d\u307f\u4e0a\u3052\u3089\u308c\u305f\u4e00\u822c\u7684\u306a\u624b\u6cd5\u306f\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n

\u3000\u305d\u308c\u3089\u306e\u624b\u6cd5\u306f\u4f55\u306b\u7740\u76ee\u3057\u3066\u8a55\u4fa1\u3092\u884c\u3046\u304b\u306b\u3088\u3063\u3066\u3001\u5927\u304d\u304f\u4ee5\u4e0b\u306e3\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u25c6 \u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h5>\n

\u3000\u682a\u5f0f\u5e02\u5834\u7b49\u306b\u304a\u3051\u308b\u682a\u4fa1\u3084\u53d6\u5f15\u4fa1\u683c\u3092\u57fa\u6e96\u306b\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b<\/p>\n

\u25c6 \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h5>\n

\u3000\u5c06\u6765\u307e\u305f\u306f\u904e\u53bb\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3084\u640d\u76ca\u306b\u57fa\u3065\u3044\u3066\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b<\/p>\n

\u25c6 \u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h5>\n

\u3000\u30cd\u30c3\u30c8\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3082\u547c\u3070\u308c\u3001\u4f01\u696d\u306e\u7d14\u8cc7\u7523\u3092\u57fa\u6e96\u306b\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b<\/p>\n

\u3000\u305d\u308c\u305e\u308c\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3055\u3089\u306b\u7d30\u304b\u304f\u5206\u985e\u3055\u308c\u591a\u6570\u306e\u624b\u6cd5\u304c\u5b58\u5728\u3057\u307e\u3059\u304c\u3001\u4eca\u56de\u306f\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u3092\u7c21\u5358\u306a\u6570\u5024\u4f8b\u3068\u3068\u3082\u306b\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u4eca\u56de\u306f\u5404\u624b\u6cd5\u306e\u8003\u3048\u65b9\u3092\u3054\u7406\u89e3\u3057\u3066\u3044\u305f\u3060\u304f\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u6570\u5024\u306f\u30b7\u30f3\u30d7\u30eb\u306b\u3057\u3001\u975e\u4e8b\u696d\u6027\u8cc7\u7523\u3068\u6709\u5229\u5b50\u8ca0\u50b5\u306f\u7121\u3044\u3082\u306e\u3068\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

<\/div>\n

\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h2>\n

\u3000\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u305d\u306e\u540d\u306e\u901a\u308a\u5e02\u5834\u53d6\u5f15\u306b\u304a\u3051\u308b\u4fa1\u683c\u3092\u57fa\u306b\u3057\u307e\u3059\u3002\u4e0a\u5834\u4f1a\u793e\u3067\u3042\u308c\u3070\u7c21\u5358\u306b\u9069\u7528\u3067\u304d\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u4f1a\u793e\u306e\u5834\u5408\u306f\u985e\u4f3c\u306e\u4e8b\u696d\u3084\u53d6\u5f15\u3092\u884c\u3063\u3066\u3044\u308b\u4f01\u696d\u306e\u682a\u5f0f\u53d6\u5f15\u4fa1\u683c\u3092\u53c2\u8003\u306b\u7b97\u5b9a\u3057\u307e\u3059\u3002\u5e02\u5834\u682a\u4fa1\u6cd5\u3084\u682a\u4fa1\u500d\u7387\u6cd5\u304c\u4e00\u822c\u7684\u3067\u3059\u304c\u3001\u985e\u4f3c\u53d6\u5f15\u6cd5\u3068\u3044\u3046\u624b\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u2460 \u5e02\u5834\u682a\u4fa1\u6cd5<\/h5>\n
\n

\u3000\u8a3c\u5238\u53d6\u5f15\u6240\u3084\u5e97\u982d\u767b\u9332\u5e02\u5834\u306b\u4e0a\u5834\u3057\u3066\u3044\u308b\u4f1a\u793e\u306e\u5e02\u5834\u4fa1\u683c\u305d\u306e\u3082\u306e\u3092\u57fa\u6e96\u3068\u3059\u308b\u5178\u578b\u7684\u306a\u8a55\u4fa1\u6280\u6cd5\u3068\u3044\u3048\u307e\u3059\u3002\u682a\u4fa1\u306f\u69d8\u3005\u306a\u8981\u56e0\u3067\u5909\u52d5\u3059\u308b\u306e\u3067\u3001\u4e00\u5b9a\u671f\u9593\u306e\u5e73\u5747\u5024\u3092\u7528\u3044\u308b\u3053\u3068\u304c\u901a\u5e38\u3067\u3059\u30021\u304b\u6708\uff5e6\u304b\u6708\u7a0b\u5ea6\u306e\u671f\u9593\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u901a\u4f8b\u3067\u3059\u304c\u3001\u6570\u5024\u4f8b\u3067\u306f\u7c21\u4fbf\u7684\u306b5\u65e5\u9593\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n
\u65e5\u4ed8<\/th>\nX\u793e\u682a\u7d42\u5024<\/th>\n\u51fa\u6765\u9ad8\u682a\u6570<\/th>\n\u7d42\u5024\u00d7\u51fa\u6765\u9ad8\u682a\u6570<\/th>\n<\/tr>\n
8\u67081\u65e5<\/td>\n400<\/td>\n1,000<\/td>\n400,000<\/td>\n<\/tr>\n
8\u67082\u65e5<\/td>\n420<\/td>\n1,500<\/td>\n630,000<\/td>\n<\/tr>\n
8\u67083\u65e5<\/td>\n450<\/td>\n1,600<\/td>\n720,000<\/td>\n<\/tr>\n
8\u67084\u65e5<\/td>\n450<\/td>\n1,800<\/td>\n810,000<\/td>\n<\/tr>\n
8\u67085\u65e5<\/td>\n500<\/td>\n2,000<\/td>\n1,000,000<\/td>\n<\/tr>\n
\u5408\u8a08<\/td>\n<\/td>\n7,900<\/td>\n3,560,000<\/td>\n<\/tr>\n<\/table>\n

\u3000X\u793e\u682a\u8a55\u4fa1\u984d 3,560,000\uff08\u7d42\u5024\u00d7\u51fa\u6765\u9ad8\u682a\u6570\u306e\u5408\u8a08\uff09\u00f7 7,900\uff08\u51fa\u6765\u9ad8\u682a\u6570\u8a08\uff09= 450.6329<\/p>\n<\/div>\n

\u2461 \u682a\u4fa1\u500d\u7387\u6cd5<\/h5>\n
\n

\u3000\u975e\u4e0a\u5834\u4f1a\u793e\u304c\u985e\u4f3c\u306e\u4e0a\u5834\u4f1a\u793e\u306e\u682a\u4fa1\u3068\u6bd4\u8f03\u3057\u3066\u682a\u5f0f\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3001\u985e\u4f3c\u4f1a\u793e\u6279\u51c6\u6cd5\u306a\u3069\u3068\u3082\u3088\u3070\u308c\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u4ee5\u4e0b\u306e\u624b\u9806\u3067\u7b97\u5b9a\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

    \n
  1. \u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f1a\u793e\u3092\u9078\u5b9a\u3057\uff08\u8907\u6570\u793e\uff09\u30011\u682a\u5f53\u305f\u308a\u5229\u76ca\u3084\u7d14\u8cc7\u7523\u306a\u3069\u306e\u8ca1\u52d9\u6307\u6a19\u3092\u8a08\u7b97\u3059\u308b\u3002<\/li>\n
  2. \u5bfe\u8c61\u4f1a\u793e\u306e\u8ca1\u52d9\u6570\u5024\u3068\u6bd4\u8f03\u3057\u305d\u306e\u6307\u6a19\u500d\u7387\u3092\u8a08\u7b97\u3059\u308b\u3002<\/li>\n
  3. \u9078\u5b9a\u3057\u305f\u4e0a\u5834\u4f1a\u793e\u306e\u5e02\u5834\u682a\u4fa1\u306b\u500d\u7387\u3092\u4e57\u3058\u3066\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u682a\u4fa1\u3092\u7b97\u5b9a\u3059\u308b\u3002<\/li>\n<\/ol>\n\n\n\n\n\n\n\n
    <\/th>\n\u5bfe\u8c61\u4f1a\u793eX\u793e<\/th>\n\u985e\u4f3c\u4f1a\u793eA\u793e<\/th>\n<\/tr>\n
    20X1\u5e743\u6708\u671f\u7a0e\u5f15\u304d\u5f8c\u7d14\u5229\u76ca<\/td>\n500,000<\/td>\n2,500,000<\/td>\n<\/tr>\n
    \u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570<\/td>\n10,000<\/td>\n100,000<\/td>\n<\/tr>\n
    1\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca<\/td>\n50<\/td>\n25<\/td>\n<\/tr>\n
    \u682a\u4fa1\u7d42\u5024<\/td>\n–<\/td>\n500<\/td>\n<\/tr>\n
    \u682a\u4fa1\u500d\u7387<\/td>\n–<\/td>\n\u203b 20<\/td>\n<\/tr>\n<\/table>\n

    \u203b 500 \u00f7 25 = 20\u3000
    \nX\u793e\u682a\u8a55\u4fa1\u984d 50 \u00d7 20 = 1,000<\/p>\n<\/div>\n

    \u2462 \u985e\u4f3c\u53d6\u5f15\u6cd5<\/h5>\n
    \n

    \u3000\u682a\u4fa1\u500d\u7387\u6cd5\u3068\u57fa\u672c\u7684\u306a\u8003\u3048\u65b9\u306f\u540c\u69d8\u3067\u3059\u304c\u3001\u4e0a\u5834\u4f1a\u793e\u306e\u682a\u4fa1\u3067\u306f\u306a\u304f\u3001\u904e\u53bb\u306e\u53d6\u5f15\u4e8b\u4f8b\u306e\u6570\u5024\u3092\u7528\u3044\u307e\u3059\u3002\u696d\u754c\u306b\u3088\u3063\u3066\u306f\u30c7\u30fc\u30bf\u3092\u6b63\u898f\u306b\u5165\u624b\u3067\u304d\u308b\u30b1\u30fc\u30b9\u304c\u591a\u304f\u306a\u3044\u5834\u5408\u3082\u3042\u308b\u305f\u3081\u3001\u5229\u7528\u3067\u304d\u308b\u30b1\u30fc\u30b9\u306f\u5c11\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u6570\u5024\u4f8b\u3067\u306f\u898f\u6a21\u304c\u540c\u7b49\u3067\u3042\u308b4\u793e\u3092\u9078\u5b9a\u3057\u305f\u3068\u4eee\u5b9a\u3057\u3066\u3001\u58f2\u4e0a\u9ad8\u306b\u57fa\u3065\u304d\u7b97\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n
    \u53d6\u5f15\u4e8b\u4f8b<\/th>\n\u5e74\u9593\u58f2\u4e0a\u9ad8<\/th>\n\u58f2\u8cb7\u4fa1\u683c<\/th>\n\u58f2\u8cb7\u4fa1\u683c \/ \u58f2\u4e0a\u9ad8<\/th>\n<\/tr>\n
    A\u793e<\/td>\n550,000<\/td>\n450,000<\/td>\n82%<\/td>\n<\/tr>\n
    B\u793e<\/td>\n600,000<\/td>\n500,000<\/td>\n83%<\/td>\n<\/tr>\n
    C\u793e<\/td>\n500,000<\/td>\n480,000<\/td>\n96%<\/td>\n<\/tr>\n
    D\u793e<\/td>\n700,000<\/td>\n650,000<\/td>\n93%<\/td>\n<\/tr>\n
    \u5e73\u5747<\/td>\n–<\/td>\n–<\/td>\n89%<\/td>\n<\/tr>\n<\/table>\n

    \u3000X\u793e\u8a55\u4fa1\u984d 400,000\uff08\u5e74\u9593\u58f2\u4e0a\u9ad8\uff09\u00d7 89% = 354,009<\/p>\n<\/div>\n

    <\/div>\n

    \u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h2>\n

    \u3000\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u5c06\u6765\u306b\u751f\u307f\u51fa\u3055\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3084\u640d\u76ca\u3092\u57fa\u306b\u8a55\u4fa1\u3057\u307e\u3059\u304c\u3001\u305d\u306e\u624b\u6cd5\u306f\u5b9f\u306b\u591a\u69d8\u3067\u3059\u3002\u4eca\u56de\u306f\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u3068\u3057\u3066DCF\u6cd5\u3001\u53ce\u76ca\u9084\u5143\u6cd5\u3092\u89e3\u8aac\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

    \u2460 DCF\u6cd5<\/h5>\n
    \n

    \u3000DCF\u6cd5\u306f\u5bfe\u8c61\u4f01\u696d\u304b\u3089\u5c06\u6765\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u7dcf\u548c\u3092\u73fe\u5728\u4fa1\u5024\u306b\u306a\u304a\u3057\u3066\u8a55\u4fa1\u984d\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002DCF\u6cd5\u306e\u8003\u3048\u65b9\u3092\u77e5\u308b\u306b\u306f\u307e\u305a\u300c\u73fe\u5728\u4fa1\u5024\u306b\u306a\u304a\u3059\u300d\u3068\u3044\u3046\u70b9\u3092\u7406\u89e3\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

    \u3000\u4f8b\u3048\u3070100\u4e07\u5186\u3092\u91d1\u52292%\u306e\u9280\u884c\u306b\u9810\u91d1\u3059\u308b\u30681\u5e74\u5f8c\u306b102\u4e07\u5186\u306b\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u8003\u3048\u308b\u30681\u5e74\u5f8c\u306e102\u4e07\u5186\u306e\u73fe\u5728\u306e\u4fa1\u5024\u306f102\u4e07\u00f7(1+2%)=100\u4e07\u5186\u3068\u3044\u3046\u5f0f\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u3053\u308c\u304c\u300c\u5c06\u6765\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u306a\u304a\u3059\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u306e\u57fa\u672c\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u9069\u5207\u306b\u73fe\u5728\u4fa1\u5024\u306b\u306a\u304a\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u5272\u5f15\u7387\u3092\u7b97\u5b9a\u3057\u3001\u305d\u308c\u3092\u3082\u3063\u3066\u5272\u308a\u623b\u3057\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

    \u3000\u307e\u305f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u306b\u3042\u305f\u3063\u3066\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u304c\u524d\u63d0\u3068\u306a\u308a\u307e\u3059\u304c\u3001\u6c38\u7d9a\u7684\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u898b\u7a4d\u3082\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u3042\u308b\u4e00\u5b9a\u306e\u6642\u70b9\u304b\u3089\u306f\u540c\u984d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u307e\u305f\u306f\u4e00\u5b9a\u306e\u6210\u9577\u7387\u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u304c\u5897\u52a0\u3057\u3066\u3044\u304f\u3068\u306e\u4eee\u5b9a\u3092\u304a\u304f\u3053\u3068\u3082\u7279\u5fb4\u3067\u3059\u3002<\/p>\n

    \u3000DCF\u6cd5\u306f\u73fe\u5728\u4fa1\u5024\u306b\u306a\u304a\u3059\u305f\u3081\u306e\u5272\u5f15\u7387\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3068\u3044\u3044\u307e\u3059\uff09\u306e\u7b97\u5b9a\u65b9\u6cd5\u3060\u3051\u3067\u3082\u8907\u6570\u306e\u8003\u3048\u65b9\u304c\u3042\u308a\u3001\u975e\u5e38\u306b\u8907\u96d1\u3067\u3059\u3002\u4eca\u56de\u306f\u57fa\u672c\u306e\u8003\u3048\u65b9\u3092\u3054\u7406\u89e3\u3044\u305f\u3060\u304f\u305f\u3081\u306b\u3001\u305d\u308c\u3089\u306e\u8a08\u7b97\u8981\u7d20(\u5272\u5f15\u7387\u53ca\u3073\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc)\u306f\u6240\u4e0e\u306e\u3082\u306e\u3068\u3057\u3001\u73fe\u5728\u4fa1\u5024\u306b\u306a\u304a\u3059\u305f\u3081\u306e\u5272\u5f15\u7387\u309210\uff05\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306f4\u5e74\u76ee\u4ee5\u964d\u540c\u984d\u304c\u767a\u751f\u3059\u308b\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n

    1\uff0e1\u5e74\u76ee\u304b\u30893\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u7b97\u5b9a<\/strong><\/p>\n

    \n\"\"<\/a>\n<\/div>\n

    \u203b\u2191 \u753b\u50cf\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u62e1\u5927\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n

    \u300020X1\u5e74\uff5e20X3\u5e74\u306e\u5272\u5f15\u73fe\u5728\u4fa1\u5024\u306f\u5404\u5e74\u5ea6\u306eFCF\uff0f(1+10%)\u7d4c\u904e\u5e74\u6570\u3092\u5408\u8a08\u3057\u305f5,280\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

    2\uff0e4\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u7b97\u5b9a<\/strong><\/p>\n

    \n\"\"<\/a>\n<\/div>\n

    \u203b\u2191 \u753b\u50cf\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u62e1\u5927\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n

    \u300020X4\u5e74\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u5408\u8a08\u306f\u7121\u9650\u7b49\u6bd4\u7d1a\u6570\u306e\u548c\u306e\u516c\u5f0f\u3092\u7528\u3044\u3066\u30012,350\/10%\u3067\u7b97\u51fa\u3057\u307e\u3059\u3002\u3053\u306e23,500\u306f20X3\u5e74\u6642\u70b9\u3067\u306e\u4fa1\u5024\u306a\u306e\u3067\u305d\u308c\u3092\u3055\u3089\u306b\u73fe\u6642\u70b9\u307e\u3067\u5272\u308a\u5f15\u304f\u3068\u300117,649\u306b\u306a\u308a\u307e\u3059\u3002\u3088\u3063\u306620X0\u5e74\u6642\u70b9\u3067\u306e\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\u306f5,280\u306817,649\u306e\u5408\u8a08\u306e22,928\u5186\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n

    \u2461 \u53ce\u76ca\u9084\u5143\u6cd5<\/h5>\n
    \n

    \u3000\u591a\u304f\u306e\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u5bfe\u8c61\u4f01\u696d\u306e\u4e8b\u696d\u8a08\u753b\u3092\u5229\u7528\u3057\u307e\u3059\u304c\u3001\u4e8b\u696d\u8a08\u753b\u304c\u7121\u3044\u5834\u5408\u7b49\u306b\u7528\u3044\u3089\u308c\u308b\u306e\u304c\u53ce\u76ca\u9084\u5143\u6cd5\u3067\u3059\u3002\u3053\u306e\u624b\u6cd5\u3067\u306f\u3042\u308b\u4e00\u5b9a\u306e\u53ce\u76ca\u3092\u6c38\u4e45\u9084\u5143\u3059\u308b\u3053\u3068\u3067\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u305f\u3081\u3001\u4f7f\u7528\u3059\u308b\u53ce\u76ca\u3092\u3069\u306e\u5024\u306b\u3059\u308b\u304b\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n

    \u3000\u3069\u306e\u3088\u3046\u306a\u53ce\u76ca\u3092\u57fa\u6e96\u306b\u3059\u308b\u3068\u3057\u3066\u3082\u3001\u4e00\u6642\u7684\u306a\u5229\u76ca\u3084\u640d\u5931\u3092\u9664\u304f\u3053\u3068\u306f\u5fc5\u9808\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002\u307e\u305f\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u3068\u3001\u914d\u5f53\u984d\u3084\u682a\u4e3b\u5e30\u5c5e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u304c\u4e00\u81f4\u3057\u3066\u3044\u308c\u3070\u554f\u984c\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u4e00\u81f4\u3057\u3066\u3044\u306a\u3044\u5834\u5408\u306f\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u3092\u5272\u308a\u5f15\u304f\u969b\u306e\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u306b\u3088\u308aDCF\u6cd5\u7b49\u3067\u8a08\u7b97\u3059\u308b\u4fa1\u5024\u3068\u77db\u76fe\u3059\u308b\u306a\u3069\u3001\u4e00\u898b\u7c21\u5358\u306a\u624b\u6cd5\u3067\u306f\u3042\u308a\u307e\u3059\u304c\u8a08\u7b97\u306e\u7cbe\u5ea6\u3092\u3042\u3052\u308b\u306b\u306f\u77e5\u8b58\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n

    \u3000\u6570\u5024\u4f8b\u3067\u306f\u7c21\u4fbf\u7684\u306b3\u5e74\u9593\u306e\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u306e\u5e73\u5747\u3092\u7528\u3044\u3066\u3001\u5272\u5f15\u7387\u309210%\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n
    <\/th>\n20X1\u5e74<\/th>\n20X2\u5e74<\/th>\n20X3\u5e74<\/th>\n3\u5e74\u9593\u306e\u5e73\u5747\u5024<\/th>\n<\/tr>\n
    \u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca<\/td>\n2,000<\/td>\n1,900<\/td>\n2,100<\/td>\n2,000<\/td>\n<\/tr>\n<\/table>\n

    \u3000\u5e73\u5747\u5024\u3067\u3042\u308b2,000\u3092\u60f3\u5b9a\u53ce\u76ca\u3068\u3057\u3001DCF\u6cd5\u3068\u540c\u69d8\u306b\u7121\u9650\u7b49\u6bd4\u7d1a\u6570\u306e\u548c\u306e\u516c\u5f0f\u3092\u7528\u3044\u30662,000\/20%\u3067\u7b97\u5b9a\u3055\u308c\u3001\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\u306f20,000\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n

    <\/div>\n

    \u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h2>\n

    \u3000\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u7d14\u8cc7\u7523\u306b\u7126\u70b9\u3092\u3042\u3066\u308b\u624b\u6cd5\u3067\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n

    \u2460 \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h5>\n
    \n

    \u3000\u4f1a\u8a08\u4e0a\u306e\u7d14\u8cc7\u7523\u306b\u57fa\u3065\u3044\u30661\u682a\u3042\u305f\u308a\u7d14\u8cc7\u7523\u984d\u306e\u984d\u3092\u8a08\u7b97\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u5ba2\u89b3\u6027\u306b\u306f\u512a\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u4f1a\u8a08\u4e0a\u306e\u7c3f\u4fa1\u3068\u6642\u4fa1\u304c\u4e56\u96e2\u3057\u3066\u3044\u308b\u8cc7\u7523\u3092\u591a\u304f\u4fdd\u6709\u3057\u3066\u3044\u308b\u5834\u5408\u306b\u306f\u305d\u306e\u307e\u307e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u4f7f\u7528\u3059\u308b\u306e\u306f\u96e3\u3057\u3044\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div>\n

    \u2461 \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h5>\n
    \n

    \u3000\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cc7\u7523\u8ca0\u50b5\u3092\u6642\u4fa1\u3067\u8a55\u4fa1\u3057\u306a\u304a\u3057\u3066\u7d14\u8cc7\u7523\u3092\u7b97\u51fa\u3057\u30011\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u984d\u3092\u3082\u3063\u3066\u682a\u4e3b\u4fa1\u5024\u3068\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u5168\u3066\u306e\u8cc7\u7523\u8ca0\u50b5\u3092\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u306e\u306f\u5b9f\u52d9\u4e0a\u56f0\u96e3\u3067\u3042\u308b\u305f\u3081\u3001\u571f\u5730\u3084\u6709\u4fa1\u8a3c\u5238\u306a\u3069\u306e\u4e3b\u8981\u8cc7\u7523\u306e\u307f\u3092\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u547c\u3070\u308c\u308b\u65b9\u6cd5\u3092\u3068\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n

    \n\"\"\n<\/div>\n

    \u4eee\u306b\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u304c100\u682a\u3067\u3042\u3063\u305f\u5834\u5408\u3001
    \n\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\uff1a5,600 \u00f7 100 = 560 \/ \u682a
    \n\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\uff1a4,750 \u00f7 100 = 475 \/ \u682a \u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n

    <\/div>\n

    \u5efa\u8a2d\u696d\u306b\u304a\u3051\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u6ce8\u610f\u70b9<\/h2>\n

    \u3000\u5efa\u8a2d\u696d\u306e\u3088\u3046\u306b\u696d\u7a2e\u304c\u7d30\u304b\u304f\u5206\u304b\u308c\u3066\u3044\u308b\u696d\u754c\u306b\u304a\u3044\u3066\u306f\u3001\u7570\u696d\u7a2e\u9593M&A\u3082\u6570\u591a\u304f\u884c\u308f\u308c\u307e\u3059\u3002\u305d\u306e\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u306b\u3042\u305f\u3063\u3066\u985e\u4f3c\u4f01\u696d\u306e\u5024\u3092\u7528\u3044\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u63a1\u7528\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u985e\u4f3c\u4f01\u696d\u306e\u9078\u629e\u304c\u7b97\u5b9a\u4fa1\u5024\u306b\u5927\u304d\u304f\u5f71\u97ff\u3092\u53ca\u307c\u3059\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n

    \u3000\u985e\u4f3c\u4f01\u696d\u306e\u9078\u5b9a\u306b\u3042\u305f\u3063\u3066\u306f\u540c\u3058\u7523\u696d\u5206\u91ce\u306b\u5c5e\u3057\u3066\u3044\u308b\u304b\u3060\u3051\u3067\u306a\u304f\u3001\u4e8b\u696d\u898f\u6a21\u3084\u53ce\u76ca\u6027\u3001\u5730\u57df\u6027\u3001\u4e8b\u696d\u6226\u7565\u306a\u3069\u304c\u985e\u4f3c\u3057\u3066\u3044\u308b\u304b\u7b49\u3092\u8003\u616e\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u5efa\u8a2d\u696d\u306e\u3088\u3046\u306b\u8a31\u8a8d\u53ef\u306e\u7a2e\u985e\u304c\u591a\u69d8\u306a\u696d\u754c\u3067\u306f\u3069\u306e\u8a31\u8a8d\u53ef\u3092\u53d6\u5f97\u3057\u3066\u3044\u308b\u304b\u3082\u9078\u5b9a\u306b\u969b\u3057\u3066\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308a\u5f97\u307e\u3059\u3002<\/p>\n

    \u3000\u307e\u305f\u3001\u3053\u308c\u306f\u5efa\u8a2d\u696d\u306b\u9650\u3063\u305f\u8a71\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u306b\u304a\u3044\u3066\u306f\u30b3\u30ed\u30ca\u798d\u306e\u5f71\u97ff\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u6027\u304c\u751f\u3058\u307e\u3059\u3002\u7279\u306b\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u6700\u3082\u7528\u3044\u3089\u308c\u308b\u3053\u3068\u306e\u591a\u3044DCF\u6cd5\u3067\u306f\u4e8b\u696d\u8a08\u753b\u3092\u57fa\u306b\u4fa1\u5024\u304c\u8a08\u7b97\u3055\u308c\u308b\u305f\u3081\u3001\u30b3\u30ed\u30ca\u306e\u5f71\u97ff\u3092\u3044\u3064\u307e\u3067\u53d7\u3051\u308b\u306e\u304b\u9069\u5207\u306b\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u3053\u306e\u4e88\u6e2c\u306b\u3064\u3044\u3066\u306f\u7c21\u5358\u306a\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u696d\u754c\u5168\u4f53\u306e\u52d5\u5411\u306b\u52a0\u3048\u3066\u30ef\u30af\u30c1\u30f3\u306e\u666e\u53ca\u7387\u7b49\u3082\u8003\u616e\u3057\u3001\u696d\u7e3e\u898b\u901a\u3057\u3092\u7acb\u3066\u3066\u3044\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u3044\u306a\u3044\u72b6\u6cc1\u304c\u7d9a\u304f\u3082\u306e\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n

    <\/div>\n

    \u304a\u308f\u308a\u306b<\/h2>\n

    \u3000\u4eca\u56de\u306f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002<\/p>\n

    \u3000\u5b9f\u52d9\u3067\u884c\u3046\u5834\u5408\u306b\u306f\u3001\u5165\u624b\u3067\u304d\u308b\u60c5\u5831\u3082\u8003\u616e\u3057\u306a\u304c\u3089\u3069\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u63a1\u7528\u3059\u308b\u306e\u304b\u6c7a\u5b9a\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u305d\u308c\u305e\u308c\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u305f\u3081\u3001\u5bfe\u8c61\u3068\u306a\u3063\u3066\u3044\u308b\u4f01\u696d\u3092\u53d6\u308a\u5dfb\u304f\u74b0\u5883\u3084\u696d\u7a2e\u306e\u7279\u6b8a\u6027\u306a\u3069\u3092\u8003\u616e\u3057\u305f\u4e0a\u3067\u3001\u5358\u72ec\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u307e\u305f\u306f\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8907\u5408\u7684\u306b\u7528\u3044\u308b\u3053\u3068\u304c\u65e5\u672c\u516c\u8a8d\u4f1a\u8a08\u58eb\u5354\u4f1a\u304b\u3089\u516c\u8868\u3055\u308c\u3066\u3044\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3067\u3082\u63a8\u5968\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

    \u3000\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u306f\u591a\u7a2e\u591a\u69d8\u306a\u624b\u6cd5\u304c\u5b58\u5728\u3059\u308b\u305f\u3081\u3068\u3063\u3064\u304d\u306b\u304f\u3044\u3068\u611f\u3058\u308b\u65b9\u3082\u591a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u5f53\u30b3\u30e9\u30e0\u3092\u5165\u9580\u7de8\u3068\u3057\u3066\u53c2\u8003\u306b\u3057\u3066\u9802\u3051\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<\/p>\n

    <\/div>\n
    \n\u57f7\u7b46\u8005<\/span>\"\u524d\u5ddd\u5148\u751f\"<\/p>\n
    \n
    RSM\u6c50\u7559\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba\u682a\u5f0f\u4f1a\u793e
    \n\u4ee3\u8868\u53d6\u7de0\u5f79\u793e\u9577CEO
    \n\u516c\u8a8d\u4f1a\u8a08\u58eb\uff08\u65e5\u7c73\uff09\u30fb\u7a0e\u7406\u58eb\u3000\u524d\u5ddd \u7814\u543e<\/strong><\/span>\n<\/div>\n
    \"\"<\/a><\/div>\n<\/div>\n

    \u5317\u6d77\u9053\u5927\u5b66\u7d4c\u6e08\u5b66\u90e8\u5352\u696d\u3002\u516c\u8a8d\u4f1a\u8a08\u58eb(\u65e5\u7c73)\u30fb\u7a0e\u7406\u58eb\u3002\u516c\u8a8d\u4f1a\u8a08\u58eb\u8a66\u9a13\u5408\u683c\u5f8c\u3001\u65b0\u65e5\u672c\u6709\u9650\u8cac\u4efb\u76e3\u67fb\u6cd5\u4eba\u76e3\u67fb\u90e8\u9580\u306b\u3066\u3001\u5efa\u8a2d\u696d\u3001\u88fd\u9020\u696d\u3001\u5c0f\u58f2\u696d\u3001\u91d1\u878d\u696d\u3001\u60c5\u5831\u30b5\u30fc\u30d3\u30b9\u7523\u696d\u7b49\u306e\u4e0a\u5834\u4f1a\u793e\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u6cd5\u5b9a\u76e3\u67fb\u306b\u5f93\u4e8b\u3002\u307e\u305f\u3001\u540c\u6cd5\u4eba\u516c\u958b\u696d\u52d9\u90e8\u9580\u306b\u3066\u682a\u5f0f\u516c\u958b\u6e96\u5099\u4f1a\u793e\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u30af\u30e9\u30a4\u30a2\u30f3\u30c8\u306b\u5bfe\u3059\u308b\u3001IPO\u652f\u63f4\u3001\u5185\u90e8\u7d71\u5236\u652f\u63f4\uff08J-SOX\uff09\u3001M&A\u95a2\u9023\u652f\u63f4\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3084\u77ed\u671f\u8abf\u67fb\u7b49\u306eFAS\u696d\u52d9\u7b49\u306e\u6848\u4ef6\u306b\u6570\u591a\u304f\u5f93\u4e8b\u30022008\u5e744\u6708\u300127\u6b73\u306e\u6642\u306b\u6c50\u7559\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba\u30b0\u30eb\u30fc\u30d7\u3092\u8a2d\u7acb\u3002\u7a0e\u7406\u58eb\u3068\u3057\u3066\u30b0\u30eb\u30fc\u30d7\u306e\u7a0e\u52d9\u696d\u52d9\u3092\u7d71\u62ec\u3059\u308b\u3002<\/span>\n<\/div>\n

    <\/div>\n

    <\/i> \u30e1\u30fc\u30eb\u30de\u30ac\u30b8\u30f3\u8cfc\u8aad\u306e\u304a\u7533\u8fbc\u307f\u306f\u30b3\u30c1\u30e9\u304b\u3089<\/span><\/a><\/center><\/p>\n
    <\/div>\n","protected":false},"excerpt":{"rendered":"\u306f\u3058\u3081\u306b \u3000\u8fd1\u5e74\u3001\u4eba\u6750\u96e3\u3084\u591a\u89d2\u5316\u306a\u3069\u306e\u4f01\u696d\u8ab2\u984c\u306e\u89e3\u6c7a\u624b\u6bb5\u3068\u3057\u3066\u307e\u3059\u307e\u3059\u91cd\u8981\u6027\u304c\u9ad8\u307e\u3063\u3066\u3044\u308bM&#03[…\u7d9a\u304d\u3092\u8aad\u3080]<\/a>","protected":false},"author":12,"featured_media":7674,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"om_disable_all_campaigns":false},"acf":{"markup_schema":null,"relatedArticles":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/column\/7661"}],"collection":[{"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/column"}],"about":[{"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/types\/column"}],"author":[{"embeddable":true,"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/comments?post=7661"}],"version-history":[{"count":35,"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/column\/7661\/revisions"}],"predecessor-version":[{"id":15469,"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/column\/7661\/revisions\/15469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/media\/7674"}],"wp:attachment":[{"href":"https:\/\/process.uchida-it.co.jp\/itnavi\/wp-json\/wp\/v2\/media?parent=7661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}